1/15/2014 1:00:38 PM
1/15/2014 1:00:36 PM
City of Seward Legislative Hist
Doc Type - Legislative History
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Sponsored by: Hunt <br /> it <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2014-004 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, EXPRESSING STRONG SUPPORT FOR GOVERNOR <br /> PARNELL'S PROPOSAL TO APPROPRIATE $3 BILLION FROM THE <br /> CONSTITUTIONAL BUDGET RESERVE DIRECTLY INTO THE <br /> ALASKA RETIREMENT TRUST FUNDS IN 2015 <br /> WHEREAS, the combined unfunded liability of Alaska's Public Employee's Retirement <br /> System (PERS) and Teacher's Retirement System (TRS) is $1 1.8 Billion at June 30, 2012; and <br /> WHEREAS, the funded ratio of PERS is 61.3% and TRS is 52.1% at June 30, 2012; and <br /> WHEREAS, the Governor has identified the State's unfunded pension liability as <br /> Alaska's biggest budget driver, with annual State Assistance payments expected to exceed $1 <br /> Billion per year without a substantial cash infusion directly into the retirement trust funds; and <br /> WHEREAS, State Assistance payments on behalf of municipalities provide significant <br /> rate relief to local taxpayers, provide budget predictability, affordability, and stability to local <br /> 1.• governments, and are crucial to the financial health of Alaska's municipalities and school <br /> districts; and <br /> WHEREAS, Governor Parnell's plan is in the best interests of the retirement systems, <br /> the State of Alaska and its municipalities by honoring Alaska's constitutional obligations. <br /> reducing annual state assistance contributions to a more predictable and sustainable $500 Million <br /> per year, increasing the funded status of the PERS and TRS by 10%, honoring the State's <br /> previous commitment to pay employer contribution rates in excess of 22%, allowing for future <br /> interest earnings to offset future contribution requirements, reducing pressure on future State and <br /> local government budgets, strengthening the credit rating of the State of Alaska and its <br /> municipalities, increasing future flexibility at a time when oil production is anticipated to <br /> decline, and solving the problem now when reserves are available rather than passing the <br /> problem to future generations of Alaskans. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA, that: <br /> iY�.. <br />
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