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Regular Agenda Item 3. G.

Regular BOS Meeting

Meeting Date:	06/18/2019
Submitted For:	Mary Springer	Submitted By:	Mary Springer, Finance Director
Department:	Finance
Fiscal Year:	FY2020	Budgeted?:	Yes
Contract Dates Begin & End:	7/1/2016	Grant?:	No
Matching Requirement?:	No	Fund?:	New

Information

Request/Subject

Request Board adopt new Policy No. BOS-FIN-116 - Public Safety Personnel Retirement System Funding.

Background Information

The State of Arizona House of Representatives at the Fifty-third Legislature second regular session in 2018 passed House Bill 2097 which amended Title 38, Chapter 5, Article 4, Arizona Revised Statutes, by adding section 38-863.01 - Pension funding policies; employers, which relates to the Public Safety Personnel Retirement System (PSPRS). A.R.S. §38-863.01 requires the Board of Supervisors to adopt and post a pension funding policy annually beginning on or before July 1, 2019. Beginning on or before July 1, 2019, each governing body of an employer shall annually: Adopt a pension funding policy for the system for employees who were hired before July 1, 2017. The pension funding policy shall include funding objectives that address at least the following: How to maintain stability of the governing body’s contributions to the system. How and when the governing body’s funding requirements of the system will be met. Defining the governing body’s funded ratio target under the system and the timeline for reaching the targeted funded ratio. Formally accept the employer’s share of the assets and liabilities under the system based on the system’s actuarial valuation report. The governing body shall post the pension funding policy on the governing body’s website.

The policy was presented to the Board as a work session item on June 4, 2018, for the Board's review.

Evaluation

A.R.S. §38-863.01 requires the Board of Supervisors to adopt and post a pension funding policy annually beginning on or before July 1, 2019.

Conclusion

A.R.S. §38-863.01 requires the Board of Supervisors to adopt and post a pension funding policy annually beginning on or before July 1, 2019.

Recommendation

Staff recommends adoption of new Policy No. BOS-FIN-116 - Public Safety Personnel Retirement System Funding to satisfy the requirement of A.R.S. §38-863.01.

Suggested Motion

Information/Discussion/Action to adopt new Policy No. BOS-FIN-116 - Public Safety Personnel Retirement System Funding. (Mary Springer)

Attachments
ARS 38-863.01
BOS-FIN-116