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| Resolution | NO. 124 |
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| | | | | | | | | A Resolution authorizing Fire Fighter Wayne Thompson to purchase 10 months of military time for the purpose of increasing his service credit towards retirement.
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| | | | | | | | | BATTLE CREEK, MICHIGAN - 5/16/2017 | | | |
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Resolved by the Commission of the City of Battle Creek:
Public Act 145 of 1987, which amended Public Act 345 of 1937, allows a municipality to grant the purchase of military time for retirement purposes. This Resolution is to authorize the purchase of ten (10) months of military time for Fire Fighter Wayne Thompson to increase his service credit towards retirement. The actuarial cost of this purchase is $20,357, with Fire Fighter Thompson's cost being $4,310.75.
I, Victoria Houser, City Clerk of the City of Battle Creek, hereby certify the above and foregoing is a true and correct copy of a Resolution adopted by the Battle Creek City Commission at a Regular meeting held on May 16, 2017.
Victoria Houser
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| | | | | | | | | Battle Creek City Commission
5/16/2017
Action Summary | | | |
| | | | | | | | | | Staff Member: | Linda A. Morrison, Finance Director | | Department: | Finance |
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| | | | | | | | | SUMMARY
| A Resolution authorizing Fire Fighter Wayne Thompson to purchase 10 months of military time for the purpose of increasing his service credit towards retirement.
| BUDGETARY CONSIDERATIONS
| | The cost of this purchase is determined actuarially. This ten-month purchase of military time will be rolled into the actuarially calculated amortization payment for the police and fire pension at an estimated cost to the City of 0.01% of active member payroll, with is approximately $13.5 million as of June 30, 2016. |
HISTORY, BACKGROUND and DISCUSSION
| On March 21, 2006, the Commission considered and approved two resolutions establishing policy on the purchase of military time. The current request from Fire Fighter Thompson falls within the guidelines of the policy.
Public Act 345 of 1937, as amended, allows a municipality to grant the purchase of military time for retirement purposes. Fire Fighter Thompson made a request March 11, 2017 to purchase ten (10) months of military time to give him the ability to retire immediately with twenty-five (25) years of service. His form DD214 was received to validate the military time. The required actuarial valuation was submitted and received, the cost of which was paid for by Fire Fighter Thompson.
| DISCUSSION OF THE ISSUE
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| POSITIONS
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| ATTACHMENTS: | | File Name | Description | | No Attachments Available |
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