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HomeMy WebLinkAboutHouse Bill 600 (CERS)224 RESOLUTION A RESOLUTION SUPPORTING THE PASSAGE OF HOUSE BILL 600 OF THE KENTUCKY LEGISLATURE THAT WILL PROVIDE MUCH NEEDED FISCAL RELIEF TO LOCAL GOVERNMENTS THAT PARTICIl'ATE IN THE COUNTY EMPLOYEES RETIREMENT SYSTEM (CERS) WHEREAS, many local governments provide pension benefits for their employees through the Kentucky Retirement System; and WHEREAS, Paducah participates in the County Employee Retirement System (CERS) that is a 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 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 atwo-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. 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 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. SECTION 2. This Resolution shall be in full force and effect from and after its adoption. ~J~ MAYOR ATTEST: _ Tammara S. Brock, City Clerk Adopted by the Board of Commissioners March 11, 2008 Recorded by Tammara S. Brock, City Clerk, March 11, 2008 \resoln\CERS