RESOLUTION R-02-2008

A RESOLUTION SUPPORTING THE PASSAGE OF HOUSE BILL 600 OF THE KENTUCKY LEGISLATURE THAT WILL PROVIDE MUCH NEEDED FISCAL RELIEF TO LOCAL GOVERNMENTS THAT PARTICIPATE IN THE COUNTY EMPLOYEES RETIREMENT SYSTEM (CERS).

WHEREAS, many local governments provide pension benefits for their employees through the Kentucky Retirement System; and

WHEREAS, Fort Thomas participates in the County Employee Retirement System (CERS) which is part of the Kentucky Retirement System; and

WHEREAS, pension contribution rates for CERS employers have increased 121% since 2002 and are rising at an unsustainable rate; and

WHEREAS, increasing pension expenses for local governments are reducing available funds for other critical services such as police, fire, infrastructure maintenance and transportation; and

WHEREAS, local governments have no control over pension system benefits and contribution rates which are determined by state statute and the KRS Board of Trustees; and

WHEREAS, House Bill 600 represents an important first step in addressing pension system reform efforts by creating a two-tiered system, establishing practical accounting requirements and other common sense changes to the present system; and

WHEREAS, House Bill 600 does not in any way affect the benefits of existing employees, current retirees or require the commitment of any state funding; and

WHEREAS, House Bill 600 must be enacted during the current session to capitalize upon the retirement wave of government employees due to pension system changes effective January 1, 2009.

NOW, THEREFORE, BE IT RESOLVED, by the Board of Council of the City of Fort Thomas, Campbell County, Kentucky:

That the Board of Council of the City of Fort Thomas, Campbell County, Kentucky, hereby voices its enthusiastic support of House Bill 600 of the Kentucky Legislature to reform the County Employees Retirement System as well as the other state retirement systems.

That this resolution shall take effect and be in full force when passed and recorded according to law.

Read, passed, and adopted this 17th day of March, 2008.

APPROVED:

______________________________

Mary H. Brown, Mayor

ATTEST:

_______________________________

Melissa Kelly, City Clerk