Title
An Ordinance creating Subsection 6-53(b)(5) of the Code of Ordinances relating to pensions - other than Police and Firemen, specifically, pensions on retirement, to provide for an increase of four percent (4%) to each retiree’s annuity or the annuity paid to the retiree’s widow or dependent children. [Council Clerk’s Office, Allan]
Summary
Authorization to approve Ordinance for 4% Base Annuity Raise for City Employees Pension Fund (CEPF). Please see the below for a breakdown of the financial impact.
Current Scenario: Nominal Dollars of Projected payments: $13,596,815; Actuarial Accrued Liability $8,874,990; Funded Ratio 340.2%; Liability Defeasing Portfolio $11,579,085
Base Adjustment Increase of 4%: Nominal Dollars of Projected payments: $14,140,688; Actuarial Accrued Liability $9,215,662; Funded Ratio 327.7%; Liability Defeasing Portfolio $12,042,250
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes/No, Completed by Melissa Murphy}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes/No/Partial
Account Number: 5002-505004-0001-6XXXX
This Fiscal Year Impact:
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Subsection 6-53 (b)(5) of the Code of Ordinances, Lexington-Fayette Urban County Government, be and hereby is created to read as follows:
(5) In the first pay period following January 1, 2020, all persons receiving a pension benefit shall receive an increase of four percent (4%) to the base amount of their pension benefit.
Section 2 - That this Ordinance shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
____________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
1198-19_MMM_X:\CASES\PFRF\19-MS0002\LEG\00667924.DOCX