Coversheet


City of Marquette, MI 300 West Baraga Avenue Marquette, MI 49855


Agenda Date: 8/12/2024 Consent Agenda Application for Waiver - MERS Defined Benefit Pension Plan

BACKGROUND:

Based upon the City's filing of Form 5572 and pursuant to PA 202 of 2017, the state has ruled that our MERS define benefit pension plan is underfunded. In accordance with the Act, the City may apply for a waiver of underfunded status for each system (pension or retiree health insurance) within 45 days from the date we received notification of the underfunded status (July 26, 2024).

The steps the City has already taken to address the funding status are documented in the attached waiver application. In addition to the application itself, the City must receive City Commission approval to submit the waiver application. If the waiver application is approved by the state, the City will not have to file a corrective action plan with the Municipal Stability Board.

The City's Application for Waiver is attached.

FISCAL EFFECT:

None with this action.

RECOMMENDATION:

Approve the attached Application for Waiver for the MERS defined benefit pension plan, and authorize the City Manager to sign and return the application.

ALTERNATIVES:

As determined by the Commission.

ATTACHMENTS:
	Description
	Application for Waiver