RESOLUTION NO. 2022-006

 

BE IT RESOLVED BY THE CITY COUNCIL OF THE TOWN OF BERLIN, ALABAMA, A MUNICIPAL CORPORATION, AS FOLLOWS:

WHEREAS under the provisions of Act 2019-132, employers who participate in the Employees’ Retirement System pursuant to Alabama Code §36-27-6 may elect to provide Tier I retirement benefits to Tier II plan members; and

WHEREAS the Town of Berlin participates in the Employees’ Retirement System pursuant to Alabama Code §36-27-6 and wishes to improve retirement benefits for its Tier II plan members; and

NOW THEREFORE BE IT RESOLVED by the Town Council of the Town of Berlin, Alabama that the Town of Berlin elects to provide Tier I retirement benefits to its Tier II plan members, subject to approval by the Employees’ Retirement System Board of Control; that, if approved, such election shall be effective the following fiscal year and is irrevocable.

BE IT FURTHER RESOLVED that the Town of Berlin has reviewed the actuarial cost estimates provided by the Employees’ Retirement System for such election and agrees to pay any resulting increases in the employer contribution rate.

BE IT FURTHER RESOLVED that beginning in the month that such election is effective, the Town of Berlin’s Tier II plan members shall contribute 7.5% of their earnable compensation to the Employees’ Retirement System and Town of Berlin’s Tier II plan members who are firefighters or law enforcement officers, as defined by Alabama Code §36-27-59(a), shall contribute 8.5% of their earnable compensation to the Employees’ Retirement System, as required by Act 2019-132.

BE IT FURTHER RESOLVED that the Town of Berlin has not increased the member contribution rates for its Tier I members as provided by Act 2011-676 and, as required by Alabama Code §36-27-6.5, the Town of Berlin has submitted to the Employees’ Retirement System a plan to increase such rates.

RESOLUTION NO. 2022-006

Categories: RESOLUTIONS

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