RESOLUTION R-03-2008

A RESOLUTION OF THE BOARD OF COUNCIL OF THE CITY OF FORT THOMAS, CAMPBELL COUNTY, KENTUCKY, REQUESTING GOVERNOR STEVEN BESHEAR TO CALL A SPECIAL SESSION OF THE KENTUCKY GENERAL ASSEMBLY TO ADOPT LEGISLATION TO REFORM THE CERS PENSION SYSTEM.

WHEREAS, for the current 2007-2008 fiscal year, the City of Fort Thomas is required to contribute $1.2 million, or nearly 14% of its General Fund Budget, to the CERS Pension System to fund city employee retirement plans; and

WHEREAS, the City of Fort Thomas has been informed that, based on actuarial calculations, the mandatory contribution rates will dramatically increase in future years unless changes are made to the CERS Pension System; and

WHEREAS, the burden of increasing mandatory contribution rates to the CERS Pension System continues to stress and strain local governments’ budgets; and

WHEREAS, local governments may be forced to reduce important public services and reduce the number of public employees to remain financially solvent as a result of increasing mandatory contributions to the CERS Pension System; and

WHEREAS, the increasing mandatory contributions are causing significant financial strain for all Kentucky counties and incorporated cities; and

WHEREAS, the Kentucky General Assembly adjourned April 15, 2008, without passing legislation which would have reformed the CERS Pension System, helped to address the impending pension crisis and provided relief to Kentucky counties and cities.

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 hereby requests that Governor Steven Beshear call a special session of the General Assembly as soon as practicably possible to reform the CERS Pension System.

Read, Passed and Adopted this 2^nd day of June, 2008.

APPROVED:

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ATTEST: Mary H. Brown, Mayor

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Melissa K. Kelly, City Clerk