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HomeMy WebLinkAbout1991-07-22 91-297 ORDERDate 7 7-Ql " Item No. 91-297 Item/Subject: withd[evel of Batgot Preparing ImNority frost Cfty's PID at )SNS Responsible Department: Pure Commentary: 79e Ieeaing autt,0tity of the City of Begoc fs a compOrent of the City's ParticiPat g 1,0011 Desstciet Plan M Mane State Retii9lHlC Syatas. Dsa to tLa 21+8 mployec contritsatiar caie, ffe Beaming lwWcity obiaLai an acnerial study fron MEWS which x spgstled V lettec on [Each 13, 1991. The hWsisg AutLalty is oayeetmi Ibecil assceptancer of thiec saissantican fnua tie City's cetic®BR plan and the tsenefer of $238,313 in aseencs which telacenspis ammelated ®p]oyese (m®DPi) mntdbatfvre. If algrzvred tiia effective date of sepeareartion would 18 5-1-91. neP^' ere Or.A Manager's Comments: c,e6CD j i; K ,Qlfdrh yri.ardy tS F.man"a %,r✓,n.zG... p{�.r �P. Associated Information:- Budget Approval: Nonimal effect on FY93 budget and unfunded liability at MSBS. -T11111 -Dllector Legal Approval: iq$$�. eiiy 5olieimr ' Introduced For - 0Passage Q First Reading - Page _of_ ❑ Referral 91-297 Aeeigwd to Cuuuao Saxl, July 22, 1991' CITY OF BANGOR QIW(orbPra_.................._.hditim1raalof Bang Eiousi,y.m,.,,,..ity toss .at3rla..� at h state letfxmrnt System By Ms Cies Comm! of Mw ON afBmepmr: ORDRRRD, TEAT PU@IffIS, Ibusim AUUnxity of the City of Banff is a cowponent. of de City rtioipatio, local district plan at Madre state system; ad hU�45, the Mouefng Aut ority requested an actuarial study fron dBR.S for weer UM from the city's PID into its own P ; and va®mMa, the Board of �iooP s of the lnusi Aut Ity wiai on Sure 19, 1991 to sepaate from the city's plat pec the letter dotal March 13, 1991 b. [QRS{ and W@18j such see aticn evnald transfer $238,313 in assets from the City's PLD to the Ibusin9 Autlority's Plan; aril Mffii8A4, such sepexat&on ani transfer of assets roq.:.ce by the City of &minor; sM TfffiR@tl%B BB TT the City of Bangor aocEpts and agree to the a ¢�ioo Of the ibusing Authority f the city's m a MSPS an l further; 91 8 m rr OP9Hd® mf the City of Bauer accepts aicl agrees to the transfer of $238,313 of assets frmm the City's Pin v3tich rents the ammtlat i umber cotrtxlbutims of Housing Authority eaplcyees par the HSPS study noted in thi¢ letter dated Morph 13, 1991, effective 8-1-91. - In City Council July 22,1991 Passed � k� Lity Cle[4 91-29] ORDER Title, Withdrawal of Bangor Housing Authority ...................................... Flom City's PLD e[ Maine Slate Baci[emevt ...Syftffp........ I .................... Ata CQ. /��✓^LnA AP" to ......V .............. Councilman COMMISSIONERS DARRELL COOPER ROBERT MURRAY LLOYD BROWN July 9, 1991 Mr. John Quartararo Director of Finance City of Bangor 73 Harlow Street Bangor, Maine 04401 Dear John: Following up our recent telephone conversation and the March 13th Tetter from the Maine State Retirement System, our Board of Commissioners has elected to participate in the retirement system as a separate entity. Itis now necessary that the City of Bangor agree to the transfer s detailedin the March 13th letter. A certified agreement to this effect will be required by Maine State Retirement System. If you need any further information, please advise. We are hoping for an August 1, 1991 separation date. l y. ELSIE C. COFFEY Executive Director ECC/dl CC: Kathy J. Morin Retirement Benefits Specialist UAM CFM W Y MAINE STATE RETIREMENT SYSTEMClamle�� JoseahR GalhPernag n,DeipuiyJX tw 4 3 JosgpM1AGana9an, DepuryDirecNr c � �a�. x Philip H. Gilgrow,AsalstantFxaclAireD)rectw �y a�V a gLd� ePl�ce��' - L]aNi 13, 1991 ELSIE'C OJFIEY EY.EI2PITIE DIItECIDR HYMOR H0.5ING AVRORPSY 161 MWIS lm BANGOR. ^E 04401 Bear M. Coffey: 9 acb a Nus oa¢letoi the sdxty to determine the cost for the Bangor Housi.ag Authority to become a p rticip ting local district separate fr the City of By or. If the Bangor Housing A Uarity does separate from these City of Barger for retirment systan.porposes, a share of U assets f1w the City of Ba shwld be tmnsferrat along with the liabilities. xt is recgimeucied that the vncvnR to be tiansfarmoi be develcpx by first allocating assets from the City of Bangor to isactives. Airy assets in excess of the amounts reaped for .i rive me b would he split ano g regular, police ard fire g ops in laspution to their actuarial liabilities for active xmbers. Then, the mrc+:nt allocate] to the xaglalar m®twss would be split again, in pm cot n to the acts iai liability, tet ea the regular sbers mntinuhg in Ute City of Bangor ant those ih the Bangor Po lg Authority. Based on the results of the actuarial valuatiaa and the method describei above, the assecs allolatel to 5"or Hosing Iwrhority wouia be apls'oximateiy $59,000 at actuarial value. tkxravei, we would always transfer an ampaaat at least 6 l toaCC1gYUlat6t' 1f.9obPY cwtributions which was estimated at $238,313 for p¢paus Of this study. dies acUasrial valuation was done bassi on a retirement plan similar to that of the City of Bangor with two ex3eptions: 1) disability will be unxter the new rehabilitation plan with b its at the 2/3 level; and 2) survivor benefits are to be on the incraasixg sc :etule of benefit amounts and include C.O.L.A. 'Rae owRribution rate, bases Upon the above information, is 19.04%. A copy of the acba is report is attached for you' perusal. If the &vgor Housing Authority elects to participate with the mains State Petirerent System as a separate entity from the City of Bangor, a cartif lost extract of the copy of the minutes of Uae meeting of the executive body approvircg participating must to fotvazUed. to the retic t system. pff?) ia1 1d 1ga MAINEOWs FM', Itpn2WIM Elsie C. Coffey, Ekeoutive Director Ba'gor Road J �ity M9Ych 13, 1991 Page 2 Burl action should he sEecific as to the effective date of participation. she action � by the B e Hou AuVwrity m specify ao ptance of the provision clwnge as det 1i in Me above lamgraph. � action must also specify that Gov_ City of Bangor a Brgcr Fbusirg Authority ogee to the transfer of monis as previously detaflai. Additionally, we would also require a copy of the duly certified aqr M City of Brgor wd the Bangor Bcusflg AUUority relevant to this action. ff you. taus further qus tics or rego;i additiw Information please advise. S' ly, I'IuVV yJ I+e BereEits Specialist riwoaf &hclosure a: JOM Quartarare, City of Ban3or