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BOARD OF SUPERVISORS AGENDA-2018
Board of Supervisors
- Discussion and consideration of approval of a Public Safety Personnel Retirement System (PSPRS) policy in accordance with House Bill 2097 and A.R.S. § 38-863.01. Phil Bourdon, County Administrator
Brief Explanation of Need
Yavapai County is required to comply with recent legislation (House Bill 2097) by annually adopting a pension funding policy that meets the criteria set forth in the statute.
The new law requires the County to annually adopt a PSPRS pension funding policy for employees who were hired before July 1, 2017.
The pension funding policy shall include funding objectives that address at least the following:
(1) How to maintain stability of the governing body's contributions to the system.
(2) How and when the governing body's funding requirements of the system will be met.
(3) Defining the governing body's funded ratio target under the system and the timeline for reaching the targeted funded ratio.
Additionally, the governing body is required to formally accept on an annual basis the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report.
Attached for consideration by the Board of Supervisors is a draft policy that meets the criteria set forth in statute. If approved, County Administration will update the policy annually and present it to the Board of Supervisors for consideration, and approval, during the budget process.
Phil Bourdon, County Administrator
Source of Revenue
Have Notice/Publication Requirements Been Met
Contract or Agreement
Legal Approval Notes
Draft 2018 PSPRS Pension Funding Policy
House Bill 2097
Yes- Legal Counsel has reviewed the attached agreement/contract
and has found it to be in proper form
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