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HomeMy WebLinkAboutCounty Employee Retirement System (CERS)247 RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY WHEREAS, the City of Paducah is a member of the County Employee ~ Retirement System (CERS), a defined benefit retirement plan. CERS is administered by ~..~~,. the State of Kentucky, and WHEREAS, the cost to the City of Paducah for CERS payments have risen 73.3% for hazardous duty employees and 108% for non-hazardous duty employees over the last four years, and WHEREAS, the cost of providing a retirement plan for our employees has risen from $1.4 million in 2003 to in excess of $3.0 million in 2007, and WHEREAS, for every dollar spent on wages and employee benefit programs in 2003, 7.6 cents was paid to CERS, the CERS cost has risen to 11.5 cents in 2006, and WHEREAS, the City of Paducah's ability to continue to provide all the municipal services expected of a 2"a class city is becoming more challenging than ever before, and WHEREAS, the City of Paducah does hereby urge the members of the Kentucky General Assembly to address the spiraling cost of funding the CERS in the current session. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: That the City of Paducah supports the Kentucky General Assembly in addressing the spiraling cost of the County Employee Retirement System (CERS) to local government. ATTEST: _ ~j~z~ ~`~ ~ Tammara S. Brock, City Clerk i Adopted by the Board of Commissioners February 14, 2006 Recorded by Tammara S. Brock, City Clerk, February 14, 2006