AN ORDINANCE
NO ___________
An Ordinance providing for contributions to the Columbus, Georgia General
Government Employees? Pension Plan for the fiscal year beginning July 1, 2011
and amending the General Government Pension Plan by confirming the percentage
of the member?s average monthly earnings of two percent in determining the
amount of normal retirement pension; and for other purposes.
--------------------------------------------------
WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia
provided for Governmental Contributions to the Employees? Retirement Plan; and
WHEREAS, Actuarial Consultants have evaluated the Plan and the investment
return of 7% annum thus determined that the amount of $ 11,309,984 is required
to fund the Plan in the fiscal year beginning July 1, 2011. 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, 69.45% or $7,854,784; Columbus Board of Water Commissioners, 17.33%
or $1,960,020; Hospital Authority of Columbus, 11.27% or $1,274,635 and
Columbus Airport Commission, 1.95% or $220,545.
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
That the following named agencies shall make the following monthly
contributions for fiscal year 2012 to the Finance Director of the Consolidated
Government as their prorated share of the contributions, payable the first of
each month and extend the amortization of the unfunded liability from 7-years
to 15-years:
Consolidated Government $654,565.34
Columbus Board of Water Commissioners $163,335.00
Hospital Authority of Columbus $106,219.58
Columbus Airport Commission $ 18,378.75
Columbus Code Section 16A-2, Subsection 2.01 of the Columbus, Georgia
Employees? Pension Plan is hereby amended by deleting the following language:
?Provided, however, for any eligible employee hired after June 30,
2003, the accrued monthly pension shall be determined as follows: One and
one-half percent of the member?s average monthly earnings multiplied by the
member by the member?s number of years creditable service as of any given date,
subject to a maximum of 30 years of creditable service.?
------------------------------------------
Introduced at a regular meeting of the Council of Columbus, Georgia, held the
14th day of June, 2011; introduced a second time at a special meeting of said
Council held on the _______ day of June, 2011, an adopted at said meeting by
the affirmative vote of _____ members of said Council.
Councilor Allen Voting __________
Councilor Baker Voting __________
Councilor Barnes Voting __________
Councilor Davis Voting __________
Councilor Henderson Voting __________
Councilor Huff Voting __________
Councilor McDaniel Voting __________
Councilor Thomas Voting __________
Councilor Pugh Voting __________
Councilor Woodson Voting __________
_________________________________
____________________________________
Tiny B. Washington, Clerk Teresa
Pike Tomlinson, Mayor
Attachments
No attachments for this document.