1998-03 Retirement Incentive ProgramKODIAK ISLAND BOROUGH
RESOLUTION NO. 98 -03
Introduced by: Mayor Selby
Requested by: Mayor Selby
Drafted: Mayor Selby
Introduced: 02/19/98
Postponed: 02/19/98
Adopted: 03/05/98
A RESOLUTION ELECTING TO PARTICIPATE IN THE RETIREMENT
INCENTIVE PROGRAM CHAPTER 4, FIRST SPECIAL SLA 1996,
AS AMENDED BY CHAPTER 92, SLA 1997,
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, as amended by
Chapter 92, SLA 1997, that 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, as amended by
Chapter 92, SLA 1997, 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 $163,499 (prior to final
adjustments) and must be paid to the PERS within three years.
Kodiak Island Borough, Alaska Resolution No. 98 -03
Page 1 of 2
Section 4: It is understood that an administrative fee of $1,435.15 will be paid to
the PERS within thirty (30) days of the signing of the agreement.
Section 5: It is understood that there will be three (3) sixty (60) day enrollment
periods beginning May 2, 1998 to end June 30, 1998; beginning
November 2, 1998 to end December 31, 1998; and beginning May 2,
1999 to end June 30, 1999. Eligible employees must choose to
participate in the program during one of these three enrollment periods.
Section 6: The mayor, or 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 MARCH, 1998
I I. C>
Donna F. Smith, CMC /AAE, Borough Clerk
KODIAK ISLAND BOROUGH
, Presiding Officer
Kodiak Island Borough, Alaska Resolution No. 98 -03
Page 1 of 2