HomeMy WebLinkAboutResolution 3921-09-2010A Resolution
N4 3921-09-2010
APPROVING OF THE 20 YEAR FUNDING PLAN FOR RETIREE HEALTHCARE BENEFITS
FOR CITY OF FORT WORTH ELIGIBLE RETIREES
WHEREAS the City staff has recommended that the City Council establish a twenty (20) year
funding plan (hereinafter the `Funding Plan') for the purpose of funding retiree healthcare benefits for
those hired before January 1 2009• and
WHEREAS the City Council has established an irrevocable trust for the purpose of funding
retiree healthcare benefits and made an initial contribution of Five Million Dollars ($5 000 000) into
the trust as of September 30 2009 and
WHEREAS City staff, m collaboration with the City's Financial Advisors, has recommended
that Five Million Dollars ($5 000 000) be contributed to the trust as of September 30 2010 and Five
Million Dollars ($5 000 000) be contributed as of September 30 2011 and
WHEREAS the twenty (20) year Funding Plan requires a contribution of Seven Million Dollars
($7 000 000) as of September 34 2012 and increases by an additional Seven Million Dollars
($7 000 000) each year there after and
WHEREAS City staff, m collaboration with the City's Financial Advisors, has recommended a
twenty (20) year Funding Plan that includes contributions beginning 2013 as follows.
September 30 2013
September 30 2014
September 30 2015
September 30, 2016
September 30 2017
September 30 2018
September 30 2019
September 30 2020
September 30 2021
$14 000 000
$21 000 000
$28 000 000
$35 000 000
$37 686,000
$40,579 000
$43,693 000
$47 04? 000
$50,658 000
September 30, 2022
September 30, 2023
September 30, 2024
September 30, 2025
September 30 2026
September 30, 2027
September 30 2028
September 30, 2029
$54,546,000
$58 732,000
$63,240,000
$68,094 000
$73,320,000
$'78,948 000
$85 007 000
$91,531 000
and
WHEREAS the City staff will review the Funding Plan with its Financial Advisors and health
benefits consultants annually and update the Funding Plan no less than every two (2) years, and
ORT WORT
RESOLUTION NO 3921-09-2010
WHEREAS deviations from the Funding Plan that defer contributions may require the City to
increase contributions m the future.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS
That the City Council adopts the twenty (20 year Funding Plan and resolves to execute the
applicable actions m the Funding Plan, subject to annual review
ADOPTED this 21st day of September 2010
ATTEST
By.
'~oxx,~~Worlrr
APPROVED
CITY COUNCIL
SEP 212010
~~
~r Secretary of the
City of Fort Worth. Texas