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AI- 3321   9. B. 2.    
BOC Regular
Meeting Date: 09/17/2020  
MERS Service Credit Purchase - Eric Foran
Submitted For: Kim Archambault FROM: Kim Archambault, HR Director, Human Resources
Department: Human Resources  

Information
RESOLUTION:
Resolved the Calhoun County Board of Commissioners does hereby approve the purchasing of Municipal Employee Retirement System Generic Service Credit by Eric Foran as presented.
RECOMMENDATION:
County Administration does hereby recommended that the Board of Commissioners allow the purchase of MERS Generic Service Credit as presented.

BACKGROUND:
The MERS pension program allows for the purchase of additional service credit in certain circumstances. Calhoun County employee Eric Foran is requesting to purchase 6 months of Generic Service Credit, which will be at his full cost of $10,963. No cost is incurred by the County and potential impact on the pension plan itself is part of the calculated rate provided by the MERS actuarial service. Board approval is required for the final transaction to occur.
ALTERNATIVES:
 
SUMMARY:
 

Fiscal Impact
BUDGETARY IMPACT:
There is no cost to the County for this purchase. Mr. Foran is fully responsible for the payment to MERS for the additional service credit.
Attachments
Eric Foran MERS Service Credit Estimate

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