AI Summary

Whereas, The Seattle City Employees’ Retirement System (Scers) Currently Pays Interest On Employee Contributions At An Annual Rate Of 5.75 Percent (Compounded Annually) For Contributions Made Before December 31, 2011, And An Annually Changing Rate Based On An Average Yield On 30-Year U.s. Treasury Bonds (Also Compounded Annually) For Employee Contributions Made After December 31, 2011; And Whereas, Seattle Municipal Code Section 4.36.505 Provides That “[N]Othing In This Section 4.36.505 Shall Be Construed To Limit The Right Of The Board, Subject To Approval Of The City Council, To Make Changes In Rates Of Interest Whenever The Board Deems It Necessary Or Advisable”; And Whereas, The Scers Board Of Administration, At Its July 11, 2024 Meeting, Voted To Adjust The Annual Interest Rate For 2025 On All Contributions Received After December 11, 2011 To 4.39 Percent (Compounded Annually); And Whereas, The Scers Board Intends To Review And Adjust This Rate Annually, Based On Market Conditions; Now, Therefore, Be It Resolved By The City Council Of The City Of Seattle, The Mayor Concurring, That Section 1. The City Council Approves The 2025 Credit Interest Rate Adopted By The Scers Board Of Administration Of 4.39 Percent (Compounded Annually) On All Member Contributions Received After December 31, 2011. Member Contributions Received On Or Before December 31, 2011, Will Continue To Accrue Credit Interest At A Rate Of 5.75 Percent (Also Compounded Annually). These Rates Will Apply At The Beginning Of The First Full Pay Period Of 2025. Adopted By The City Council The ________ Day Of _________________________, 2024, And Signed By Me In Open Session In Authentication Of Its Adoption This ________ Day Of _________________________, 2024. ____________________________________President ____________ Of The City Council The Mayor Concurred The ________ Day Of _________________________, 2024. ____________________________________Bruce A. Harrell, Mayor Filed By Me This ________ Day Of _________________________, 2024. ____________________________________Scheereen Dedman, City Clerk (Seal)

• 10/29/2024: City Council

• 10/23/2024: Council President's Office

• 10/23/2024: City Clerk

• 9/24/2024: Mayor