1987-27 Electing to Participate in the Retirement Incentive Program (RIP) Chapter 26, SLA 1986By
KODIAK ISLAND BOROUGH
RESOLUTION NO. 87 -27 -R
A RESOLUTION BY THE KODIAK ISLAND BOROUGH ASSEMBLY, KODIAK, ALASKA,
ELECTING TO PARTICIPATE IN THE RETIREMENT INCENTIVE PROGRAM (RIP), CHAPTER 26,
SLA 1986, AND AUTHORIZING JEROME M. SELBY TO ENTER INTO AN AGREEMENT WITH THE
ADMINISTRATOR OF THE PUBLIC EMPLOYEE'S RETIREMENT SYSTEM (PERS) TO FUND THE
COST OF PARTICIPATION IN THE RIP.
WHEREAS, the Kodiak Island Borough finds it necessary to reduce the
costs in this period of declining revenues; and
WHEREAS, the Kodiak Island Borough is seeking ways to reduce costs
w ithout having to layoff or terminate classified employees; and
WHEREAS, the Kodiak Island Borough is an employer in the Public
Employee's Retirement System (PERS) and eligible to participate in the
RETIREMENT INCENTIVE PROGRAM (RIP) under Chapter 26, SLA 1986, which took
effect on May 15, 1986;
NOW, THEREFORE, BE IT RESOLVED by the Assembly of the Kodiak Island
Borough, that:
ATTEST:
1. For the purposes of Chapter 26, SLA 1986, the RETIREMENT INCENTIVE
PROGRAM, the Kodiak Island Borough classified employee group is
designated as eligible to participate in the RIP and all eligible
employees in the unit may participate in the RIP if they so elect;
2. Eligible employees who elect to participate in the RIP must formally
notify the Borough of their intent on or before June 30, 1987 with
all necessary paperwork to be completed by September 30, 1987.
3. That through its participation in the RIP and attrition there will
be an overall personal service cost savings to the Borough
sufficient to fund each eligible employee's participation in the
program;
4. It is understood that the total cost for designating the classified
employee group as eligible to participate in the RIP is $83,137
(prior to final adjustments) and must be paid to the PERS within
three (3) years; and
5. It is understood that an administrative fee of $274.35 (.33% of the
total cost in 4. above) will be paid to the PERS within 30 days of
the signing of the agreement.
6. The Mayor of the Kodiak Island Borough is authorized to enter into a
financial agreement with the PERS to implement the RIP and to commit
BOROUGH funds for the cost of the program.
PASSED, APPROVED, AND ADOPTED BY THE Assembly of the Kodiak Island
Zorougb, Kodiak, Alaska, this _ day of Anil , 1987.
Borou C21er
. CMc_
KODIAK ISLAND BOROUGH
By
B
ugh Mayor
esibing Officer