CC RES 65-022 APPROVAL OF LEG. ALTERING PERA SYSTEM

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AgQnda '&teal 5E RESOLUTION 140.65-022 RESOLUTION URGING APt'ROVAI_ OF LEGISLATION ALTERING PUBLIC EMPLOYEE RETIREMENT ASSOCIATION SYSTEM ENABLING EMPLOYEES TO OPT COVERAGE UNDER THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OR OLD AGE SURVIVOR'S AND DISABILITY INSURANCE PROVISIONS OF THE FEDERAL SOCIAL SECURITY ACT S.F. 1194 WHEREAS, 100' of the employees presently members of PERA of the Village of St. Anthony have joined the Hennepin County League of Municipalities, the State of Minnesota Municipal Finance Officers Association and the Municipalities of Minnesota by the petition, a copy of which is attached hereto, expressing their disapproval of the Public Employee Retirement Association (PERA) plan as it is presently constituted, and WHEREAS, the Village of St. Anthony has consistently opposed legislation seeking to broaden the base or otherwise extend benefits under the PERA as it is now constituted, and WHEREAS, opposition of the present PERA system by the Village of St. Anthony, other municipalities and governmental and employee groups is based on the fact that the present PERA system operates with an actuarial deficit, which is unsound, and WHEREAS, the provisions of the Federal Social Security Act provide for a system of Old Age Survivor's and Disability Insurance (OASDI ) which would benefit many Village of St. Anthony employees as well as those of other governmental units throughout the State, while not jeopardizing the benefits of those employees whose best interest dictates their continuance under PERA, therefore BE IT RESOLVED by the Village Council of the Village of St. Anthony that passage be urged in the strongest possible terms of Senate File 1194, introduced into the Legislature of the State of Minnesota on March 20, 1965, enabling employees presently required to belong to PERA to opt to be covered under the OASDI provisions of the Federal Social Security Act, to require/that new employees be covered under the OASDI provisions of the Federal Social Security Act in the manner outlined in Section 10, S.F. 1194, and that an actuarial survey of PERA be performed with the intentiort6f eliminating the actuarial deficit determined thereby within a reason- able time; and the Clerk be and is hereby directed to forward copies of this resolution along with copies of the petition signed by 100% of the Employees present- ly members of PERA of the Village of St. Anthony to the members of the House and Senate Committees for Civil Administration, and the Senator and Representative from this district and to the Governor. Adopted by the Vi11ngP Council an February 23� , 1965. :ATTEST: Al Mayor V ge e r anagen