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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