No preview available
HomeMy WebLinkAboutCERS Pension System301 RESOLUTION A RESOLUTION BY THE CITY OF PADUCAH BOARD OF COMMISIONERS REQUESTING GOVERNOR STEVEN BESHEAR TO CALL A SPECIAL SESSION OF THE GENERAL ASSEMBLY TO REFORM THE CERS PENSION SYSTEM WHEREAS, for the 2008-2009 fiscal year; the City of Paducah is required to make a $3.7 million contribution to the CERS Pension System to assist funding pension liabilities related to past Paducah employees; and WHEREAS, the City of Paducah has been informed that this mandatory contribution will dramatically increase in future years, if no changes are made to the pension system; and WHEREAS, the weight of increasing mandatory contributions to the CERS Pension System continues to stress and strain local governments' budgets; and WHEREAS, local governments will be forced to drastically reduce services and eliminate employees to remain financially solvent to be able to contribute to the retirement 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 to repair the pension crisis and provide relief to Kentucky counties and incorporated cities. BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Board of Commissioners of the City of Paducah hereby requests that Governor Steven Beshear call a special session of the General Assembly as soon as practically possible to address reforming the CERS Pension System, and the Board urges that Governor Beshear work with the House and Senate leadership to accomplish reformation of the pension system. SECTION 2. This Resolution shall be in full force and effect from and after its adoption. ATTEST: eL101 Tammara S. Brock, City Clerk Adopted by the Board of Commissioners June 10, 2008 Recorded by Tammara S. Brock, City Clerk, June 10, 2008 \resoln\CERS-special session