1996-26 Electing to Participate in the Retirement Incentive Program, Chapter 4, First Special SLA 1996, and Authorizing the Mayor to Enter Into an Agreement With the Administrator of the Public Employees' Retirement System (PERS) to Fund the Cost of PartKODIAK ISLAND BOROUGH
RESOLUTION NO. 96 -26
Introduced by: Mayor Selby
Requested by: Mayor Selby
Drafted: Mayor Selby
Introduced: 09/05/96
Adopted: 09/05/96
A RESOLUTION ELECTING TO PARTICIPATE IN THE RETIREMENT
INCENTIVE PROGRAM CHAPTER 4, FIRST SPECIAL SLA 1996, AND AUTHORIZING
THE MAYOR TO ENTER INTO AN AGREEMENT WITH THE
ADMINISTRATOR OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM (PERS)
TO FUND THE COST OF PARTICIPATION IN THE PROGRAM.
WHEREAS, the Kodiak Island Borough finds it necessary to reduce costs in this period
of declining revenues; and
WHEREAS, the Kodiak Island Borough is seeking ways to reduce costs without having
to layoff or terminate qualified employees; and
WHEREAS, the Kodiak Island Borough is an employer in the PERS and is eligible to
participate in the Program under Chapter 4, First Special SLA 1996, which took effect
on July 1, 1996;
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: For the purposes of Chapter 4, Special SLA 1996, the Program, all
Kodiak Island Borough employees are designated as eligible to participate
in the Program and all eligible employees in the Kodiak Island Borough
may participate in the Program if they so choose.
Section 2: Through its participation in the Program there will be an overall personal
services cost savings to the employer sufficient to fund each eligible
employee's participation in the Program.
Section 3: It is understood that the total cost for designating all employees as
eligible to participate in the Program is $498,558 (prior to final
adjustments) and must be paid to the PERS within three years.
Section 4: It is understood that an administrative fee of $4,985.58 (one percent of
the total cost in Section 3 above) will be paid to the PERS within 30
days of the signing of the agreement.
Kodiak Island Borough, Alaska Resolution No. 96 -26
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Section 5: The mayor or his designee is authorized to enter into a financial
agreement with the PERS to implement the Program and to commit
EMPLOYER funds for the cost of the Program.
ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS FIFTH DAY OF SEPTEMBER, 1996
onna F. Smith, CMC /AAE, Borough Clerk
KODIAK ISLAND BOROUGH
Jer
L. Stevens, ' _ 'ding Officer
Kodiak Island Borough, Alaska Resolution No. 96 -26
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