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COUNTY OF JEFFERSON
STATE OF WASHINGTON
In the Matter of
Establishment of an
Excess Compensation
Reserve Fund
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RESOLUTION NO,
94-93
WHEREAS, Jefferson County offers its employees the retirement benefit of the
Public Employee Retirement System (PERS); and,
WHEREAS, the County pays an excess contribution on each PERS employee
who retires from the County based calculations of sick and vacation accrued.
WHEREAS, under DRS Notice 93-012, dated June 11, 1993, a new retirement
calculation that has been enacted for PERS I employees has resulted in a substantial
increase in the amount the County has to pay per retiree.
WHEREAS, it appears that the JC Unemployment Fund has received excess
unemployment contributions in prior years, in the amount of ($85,000.00).
WHEREAS, it appears to the Board of County Commissioners that it is
necessary to establish a fund for the Excess Compensation Reserve, and that a
budget be established in the amount of $85,000.00.
NOw, THEREFORE BE IT RESOLVED, that the Board of County
Commissioners of Jefferson County have determined that it is in the best interest of
Jefferson County that such a fund be established and that any costs for the excess
compensation on retirement be paid from this fund.
BE IT FURTHER RESOL VED, that the County Treasurer is hereby authorized
to establish a fund to be known as the EXCESS RETIREMENT COMPENSATION
RESERVE FUND (#505-000-010) with the excess unemployment contributions. The
County Auditor is hereby authorized to disburse fund from the said account as
directed by the Board of County Commissioners.
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APPROVED AND SIGNED this c1.ó day of ctober, 1993
SEAL:
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AITEST:
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Lorna L. Delaney,
Clerk of the Board
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Contributions @ 1.25%
$13,892.63
$14,264.96
$15,556.56
$19,455.45
$22,291.49
TOTAL EXCESS CONTRIBUTIONS:
$85,461.09
IC Unemployment Balance 02/28/93:
$339,242.41
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