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AG19800512
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AG19800512
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Last modified
3/28/2003 9:13:23 AM
Creation date
11/27/2017 12:16:21 PM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/12/1980
Board
Board of Commissioners
Meeting Type
Regular
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methods during its short session beginning June 5, 1980. Among the proposals <br /> that might require a further rate change are those recommended by the Fund's <br /> Board of Commissioners. The proposals recommended by the Board are as follows: <br /> <br /> 1. Increase the retirement benefit formula from 1.55% to 1~60%, <br /> effective July l, 1980, as the first increment bf .05% to a <br /> goal of 1.75% attainable in 1983, at an increase in the <br /> employer contribution rate of .48%. <br /> <br /> 2, An across-the-board increase in a~lewances granted beginning <br /> July l, l~O for benefit recipients on the rolls July l, 1979, <br /> co~parable to any general across-the-board salary increase <br /> provided for actively employed law enforcement officers. If <br /> not prefunded~ the employer contribution rate would be <br /> increased by .03% for each 1% cost-of-living increase. <br /> <br /> 3. Relieve the requirement that local governments support the <br /> basic benefit allowances of the Retirement Fund for their <br /> officers and allow such local governments to increase their <br /> voluntary contributions to the Special Annuity Fund by such <br /> amounts, by repealing that part of General Statute 143-166(i) <br /> relating to payments by local governments for basic allowances <br /> which, based on the best estimates of the payrolls of officers <br /> employed by local governments, l~ould require an appropriation <br /> of S3,770,000 from the General Fund for the fiscal year 1980-81. <br /> <br /> 4. Remove the inequity on account of the treatment of sick leave <br /> standing to an officer's credit at retirement among the <br /> retirement systems to which law enforcemen~ officers may be <br /> members, by repealing that portion of General Statute.143~166(i) <br /> pertaining to special contributions on account of accumulated <br /> sick leave and rewrite such law to allow additional creditable <br /> service at retirement on account of accumulated sick leave to <br /> the extent of one month of creditable service for each 20 days <br /> or portion thereof, with the cost to the State and local <br /> governments to be determined after the collection of data and <br /> a cost calculated by the Retirement Fund's actuary. <br /> <br /> The Board has transmitted these recommendations to the Governor and Advisory <br />Budget Commission for their consideration in preparing the State Budget to be <br />submitted to the 1980 shor~ session. The recommendations for benefit increases were <br />selected from proposals advanced by associations of law enforcement officers. The <br />recommendation on resumption of. State funding of local officers basic retirement <br />allowances was advanced and supported by'the officer associations, the League of <br />Municipalities and the Association of County Commissioners. All recommendations <br />were adopted after careful study by the Board as to equitable benefit needs and <br />review of actuarial impact statements. <br /> <br /> If you have any questions with regard to the new employer contribution rate, <br />please write or telephone, at (919) 733-4191, the Member Services Section of this <br />Division. <br /> <br />ETB:ebs <br /> <br /> <br />
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