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File #: 20-250    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 6/2/2020 In control: Town Council
On agenda: 6/11/2020 Final action:
Title: Approve Resolution Number 2020-19 Adopting the Annual Public Safety Personnel Retirement System (PSPRS) Pension Funding Policy for Fiscal Year 2021
Attachments: 1. 01 Presentation_Resolution 2020-19 PSPRS Funding Policy 2020_0611 v2, 2. 02 Resolution 2020-19 PSPRS Funding Policy 2021 v1 2020_0611

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