A Oak Park City Public Safety Retirement System proposal was on the November 6, 2012 election ballot in Oakland County, which is in Michigan.
Summary and information:
||This proposal, if approved, will allow the City of Oak Park to create a separate retirement system for public safety officers pursuant to Act 345 of 1937, create a board of trustees to manage and operate that retirement system, and levy taxes in an amount not to exceed seven (7) mills per year for a period of seven (7) years to fund that retirement system in an ctuarially sound manner.
Text of measure
Language on the ballot:
||Shall the City of Oak Park, Oakland County, Michigan, be authorized to establish a separate retirement system pursuant to Act 345 of 1937, as amended, for the benefit of public safety officers employed by the City, create a board of trustees to manage and operate the system and be authorized to levy a new tax annually in an amount sufficient to fund the system in an actuarially sound manner, but not to exceed Seven (7.00) mills in any year on each dollar ($7.00 per $1,000) of the taxable value of all property in the City, for a period of seven (7) years, from 2013 through 2019, inclusive? It is expected that approximately Six and one-half (6.5) mills will be levied in 2013 and will raise the sum of approximately Two Million Eight Hundred Eight Thousand ($2,808,000.00) Dollars. A portion of the revenue collected may be subject to capture by the City of Oak Park Brownfield Redevelopment Authority.