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-3- <br /> <br /> IINITS IvITH DEATll BENEFIT HNITS I¢ITIIOUT DIiADt ~ENEFIT <br /> <br />Re~irbra~nt 4:09% of payroll 4.00% of payroll <br />Plus Death Benefit Increases <br /> 4.03% of pay~oll 4.00% of payroll <br /> <br /> All Of thc propbscd cbanges outlined must he a lp~:ove'd I~y tile <br /> ~efferal As~embly'befot~'beiiig' implemented'by the Boa~d'oi~ Trnstees <br /> Of the Local .'System, It is"uncertain at .this time Whether the <br /> Gfinbi:ai A.dgembl~ wi'il &pt on thege proposals at it's "Sh6rt" <br /> Bhdget Ses.qibn'whidli c'onvenes:on blay 31 --G~heiZaiiy the 1978-Sesgion <br /> is"restri~ked to're(,iew'of the budget for lis&al y'e{~r ]678-1q79 <br /> and to 'consideration Of'certain' btlier specified bills; hnv. otber <br /> b!!l .runs[ be precgt!ed by.a jgiDt resolution approved b), a two-th'irds <br /> majority vote in. each house.be(ere the Subject matter of the bill <br /> ca.n he considered. IVe' are not sure Whether the proposed changes <br /> to the Local Retirement. S);stem are snhjekt to tile "two-thirds <br /> rule. If they are, it. is unl'ikely that they will be Considered <br /> in 1978 <br /> <br /> [!uen assuming tile proposed changes can be considered in 1978 <br /> without the special "two-thirds" vote, the General Assembly may be <br /> reluctant to act without' .~ome-:strOng indication .of endorsement <br /> by a majbri~y bf.:local '~init~'which I(,ould be affected, lqith this <br /> thru!get in m~nd, we suimit-the queg'{ion to you and ~sk you to advise <br /> us concerning your stpport or Opposition to the proposais. Please <br /> keep in mind tbat if tile proposed changes are made ia the Local <br /> System, tliey mnst be made on a 'System-wide basis and cannot be made <br /> on an optional basis ;qith each ~hdividbal unit. ?el: your convenience, <br /> we have Submitted tee issue to')ou'on a separate, attached sheet. <br /> Please fill it ou~. ~nd return it to the Association. Finally, <br /> t.he Employees' Retirement and Health Benefits Division (State <br /> Department of the Treasu{-er) will send you a letter shortly which <br /> explains .in more detai'l tile proposed changes in the Local Retirement <br /> System. Hopefully that'letter will answer any questions raised by <br /> our memorandum. Note also that some units Will have revised accrued <br /> liability contribution rates as a result of their first actuarial <br /> valuation. Similarly, several units will have a change in their <br /> dentil benefit contribution rate (aside from the ~ changes <br /> outlined in proposal #4) based on recent actuarial e~periende. <br /> The Retirement Division will notify each unit of these changes in <br /> ~ts letter. <br /> <br /> Copy to: County Managers <br /> <br /> <br />