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<br />NOW, THEREFORE, based upon the above findings, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br />Section 1. <br /> <br />The City reaffirms the right of its employees to an adequate retirement plan. <br /> <br />Section 2. <br /> <br />The City reaffirms its suit against the PERS Board to: <br />(a) Recalculate and use current actuarial tables for PERS allocations; <br />(b) Treat employee and employer contributions equitably; <br />( c) Fund the Contingency Reserve as required by State Law; <br />(d) Credit realized earnings to account balances; and <br />( e) Other causes of action. <br /> <br />Section 3. The City strongly urges that the State Legislature change State Law to make <br />clear to the PERS Board that the assumed interest rate credited to Tier I retirement accounts is based <br />on actual income received from PERS Fund investments and is not based on reports of equity or <br />equity market values that can both rise and fall. <br /> <br />Section 4. The City strongly urges that the State Legislature change State Law to <br />eliminate the requirement of mandatory medical coverage of retirees in the current employee medical <br />group plan. <br /> <br />Section 5. The City reaffirms that it will work through all available means to accomplish <br />the herein reforms at all available forums including the City's Intergovernmental Relations <br />Committee, League of Oregon Cities, and our current law suit. This resolution shall be forwarded <br />to all members of both houses of the State legislature. <br /> <br />Section 6. <br /> <br />This Resolution shall become effective immediately upon its adoption. <br /> <br />The foregoing Resolution adopted the 12th day of August, 2002. <br /> <br />::r~~~ 1". il~ <br /> <br />City Recorder <br /> <br />Resolution - 2 <br />