Columbus, Georgia

AN ORDINANCE



NO ___________



An Ordinance providing for contributions to the Columbus, Georgia General

Government Employees? Pension Plan for the fiscal year beginning July 1, 2005.





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WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia

provided for Governmental Contributions to the Employees? Retirement Plan; and



WHEREAS, Actuarial Consultants have reevaluated the Plan and changed the

investment return assumption to 7.00% per annum and thus determined that the

amount of $ 6,400,000.00 is required to fund the Plan in the fiscal year

beginning July 1, 2005. The amount to be prorated among the Consolidated

Government of Columbus, Georgia, the Columbus Board of Water Commissioners, the

Hospital Authority of Columbus, and the Columbus Airport Commission based on

actual earnings of the active participants in the Plan for the previous fiscal

year is as follows: Consolidated Government, 75.53 % - $ 4,833,920; Columbus

Board of Water Commissioners, 14.06 % - $ 899,840; Hospital Authority of

Columbus, 8.59 % - $ 549,760 and Columbus Airport Commission, 1.82 % - $116,480



NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:



That the following named agencies shall make the following monthly

contributions for fiscal year 2006 to the Finance Director of the Consolidated

Government as their prorated share of the contributions, payable the first of

each month:



Consolidated Government $ 402,826.67

Columbus Board of Water Commissioners $ 74,986.67

Hospital Authority of Columbus $ 45,813.00

Columbus Airport Commission $ 9,706.67



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Introduced at a regular meeting of the Council of Columbus, Georgia, held the

____th day of June, 2005; introduced a second time at a regular meeting of said

Council held on the _____th day of June, 2005, an adopted at said meeting by

the affirmative vote of _____ members of said Council.



Councilor Allen Voting __________

Councilor Anthony Voting __________

Councilor Davis Voting __________

Councilor Henderson Voting __________

Councilor Hunter Voting __________

Councilor McDaniel Voting __________

Councilor Rodgers Voting

Councilor Suber Voting __________

Councilor Pugh Voting __________

Councilor Woodson Voting __________





__________________________________ _________________________________

Tiny B. Washington, Clerk Robert S. Poydasheff, Mayor







Agenda Item #



Columbus Consolidated Government

Council Meeting



June 7, 2005



Agenda Report #



TO: Mayor and Council



SUBJECT: Pension Plan Funding Ordinances



INITIATED: Human Resources Department







Recommendation: Approve pension ordinances that provides governmental

contributions to the Columbus, Georgia Employees? Pension Plans for the fiscal

year beginning July 1, 2005.



Background: Annual contributions are required to fund the following Pension

Plans based on the FY2004 Actuarial Valuation prepared by our actuary, William

M. Mercer:



Columbus, Georgia Employees Pension Plan for General Government Employees



Columbus, Georgia Employees Pension Plan for Employees of the Department of

Public Safety



Columbus, Georgia Employees Major Disability Income Plan



Columbus, Georgia Employees Death Benefit Escrow Plan



Analysis: There is a budgetary and financial impact.



Legal: The City Attorney has reviewed a copy of the ?Pension Plan

Ordinances? and there are no issues other than compliance of the law.



Financial Considerations: Funding of the minimum required contributions

beginning July 1, 2005 through June 30, 2006.



Recommendation/Actions: Human Resources recommend the approval of the above

ordinances.