TO: Mayor Bien-Willner and Town Council Members
FROM: Jill Keimach, Town Manager
Douglas W. Allen, CPA
DATE: June 11, 2020
DEPARTMENT: Finance
Staff Contact Douglas Allen
End
AGENDA TITLE:
Title
Approve Resolution Number 2020-19 Adopting the Annual Public Safety Personnel Retirement System (PSPRS) Pension Funding Policy for Fiscal Year 2021
Body
RECOMMENDATION:
Recommendation
Adopt Resolution Number 2020-19 Approving the Annual PSPRS Pension Funding Policy for Fiscal Year 2021.
Background
SUMMARY STATEMENT:
u State law requires the annual adoption of a PSPRS pension funding policy.
u This is the 2nd year of this annual process.
u The Arizona League of Cities and Towns has provided a template.
u Town Council has also provided guidance under Council Resolution number 2016-19 Declaring the expedient resolution of the PSPRS unfunded liability a priority.
u Presented for Council’s consideration is Resolution 2020-19 to adopt a PSPRS policy that:
• Meets state requirements;
• Amortizes the liability at the maximum time allowed to give flexibility and not over commit the Town in economic downturns; and
• Reaffirms Town Council’s declared priority to pay the unfunded liability as quick as reasonably possible with cash payments.
ATTACHMENT(S):
Presentation: Resolution 2020-19 Adopting PSPRS Funding Policy
Resolutions 2020-19 Adopting PSPRS Funding Policy