Title
A Resolution supporting legislative relief from the impending employer contribution rate increase for the County Employees Retirement System. [Council Office, Maynard]
Body
WHEREAS, the Lexington-Fayette Urban County Government has thousands of employees participating in the County Employees Retirement System; and
WHEREAS, contributions from both employees and the Lexington-Fayette Urban County Government, as an employer, are required and paid into the County Employees Retirement System; and
WHEREAS, on or about December 7, 2017, the Kentucky Retirement Board of Trustees voted to substantially increase the contribution rates for all employers, including the Lexington-Fayette Urban County Government, paying into the County Employees Retirement System, starting Fiscal Year 2019; and
WHEREAS, every participating local government and school board across the Commonwealth will be negatively affected by this costly rate increase; and
WHEREAS, the Lexington-Fayette Urban County Government's contribution rates for its non-hazardous and hazardous employees are set to increase by more than 46% and 51%, respectively; and
WHEREAS, for Fiscal Year 2019, just the increased employer contribution into the County Employees Retirement System alone will cost the Lexington-Fayette Urban County Government more than $10,500,000; and
WHEREAS, without relief, the impending employer contribution increase will have a significant and detrimental effect on the finances of the Lexington-Fayette Urban County Government for years to come; and
WHEREAS, the General Assembly can provide statutory relief from this increase.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the above recitals are incorporated herein as if fully stated.
Section 2 - That the Urban County Council of the Lexington-Fayette Urban County Government supports legislative relief from the impending employer contribution rate increase for the C...
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