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File #: 21-0523    Version: 1 Name: 4/5/21 Optional Forms of Benefits Letter to Council
Type: Report or Communication Status: Filed
File created: 4/5/2021 In control: City Council
On agenda: 4/5/2021 Final action: 4/5/2021
Enactment date: Enactment #:
Title: Optional Forms of Benefits Letter to Council
Attachments: 1. Optional Forms of Benefits Letter to Council.pdf

Title

Optional Forms of Benefits Letter to Council

Memorandum

The Board of Trustees of the Ann Arbor Employees’ Retirement System is requesting that the City Council consider changing City Ordinance Section 1:558.  The Ordinance mandates the use of the 1971 group annuity mortality table (GA71) for optional forms of benefits.  The system currently uses a more recent table (RP-2014, updated with MP-2017) to determine annual funding valuation.  Please see attachment for details.

Staff

Prepared by:                                          Wendy Orcutt, AAERS Executive Director

Reviewed by:                     Matthew V. Horning, Interim CFO

Approved by:                                          Tom Crawford, City Administrator