RESOLUTION NO. RS2015-1520

A resolution adopting Pension Funding Policies for the Metropolitan Government of Nashville and Davidson County, as approved by the Metropolitan Benefit Board.

WHEREAS, Tennessee Code Annotated, Section 9-3-504 requires that each political subdivision of the State of Tennessee that has established and maintains a defined pension plan develop and adopt a funding policy for financing the obligations under the plan; and,

WHEREAS, the Metropolitan Government has established and maintains defined pension plans; and,

WHEREAS, the Metropolitan Government has an open pension plan as established in Title 3 of the Metropolitan Code of Laws, which plan is open to new and active participants; and,

WHEREAS, the Metropolitan Government maintains five superseded pension systems consisting of the Metropolitan Board of Education Teacher Retirement Plan, the Davidson County Board of Education Retirement Plan, the Nashville City Teachers Retirement Plan, the Former Davidson County Pension System, and the Former City of Nashville Pension System, which plans are closed to new participants; and,

WHEREAS, the Metropolitan Treasurer’s Office has developed funding policies for both the open pension plan (“Funding Policy for the Open Pension Plan”) and the superseded pension systems (“Funding Policy for the Superseded Pension Systems”) (collectively “Pension Funding Policies”), copies of which are attached hereto as Exhibit A and Exhibit B, respectively; and,

WHEREAS, the Metropolitan Treasurer presented the Pension Funding Policies to the Metropolitan Benefit Board at its June 2015 meeting wherein such policies were approved; and,

WHEREAS, the Tennessee Code Annotated, Section 9-5-504 permits adoption of the pension funding policies by resolution of the governing body; and,

WHEREAS, it is fitting and proper that the Metropolitan Council officially adopt the Funding Policy for the Superseded Pension Systems and the Funding Policy for the Open Pension Plan.

NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. The Metropolitan County Council hereby goes on record as adopting the Funding Policy for the Open Pension Plan of the Metropolitan Government of Nashville and Davidson County attached as Exhibit A to this Resolution, and incorporated herein by reference.

Section 2. The Metropolitan County Council hereby goes on record as adopting the Funding Policy for the Superseded Pension Systems of the Metropolitan Government of Nashville and Davidson County attached as Exhibit B to this Resolution, and incorporated herein by reference.

Section 3. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Bill Pridemore, Sheri Weiner

If you would like a copy of the attachment to any ordinance or resolution, please email your request to the Metro Clerk's Office at metro.clerk@nashville.gov

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Personnel Committee
Introduced:	June 16, 2015
Adopted:	June 16, 2015
Approved:	June 17, 2015
By: