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'5 .5.- ?77'5 - .. . ~4152555- Mn.- - 2. .5 ?yawn/- wry-247A, an: .w 5- . ?gnaw5.5- 5.. 2? - - [-27 - - - 4:75.: 2.4-.- .- - 5 .- 777.27%ng . . - . 27? 55.: it . 21.565? ?7 A. .554?- 577:, . 95.91:? - - .- .- .7 ..wwi .2597: ??77 ?25.597253424717}: . 5. .. 73515555775. 5 -- 5- - . gazi?mmam-vw 727' - - . .. Mtg-?M ?7.312.- . .7775?~hmya?3wgyaw? ., Max?. . WA- - . - Wrwm9~g~% 9? Maw?f" ?Wk-.mq. f) 1? 22m?. . . 227 Darwyn Anderson/David Bracilano/sb/JMcCoy SCERS Contribution Increase 0RD October 20, 2010 Version #4 ORDINANCE i ngLi 9 AN ORDINANCE relating to the City?s Retirement System; amending Seattle Municipal Code Section 4.36.110 to provide for contribution rate increases for members of the City?s Retirement System. WHEREAS, Seattle Municipal code Section 4.36.140 A (3) provides that, subject to the approval of the City Council, the Seattle Employees? Retirement Fund Board of Administration (?Board?) may revise or change the rate of contribution by the City on the basis of such mortality, service, and other tables adopted by the Board pursuant to actuarial investigations as may be necessary; and WHEREAS, SMC Section 4.36.140 provides that whenever the Board deems it necessary or advisable, it may recommend that the City Council change the rates of contributions of members on the basis of mortality, service, and other tables adopted by the Board; and WHEREAS, the City of Seattle and the City?s Labor Unions entered into agreements, and SMC 4.36.110 was amended consistent with these agreements to allow increases to member retirement contributions from 8.03% up to a maximum of 10.03% of pensionable compensation, provided that an actuarial study ?nds that the Retirement System?s unfunded actuarial liability exceeds 30 years and the City determines that an increase to contribution rates is necessary, and provided that the City match such member increases and pay all necessary contributions beyond 10.03%; and WHEREAS, the 2010 actuarial valuation ?nds that the amortization period for the Retirement System?s unfunded actuarial liability exceeds 30 years; and WHEREAS, the Seattle City Employees? Retirement System Board of Administration has recommended contribution rate increases to the City Retirement System; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS: Section 1. Subsection A of Seattle Municipal Code Section 4.36.110 is amended as follows: 4.36.110 Contributions City Matching Funds. Form Last Revised on August 9, 2010 Darwyn Anderson/David Bracilano/sb/JMcCoy SCERS Contribution Increase 0RD October 20, 2010 Version #4 A. Effective January 5, 2011, ((MDmernbers 0f the retirement system shall make contributions to the retirement fund at the rate of 9.03 percent of the compensation of each such member, exclusive of overtime; and effective January 4, 2012, members of the retirement system shall make contributions to the retirement fund at the rate of 10.03 percent of the compensation of each such member, exclusive of overtimepereenQ); provided ((rfurtherg? that any member whose rate of contribution prior to June 23, 1972, was less than 6 percent and whose rate was increased by 2.03 percent pursuant to Ordinance 111303 have such rate further increased additienal?Z?pereentD by 1 percent, exclusive of overtime, effective January 5, 2011, and by an additional 1 percent, exclusive of overtime, effective January 4, 2012; provided, further, that any reinstated member who has redeposited his/her withdrawn contributions plus interest as provided in subsection 4.3 6. 190B, who was a member of the retirement system at anytime prior to June 23, 1972, and whose rate of contribution at such prior time was less than 6 percent eempensatien and whose rate was increased by 2.03 perm of the compensation of such member pursuant to Ordinance shall have such rate further increased ((bytheGrty? by 1 percent, exclusive of overtime, effective January 5, 2011, and by an additional 1 percent, exclusive of overtime, effective anuagg 4, 2012. Section 2. This ordinance shall take effect and be in force 30 days from and after its approval by the Mayor, but if not approved and returned by the Mayor within ten days after presentation, it shall take effect as provided by Seattle Municipal Code Section 1.04.020. Form Last Revised on August 9, 2010 2 Darwyn Anderson/David Bracilano/sb/JMcCoy SCERS Contribution Increase 0RD October 20, 2010 Version #4 PasSed by the City Council the 22 day of be.) 2010, and signed by me in open session in authentication of its passage this dayof UaumM ,2010. if? 2: f: of the City Council 1,1153 Approved by me this? day of ?i 2010. Michael McGinn, Mayor Filed by me this an'day of 06 CW 2010. f\ Haw/?62 ?gr/ City/ Clerk (Seal) Form Last Revised on August 9, 2010 3 Darwyn Anderson/David Bracilano/sb/JMcCoy SCERS Contribution FISC October 20, 2010 Version #4 Form revised April 10, 2010 2011-2012 BUDGET LEGISLATION FISCAL NOTE Department: Contact Person/Phone: CBO Analyst/Phone: Personnel David Bracilano /684-7874 Greg Hill 684-8049 Sarah Butler /684?7929 Legislation Title: AN ORDINANCE relating to the City?s Retirement System, amending Seattle Municipal Code Section 4.36.110 to provide for contribution rate increases for members of the City?s Retirement System. Summary of the Legislation: This legislation increases the contribution rate for members of the retirement system to 9.03%, effective January 5, 2011; and further increases the contribution rate to 10.03 effective January 4, 2012. For members whose contribution rate prior to June 23, 1972, was less than and whose rate was increased by 2.03% pursuant to Ordinance 111303, the contribution rate shall increase by effective January 5, 2011, and by an additional effective January 4, 2012. This latter provision also applies to any reinstated member who has re?deposited his/her withdrawn contributions plus interest as provided in subsection 4.36.190.B, who was a member of the retirement system at any time prior to June 23, 1972, and whose rate of contribution at such prior time was less than and whose rate was inereased by 2.03% pursuant to Ordinance 111303. Background: Seattle Municipal Code (SMC) Section 4.36.140 A (3) provides that, subject to the approval of the City Council, the Seattle City Employees? Retirement Fund Board of Administration (?Board?) may revise the rate of contribution by the City on the basis of such mortality, service, or other tables adopted by the Board pursuant to actuarial investigation. In addition, 4.36.140 provides that the Board may recommend member contribution 1ate changes to the City Council. The 2010 actuarial valuation study concludes that the amortization period for the Retirement System?s unfunded actuarial liability now exceeds 30 years. This increase in the System?s unfunded actuarial liability is primarily due to the reduction in the actuarial value of the System?s assets following the financial crisis that began in 2007. The Retirement Board recommends that contribution rates be increased to reduce the System?s unfunded actuarial liability. During the last round of bargaining, the City and its civilian labor unions entered into agreements to allow increases in member retirement contributions from 8.03% up to a maximum of 10.03 provided that an actuarial study ?nds that the Retirement System?s unfunded actuarial liability exceeds 30 years and the City determines that an increase to contribution rates is necessary, and provided that the City matches such member increases and pays all necessary contributions beyond 10.03%. Ordinance 123301, passed by City Council on May 10, 2010, amended SMC 4.36.110 to be consistent with labor agreement agreements. The Retirement Board has recommended that the contribution rate be increased to 9.03%, effective January 5, 2011, and to 10.03%, effective January 4, 2012. 1' an i. Darwyn Anderson/David Bracilano/sb/JMcCoy SCERS Contribution FISC October 20, 2010 Version #4 0 Please check one of the following: This legislation does not have any ?nancial implications. (Stop here and delete the remainder of this document prior to saving and printing.) i This legislation has ?nancial implications. Please complete all relevant sections that follow. Summary of Changes to Revenue Generated Specifically From This Legislation: Revenue Source 2011 Proposed 2012 Proposed Total Fees and Charges Resulting From Passage of This Ordinance Notes: This legislation raises no new external revenue. It does, however, pay additional revenue - from City sources into the Employees? Retirement Fund. The Mayor?s 2011?2012 Proposed Budget includes appropriations necessary for all City departments to meet the City?s share of the increase in the retirement system contribution rate. The increase in General Fund expenditures is approximately $2.0 million in 20.11 and approximately $4.1 million in 2012. The increase in Other Fund expenditures is approximately $3.8 million in 2011 and approximately $7.8 million in 2012. Anticipated Incremental Revenue into the Retirement Fund: Fund Name and Number Revenue Source Total 2011 Total 2011 and 2012 Revenue Anticipated Revenue . from Entire Program RETIREMENT Employee $5,807,000 $5,807,000 (2011) FUND (60100) Contributions $11,846,000 (2012) RETIREMENT City Contributions $5,807,000 $5,807,000 (2011) FUND (60100) (Multifund) $11,846,000 (2012) TOTAL $11,614,000 $35,306,000 What is the ?nancial cost of not implementing this legislation? If contribution rates are not increased, the Retirement System Will continue to have a large unfunded actuarial liability. All else remaining the same, the longer the City waits before increasing contribution rates, the greater is the size of the increases necessary to fully fund the System?s actuarial liability. At some point, a large and increasing unfunded actuarial liability may jeopardize the City?s credit i. Darwyn AndersonfDavid Bracilano/sb/JMcCoy SCERS Contribution FISC October 20, 2010 Version #4 rating, thereby increasing the interest rate paid by the City on new bond issues. Does this legislation affect any departments besides the originating department? All City departments are affected by this Bill and are aware of the increase in contribution rates. What are the possible alternatives to the legislation that could achieve the same or similar obj ectives? The City could conceivably reduce the proposed increase in contribution rates by adopting a more aggressive investment policy, but that would invOlve greater risk and, hence, the possibility of even larger contribution rate increases in the future. Is the legislation subject to public hearing requirements? This legislation, along with the rest of the Mayor?s Proposed 2011?2012 Budget, will be the subj ect of public hearings held by the City Council. Other Issues (including long?term implications offhe?legislation): This increase in contribution rates will signi?cantly improve the Retirement System?s ?nancial position. However, based on the 2010 actuarial valuation, the System will continue to have an unfunded actuarial liability. According the 2010 actuarial valuation, the total contribution rate would have to increase from the 20.06% rate contemplated in this legislation to a total rate of 25.03%. Please list attachments to the ?scal note below: None. City of Seattle Of?ce of the Mayor September 27, 2010 Honorable Richard Conlin President Seattle City Council City Hall, 2nd Floor Dear Council President Conlin: 1 am transmitting the attached proposed Council Bill for consideration with the 2011 Proposed Budget. This legislation amends Seattle Municipal Code Section 4.36110 to increase the Seattle City Employees? Retirement System member contribution rates from 8.03% to 9.03% effective January 5, 2011, and from 9.03% to 10.03% effective January 4, 2012. Retirement System members whose rate of contribution prior to June 23, 1972, was less than 6% shall have their rate increased by 1% effective January 5, 2011, and by an additional 1% effective January 4, 2012. During the last round of bargaining, the City and its civilian labor unions entered into agreements to allow increases in member retirement contributions from 8.03% up to a maximum of 10.03%, provided that an actuarial study finds that the Retirement System?s unfunded actuarial liability exceeds 30 years and the City determines that an increase to contribution rates is necessary, and provided that the City matches such member increases and pays all necessary contributions beyond 10.03%. Ordinance 123301, passed by City Council on May 10, 2010, amended SMC 4.36.110 to be consistent with labor agreement agreements. The 2010 actuarial valuation concludes that the amortization period for the Retirement System?s un?inded actuarial liability now exceeds 30 years. This increase in the Retirement System?s unfunded actuarial liability is primarily due to the reduction in the actuarial value of the Retirement System?s assets following the ?nanCial crisis that began in 2007. The Retirement Board has recommended that the employee contribution rate be increased by 1% effective January 5, 2011, and by an additional effective January 4, 2012, to reduce the Retirement System?s unfunded actuarial liability. Thank you for your consideration of this legislation. Should you have questions, please contact David Bracilano at (206)684?7874 or Sarah Butler at (206)684-7929. Sincerely, Michael McGinn Mayor of Seattle - cc: Honorable Members of the Seattle City Council Michael McGinn, Mayor Office of the Mayor Tel (206) 684-4000 600 Fourth Avenue, 7th Floor Fax (206) 684-5360 PO Box 94749 TDD (206) 615-0476 if Seattle, WA 98124-4749 - . mike.mcginn@seattle.gov in? STATE OF WASHINGTON -- KING COUNTY 264494 No. CITY OF SEATTLECLERKS OFFICE Af?davit of Publication The undersigned, on oath states that he is an authorized representative of The Daily Journal of Commerce, a daily newspaper, which newspaper is a legal newspaper of general circulation and it is now and has been for more than six months prior to the date of publication hereinafter referred to, published in the English language continuously as a daily newspaper in Seattle King County Washington and it is now and during all of said time was printed In an of?ce maintained at the aforesaid place of publIcatIon ofthis newspaper The Daily Journal of Commerce was on the day of June 194] approved as a legal newspaper by the Superior Court oi King County. The notice in the exact form annexed, was published in regular issues of The Daily.I Journal of Commerce which was regularly distributed to its subscribers during the below stated period. The annexed notice, a CT: 123432 ORDINANCE was published on The amount of the fee charged for the foregoing publication 15 the sum 156. 98 which amount has been paid In \Iii i ii_ {I'Zfl I. . thxub If}: . {e 3,1; s" '3 to before me on -c Ar?, - :3 asNotar} /uhlic the Sta got? Washington. i?v'g dine in Seattle Affidavit of Publication City of Seattle ORDINANCE 188432 AN ORDINANCE relating to the City's Retirement Syltam; amending Seattle Municipal Code Section 4.36.11!) to provide for contribution rate increases foa- members ofthe City? 5 Retirement System. WHEREAS. Seattle Municipal code Section 4.36.140 A provides that, subject to the approval of the City Ccuiicil the Seattle Employees' Retirement Fund BdardofAdminiatration{?Ena1d?) may mice or change the rate of contribution by the City on the basic of such mortali ,ser- vice. and other tables adopted by the card pursuant to actuarial investiganons as may be and WHEREAE. SMC Section 4.36.140 pro- video that whenerarrtba Board deoma it noc- eaeary or advisable. it ma recommend that the City Council change rates of contri- butions of members on the basic of mortal- ity. service, and other teblee adopted by the Hearth-and - WHEREAS, the City of Seattle and the ?3311 elaborUniona entered into agreements. SMC 4. 33 110 was amended coneietent theaeagreemente to allow mareacaa to member retirement contributions from 3.03% up to a maximum of 03% of pensionable cation thnWided that an actuarial that the Retirement System a un?inded actuarial liabilit exceede 30 years and taiCity determines at anuiidmreaagg contri tion rates is nececeary, prcwi that the City match each member increases 1.113% 56y contributions beyond . a WHEREAS the 2010 actuarial valua- tion finds that the amortization cried for theRctirement actuarial liability exceeds 39 years: and WHEREAS. the Beattle Git Retirement Eyetetu Board of Adan has recommended contribution rate increas as to the Oil? Retirement Eye-tern; NOW, THEREFOR BE IT DEDAINED BY THE CITY OF SEATTLE AS FOLLOWS: Section 1. Subaection A of Seattle Municipal Code Section 4.38.110 is amended aafollowa: LSGJIO Contributions City Matching Funds. Page 2 of affidavit State of Washington, King County A. minimum of the ret1ren1ent ayatem aha] contribu?onatc the retirement fundat the rate of {(3793)} 3.3.3 Percent of the com peneation of each ouch member, exclusive of overtime . 1r provided; ermine-n that any: member whoee rate of contribution prior to Linn 23,1972 was lees than IE cent and whoae rate was increased by get 3 percent pursuant to Ordinance 111303?; my have such rate further increased (tho-eh . . percent): Wine. 11 em Janna: 11.31113. provided further, that any reinstated member who has redeppeited hie! her withdrawn contributions plus interest as inaubaecticnd. 36.19113 member of the retirement ayetem at any time prior toJune 23 1919.. and whose rate of con trihution at such prior time was lees than 8 percent mount-ran and whose rate wan moaned by 1mm; oftlie compen cation cfauch mam ant to Ordinance are such rate further increaccdl; Section 2. This ordinance shall take cheat and be in ?erce daya from and after its approval by the Mayor but if_ not approved and returned by the Mayor within ten days alter presentation, it shall take effect ae prov-11 04 '35: by Seattle Municipal Code Section Passed by the City Council the 22nd day of November. 201a. andaig me in open in alithenticaticn ofita passage this 22nd day of November 2010. Richard Conlin President of the City Council by me this 2nd day oi'December, Michael McGinn, Mayor 2m?ned by me that 2nd day of December. (Seal) Monica Martinez-Simmons City Clerk Publication ordered by the City Clerk Date of publication in the Seattle Daily of Commerce, December 16 2-010. mam