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RECOGNITION OF SETTLEMENT BETWEEN PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO AND CITY OF MOSCOW, IDAHO OF SETTLEMENT, made and entered into this # day of , 1997, by and between City of Moscow, Idaho, a municipal corp tion of the State of Idaho (hereinafter referred to as the "CITY"), and Public Employee Retirement System ofidaho (hereinafter referred to as "PERSI"). WITNESSETH: WHEREAS, the CITY is a member ofPERSI and, as such, wishes to abide by its rules for the benefit of CITY employees; and WHEREAS, the CITY has tried to comport with rules and regulations promulgated by PERSI and has attempted to make regular and appropriate payments in behalf of its employees; and WHEREAS, through no fault of its own, the CITY has been found to owe back employer contributions in the total amount of One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124, 779.62); and WHEREAS, PERSI'S audits have revealed that the CITY must make back employer contributions payable in the amount of One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62), which amount was not discovered through annual PERSI audits until early 1995; and WHEREAS, PERSI has classified Darrel Daniel as a "paid firefighter" for funding purposes and as a general member for purposes of retirement benefits, in part, based upon a letter from the Attorney General's office which states that such classification program is correct and in compliance with Idaho Code; and WHEREAS, both parties wish to resolve the disagreement regarding the discovered unpaid employer contribution amounts for and in behalf of Moscow City Fire Chief Phillip Lawrence Gatlin and Darrel Daniel, an employee of the City of Moscow Fire Department; NOW, THEREFORE, PERSI recognizes that the CITY and PERSI agree as follows: RECOGNITION OF SETTLEMENT Page I 97-32 ---PAGE BREAK--- I. CITY agrees that the following amounts are due and owing to PERSI: A. Phillip Lawrence Gatlin, $76,802.33 (accrued between January 1987 and September !995). B. Darrel Daniel, $47,977.29 (accrued between February 1988 through September 1995). 2. On October 1, 1995, both Gatlin and Daniel were converted to their proper classification. 3. No reclassification of either Gatlin or Daniel will occur unless there is a changed circumstance in the employment of Gatlin or Daniel, respectively. 4. The CITY will not be required to pay interest on the amount of One Hundred Twenty Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62) or any portion thereof on or before October 1, 1998. 5. Following October 1, 1998, interest will be paid on One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62) or any remaining balance of the figure owed by the CITY at the annual actuarial assumed rate of seven and one-half percent 6. The CITY shall pay a total of One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62) and all appropriate interest on or before October I, 200 I, at the rate of Two Thousand Five Hundred Ninety-Nine Dollars and Fifty-Seven Cents ($2,599.57) per month from October I, 1997 through September 30, 1998, and then at the rate of Two Thousand Nine Hundred Eleven Dollars and Seven Cents ($2,911.07) per month from October 1, 1998 through September 30, 2001. 7. The CITY has waived any and all rights it has to appeal the classification of Gatlin and Daniel or the amount of back employer contributions in the total amount of One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62) that is owed to PERSI by the CITY. 8. PERSI hereby waives its right to collect any additional money for unpaid back employer contributions owed by CITY for Gatlin and/or Daniel upon receipt of One Hundred Twenty-Four Thousand Seven Hundred Seventy-Nine Dollars Sixty-Two Cents ($124,779.62) and further waives its right to reclassify Gatlin or Daniel for purposes of any unpaid back employer contributions in behalf of Gatlin or Daniel from the date of the signing of this Recognition. RECOGNITION OF SETTLEMENT Page2 ---PAGE BREAK--- IN WITNESS WHEREOF, PERSI has executed this Recognition of Settlement to be effective the date first above written. PUBLIC EMPLOYEE RETIREMENT SYSaiAH By: / A !u•ectOI' RECOGNITION OF SETTLEMENT Page 3 ---PAGE BREAK--- ACKNOWLEDGMENTS STATE OF IDAHO ) ) ss COUNTY OF ADA ) On thi³! ´ day of , 1997, before me, the undersigned, a Notary in and for said State, personal! appeared Alan H. Winkle in his capacity as Executive Director of Public Employee Retirement System of Idaho, known to me to be the person whose name is subscribed to the foregoing Recognition of Settlement and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. STATE OF IDAHO ) . i?d.P ) ss OF¶ ) . No Public for the State ofldaho . _ . .2 " \ f ' Kesidmg at , · LU:; My commission e)(pires: s- "1 -;;HIt; On this3·JI day of L , 1997, before me, the undersigned, a Notary in and for said State, personally appeared Gary J. Riedner in his capacity as City Supervisor of the City of Moscow, Idaho, known to me to be the person whose name is subscribed to the foregoing Recognition of Settlement and acknowledged to me that he executed the same. IN \\11TNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. Agreements\PERSI Recognition ofSettlement\sr RECOGNITION OF SETTLEMENT Notary Public for the State ofldallo Residing at -77/: c£ My commission expires: Y Page4