MOTION FOR MEETING OF OCTOBER 2, 2014
Title
MOTION to establish a Pension Funding Policy
Body
I hereby move that the Metropolitan Water Reclamation District of Greater Chicago (District) adopt the Pension Funding Policy (Policy) attached hereto and incorporated herein establishing the objectives, goals, and funding source for the annual contribution to the Metropolitan Water Reclamation District Retirement Fund (Fund). The Policy will be effective as of the date of passage of this Motion.
Background: The District's Board of Commissioners developed this Policy in conjunction with the Fund to ensure the long-term financial health of the pension program while balancing the interests of employees, retirees, taxpayers, and the District. The funding goal of the Policy is to contribute annually to the Fund an amount that over time will increase the ratio of the Fund assets to accrued liabilities to 100% by the year 2050. This is to be achieved by accumulating adequate resources for future benefit payments in a manner that fully funds the long-term costs of benefits and reduces volatility in the employer contribution amounts, in accordance with statutory requirements.
Dated: October 2, 2014
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Commissioner