SERS

History

The Spokane Employees’ Retirement System is a single-employer defined benefit pension plan covering nonuniformed employees of the City of Spokane and is administered in accordance with Chapters 03.05 and 04.14 of the Spokane Municipal Code.

On September 22, 1941, the Spokane City Council passed Ordinance C7540 thereby creating the Spokane Employees’ Retirement System (SERS, System or Plan). At 10:00 a.m. on January 9, 1942, in City Council Chambers, just 33 days after the bombing of Pearl Harbor, the newly formed Board of Administration met for the first time and immediately began the preliminary work of organizing the System.

The first order of business for the Board was roll call. In attendance were: City Commissioners F. G. Sutherlin, Ralph Hendricks, and O. A. Dirkes. Also in attendance were elected employees Fred D. Jones, Harry F. Aumack, and Elom James. Mr. Sutherlin was appointed the Chairman. Mr. Arthur E. Peterson was appointed the seventh member of the Board “…to be neither an elective official nor an employee of the city…and being present took his seat.”

In February, 1942, SERS engaged its first actuary, Gordon R. Bingham, who submitted a bid of $75 per month for the first year. The Agreement stated “…supply to the second party on proper cards furnished by the first party, information pertaining to the age, sex, salary, and length of service of each employee covered by the retirement system…”

Operations began on July 1, 1942, and SERS finished its first fiscal year on December 31, 1942 with investments totaling $49,048 which were invested in City of Spokane L.I.D. Bonds. There were 473 active participants in the Plan at year-end and 40 retirees.

Retirement Directors are as follows:

From the official minutes, Annual Reports, and records of the Spokane Employees’ Retirement System