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Meeting Date 1/26/04 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Special Separation Allowance Pension Trust Fund Contribution <br /> <br />BRIEF SUMMARY: <br /> <br />The County contracts with Buck Consultants to perform an actuarial study each year to <br />determine the contribution required to properly maintain the special separation allowance <br />benefit fund for retired law enforcement officers. This program is a statutory requirement. It <br />was determined last July that the contribution was insufficient to support the benefit <br />payments to retirees. The actuarial study has been adjusted to reflect the recent increase <br />in retirees and to shorten the actuarial life for funding purposes in the future. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Approve budget revision for additional funding needs. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation 5 <br /> <br />Submitted By: Pamela S. Dubois, Finance Director Date: 1/12/04 <br /> <br />Budget Amendment Required: [] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />[] Yes <br /> <br />I~ No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Approval is required to meet statutory obligations. <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [] Other [] <br /> <br />Manager's Signature ~~~ <br /> <br /> <br />