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HomeMy WebLinkAbout146_Employee Retirement Benefit System CreatedORDINANCE NO. 146 AN ORDINANCE CREATING THE EMPLOYEE RETIREMENT SYSTEM OF OWASSO, OKLAHOMA; PROVIDING THEREIN FOR RETIREMENT BENEFITS-DEATH AND SURVIVOR BENEFITS FOR ELIGIBLE EMPLOYEES OF THE TOWN OF OWASSO, OKLAHOMA; THEIR SURVIVING SPOUSES AND BENEFICIARIES; MAKING PARTICIPATION BY CITY EMPLOYEES EMPLOYED AFTER THE EFFECTIVE DATE OF THE SYSTEM A MANDATORY CONDITION OF EMPLOYMENT; PROVIDING FOR EFFECTIVE DATE, AMENDMENT AND TERMINATION OF SUCH SYSTEM, AUTHORIZING AND RATIFIYING EXECUTION OF THE FORMAL INSTRUMENTS CREATING SUCH SYSTEM; PROVIDING FOR SEPARATE CONTRIBUTIONS BY THE TOWN AND BY THE EMPLOYEES, TO FUND THE BENEFITS, PAY OPERATING EXPENSES, AND FOR PORTABILITY OF BENEFITS OR REFUND OR EMPLOYEE CONTRIBUTIONS UPON EMPLOYEE LEAING SERVICE; PROVIDING FOR A FUND TO FINANCE THE SYSTEM, TO BE COMBINED OR POOLED BY CONTRACT WITH OTHER INCORPORATED CITIES AND TOWNS, WITH SIMILAR FUNDS OF SUCH CITIES AND TOWNS, FOR PURPOSES OF MANAGEMENT AND INVESTMENT, AS A PART OF THE OKLAHOMA MUNICIPAL LEAGUE; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE CITY TREASURER FOR SUCH FUND AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS BY THE CITY TREASURER TO THE OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MANAGEMENT AND INVESTMENT; PROVIDING FOR ADMINISTRATION OF SUCH SYSTEM BY A BOARD OF TRUSTEES AND AN AUTHORIZED AGENT APPOINTED BY THE TOWN; PROVIDING PENALTIES FOR FRAUD AND DISHONEST CONDUCT; DECLARING THE FUNDS TO BE EXEMPT FROM LEGAL PROCESS; REPEALING ALL ORDINANCE OR PARTS OR ORDINANCES IN CONFLICT HEREWITH; PROVIDING A SEVERABILITY AND SAVING CLAUSE: AND DECLARING AN EMERGENCY; BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF OWASSO, OKLAHOMA: SECTION 1. That pursuant to the authority conferred by the laws of the State of Oklahoma, and for the purpose of encouraging continuity and meritorious service on the part of City employees and thereby promote public efficiency, there is hereby authorized, created, established, approved and adopted, effective as of July 1, 1972, the funded Pension plan designted "Employee Retirement System of Owasso, Oklahoma" (hereinafter called "System"), an executed conterpart of which is marked "Exhibit A" and attached hereto as a part hereof. SECTION 2. ADMINISTRATION. For the purpose of adminstration of the System there is hereby established a Board of Trustees, which shall be the Members of the town board of trustees of the Town of Owasso, Oklahoma, as now existing or as from time to time duly elected or appointed and constituted. The powers and duties of the Board of Trustees, shall be as set forth in the System instrument attached hereto as Exhibit A. SECTION 3. FUND. A fund is hereby provided for the exclusive use and benefit of the persons entitled to benefits under the system. All contributions to such Fund shall be paid over to and received to trust for such propose by the City Treasurer, who shall be the Treasurer of the System. Such Fund shall be pooled for porposes of management and investment with similar funds of other incorporated cities and towns in the State of Oklahoma as a part of the Okalhoma Municipal Retirement Fund, in accordance with a duly executed contract for such purpose which contract shall be executed by the Board of trustees as soon as feasible. The City Treasurer shall hold such contributions in the form received, and from time to time pay over the transfer the same to the Oklahoma Municipal Retirement Fund, as duly authorized and directed by the Board of Trustees. The Fund shall be non-fiscal and shall not be considered in computing any levy when the annual estimate is made to the county exise board. The Fund and System shall be valed each year for actuarial soundness by a qualifed actuarial firm. SECTION 4. APPROPRIATIONS. The (Town) of Owasso, is hereby authorized to incur the necessary expenses for the establishment, operation and administration of the System and to appropriate and pay the same. In addition, the (Town) of Owasso is hereby authorized to apropriate annually such amounts as are required in addition to employee contributions, to maintain the Sytem and the Fund on a sound actuarial basis in accordance with the respective annual actuarial valuation. However, the amount so appropriated in any one fiscal year of the town to maintain the System and Trust Fund shall nto exceed ten percent (10%) of the current annual salaries of all employees coverd by the System. Any appropriation so made to maintain the System and Fund shall be for deferred wages or salaries and for the payment of necessary expenses of operation and adminstration, including separate annual appropriations to be transferred to the trustees of the Oklahoma Municipal Retirement Fund for such purposes, and shall be paid into the Fund when available, through the City Treasurer, to be by him dul transferred to the Oklahoma Municipal Retirement Fund. SECTION 5. EXECUTION. The President of the Board of Trustees and City Clerk be and they are each hereby authorized and directed to execute (in counterparts, each of which shall constitute an original) the System instrument, and to do all other acts and things necessary, advisable and proper to put said system and related trust into full force and effect, and to make such changes therein as may be necessary to qualify the same under Sections 401 (a) and 501 (a) of the Internal Revenue Code of the United States. The counterpart attached hereto as Exhibit A, which has been duly executed as aforesaid simultaneously with the passage of this Ordinance and made a part hereof, is hereby ratifed and confirmed in all respects. This Board of Trustees is hereby authorized and directed to proceed immediately on behalf of the Town of Owasso, to negotiate a contract with other incorporated cities and towns of the State of Oklahoma to pool and combine the Fund into the Oklahoma Municipal Retirement Fund as part thereof, with similar funds of such other cities and towns, for purposes of pooled management, and investment. The Board of Trustees shall manifest approval of such contact and the execution thereof by the President of the board of Trustees and City clerk , by a formal resolution. SECTION 6. SEPARABILTY. If, regarless of cause, any section, subsection, paragraph, sentence or caause of this Ordinance, inch inq the System as set forth in Exhibit A, is held invalid or to be unconsfltuflona�, the remaining sections, sub- sections, paragraphs, sentences or c�auses shall continue in fuH force and effect and shaH be construed thereafter as being the entire provisions of this Ordinance. SECTION 7. CONFLICTING LAWS, Any ordinance inconsistent with the terms and provisions of this Ordinance is hereby repealed, provided, however, that such repeal shall be on y to the extent of such inconsistency and in aM other respects this Ordinance shall be cumu ative of other ordinances regu ating and governing the subiect matter covered by this Ordinance. SECTION 8. EMERGENCY. Whereas, in the judgment of the Board of Trustees of the town of owasso, oklahoma, the public peace, health and safety of the town and the inhabitants thereof demand the immediate passage of this Ordinance, an emergency is ehreby declared, the rules are suspended and this Ordinance, an emergency is hereby declared, the rules are suspended and this Ordinance shall be in full force and effective on its passage, approval and publication. Passed and approved by the Board of Trustees of the town of owasso, Oklahoma on this 19 day of june, 1972. EXHaBIT A EMPLOYEE RET REMENT SYSTEM OF n Vj ots . OKLAHOMA Effective Ju y 1® 19 EMPLOYEE RF'TlKEMFNT SYSTEM OF ' OKLAHOMA Table of Contents momw Page No. ARTICLE I Purpose ``^ `-',.^.,^,., ., ..',,^'`'^'`'' �_l ARTICLE 11 Definitions and Construction ' ^ ` `^ ~' . , , ,, ,, ^ , '. H-1 2.l -Defini6ons ` ^ - ` ^ ^ ' ^ . . . . . , . . . . . ^ . . , H_] 2.2-Construction ' ^ ' ' ' ' ` ' , . . . , . . . . ' . ^ ' ^ 11_4 ARTICLE III Confributions ,,.^,,.^. .'`'``^'^ HI-1 3.1 -Contribufions r the `'`^'`'..,^ M-1 3.2 - Contributions by - Transfer . EmmLnw . , . ^ , , , , , . . HI-1 3.3 T 6e f Contributions � . ns r o ' , ^ . , , . . ^ , . , . . VXy-3 ARTICLE I\/ Requirements for Retirement Benefits ^`'''',..,,', VV-j 4,1 -Normml Retirement ' ^ ^ ' ^ ^ , . ^ . . . , . . , , , I\/-7 4.2 - Early Retirement '`'.,,^.^^..^....., W_1 4.3 - Disability Retirement ^ , . . , . . ^ , , , . . ^ . . , I\/-2 4.4- Deferred Vested Pension ..^,.'.,.'.,.' �\y-3 4.5- Pensions for Former Employees ,,..'..,',, lV-4 ARTICLE V Amount ofRetirement Benefits . . - . . , ' . . , ' . . . ` ' \/-1 5.1 - Normal Pension ' ' . . ' . \/_-,I 5.2 - ForlvP*nxion ^ , . , . . . . . ^ . . , , . , . ' ` ^ ' ^ \/_1 5.3- Disability Pension ^ ^ ^ ^ , , , ^ . . , . . . . ' ^ ^ \/-1 5,4- Deferred Vested Pension ....^,^'..,.,, \y-2 ARTICLE VU Severance and Death Benefits , . . . . . . . , . . ' . , , , . V�_,I 6.1 -Seweronme Benefit ' ' , . ' . . ' . ~ . ' . , . ' . , \H-1 6.2 - Death Prior to Commencement of Pension .. .-.,^^^.,, .^^''`'^'`''. VI-2 6.3 - [)oofh After Commencement of Panoion' ` ` ' ' , \/|_2 d.4- Spouse's Pension ...'...,..',...,.'' VI-4 d'5- Designation of Beneficiary '..^.'.^..~,. VI-6 6.d- Severance and Death Benefits for Page No ARTICLE VII Optional Retirement Benefits ................. VII -1 7.1 ® Joint and Survivor Options . .. . .. . .. . . . VII ®1 7.2 - Other Forms of Payment . .. . . .. .. Vlf,- 3 7.3 - Other Benefits Cancelled by Option VlI ®4 7.4 ® Options by Former Employees . VII -4 ARTICLE VIII Employment Transfers VIII ®1 8.1 ® Transfers From This System Vi I I -1 802 - Transfers to This System VIII-2 8.3 ® Notice of Transfers VM-3 ARTICLE IX Administration IX-1 9.1 - Administration lx-1 9.2- Bonds. IX-5 9.3 ® Benefit Payments IX-5 9.4- Unclaimed Benefits IX-6 ARTICLE X Limitations . . . . . O O e O p o X_1 10.1 - Loss of Benefits for Cause X_1 10.2- Governmental Restrictions X_1 10.3 - Re-employment of Former Employees X-4 10.4 ® Re-employment of Retired Employees X-4 ARTICLE XI Guarantees and Liabilities Xl_ i 11 A - Non- Guarantee of Employment .. . . .. . .. x1_1 11 .2 - Rights to Fund Assets . . . . . . . . . . . . . . . XI-1 11 .3 - Non-Alienation of Benefits .. .. . . XI_l 11 .4® Disclaimer of Liability . . o . o . . . .. .. XI -2 11 .5 - indemnification of Board .. .. . . . . .. .. . XI ®2 ARTICLE XII Amendments . . . . . . XH-1 12.1 ® Right to Amend . . . . . . . . . . . . . . . . XH-1 ARTICLE XIII Termination. . . . . . . . . . . . . . . x H, _ � i 13.1 - Right to Terminate . . . . X I I i - 11 13.2- Liquidation of Trust Fund . . . . . . . . XIII ®1 13.3- Manner of Distribution . . . . . . . . . . . M 11-2 13.4- Residual Amounts . . . XHI-3 13.5- Consolidation or Merger . . . . . . . . . . X 11 �1- 3 13.6- Limitations . . . . . . . . XHI-3 EMPLOYEE RETIREMENT SYSTEM OF OWASSO, OKLAHOMA Preamble The Town of Owasso, a municipal corporation chartered and incorporated under the laws of the State of Okahoma, located in Tulsa County, Oklahoma (hereinafter referred to as the "Employer"), under Ordinance no. 146, of which this instrument is a part, hereby establishes a retirement system, titled "Employee Retirement System of Owasso, Oklahoma" (hereinafter called the "System" or "Retirement System") for its employees as hereinafter defined, effective July 1, 1972. The Employer, as part of the aforesaid Retirement System, creates concurrently herewith a fund to which contributionsshall be made by the employer and employees and received by the City Treasurer, as treasurer of the Retirement System. Such Fund shall be pooled and combined for purposes of managment and investment, with similar funds of other incorporated cities and towns of the State of Oklahoma, as a part of the Oklahoma Municipal Retirement Fund a trust heretofore created for such purposes by trust indenture dated the 24 day of june, 1966 a copy of which trust indenture is attached hereto and made a part hereof. the contributions shall be duly transferred by the City Treasurer to the Oklahoma Municipal Retirement Fund for this Retirement fund and System, from which benefits shall be paid in accordance with the terms and conditions hereof. The Oklahoma Municipal Retirement Fund shall constiturte and be construed as a trust which is hereby made a part of this Retirement System, with terms being used interchangeable and having the same definitions and meanings. The Retirement System hereby established and such related trust forming a part hereof, have each been approved by the President and Board of Trustees part hereof® have each been approved by the of the Employer and are intended to qualify under Sections 401 (a) and 510 (a) of the Internal Revenue Code of the United States. The terms and conditions of the Retirement System are as follows-, ARTlCLE l Purpose The purpose of this System is to provide retirement and incidental benefits This System and the separate related Fund forming a part hereof are estab- lished and shall be maintained for the exclusive benefit of the eligible employees of the Employer and their beneficiaries. ARTICLE II Definitions and Construction 2.1 Definitions.- Where the foHowing words and phrases appear in, this System, they shall have the respective meanings set forth below, unless their context c6early indicates to the contrary, (a) Actuarial Equivalent: Equality in value of the aggregate amounts expected to be received under different forms of payment used upon mortality and interest rate assump- tions approved from time to time by the Employer. (b)Trust Administrator- The person appointed by the Trustees to supervise operation ®rte k l ahoma, Municipal Retirement Fund and to assist participating municipalities in the adoption and opera- tion of their retirement systems thereunder. (c) Authorized Agent-. The City Clerk of the Employer or such other person desMg_n_a_te_aby the Employer to carry out the efficient operation of the System at the local level . (d) Average Monthly Compensation- The result obtained by dividin_g �f�e tote ompensat�on (as -3-e-Tried below) paid to an Employee during a considered period by the number of months, including fractional months " for which, such Compensation was received. The considered period shall be the five (5) consecutive years within the last ten (i0) ) completed years of Service which yield the highest average Compensation. (e) Board of Trustees or Retirement Committee. The members of the C-ity ounce or the Employer who are-designated hereunder to serve as the Board of Trustees to administer the System and Fund and who are herein collectively referred to as the Retirement Com- mittee. (f) City Council- The City Council (or Board of Trustees) 77 or other dWy qua iFe—d--and acting governing authority of the Employer. Co!maensation- The total aggregate remuneration paid in cane to an Emp�oyee by the Employer for personal services rendered during the period considered as Service, as reported on the Employee's federal income tax withholding statement or statements (Form W-2 or its subsequent equivalent). (h) Contribution Accumulation, The Employee's aggregate contributions, plus interest thereon accrued at the rate of three and one-half percent (3 1/2%) per annum, compounded according to uniform rules adopted by the Trustees. M (i) Disability- A physical or mental condition which, in the judgment of the Retirement Committee, totaHy and presumably permanently prevents the Employee from engaging in any substantial gainful employment with the Employer. A determination of such Disability shall be based upon competent medical evidence, j() Effective Date- July 1, 19 (k) Employee: Any person (1) who, or or after July 1, 1972 , is receiving remuneration for regular, full-time perso-n-a-1 services rendered to the Employer (including any elected official and any appointive officer or employee of any department of the Empl6yer whether governmental or proprietary in nature), or would be receiving such remuneration except for an authorized leave of absence; provided however elected members of the City Council (or town Board of Trustees) shall not be considered to be "Employees" here- under solely be reason of their holding such office, and (2) whose emp�oyment did not terminate prior to the date of the adoption of this System; (3) whose customary employment is not of a tem- porary, part-time, provisional or probationary nature and is for more than 5 month's in a calendar year. (4) who is not a member of the Employer's Fire Department, and is not a member of the Employer's Police Department who is covered by its Police Pension Retire- ment System; (5) who is not covered under any other State retire- ment system. (6) who, if last hired after July 1, 19 had not reached his 60th birthday at the time 0 4S- gyring and (7) who has elected in writing on forms prescribed by the Retirement Committee to participate in the System, to be bound by the terms and conditions thereof, and authorized payroll deductions for his contributions. (1) Employer: The (w Town) of L) W-A S: S; 0 Oklahoma, a municipality chartered and incorporated under--tFe-Ta-ws of the State of Oklahoma, or its successor or successors. 151-2 (m) Fund: The fund established to provide the benefits under the Systems Ior the exclusive benefit of the employees included in the System, and which will be pooled with similar funds of other incorporated cities and towns of Oklahoma as a part of Oklahoma Municipal Retire- ment Fund, for purposes of pooled management and investment. (n) Municipality- Any incorporated city or town now existing or hereafter createF7v—Rh,,n the State of Oklahoma, which by ordinance or resolution separately creates a retirement fund and system for the benefit of its employees and becomes a participant in the Oklahoma Municipal Retirement Fund. (a) Normal Retirement Date. The later of (i) January 1® 1971��,, or (ii) the first day or the month —CoMcident with or next following the- later of the 65th birthday of an Employee or his completion of ten (10) years of credited Service. (p) Oklahoma Municipal Retirement Fund. The trust (sponsored by the Oklahoma Municipas rLeTag—i-e7� created in accordance with Section 1552 of Title 11® Chapter 37, Oklahoma Statutes 1961, to combine pension and retirement funds in incorporated cities and towns of Oklahoma for purposes of management and investment and which form a part of this System.. (9) Participant- Any Employee or former Employee who meets the eHgibility requirements and is covered under the System. (r) Pension: A series of monthly amounts which are payable to a person —who, is entitled to receive benefits under the System. (s) Retirement: Termination of employment after an Employee has fulfF7_e_J ­are'quirements for a Pension. Retirement shall be con- sidered as commencing on the day immediately following an Employee's last day of employment (or authorized leave of absence® if later), (t) Service. An Employee's last period of continuous employ- ment wit the Employer and any of the other Municipalities prior to his Retirement or earlier termination of such employment, but not including such employment with a, Municipality other than the Municipality by whom he is employed when such Municipaliity by whom employed adopts the Oklahoma Municipal Retirement Fund, prior to the date of such adoption, and not including employment with such another Municipality while not included under its similar retirement system. Employment concurrently with more than one of the Municipalities shall be credited as only one period of Service hereunder. Any leave of absence which is authorized by the Employer in accordance with its uniform leave policy shall not be considered as interrupting continuity of employment, provided the Employee returns within the period of authorized absence. The expiration of the -term of office of an elected official shall not be considered as interrupting Continuity of employment® provided the official is re-elected for a consecutive term. Until such time as the City Council shall adopt rules to the contrary, credit for Service with the Employer shall be granted for any period of authorized absence e1 -3 during which the Employee's full Compensation is continued and contributions to the Fund are continued at the same rate and made by or for him, but credit for Service with the Employer shall not be granted for any period of authorized, non-paid absence due to illness, union leave, military service, or any other reason, unless arrangments are made with the City Council for the Employee's continued participation and for contributions to be contined at the same rate and made by im or on his behalf during such absence. An anauthorized absence shall be considered as termination nof emplyment 15 days after the commencement of such absence. Any reference in this System to the number of years of Service fo an Employee shall be deemed to include fravtional portions of a year. The provisions of this subparagrash shall be subject to and limited by the provisions of Sections 3.2, 8.1, 10.3 and 10.4, and will be construed in conjunction with said Sections so as to give full effect to all the conbined provisions. Credit for Service with the Employer shall not be granted for any period subsequent to the Effective Date during which the Employee did not participate in the System and Employee contributions to the System and Fund were not made by or for him. (u) System or Retirement Systems: Employee Retirement System of Owasso, Oklahoma, the retirement system set forth herein, as amended from time to time. (v) Trustees: The Trustees of the Oklahoma Municipal Retirement Fund. 2.2 Construction: The masculine gender, where appearing in the System, shall be deemed to include the feminine gender, unless the context clearly indicates to the contrary. The words "hereof,""herein" "hereunder" and other similar compounds of the word "here" shall mean and refer to the entire system, not ot any particular provisions or section. 3.1 Contributions by the Employer: The Employer shall make contributions to the Fund in such amounts and at such times as the City Council shall determine, acting under the advice of the System's actuarial firm. Upon a complete discontinuance of contributions, as distingushed from a mere suspension, the rights of each employee to benefits accrued hereunder to the date of such discontinuance, to the extent then funded, shall be non-forfeitable. All contributions made by the Employer to the Fund shall be paid to the City Treasurer, as Treasurer of the System, shall be irrevocable, and shall be used for the exclusive benefit of the Employees covered by the System to pay benefits under the System, or to pay expenses of the System and fund. Forfeitures arising because of death prior to Retirement, severance of employment before an Employee becomes eligible for a pension, or any other reason shall be applied to reduce the cost of the System, not to increase the benefits otherwise payable to Employees. 3.2 Contributions by Employees: Each Employee shall contribute to the cost of providing benefits under this System, for pay periods Such contributions shall be made by payroll deductions for each pay period, or any series of pay periods as the Employer may deem most convenient during the full time of employment as an Employee. The City Council may, however, approve payment of such contributions in a manner other than payroll deductions in any specific case or cases° In any event a Participant shall be deemed to consent and agree to the payroll deductions as provided for herein° if an Employee is granted a non-paid leave of absence authorized for any reason, his continued participation in the System will depend upon his contributions being continued at the same rate and made by or for him during such absence, While such contributions are continued during such non-paid leave of absence, the Employee's Compensation shall be deemed to have continued at the same rate for the purpose of computing the Employee's Average Monthly Compensation, Each Employee in the service of the Employer on the Effective Date hereof may become a Participant in the System when first eligible by signing a written election to participate, agreeing to be bound by the terms and conditions hereof, and authorizing the Employer to deduct from his Compensation the contributions required of him as provided in this Section,, and he shall be subjected to all other provisions of the System beginning on such date. An Employee in the service of the Employer on the Effective Date hereof who does not so elect to become a Parti- cipant as of the date he is first eligible to do so, may so elect to become a Partici- pant as of the first day of his pay period coincidental with or next following the date as of which he gives to the Employer written authority to commence deductions from his compensation for the contributions required of him as us provided in this Section. However, the Service of such a Participant shall not include the period of such voluntary non-participation beginning with the Effective Date hereof and ending with the date as of which the Employee elects to become a Participant in the System. M Each Employee employed on or after the Effective Date hereof shall, as a, condition of employment, become a Participant in the System as of the date on which he is first eligible by signing a written election to participate in the System agreeing to be bound by the terms and conditions hereof, and authorizing the Employer to deduct from his compensation the contributions required of him as provided in this Section® and he shall be subject to all other provisions of the System beginning on such date. For each Employee who becomes a Participant in this System on July 19 72., Employee contributions and his participation shall first begin for the pay period commencing on, or next following, that date. F-or each Employee who becomes a Participant in this System after July 1, 1972. , Employee contributions and his participation shall begin for the pay period commending on or next follow- ing the date he becomes a Participant. Such Employee contributions shall be fully vested in the contributor Employee at all times. Upon Retirement, deasrh or termination of employment of an Employee for any reason, the retired or terminated Employee, or his beneficiary as the case may be, shall have the option to receive, in lieu of any and all other benefits provided herein, his Contribution Accumulation Furthermore© the value of the total benefits payable to the Employee and/or his beneficiary shall in no event be less than his Contribution Accumulation as of the time of his termination of employment. However, if any benefit of any other kind is paid under this System, to or on behalf of an Employee, no Contribution Accumulation shall be paid, but shall be deemed to have been included in the value of the benefit so paid, unless the total value of such other benefit payments finally paid shall be less than such Con- tribution Accumulation as of the time of the Employee's termination of employment, in which case the difference shall be paid in a lump sum to the Employee and/or his beneficiary. Ill ®3 3.3 Transfer ®f Contributions: All Employer and Emp�oyee contributions -- ARTICLE IV Requirements for Retirement Benefits 4.1 Normal Retirement: An Employee shl all be eligible for a Normal Pension if his employment is terminated on or after his 6th birthday, provided he has then completed 10 or more years of Service. Payment of a Norma Pension shat commence as of the first day of the month coinciding with or next following Retirement, and the last payment snail be made as of the first day of the month in which the death of the retired Employee occurs; provided however, that if the retired Employee has received less than 60 monthly payments at the time of his death, his Pension pay- ments shall continue to his beneficiary or beneficiaries until a. total of 60 monthly payments have been made to such Employee and such beneficiary or beneficiaries. Each Employee shaH retire on his Normal Retirement Date, except that an Employee may continue working after such date if requested by the Employer. 4.2 Ear� Retiremem: An Employee may e<ect early Retirement and be eligible for an Early Pension if his employment is terminated on or after his 55th birthday and before his Normal Retirement Date, provided he has then completed 10 or more years of Service. Payment of an Early Pension shat I commence as of the Employee's Normal Retirement Date.' However, NF an Employee requests the Retirement Committee to authorize the commencement of his Early Pension as of the first day of the month coinciding with or next following his Retirement, or as of the first day of any subsequent month which precedes his Normal Retirement Date, and the Retirement Committee c I onserts thereto, his Pension shall commence as of the begin- ning of the month so requested, but the amount thereof seal be reduced as provided in Section 5.2. If the retired Employee dies before the date fixed for commencement W-1 of payments of his Early Pension no Early Pension shall be paid to or for him. The last payment of an Early Pension shall be made as of the first day of the month in which the death of the retired Employee occurs; provided however, that if the retired Employee has received less than 60 monthly payments at the time of his death, his Pension payments shall continue to his beneficiary or beneficiaries until a total of 60 monthly payments have been made to such Employee and such bene- ficiary or beneficiaries. 4.3 DisaDflity Retirement: An Employee shall be eligible for a Disabdity, M m of payments of his Deferred Vested Pension, no Pension shal I be paid to or for him. The last payment of a Deferred Vested Pension shall be made as of the first day of the month in which the death of the retired Employee occurs. 4.5 Pensions for Former E�plo If on Employee's Service with the M 001�01 Amount ®f Retirement Benefits 501 Normal Pension. An Employee who meets the requirements for a. Normal Pensi ®n shall receive a monthly amount equal €® the sum ®f the fc,Howing- M 5.4 Deferred Vested Pension: An Employee who meets the requirements for a Deferred Vested Pensi ®n shall receive a monthly amount which steal i be computed in the same manner as a Normal Pension, considering his Compensation and Service credited with the Employer prior t® the termination of his employment. M ARTICLE VI Severance and Death Benefits V�-C 6.2 Death Prior to Commencement of Pension. Upon the death of an active Employee or a retired Employee prior to the date fixed for commencement of his Pension payments, his beneficiary shall be paid a Death Benefit in an amount equal to the Contribution Accumulation of the Employee or retired Employee as of the date of his death. Payment of such Death Benefit shall be made not later than ninety (90) days after the date of death of such Employee or retired Employee. However, if any Spouse's Pension becomes payable under Section 604, or if any optional Pension was elected by such a retired Employee, and becomes effective under Article VH, , no such Death Benefit shall be paid at that time. The terms of such Spouse's Pension or optional Pension as the case may be, shall control payments after such death and the Death Benefit provided for under, this Section shall be thereby cancelled and inapplicable, except that upon the death of the spouse or the contingent pensioner, his beneficiary or estate shall be paid the excess, if any, of the Employee's Contri- bution Accumulation as of the date the Pension commenced or as of the date of death, if earlier, over the sum of the benefit payments other than payments derived from Disability, previously received by the spouse or the contingent pensioner. 6.3 Death After Commencement of Pension-. A. Normal Pension or Early Pension-. Upon the death of a retired Employee after the date fixed for commencement of his Normal Pension payments or Early Pension payments as the case may be, and before he has received a total of 60 monthly Pension payments, his beneficiary shall be entitled to a Death Benefit to be provided in the form of a Pension, the monthly amount of which shall be equal to the monthly amount of Pension the retired Employee was eligible for or receiving at the time of his death. Payment of such Pension shall commence as of the first day of the month coincident with or next following the date of such death, The M last payment shall be made upon the completion of 60 monthly payments in the aggregate to the retired Employee and the beneficiary, if living, or if deceased, the estate of the beneficiary, This Death, Benefit shall not be in addition to, but shall be one and the same as the continuation of Pension as provided in Section, 4, 1 r or Section 4,,2,, as the case may be, Howe,/er, no such Death Benefit Shall be paid but shall be cancelled and inapplicable, if an optional form of payment is elected and becomes effective under Article VH hereof. B, Disability_ _tRrjsiorr Upon the death of a refl ed Employee who was unmarried or legally separated from his Orr her spouse, after the date fixed for commencement of his Disability Pension payments and before he has received a total of 60 monthly Pension payments, and before the cessation of his Disability if r F such death occurs prior to his Normal Retirement Date, his beneficiary shall be entitled to a Death Benefit to be provided in the form of a Pension, the monthly amount of which shall be equal to the monthly amount of Pension the retired Employee was eligible for or receiving at the time of his death. Payment of such Pension steal I commence as of the first day of the month coincident with or next following the date of such death,. 'The last payment shall be made upor, the com- pletion of 60 monthly payments in the aggregate to the retired Employee and the beneficiary, if living, or if deceased, the estate of the beneficiary,, T the death of such retired Employee occurs af'i'er the cessation of his Dis- ability and before his Normal Retirement Date, and the total Disability Pension payments be had received was less than his Contribution Accumulation as of the date of commencement of'payments of such Disability Pension, or as of One date of his death, if earlier, then his beneficiary shall be entitled to a Death Benefit,, The amount of such Death Benefit shall be the excess of the retired Employee's M i T r said Contribution Accumulation, over the sum of such Pension payments, any', previously received by the retired Employee. Such Death. Benefit shaH be paid in cash in a s`rqRe sum within 30 days after , the date of death, H the retired E.*oyee ,was married and now legally separated from his or her spouse at the time of death, the appRicable Death Benefit shall be that as provided in Section 6.4A2 and 604K, C, Defenr-d `fie -oed Pensiorir Upon the death of a retired Employee after the date fixed for commenremert of his Deferred Vested Pension, payments and before he has received a total of Deferred Vested Pension payments at least equal to his Contrib�,if",on Accumulation as of the date of commencement of pa=yments of such Deferred Vested Pension, or as of the date of his death, if earlier',, then his beneficiary shall be entitled to a Death Benefit. The amount of such Death Benefit shall be the excess of the retired Employee's said Contribution Accumulation over the sum of such Pension payments, if any,, previously received by the retired Employee. Such Death Benefit shall be paid in cash in a single sum within, 30 days after the date of death, 6.4 Spouse�s Pension; A,, Eligibility Re rements" I . 9n,-Service Death�, The surviving spouse of a deceased Employee shall be eligible for a Spouse's Pension with payments commencing on the first day of the month coinciding with or next following the Employee" s date of death and payable for the spouse's lifetime., or until the spouse's remarriage, provided that the Employee, as of the date of his or her death, (a) was continuing in the active Service of the Employer, (b) had completed 10 or more years of Service, (1c) had not retired,, and (d) was not legally separated from the surviving spouse, M 2. Post - Disability , Retirement Death-, The surviving spouse of a deceased, retired Employee who was receiving or was entitled to receive a Disability Pension on the date of his or her death and who had rereived less than 60 monthly payments of such Disability Pension,, shall be eligible for a Spouse's Pension with payments commencing on the first day of the -,month coinciding with o!; , next following the Employee's date of death, and payable until the completion of 60 monthly payments in the aggregate to the deceased Employee and the surviving spouse, or if the surviving spouse dies before such completion of payments, the remaining payments shall be made to the estate of the deceased, retired Employee. B. Amount of Spouses Pens ior,' I. ln-Sek,ice Death,, A surviving spouse who meets the eligibility require- ments under Paragraph I of Subsection 6L4A above shall receive a monthly amount of Spouse's Pension equal to fifty percent (50%) of the amount determined in Sec- tion 5.1 for a Normal Pension considering the Employee's Compensation and Service with the Employer, to the date of his death,, However', if the surviving spouse is more than 10 years younger, than the retk,ed Emp&oyee on the date of his death, f-he Spouse's Pension payable urder , this Paragraph shall be reduced on an Actuarial Equivalent basis to compensate for the l.onger period of expected payments. 2, Posf-DisabOity Retirement Death; A surviving spouse who meets the eligibility requirements under Paragraph 2 of Subsection 6,4A above shall receive a monthly amount of Spouse's Pension equal to the monthly amount of the Disability Pension which the retired Employee was receiving or was entitled to receive under this System on the date of his death. M II 605 Designation of BeneficiarZ,° Each active or retired Employee may designate a primary beneficiary or beneficiaries and, in addition, may name a contingent beneficiary or beneficiaries to receive any benefit that may become payable under this System by reason of his death, H an Employee designates more than one beneficiary, each shall share equally unless the Employee specifies a different allocation or preference. Such designation shall be made upon forms furnished by the Employer, and may be revoked or changed at any time and from time to time without notice to any beneficiary, and shall not be effective unless and until filed with the Authorized Agent,, if an Employee fails to designate a beneficiary, or if no designated beneficiary survives The Employee, the Death Benefit shall be paid to the Employee's spouse, if living, or otherwise, to the estate of the Employee. Neither, the Employer, the Board of Trustees or the Fund shall be named as a beneficiary, For the purpose of this System, the production of a certified copy of the death certificate of any Employee or other person shall be sufficient evidence of death, and the Retirement Committee shall be fully protected in relying thereon. In the absence of such proof, the Retirement Committee may rely upon such other evidence of death as it deems necessary or advisable, 6.6 Severance and Death Benefits for, Former Employees, HE an Employee ''s Service with the Employer terminates, but his Service continues by virtue of his employment with a Municipality other than the Employer, he, his spouse or other beneficiaries shall only be then, or later become, entitled to, and limited to such rights, benefits and options of any kind, under this System, if any, in the amounts and on the terms and conditions, as provided in Article VM, Employment Transfers. M Op',','3nal Retirement Benefits 7,1 Jc'nt and Survivor' Oafiionso By f0is7'g a timely application %,ifh the Authorized Agent,, an Employee, other than a married Employee not legally separated from his or her spouse, may designatc any dependent approved by the Authorized Agent as his contingent pensioncer and elect to receive a. Pension payable in accordance with one of the following options in lieu of the Pension to which he may otherwise become entitled upon Retirement, (a) Oetion 1: The Employee shall receive a reduced Pension payable for life, and payments in the same reduced amount shall, after the Employee's death, be continued to the contingent pensioner dur' ng the contingent pensioner's l ifetime J!3J O lion 20 The Employee shall receive a reduced Pension payable for life, and payments in the amount of fifty percent (50%) of such reduced Pension steal!, after the Employee's death, be continued to the contingent pensioner during the con- tingent pensioner's lifetime, (S) Oj flon I The Employee shall receive a reduced Pension payable for the joint lifetime of the Employee and his contingent pensioner, and, upon the death of either, , payments in the amount of sixty-six and two-thirds percent (66 2/3%) of such reduced Pension shall be continued to the survivor during the survivor's lifetime , The aggregate of the Pension payments expected to be made to a retired. Employee and his contingent pensioner under any of the above options shall be the Actuarial Equivalent of the greater of (I ) the Pension which the retired Employee is otherwise entitled to receive upon Retirement, including the value of any Contribution Accumulation, Severance Benefit, Death Benefit, or guaranteed period certain for Pension payments, that might otherwise have become payable under this System, or (2) the Employee's Contribution Accumlation as of the date fixed for commencement, of his Pension payments. An Employee may elect, change, or revoke an option without the approval of the Authorized Agent if his election, change, or revocation is filed in writing the Authorized Agent at least, two (2) years prior to his Normal Retirement Date . During the tvA,,,o-,,;ear period preceding on Employee's Normal Retirement Date, an option may not, be elected, changed or revoked except, with the approval of the Authorized Agent and the Authorized Agent may required evidence of the state of health of the Employee car his contingent pensioner. An option may nof, be changed or revoked after the Normal ReHremeny Date of the Employee. Not- withstanding anything in this SeclHon to the contrary, an Employee may, elect an option without the approval of the A-f,thorized Agent at any time w thin the six month period next foIlovOng the udoption of this System by the Employer, provided that the Employee is in the employ of the Employer at the time the election is made. An election made pursL,aant to this Article shall become inoperative in the event that (a) the Employee's Retirement, death, or other termination of employment occurs prior to his Normal Retirement Date, or (b) no contingent pensioner is sur- viving uponthe Employee's Normal Retirement Date, if an Employee who makes an election pursuant to the requirements of this section continues in the Employer's employ after his Normal Retirement Date, no Pension payments shall be made during the period of continued employment. If the Employee dies during such continued employment and the contingent pensioner survives him, the election shall become operative so that the contingent pensioner shall receive a Pension in accordance with the option elected, commencing on the first day of the month coinciding with or next fol low,,ing the death of the Employee . In the event the contingent pensioner predeceases the Employee during such continued employment, the election shall not become operative. .7.2 Other Forms of Payment. The Retirement Committee may, in its sole discretion, at the request of an Employee or contingent pensioner, direct that any benefit provided by the System be paid in some form other than that expressly set forth in the System, pro- vided that payments in such other form shall be the Actuarial Equivalent of the benefit otherwise payable. The optional forms of payment are as foilows., (a) lump-sum payment, in cash or kind (at fair market value; or (b) periodic installments over a period of years not to exceed life expectancy, or (c) a non-transferable annuity contract, containing no period certain in excess of life expectancy, or (d) a combination of ia), (b), I and (c) or any of them. The Retirement Committee shall® if it deems it appropriate, require an Employee, retired Employee or contingent pensioner to submit evidence of good health as a condition to receipt of any such other form of payment, particularly any lump sum payment. If a Pension payable under this Plan is less than twenty-five dollars ($25.00) per month, the Retirement Committee may direct that, in lieu of such Pension, the Actuarial Equivalent thereof shall be paid in a lump sum, or in a series of uniform monthly, quarterly,, or annual amounts for life or for a designated period of time. The time during which payment, shall be made of any of the other forms of payment provided for in this Section shall be limited to a period not exceeding the life or the life expectancy of the distributee. Any policy of contract issued by a life insurance company upon the life of an Employee and distributed as a benefit under the System must be non-transferable by the distributee to anyone other than the issuing company or its successor, VU-3 Notwithstanding anything herein to the contrary, if the actuarial value of an Employee's benefit under any optional benefit is less than 50% of the value of the benefit otherwise payable to the Employee, the optional benefit shall be adjusted so that the value of the Employee's benefit under the option will be equal to 50% of the value of the benefit otherwise payable to the Employd� ,--,,e 703 Other Benefits Cancelled by 22L22L Any Contributpon Accumulation, Pension, Severance, Death, or other benefit that woufd otherwise have become payable under this Plan shall be cancelled and superseded by an option elected under Section 7.1 or any other form of payment elected under Section 702 as of the date such option or other form of payment becomes operative. 7� 4 Options by Rz�rmeer Employees,., The provisions of this Article Vl l shaC l be applicable to any former Employees entitled thereto under the provisions of Article VIII, Em ployment TransFers . ARTICLE VM Employment Transfers 8.1 Transfers From This System; A. To Another Category with This Employer- If an Employee is employed by the Employer under this System and is transferred to employment with this Employer but under another department, classification or category, so that he is no longer eligible to participate in this System, such participation shall thereupon cease and he shall be subject to the following rules and requirements relating to this System and his rights and benefits hereunder, to-wit: I . if he is eligible for a Pension under this System as of the date of such employment transfer, such transfer shall be treated as his Retirement and thereupon he shall be entitled to his Pension; or 2. H he is not eligible for a Pension under this System as of the date of such employment transfer, his Contribution Accumulation shall remain in the Fund and will continue to accrue interest, and he will continue to accrue Service for the purpose of meeting eligibility requirements for benefits under this System, but shall not be entitled to credit for Service while not a member under this System for the purpose of computing the amount of any benefits under this System, and upon so meeting such eligibility requirements for benefits, he or his beneficiaries shall be entitled to such benefits, B. To Another Municipality: H an Employee's employment by the Employer under this System is terminated by virtue of his transfer to employment with another Municipality, his membership in this System shall thereupon cease and he shall be subject to the following rules and requirements relating to this System and his rights and benefits hereunder, to-wit: I . if he is eligible for a Pension under this System as of r the date of such employment transfer such transfer shall be treated as his Retirement and thereupon he shall be entitled to his Pension; or 2a if he is not eligible for a. Pension under this System as of the date of such employment transfer, and he is, immediately upon such transfer of employment, covered by the retirement system under which such other Municirpahr,'ty particiipates in the 00ahorna Municipal Retirement Fund, hk Contribution Accumulation shall remain in the Fund and will continue to accrue interest, and he will continue to accrue Service for, the purpose of meeting ehgibihiry requirements for benefits under this System, but shall not be entifled to credit for Service wh�de not a. member under this System for the purpose of computing the amount of any benefits under this System, and upon so meeting such eligibility l requhrements for benefits,, he or his beneficiaries shaH be entitled to such benefits, 8.2 Transfers to This Svstem-; A. From Another Category vv� th This Empay&,.- if a person becomes art Employee and a Participant under Fhis System hrnmediately upon his transfer from full- time, regular employment with this Employer under another department, classification or category where he was ineligible for membership only because of the type of such employment, his Service accrued by virtue of such prior employment shall be counted in determining his eligibility for benefits, hereunder but not in compuflng the amount of such benefits, and he shall also be subject fo all the other provisions of this System. B. From Another Mur.�,cipclity. If a person becomes an Employee and a Partici- pant under this System immediately upon his transfer from full -time, regular employment with a Municipality other than this Employer, his Serv'ice accrued by virtue of such prior employment shall be counted. in determining his eligibility for benefits hereunder, but not in computing fl,)e amount of such benefits, and he shall also be subject to all the other provisions of this System. However, in applying Section 20 1 (k)(6) as an eligibility requirement' for membership under this System as an Employee, he will be deemed to have met such requirement if he was last hired by an Municipality after July 1, 19 ;2 , had not reached his 60th birthday at the time of such hiring, and 7 his Service thereafter had been continuous and uninterrupted, 8.3 Notice ®f Transfers: Immediately after any transfer of emp oyment referred ARTICLE �X Administration 90 Administration-. The Syster-n shall be administered by a Board of Trustees (herein called the Retirement Committee) which is hereby created and established and which shall be composed of the members of the City Council of the Employer. The duties of the Retirement Committee shall be performed without compensation other than the compensation® if arty® which they receive as officers of the Employer unless additional compensation is specifically provided for by action of the City Council. Any usual and reasonable expenses incurred by the Retirement Committee in the administration of this Fund and System shall be paid by the Employer. A. Retirement Committee- M �X ®3 (9) to file at the direction of the Retirement Committee a petition for nomination, and cast a ballot for election of Trustees of the Oklahoma Municipal Retirement Fund. C. City Treasurer- The City Treasurer of the Employer shall be the Treasurer of the System, and shall perform in such capacity such duties pertinent to the System as may be assigned by the Retirement Committee, including but not limited to, the following- D. City Personnel Officer: Any City Personnel Officer now or hereafter employed by the Employer, shall assist in the administration of the business of the System and its proper operation. He shall so act under the control and direction of the Authorized Agent® and shall have specific powers and duties including, but not limited to, the following- M (b) notify the Authorized Agent when any Employee is is eligible for Retirement under the System; and (c) attend meetings of the Retirement Committee while matters pertaining to the System, the Employees or their bene- ficiaries are under consideration. .E. Municipal Counselor,. The City Attorney of the Employer shall be the legal advisor of the Employer and the Retirement, Committee, and shall represent them in any legal matters, proceedings, or litigation. 902 Bonds: No bond to secure the performance of administrative duties in the operation of the System and Fund, shall be required of any persons or organizations unless required by law® or unless required by the Trust Indenture establishing The Oklahoma Muni6pal Retirement Fund, or unless required by the Employer for any persons or organizations engaged in the administration of the System. If such a bond is required by law® the Trustees or the Employer, the premiums therefor shall be paid as expenses of the Oklahoma Municipal Retirement Fund as to its members, agents, employees, Municipal Retirement Fund, or as expenses of the Employer as to the administration of the system. Any agents, officials or employees of the Employer engaged in the admiinistration of the System shall be covered as to the performance of such administrative duties, by any officjal or other bond covering their regular duties otherwise. 903 Benefit Payments- All benefits which are to be paid pursuant to provisions of the System, shall be paid under the direction of the Retirement Committee out of the applicable portion of the Oklahoma, Municipal Retirement Fund, upon written directions of the Retirement Committee acting through the Authorized Agent. 904 Unclaimed Benefits, If at, after or during the time when a benefit hereunder is payable to any beneficiary or distributee, the Retirement Committee through the Authorized Agent, upon request of the Trustees, the Trust Administrator, or at its own instance, shall mail by registered or certified mail to such beneficiary I= m MM Limi Cations 10, 1 Loss of Benefits for Cause,, 9r +e event ar, Employee is discharged because of embezzlement, fraud, dishonesty, or misappropriation of the Employer's r property, and the reasons for such discharge are confirmed by resolution of the City Council after such Employee is affo,ded on oppo,funity to be heard, neither he, no.`. his beneficiar,,", shoH be entit'ed to receive ary, benefit hereunder other than his Contribution Accumu ation, as o-' t6a date of his discharge, regardless of his age and Service on the date of his disc-barge,, Likewise, such benefits to which any retired Employee or his beneficiary, or the beneficiary of a deceased Employee wouCd otherwise be entitled under this System, shall be forfeited upon discovery® ever, after termination of employment or death, of any such embezzlement, fraud® dishonesty, or misappropriation of the Employer-s property, by the Employee against the Employer,, 10,,2 Governmental Restrictions- 'This Sectior sets forth limitations required by the rternol Re�,enue Service or) the Employer contributions V\,hic.h may be used for the benefits of certain Employees, This Section shall apply to on Employee only if bk anticipated annual Pension exceeds $1 500 and the Employee was among the 25 highest paid individual,s employed by the Employer at the time of the establishment of the System, The limitations set forth in this Section shall become applicable if Via) the System is terminated within ten years after its establishment, or (b) the Pension or an Employee becomes payable within ten years; after the estabks.�men.- of the System, or M kc the Pension of an Employee becomes payable after the System has been in effect for Ten year's and the full current costs for the first ten year's have not been funded, if subparagraph u'b) above is appHcab'e,, the restrictions wil' remain it effect until the System has beer in effer� for ten year's and, H' at th.a." time tk,.e fruH current costs have been fi-,nded,, the restricflons vy i l I no longer, apply H subparagraph (b) above is applicable and the full c~urrent cos-ins have not been funded after, the System has beer, in effect for ,en year's, or it Subparagroph above is applicable, the limitations shc)H -.,,or.flnue to app�,Y until the full cc.rrent costs have been funded for the first time if the Employer's contributions a,,e sufficient, to meet the fu l' curl-ent costs of the System at the end of ten year's from the date of the System's estabdishment, or later if the full current costs are then met for the first time after such ten year period, the excess of benefits payable under the System but previously limited by this Section, over the amounts actually paid, shad be paid in a. Lump sum to the retired or ter- minated Employee, if living, or if deceased, to his named beneficiary or estate. H an Employee i� subjecr to the provisions of this Section, the Employer`s contributions which may be used for his berefi ts steal l not exceed the greater of the following-. (O $20,000„ or (b) An amount computed by multiplying the number, of years after the establishment of the System for which the full current costs have been met by 20% of the first $50,000 of the Employee ; s average annual compensation during his last five years of employment, The limitations described above may be exceeded for the purpose of making current benefit payments to retired Employees who would otherwise be subject to such restrictions, provided that -ie contributions whic+ may be used for any, such X -2 retired Employee in accordance with, the restrictions heretofore indicated are applied either to provide a level amount of Pension in the basic form of benefit provided for under the System for such Employee (or a level amount of Pension in an optional form of benefit, not greater in amount than the level amount of Pension urdelr the basic form of benefit), and (b) the Pension thus provided is supplemented by moni-1hly pay- ments to the extent necessary to provide the full Pension in the basic form called for by the System, and (c) such supplemental payments are made only if the full current costs of the System have been met o, if the aggregate of such supplemental payments for all such retired Employees does not exceed the aggregate contributions already made under, the System in the year then current. The term "benefits" as used in this Section shall not include the cost of any death benefits with respect to an Employee before Retirement, nor the amount of any death benefits actually payable after the death of an Employee whether such death occurs before or after Retirement. if the System is hereafter amended to increase substantially the extent of possible discri m i nation as to contributions and as to benefits actually payable upon subsequent termination of the System or subsequentr discontinuance of contributions thereunder, then the provisions of this Section shall be applied to the System as so amended as if it were then a new System established on the date of such amendment; provided, however, that the provisions above that the unrestricted amount of Employer contributions which may be used for the benefits of any Emp&o.yee is at least $20,000, shall be applicable to the aggregate amount contributed by the Employer on behalf of such Employee from the original date of establishment, and further, for purposes of determining if the Employee's anticipated annual benefit exceeds $1,500, both the Employer contributions on the Employee's behalf prior M to the date of the amendment to the System and those expected to be made on his behalf subsequent thereto shall be taken into account. IM Re=R12Lment of Former Emplo eeso For, Employee's employment is terminated before he is eligible for o, Pension car d the Employee is subsequently re-employed by the Employer, the Employee shall not receive any credit for his previous period of employment except as otherwise provided under Article Vlll, Employment Transfers. Such an Employee not so entitled to credit, for such previous period of employment shall be treated in the same manner as a person. who was not previously in the employment of any Municipanty, 10.4 Re­eE21Rymen�t of Retired Employeesa if an Employee is retired under this System and is re-employed by the Employer, no Pension payments shah be made during the period of such re-employment. Upon the subsequent termination of employment by such an Employee, the Employee shah be entitled to receive a Pension the amount of which is computed on the basis of his Compensation and Ser- vice with the Empioyer prior to the date of his previous Retirement, as well as his Compensation and Service with the Employer during the period of his re- employment. In the case of re-employment of a retired Employee "who received any Pension pay- ments prior 10 his re-employment, the Pension payable upon his subsequent Retire- ment shad be reduced by the Actuarial Equivalent of any Pension payments, except Disability Pension payments, he received prior to his Normal Retirement Date during his previous period of Retirement. x-4 Guarantees and Liabilities i 3 0 1 Non-Guarantee of EmploymeM, Nothing contained in this System shall be construed as a contract of employment between the Emlployer and any Employee, or as a right of any Employee to be containued in the employment of the Employer, or as a limitation of the right of the Employer to discharge any of its Empioyees, with or without cause. 11.2 Rights to Fund Assets-, No Employee shall have any right to, or interest in, any asset's of the Fund upon terrmn nation of his employment or otherwise, except as provided from time to time under this System, and then only to the extent of the benefits payable to such Employee out of the assets of the Fund. All payments of benefits as provided for in this System shall be made solely out of the assets of the Fund and neither the Employer, the 'Trust Administrator® the Authorized Agent, nor any individual Trustee shall be liable therefor in any manner. i l 03 Non - Alienation of Benefits. The Fund shall be exempt from Legal process and no order may be made to hold, seuze, garnishee, or attach payments to any person as so provided in OHahoma Statutes, Title 60.327 and 323 or any statute of similar import. No benefits payable under this System shall be subject s in any manner to anticipation, alienation, sake, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, o'r° levy of any kind, either voluntary or involuntary, including any such liability which is for alimony or other payments for the support of a spouse or former spouse, or for any other relative of the Employee, but excluding devolution by death or mental incompetency, prior to actually being received by the person entitled to the benefit under the terms of the System, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, or otherwise dispose of any right to benefits payable hereunder shall be void o the Fund shall not in any manner be liable for, or subject to, the debts, contrr'acts, an liabilities, engagements or torts of any person entitled to benefits hereunder, None of the System benefits or Fund assets shall be considered an asset of the Employee in the event of his divorce, insolvency or bankruptcy, 11 04 Disclaimer of Liabdity. Neither the Employer,, the Trust Administrator, the Authorized Agent, the Trustees, nor any individual Trustee guarantees the Fund in any manner against loss or depreciation, and they shall not be liable for any act, or fa',, lure to act, which is made in good faith pursuant to the provisions of the System, 'The Employer shall not be responsible for any act, or failure to act, of the Trustees or the Trust Administrator. The Trustees shall not be responsible for any act, or failure to act, of the Employer or the Authorized Agent. 11 .5 l ndemnification of Trustees,-, The Trustees shall be indemnified from the assets of the Fund against any and all liabilities arising by reason of any act, or failure to act, made in good faith pursuant to the provisions of the System, including expenses reasonably incurred in the defense of any claim relating thereto, Elm EMAK41148MI RMINAMIRIMIM ARTICLE XIll Termination 13.1 Right to Terminate: The Employer may at any time terminate the System by proper ordinance and may direct and require the Trustees to liquidate the Fund. If the Employer shall for any reason cease to exist, the System shall terminate and the Fund shall be liquidated, unless continued by a successor. 13.2 Liquidation of Fund: Upon termination of the System or a permanent (a) The Contribution Accumuiation of each Employee or former Employee entitled thereto under Article Vill, as of the date of such Plan termination, or earlier date of death or Retire- ment, less other benefit payments, if any, previously received in each case by or on behalf of each such Employee, former Employee, or other eligible beneficiary. Any such withdrawals on the part of such persons will reduce their interests in dis- tributions under categories (b), (c), (d) and (e) below,, on a proportionate basis, as determined by the actuary. Any such person may elect not to take such withdrawals, and have the value thereof included in the actuary's determination of his distributions under categories (b), (c)f (d) and (e) below. (b) Pensions or other benefits in course of payment to retired Participants, and beneficiaries of deceased Participants and immediate Pensions for Employees or former Employees entitled thereto under Article gill, who have reached their Normal Retirement Dates but have not retired. (c) Pensions deferred to Normal Retirement Date for Participants who have qualified for an Early Pension. (d) Pensions deferred to Normal Retirement Date for Participants who have qualified for a Deferred Vested Pension. If the funds available in either of categories (b), (c), or (d) are determined to be insufficient to provide all such benefits, the funds and benefits shall be apportioned among the various persons, first in category (b), next in category (c), and next in category (d), in the some proportion as each person's accrued credits bears to the accrued credits of all persons in each such category on an Actuarial Equivalent basis as determined by the actuary. XHI-1 The benefit any such participant is entitled to receive under this Section shall be based on the Employee's Compensation and Service accrued with the Employer prior to the date of termination of the System, and his right to such benefit shall be considered as vested regardless of his age and years of Service on the date of ter- mination of the System. 13.3 Manner of Distribution: Any distribution after termination of the 13 >4 Residual Amounts: In no event shall she Employer receive any amounts from she Fund except shat® upon termination of she System and notwithstanding any other provision of the System® the Employer shall receive such amount, if any, as may be attributable to its contributions and as may remain after the satisfaction of all liabilities of the System to the Employees or former Employees entitled thereto under Article Villa and arising out of any variations between actual requirements IN WITNESS WHEREOF, the E+17 (e6 Town) of ow'ksso § Oklahoma, as the Employer, has caused its corporate seal to be affixed hereto and these presents to be duly executed in its name and behalf by its proper officers there- unto authorized this il— day of --=—AJL��y i9 By C i ty (SEAL) J THE STATE OF OKLAHOMA COUNTY OF TOWN) OF 0 K LA-+ Vj ASS C4 ' j V�e ayor (TRESIDEWT of T"L 'bCh%r'D or 'OrmusTees) G9VEN UNDER MY HAND AND SEAL OF OFFICE, the day and year last above written, 7 My Commission Expires-, fSEAQ CERTIFICATE C4#,/ (w Town) of 0 WA SS Q (Street or, uildEngadd Tess ) - Oklahoma l, ZA4Z if. 0DW . the undersigned duly appointed, qualified and acting Clerk of Oklahoma, do hereby certify That attached hereto is a true and correct copy of Ordinance No, ?Y8_1 including <qw Town) of was present at the meeting in which said ordinance was passed, and that said ordinance has not been altered, modified or rescinded and is now in full force and effect. IN WITLESS WHEREOF, l have hereunto affixed my name and the official seal of the Town) of 0jsjAS.S0 Oklahoma, this if -day of =0 N V..' 19 7a "OrP414 Qiklyclerk �m Town) of 0 PjAssa—, Oklahoma MM STATE OF OKLAHOMA ss COUNTY OF 7U L's ok Subscribed and sworn to before me this day of 19 /di y Commission Expires. g Notary Public (SEAL) 8, 0WASWASPORTER, TMMMAY, JUNE 224 W2 cc 11,11 Not ,t PROOF OF PUBLIWION STATE OF OKLAHOMA, TULSA COUNTY, ss: Publsslse � il�e Owasso F,eporter, Owasso, Tulsa ' �. Bill dui sworn, upon Okla., phurs€%y,ue 22, 1.972. i11 �F, etherford, of lawful age, g Y oath deposes and says that he is the publisher of the ORDINANCE NO . 146 ,�_, m,meoeo,o,a,m,anewspaper printed in them English language, in the City of AN ORDINANCE CREATING THE OKLAHOMA; ; RETIREMENT SYSTEM OF O ASSO, �I�L C i�fA; s o memo 0 0 0 0 , , Tulsa County, Oklahoma, pROVIDING THEREIN FOR RETIREMENT BENE ITS - DEATH AND SURVIVOR BENEFITS FOR ELIGIBLE having a bona fide paid general circulation therein, and MI LOYEES'OF THE TO t}tASSO, with entrance into the United States mail as second class mail matter in Tulsa County and published in said county THEIR SURVIVING SPOUSES AND BE�dEFIC IES; where delivered to the United States mail, and that the notice MAKING PARTICIPATION BY CITY EMPLOYEES EMPLOYED AFTER THE EFFECTIVE DATE OF T by publication, a copy of which is hereto attached, was SYSTEM MANDATORY �e�yND T O LAMP Y E..'s: ?.l: SYS E 2:a1Y8 A i.+VdY3iI S I�i� �:9' 5.'idtl %S":k✓O %' AMEND- published in said newspaper for a , e , , e . ° ° .. ° . ° . MENT; PROVIDING FOR EFFECTIVE DATE, END- consecutive weeks, the first publication being on the MENT AND TERMINATION OF SUCH SYSTEM; n, AUTHORIZING AND RATIFYING EXECUTION OF THE .............. day of . -o`, m o , FO�;I�,'lAL INSTRUMENTS CREATING SUCH SYSTEM; PROVIDING FOR SEPARATE CONTRIBUTIONS ��' TIIE TOWN ANI : BY THE Ei PLOYEES, TO FUND THE 19 m o and the last day of publication being on the FOR f r£ BENEFITS, PAY OPERATING E ESwSES, day of e . o o . o = 9 PORTABILITY OF BENEFITS OR REFUND OR EM l9am m <e m e and that said newspaper has been continuously PLO�'EE CONTRIBUTIONS UPON EMPLOYEE p LEAVING SERVICE, PROVIDING FOR A FUND TO and uninterruptedly published in said county during the FINANCE TIME SYSTEM, TO BE COMBINED OR POOLED period of more than One Hundred and Four (104) weeks BY CONTRACT WITH OTHER INCORPORATED CITIES consecutively, prior to the first publication of said notice, AND TONS WITH SIMILAR FUNDS OF SUCH CITIES or advertisement, as required by Section one, Chapter AND TOWNS, FOR PURPOSES OF MANAGEMENT AND four, Title 25 Oklahoma Session Laws, 1943, as amended INVESTMENT, -AS A 'FART OF THE OKLAHOMA se Hill No. 495, 22nd Legislature, and thereafter, MUNICIPAL RETIREMENT FONB, SPONSORED BY and complies with all of the prescriptions and require- THE OKLAHOMA MUNICIPAL LEAGUE; PROVIDING mesas of the laws of Oklahoma- (The advertisement above FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE referred to is a true a_r =d printed copy, Said notice was CIIH FUND published n all editions sai&newspaperj and not in a AND FOR ANSFER F SUCH CONTRIBUTIONS supplement therpa�)� s, F1iNI1 ASSETS BY THE CITY TREASURER TO THE - r , , , m e . OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MANAGEMENT AND INVESTMENT; PIIOVI1�I�dO FOR subscribed and sworn to before me by Retherford, ADMINISTRATION OF SUCH SYSTEM BY A BOARD OF TRUSTEES AND AN AUTHORIZED AGENT APPOINTED ., s `; e o m , BY THE TOWN; PROVII�INC PENALTIES FOR FRAUD publisher of the . AND DISHONEST CONDUCT; DECLARING TIME FUNDS 4 P9, TO BE EXEMPT FROM LEGAL PROCESS; REPEALING thss . u day 6f a = m ' ALL �RI�INANCFS �R PARTS �RI3INACESN CONFLICT HEREWITH; PROVIDING A SE VERABILIT !' AND SAVING CLAUSE: AND DECLARING N Notary Pudic, KNOW ALL MEN BY THESE PRESENTS- Thatthe lawli -0�:—G—WASSD --IOUahoma,aduly 11% IN WITNESS WHEREOF, the said 'row w of WASS 01 (city ®r town) Oklahoma, has caused this Acceptance and Agreement to be executed and attested on its behalf by its proper and duly authorized officers, this I? day of 19 7z -ey sbeaD