HomeMy WebLinkAbout1996 07_Amedment to OMRF_1996.05.21A RESOLUTION APPROVING A PROPOSED AMENDMENT TO THE
TRUST INDENTURE OF THE OKLAHOMA MUNICIPAL RETIREMENT
FUND, A PUBLIC TRUST, PERTAP41NG TO AUTHORIZATION FOR
PARTICIPANT LOANS.
WHEREAS, the Board of Trustees of the Oklahoma Municipal Retirement Fund has
approved a proposed amendment to the Trust Indenture of the Oklahoma Municipal Retirement
Fund, a public trust, which amendment authorizes employers to allow their participating
employees to make loans secured by the participant's non-forfeitable, accrued benefits under the
Employee's Defined Contribution Retirement System; and,
WHEREAS, the City of Owasso has determined that such amendment is desirable and
beneficial to the employees participating in the Oklahoma Municipal Retirement Fund's system.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OWASSO, OKLAHOMA that the proposed amendment to the Oklahoma Municipal
Retirement Fund Trust Indenture dealing with authorization for participant loans is hereby
approved. A copy of the approved amendment is attached hereto as Appendix "A".
***END***
The foregoing Resolution was duly adopted and approved by the City Council of the City
of Owasso, Oklahoma on the 21st day of May, 1996, after compliance with notice requirements
of thi;, open Meeting Law (25 OSA, Section 301, et sec).
CVI`% OF OWASSO, OKLAHOMA
r k
Danny Ewilt, May4
ATTES
W IN 01 I I R
APPENDIX "A"
RESOLUTION NO, 70
M=11 M-NUM111411 N3:133w���
Fund to authorize participant loans from their retirement systems;
M0
WHEREAS, in order to authorize such loans it will be necessary
to amend the Trust Indenture of the Oklahoma Municipal Retirement
Fund, a public trust, to grant enabling authority for such loans.
UNRANOZA,
I-M
The foregoing Resolution was duly adopted and approved by th -
Chairman and Board of Trustees of the Oklahoma Municipal Retireme
Fund on the day • 191N , after complianc
with U U
FPVUTIZ103��
(3) Does not require the payment of benefits to an
alternate payee which are required to be paid to another
alternate payee pursuant to another order previously
determined to be a Qualified Domestic Relations Order, or
an order recognized by the System as a valid order prior
to the effective date of this amendment.
(g) A Qualified Domestic Relation Order shall not require
payment of benefits to an alternate payee prior to the actual
retirement date of the related member®
(h) The obligation of the System to pay an alternate payee
pursuant to a qualified domestic order shall cease upon the death
(i) In the event a Qualified Domestic Relations Order