Department
Finance
Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution by the Board of Commissioners of Fulton County, Georgia, Amending the Fulton County Employees Retirement System to Modify the Qualifications and Election Requirements for the Trustee Holding Position Number Eight on the Board of Trustees of the Fulton County Employees Retirement System, To Correct a Scrivener’s Error, and for Other Purposes. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
In accordance with Board policy all Defined Benefit Plan Amendments must be approved by the Board of Commissioners.
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
The Defined Benefit (DB) Plan currently consists of the following members on its Board of Trustees: The Chairman of the Fulton County Board of Commissioners or an individual designated by the Chairman to serve in his or her stead (Position 1); Two (2) members of the Fulton County Board of Commissioners other than the Chairman, who shall be appointed by the Board of Commissioners (Positions 2 and 3); The County Manager of Fulton County or an individual designated by the County Manager to serve in his or her stead (Position 4); The Fulton County Chief Financial Officer or an individual designated by the Chief Financial Officer to serve in his or her stead (Position 5); Four (4) retired Fulton County employees or the holder of any public office (Positions 6, 7, 9 and 10); One (1) active employee of Fulton County who participates in the DB Plan (Position 8); A member of the public who is a resident and taxpayer of Fulton County and not an active or retired public employee or the holder of any public office (Position 11). The DB Pension Board is recommending a change to the composition Position 8 of the DB Pension Board Plan to allow Position 8 to be either an active or former employee (retiree) of the County.
Scope of Work: This recommended change will allow the composition of the DB Pension Board members for Positions 6, 7, 8, 9 and 10 to comprise of four (4) retired employees of Fulton County who are participants in the DB Plan (Positions 6, 7,9 and 10) One (1) active or retired (former) employee of Fulton County who is a participant in the DB Plan (Position 8).
Community Impact: None
Department Recommendation: The Finance Department recommends approval of the resolution to modify membership of the DB Pension Board of the Fulton County Defined Benefit Plan to allow Position 8 to be either an active or retired (former) employee of the County.
Project Implications: None
Community Issues/Concerns: None
Department Issues/Concerns: None