RESOLUTION NO. RS2000-232
A resolution requesting the Davidson County delegation to the 101st General Assembly to adopt legislation authorizing metropolitan governments to establish a guaranteed payment plan for superseded retirement systems.
Whereas, Tennessee Code Annotated, § 7-2-108 authorizes metropolitan governments to consolidate retirement plans and regulate such consolidated systems; and
Whereas, Sections 13.09 and 9.06 of the Metropolitan Charter authorize the old county and old city teacher and non-teacher pension plans to be continued; and
Whereas; Sections 9.07 and 13.10 of the Metropolitan Charter require that these closed plans be maintained in an actuarial sound basis; and
Whereas, it is the desire of the Metropolitan Council that the retirement plans that have been closed prior to 1994 ("superseded systems"), be funded through a guaranteed payment plan that will provide a guarantee that the plans will be maintained in an actuarial sound basis and that the payments to fund the unfounded portion of the superseded retirement systems be made through a centralized account.
Now, therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:
Section 1. The Davidson County Delegation to the 2000 Session of the General Assembly is hereby requested to amend state law to authorize the establishment of a guaranteed payment plan for retirement plans that were closed before 1994; provided that the guaranteed payment plan is approved by both the Metropolitan Council and the Metropolitan Board of Public Education; provided, further, that it is the intention of the Metropolitan Council that the amendment will be supplemental to the existing provisions of the Metropolitan Charter.
Section 2. This resolution shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: Eileen Beehan
& Finance Committee
|Introduced:||June 6, 2000|
|Adopted:||June 6, 2000|
|Approved:||June 6, 2000|