HomeMy WebLinkAbout1985-07-08 85-256 ORDER85-256
Introduced by Councilor Wheeler, .T,1y 8, 1965
;w CITY OF BANGOR
(TITLE.) giber, .^°tin i g pa1.yme c of Fund1. s t Mi1. ne sta11 te
Retirement System -- Water District Employees
BY the City CoewB of the MYOfARNmr:-
ORDERED, -
TUT the Finance Director is hereby authorized and directed
to take all necessary action for purposes of making payment of a
not -exceeding $5,500, to be determined by the Maine State
Retirement System, to the account maintained by the System for
the benefit. of Water District employees. The purpose of this
payment is to meet an unpaid City obligation for funding the
employer's share. of retirement benefits for Water District
employees who worked for the City's Water Department prior to
1957. Further details are presented in a Memo by the System's
actuary on file in the office of the City Clerk.
In city council July 891985
amended and passed
mended is ate third line
after the ams. $5.500 add
from the Contingent account
(61-0q to pensions Cstate
plan (W0 02)
P
I ;I
85-256
ORDER
Title,
quCMtieing gsywat of poses to Milan
state milestone systam -- Yater District
...................................
goplayeas
I
..,,,,,j;tr;;uced and filed by
Councilmen
ClLpAdi < p2�%
°IfFY`.
85-256
MAINE STATE RETIREMENT SYSTEM
JNMR IARn tNTA[x[uanaNDW
DATE: � 8, 1984
TO: lbberta M. .N 11., 6%ecutive Direc[Or
FROM: HItE[t W. Md ff1 , Actuarial coonlinaox
SUBJECT: 531yOr/B� Wag DiStrict
]he Service periods referred to in your letter of October 22, 1984 to Jack Perry
are Periods Of �ShiP seivfce with Bangor, for which no vadsrs contributions core
Rode. 7 have calculates the tot 1 est Of the additional benefits if the additional
service Periods are credited to each retired recere. My calcalatim are on the basis
of the current actuarial assunpUonm and plan pawisiow in effect for the Bangor ester
District. it has also been that any increase in benefits wi11 be effective as
Of the date the naMers corrtri ons are [aid and will not l re nAotive. May Manley
has calculated the mount of 1m Mess mnu tions due.
-1bt1 Cost Elmlwee Cost Balance Cost to Bangor
Alex Bre ev < $2382.05 - 109.03 - 2273.02 X C60= 1363.81
Olin Brawn 1095,01 - 199.65 = 895.36.% .60 = 537.22
Rapti aitch 1068.25 - - 72.10 = 996.15'% .60 = 597.69
Dsothy Grant - 436.77 - 29.75 = 407.02 X .60 = .244.21
A e 'sue 1807.84 - 83.15 = - 1724.69 X .60 = 1034.81
Leon Pot 2919.53 - 125.75 = 2793.78 X .60 = 1676.27
9709.45 619.43 9090.02 5454.01
the eat Vnt additional aathly benefits payable upon receipt of pays from the
retirees will he as follows:
Alex Brewer - $14.34
Olin Brawn - $12.95
Raynona Dutch - $ 9.33
Dorothy Grant - $ 3.99.
Archie 1Tue $17.27
Lew Cote - $21.70
To swnory, the cost to the City of Bauer will ha $5454.01 if all ret3LCYa coke
the raluira3 leynvit. the balance of the mplyrer cost or $3636.01 will to borne by
the Bangor Water District. x o dieect the a ®untiiy division to yaks -the apProlsi-
ate transfer of mployer funds frau Bm or's account to that of Bangor Water Distiia
as.each retiree nakes"their requi pa nt. Bangor will not have to make strw.ial
FOYAo t to us unless they wish t. Payirent made by the retirees s uld L,2 6ai, •-+L:;:
W the retirarent allowance fwd of the Bangor vete[ District.
FWVam