Agenda

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Regular Agenda Item 3. E.

Regular BOS Meeting

Meeting Date:	10/20/2020
Submitted For:	Mary Springer	Submitted By:	Mary Springer, Finance Director
Department:	Finance

Information

Request/Subject

Adopt Policy No. FIN-BOS-118-Public Safety Personnel Retirement System Contingency Reserve Funding

Background Information

At the October 6, 2020 meeting the Board was presented with draft Policy No. BOS-FIN-118 - Public Safety Personnel Retirement System (PSPRS) Contingency Reserve Funding for review. The policy sets up contingency funding to ensure the County's Public Safety Retirement System Pension Plans remain fully or mostly funded in the event of a market or actuarial change that affects contribution rates. The Contingency Reserve Fund would be established with existing County assets.

Evaluation

It is a prudent and financially sound business practice to set aside a contingency reserve fund that provides funding for the PSPRS Pension Plans in the event of major fluctuations in the market or actuarial rates.

Conclusion

Upon Board approval to move forward with a taxable bond financing to fully or mostly fund the PSPRS Sheriff, CORP Detention, and CORP Dispatch pension plans, the contingency reserve fund and policy plays a vital role in securing that future major changes in the market or actuarial assumptions are property addressed and funding is available to offset any of these changes.

Recommendation

Staff recommends policy adoption.

Suggested Motion

Information/Discussion/Action to adopt Policy No. FIN-BOS-118 - Public Safety Personnel Retirement System Contingency Reserve Funding. (Mary Springer)

Attachments
BOS-FIN-118 Contingency Reserve Policy