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File #: 13-0670    Version: Name: Charter Amendment: Authorization to Purchase OMERS Annuity
Type: City Resolution Status: Passed
File created: 6/17/2014 In control: Meeting of the Oakland City Council
On agenda: 7/8/2014 Final action: 7/15/2014
Title: Subject: Charter Amendment: Authorization to Purchase OMERS Annuity From: Offices Of The City Attorney And City Administrator Recommendation: Adopt A Resolution Submitting On The Council's Own Motion A Proposed Charter Amendment To Be Voted Upon At The Municipal Election To Be Held On November 4, 2014 That Would (1) Grant The City The Option To Purchase A Group Annuity Contract From A Reputable And Stable Annuity Provider To Guarantee Payment Of The Benefits Provided By The Oakland Municipal Employees' Retirement System (OMERS) To The Approximately 22 Remaining Members And Beneficiaries And (2) Save The City The Costs Of Administering OMERS, Which Was Closed To New Members In September, 1970; And Directing The City Clerk To Fix The Date For Submission Of Arguments And To Provide Notice And Publication In Accordance With The Law And Authorizing Certain Other Election Activities [TITLE CHANGE]
Attachments: 1. View Report.pdf, 2. View Supplemental Report.pdf, 3. 85098 C.M.S..pdf
Title
Subject:      Charter Amendment: Authorization to Purchase OMERS Annuity
From:            Offices Of The City Attorney And City Administrator
Recommendation:  Adopt A Resolution Submitting On The Council's Own Motion A Proposed Charter Amendment To Be Voted Upon At The Municipal Election To Be Held On November 4, 2014 That Would (1) Grant The City The Option To Purchase A Group Annuity Contract From A Reputable And Stable Annuity Provider To Guarantee Payment Of The Benefits Provided By The Oakland Municipal Employees' Retirement System (OMERS) To The Approximately 22 Remaining Members And Beneficiaries And (2) Save The City The Costs Of Administering OMERS, Which Was Closed To New Members In September, 1970; And Directing The City Clerk To Fix The Date For Submission Of Arguments And To Provide Notice And Publication In Accordance With The Law And Authorizing Certain Other Election Activities  [TITLE CHANGE]