AN ORDINANCE
NO ___________
An Ordinance providing for contributions to the Columbus, Georgia General
Government Employees? Pension Plan for the fiscal year beginning July 1, 2007:
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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 evaluated the Plan and the investment
return assumption is 7.00% per annum and thus determined that the amount of $
7,698,000 is required to fund the Plan in the fiscal year beginning July 1,
2007. 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, 72 % - $ 5,542,560.00; Columbus Board of Water
Commissioners, 16 % - $ 1,231,680.00; Hospital Authority of Columbus, 10 % - $
769,800.00 and Columbus Airport Commission, 2 % - $153,960.00
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
That the following named agencies shall make the following monthly
contributions for fiscal year 2008 to the Finance Director of the Consolidated
Government as their prorated share of the contributions, payable the first of
each month:
Consolidated Government $ 461,880.00
Columbus Board of Water Commissioners $ 102,640.00
Hospital Authority of Columbus $ 64,150.00
Columbus Airport Commission $ 12,830.00
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Introduced at a regular meeting of the Council of Columbus, Georgia, held the
____ day of June, 2007; introduced a second time at a regular meeting of said
Council held on the ____ day of June, 2007, an adopted at said meeting by the
affirmative vote of _____ members of said Council.
Councilor Allen Voting __________
Councilor Anthony Voting __________
Councilor Baker Voting __________
Councilor Barnes Voting __________
Councilor Davis Voting __________
Councilor Henderson Voting __________
Councilor Hunter Voting __
Councilor McDaniel Voting __________
Councilor Turner Pugh Voting __________
Councilor Woodson Voting __________
_____________________________________________
____________________________________
Tiny B. Washington, Clerk Jim Wetherington, Mayor
AN ORDINANCE
NO ___________
An Ordinance providing for the supplemental contributions to the Columbus,
Georgia Pension Plan for employees of the Department of Public Safety for the
fiscal year beginning July 1, 2007; and for other purposes.
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WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia
provided for governmental contributions to the Public Safety Employees Pension
Plan for the benefit of eligible employees employees; and
WHEREAS, the Actuarial Consultants have evaluated the Public Safety Employees?
Pension Plan and the investment return assumption is 7.00% per annum and thus
determined that the funding required for fiscal year 2008 is $ 9,912,000.00.
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
The authorization of the new funding of the Columbus, Georgia Pension Plan for
employees of the Department of Public Safety by the appropriation of $
9,912,000.00 for fiscal year 2008.
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Introduced at a regular meeting of the Council of Columbus, Georgia, held the
____ day of June, 2007; introduced a second time at a regular meeting of said
Council held on the ____ day of June, 2007, an adopted at said meeting by the
affirmative vote of _____ members of said Council.
Councilor Allen Voting __________
Councilor Anthony Voting __________
Councilor Baker Voting __________
Councilor Barnes Voting __________
Councilor Davis Voting __________
Councilor Henderson Voting __________
Councilor Hunter Voting __
Councilor McDaniel Voting __________
Councilor Turner Pugh Voting __________
Councilor Woodson Voting __________
_____________________________________________
____________________________________
Tiny B. Washington, Clerk Jim Wetherington, Mayor
AN ORDINANCE
NO ___________
An Ordinance providing for Government funding of a Major Disability Income Plan
for the fiscal year beginning July 1, 2007; and for other purposes.
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WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia
established a Major Disability Income Plan for employees; and
WHEREAS, Actuarial Consultants have evaluated the Major Disability Income Plan
and the investment return assumption is 7.00% per annum and thus determined
that the amount of $ 105,000.00 is required to fund the Plan in the fiscal year
beginning July 1, 2007. 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, 85 %-$ 89,250.00; Columbus Board
of Water Commissioners, 9 % - $ 9,450.00; Hospital Authority of Columbus, 5 % -
$ 5,250.00 and Columbus Airport Commission, 1 % - $1050.00.
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
That the following named agencies shall make the following contributions for
fiscal year 2008 to the Finance Director of the Consolidated Government as
their prorated share of the cost of the Major Disability Income Plan by July
15th:
Consolidated Government $ 89,250.00
Columbus Board of Water Commissioners $ 9,450.00
Hospital Authority of Columbus $ 5,250.00
Columbus Airport Commission $ 1,050.00
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Introduced at a regular meeting of the Council of Columbus, Georgia, held the
____ day of June, 2007; introduced a second time at a regular meeting of said
Council held on the ____ day of June, 2007, an adopted at said meeting by the
affirmative vote of _____ members of said Council.
Councilor Allen Voting __________
Councilor Anthony Voting __________
Councilor Baker Voting __________
Councilor Barnes Voting __________
Councilor Davis Voting __________
Councilor Henderson Voting __________
Councilor Hunter Voting __
Councilor McDaniel Voting __________
Councilor Turner Pugh Voting __________
Councilor Woodson Voting __________
_____________________________________________
____________________________________
Tiny B. Washington,
Clerk Jim
Wetherington, Mayor
AN ORDINANCE
NO ___________
An Ordinance providing for Government funding of a Death Benefit Escrow for the
fiscal year beginning July 1, 2007; and for other purposes.
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WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia
provided a Death Benefit Escrow Fund for employees; and
WHEREAS, Actuarial Consultants have evaluated the Death Benefit Escrow Plan and
the investment return assumption is 7.00% annum and thus determined that the
amount of $ 171,000.00 is required to fund the Plan in fiscal year beginning
July 1, 2007. 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, 85 % - $145,350.00; Columbus Board of
Water Commissioners, 9 % - $ 15,390.00; Hospital Authority of Columbus, 5 % - $
8,500.00 and Columbus Airport Commission, 1 % - $ 1,710.00.
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
That the following named agencies shall make the following contributions for
fiscal year 2008 to the Finance Director of the Consolidated Government as
their prorated share of the cost of the Death Benefit Escrow Fund by July 15th:
Consolidated Government $ 145,350.00
Columbus Board of Water Commissioners $ 15,390.00
Hospital Authority of Columbus $ 8,500.00
Columbus Airport Commission $ 1,710.00
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Introduced at a regular meeting of the Council of Columbus, Georgia, held the
___ day of June, 2007; introduced a second time at a regular meeting of said
Council held on the ____ day of June, 2007, an adopted at said meeting by the
affirmative vote of _____ members of said Council.
Councilor Allen Voting __________
Councilor Anthony Voting __________
Councilor Baker Voting __________
Councilor Barnes Voting __________
Councilor Davis Voting __________
Councilor Henderson Voting __________
Councilor Hunter Voting __
Councilor McDaniel Voting __________
Councilor Turner Pugh Voting __________
Councilor Woodson Voting __________
_____________________________________________
____________________________________
Tiny B. Washington, Clerk Jim Wetherington, Mayor
Agenda Item #
Columbus Consolidated Government
Council Meeting
June 12, 2007
Agenda Report #
TO: Mayor and Council
SUBJECT: Pension Plan Funding Ordinances
INITIATED: Human Resources Department
Recommendation: Approve pension ordinances which provides governmental
contributions to the Columbus, Georgia Employees? Pension Plans for the fiscal
year beginning July 1, 2007.
Background: Annual contributions are required to fund the following Pension
Plans based on the 2006 Actuarial Valuation prepared by Buck Consultants:
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, 2007 through June 30, 2008.
Recommendation/Actions: Human Resources recommend the approval of the above
ordinances.
Attachments
No attachments for this document.