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Regular Agenda Item  
4. J.
Regular BOS Meeting
Meeting Date:
10/06/2020
Submitted For:
Mary Springer
Submitted By:
Mary Springer, Finance Director
Department:
Finance
Information
Request/Subject
Information/ Discussion regarding draft Policy No. BOS-FIN-118-
Public Safety Personnel Retirement System Contingency Reserve Funding.
Background Information
The Board of Supervisors held a public hearing on September 22, 2020, as required by Arizona Revised Statute § 11-391 in advance of securing debt to pay off the unfunded liability of the Public Safety Personnel Retirement System (PSPRS) for the Sheriff's Office Correctional Officer Retirement Plan (CORP) for Detention Officers and Non-Uniformed Officers, and CORP for Dispatchers. Policy No. BOS-FIN-118-
Public Safety Personnel Retirement System Contingency Reserve Funding
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
Staff and consultants have prepared the draft policy for information and discussion.
Conclusion
Staff is providing the draft policy to the Board of Supervisors for information and discussion.
Recommendation
Staff is providing the draft policy to the Board of Supervisors for information and discussion.
Suggested Motion
Information/Discussion to review draft Policy No. BOS-FIN-118-
Public Safety Personnel Retirement System Contingency Reserve Funding
.
(Mary Springer)
Attachments
BOS-FIN-118 Draft Policy
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