2015-23 RESOLUTION NO.2015'23
A RESOLUTION ADOPTING A PENSION FUNDING POLICY
FOR THE POLICE AND FIREFIGHTERS' PENSION FUND
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit pursuant to the Illinois Constitution of
1970; and
WHEREAS, the Government Accounting Standards Board (GASB) has issued new standards (GAS8
67/68)for pension reporting; and
WHEREAS, the Village has annually met its employer pension obligations; and
WHEREAS, this policy reflects the Village's current practices and assumptions for determining its
annual contribution, known as the Actuarially Required Contribution (ARC); and
WHEREAS, the GAS8 standard does not require the Village to change its current funding practices;
rather, it requires the Village Board to approve a policy documenting current practices.
NOW, THEREFORE' BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
BUFFALO GROVE' COOK AND LAKE COUNTIES, ILLINOIS, as follows:
Section 1. The President and Board of Trustees of the Village of Buffalo Grove adopt a Resolution
adopting a Pension Funding Policy for the Police and Firefighters' Pension Fund.
Section 2. This policy will be reviewed, at minimum, every five years. The Village does reserve the
right to make changes to this policy any time if it is deemed appropriate.
AYES:
NAYS: U-1None
ABSENT:
ABSTAIN:
PASSED July 6, 201S.
APPROVED: JuIV 6, 2015,
Approved:
,a/mvjj/"-—
Village Presicl�lq
Village Clerk