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HomeMy WebLinkAbout331_Employee Retirement System232747 ORDINANCE NO. 331 BOOK 4760 PAGE 1556 AN ORDINANCE CREATING AMENDMENT NO. 83-1 TO THE EMPLOYEE RETIREMENT SYSTEM OF THE CITY OF OWASSO, OKLAHOMA: PRO- VIDING THEREIN FOR REVISED ACTURIAL FACTORS TO BE USED IN DETERMINING VALUES OF OPTIONAL FORMS OF PAYMENT- FOR SIMILARLY SITUATED MALE AND FEMALE PARTICIPANTS AND RE- VISING OPTIONAL FORMS OF PAYMENT REQUIREMENTS FOR ELIGIBLE EMPLOYEES OF THE CITY OF OWASSO, OKLAHOMA: PROVIDING FOR EFFECTIVE DATE OF SAID AMENDMENT TO SUCH SYSTE14: AUTHORIZING AND RATIFYING EXECUTION OF THE FORMAL INSTRUMENTS CREATING SAID AMENDMENT TO SUCH SYSTEM: REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH: PROVIDING FOR SEVERABILITY AND SAVINGS CLAUSE. WJ n� BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 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 meritorius service on the part of its employees and to promote public efficiency and to comply with rulings of the United States Supreme Court regarding sexual discrimination, there is hereby authorized, approved, and adopted, effective as . of August 1, 1983, "Amendment No. 83 -1 to Employeement Retirement System of the City of Owasso, Oklahoma, an executed counterpart of which is marked Exhibit "A" and attached hereto as part hereof. SECTION 2. The Mayor /Chairman and Clerk be, and they are each hereby, authorized and directed to execute (in counterparts, each of which shall constitute an original) this Amendment No. 83 -1 to the Retirement System, and to do all other acts and things necessary, advisable, and proper to put said Amendment into full force and effect, and to make such.change 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 ratified and confirmed in all respects. SECTION 3. If any section, subsection, paragraph -, sentence, or clause of this Ordinance, including Amendment No. 83 -1 to the retirement System as set forth in Exhibit "A ", is held to be invalid or unconstitutional, the remaining sections, subsections, paragraphs, sentences, or clauses shall continue in full force and effect and shall be construed thereafter as being the entire pro- visions of this Ordinance. SECTION 4. Any ordinance inconsistent with the terms and provisions of this Ordinance is hereby repealed, provided, however, that such repeal shall be only to the extent of such inconsistency and in all other respects this Ordinance shall be cumulative of other ordinances regulating and governing the subject matter covered by this Ordinance. Page 1 of 2 BOOK 4 760 AGEi757 Ordinance No. 331 Page 2 Passed and approved by the City Council of the City of Owasso, Oklahoma on this 17th day of January, 1984. City of Owasso, OK. By Wauhilleau L. Webb Vice-Mayor (Acting Mayor) ATTEST: Ann Hendrickson Clerk (Seal) Page 2 of 2 BOOK 4760 PAGE 1558 CERTIFICATE CITY OF OWASSO, OKLAHOMA I, Ann Hendrickson, the undersigned duly appointed, qualified and acting Secretary of the City Council of the City of Owasso, Oklahoma, do hereby certify that attached hereto is a true and correct copy of Ordinance #331, in- cluding Exhibit "A" thereto containing Amendment No. 83 -1 to the Employee Retirement System of the City of Owasso, Oklahoma, which Ordinance was duly passed on the 17th day of January, 1984, as the same appears of record and on file in my office of said City of Owasso, Oklahoma. I further certify that a quorum of the members. of the City Council of the City of Owasso, Oklahoma, was present at the meeting in which said Ordinance was passed after compliance with the Oklahoma Open Meeting Law. Upon the expiration of 30 days from the date of passage, the 17th day of January, 1984, Ordinance #331 shall be in full force and effect and said Ordinance has not been altered, modified or rescinded. IN WITHESS WHEREOF, I have hereunto affixed my name and the official seal of the City of Owasso, Oklahoma, this 18th day of January, 1983. CITY OF OWASSO, OKLAHOMA ANN HENDRICKSON, CITY CLERK (SEAL) STATE OF OKLAHOMA) SS. COUNTY OF TULSA ) Subscribed and sworn to before me this 19 day OF January, 1984. My Commission Expires: 7 March 84 Bob Allen Notary Public STATE OF OKLAHOMA TULSA COUNTY FILED OR RECORDED 1984 JAN 20 pm 1:06 ANITA NESBITT COUNTY CLERK STATE OF OKLAHOMA TULSA COUNTY FILED OR RECORDED 1984 JAN 20 PM 1:06 ANITA NESBITT COUNTY CLERK BOOK 4760 PAGE 1559 PLAN AMENDMENT 83-1 ARTICLE II - Definitions and Construction 2.1 Definitions Where the following words and phrases appear in this System, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary. (a) Actuarial Equivalent: Equality in value of the aggre- gate amounts expected to be received under different forms of payment. The determination of such equality will be governed by specific plan provisions. (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. Effective January 1, 1983 the interest rate for crediting future interest shall be increas- ed to six percent (6%) per annum. ARTICLE V 5.3 Disability Pension: An Employee who meets the requirements for a Dis- ability Pension shall receive a monthly amount which shall be computed in the same manner as a Normal Pension, considering his Compensation and Service cre- dited with the Employer prior to Retirement, provided, that in any month prior to his Normal Retirement Date in which such Employee is not also entitled to 3 Disability Insurance Benefit under the Social Security Act, the amount computed in accordance with the provisions of subparagraph (b) of Section 5.1 shall be reduced. For Employees becoming disabled after age 55, the reduction shall Ge five - twelfths of one percent (5/12%) times the number of months between actual Retirement and Normal Retirement date. For Employees becoming disabled prior to age 55, the amount payable under subparagraph (b) shall be one -half of the amount that would be payable if such employee were entitled to a Disability Insurance Benefit under the Social Security Act multiplied by ninety -three one - hundreths (.93) for each year between actual Retirement and age 55. For retirement dates -1- book 4760 page 1560 other than on Employee's birth date, the amount payable will be linearly inter- polated based on the amounts payable on the preceding and next succeeding birthdays. APTM F VI 6.4B Amount of Spouse's Pension 1. In- Service Death: A surviving spouse who meets the eligibility re- quirements under Paragraph 1 of Subsection 6.4A above shall receive a monthly amount of Spouse's Pension equal to fifty percent (50 %) of the amount determined in Section 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 ten years younger than the retired Employee on the date of his death, the Spouse's Pension payable under this Paragraph shall be reduced by one percent (1%) for each such year of age difference in excess of ten (10) years to compensate for the longer period of expected payments. ARTICLE VII - Optional Retirement Benefits 7.1 Joint and Survivor Options: By filing a timely application with the Authorized Agent, a married Employee not legally separated from his or her spouse may designate such spouse as his contingent pensioner 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) Joint and 100% Survivor Annuity. A reduced Pension payable monthly during the lifetime of the Employee with the provision that 100% of such monthly benefit shall be payable to the Employee's surviving spouse in monthly installments commenc- ing on the first day of the month following the month in which the Employee died and continuing thereafter during the remaining lifetime of such surviving spouse through the last monthly pay- ment on or prior to the surviving spouse's death. The reduced Pension payable to the Employee shall be eighty -three percent (83 %) plus or minus one percent (1 %) for each year to the nearest year that the surviving spouse is older or younger respectively than the Employee multiplied by the Pension payable to the Employee in the normal form. BOOK 4760 PAGE 1561 (b) Joint and 50% Survivor Annuity. An adjusted Pension payable monthly during the lifetime of the Employee with the pro- vision that fifty percent (50%) of such monthly benefit shall be payable to such Employee's surviving spouse in monthly install- ments commencing on the first day of the month following the month in which the Employee dies and continuing thereafter during the remaining lifetime of the surviving spouse through the last monthly payment on or prior to such surviving spouse's death. The reduced Pension payable to the Employee shall be ninety -two percent (92 %) plus or minus one -half of one percent (0.5 %) for each year to the nearest year that his surviving spouse is older or younger respectively than the Employee multiplied by the Pen- sion payable to the Employee in the normal form. (c) 66 -213% Survivor Annuity. An adjusted Pension payable for the joint lifetime of the Employee and his surviving spouse, and upon the death of either, payments in the amount of sixty -six and two - thirds percent (66 -213 %) of such adjusted Pension shall be continued to the survivor during the survivor's lifetime" through the last monthly payment on or prior to such survivor's death. The reduced Pension payable to the Employee shall be ninety -three percent (93 %) plus or minus seven - tenths of one percent (0.7%) for each year to the nearest year that the sur- viving spouse is older or younger respectively than the Employee multiplied by the Pension payable to the Employee in the normal form. 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 with the Authorized Agent at least two (2) years prior to his Normal Retirement Date. During the two year period preceding an Employee's Normal Retirement Date, an option may not be elected, changed or revoked except witn the approval of the Authorized Agent and the Authorized Agent may require evidence of the state of health of the Employee or his contingent pensioner. An option may riot be changed or revoked after the Normal Retirement Date of the Employee. Not- withstanding anything in this Section to the contrary, an Employee may elect an option without the approval of the Authorized Agent at any time within the six month period next following the adoption of this System by the Employer, pro- vided that the Employee is in the employ of the Employer at the time the elec- tion is made. -3- BOOK 4760 PAGE 1562 An election made pursuant to this Article shall become inoperative in the event that no contingent pensioner is surviving upon the Employee's 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 pen- sioner shall receive a Pension in accordance with the option elected, commencing on the first day of the month coinciding with or 'next following 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 express- ly set forth in the System, provided that payments in such other form shall be the .Actuarial Equivalent of the benefit otherwise payable. The optional forms of payment are as follows: (a) lump sum payment, in cash or kind (at fair market value), or (b) periodic installments over a period of years riot to exceed life expectancy, or (c) a nontransferable annuity contract, containing no per- iod certain in excess of life expectancy, or (d) a combination of (a), (b), and (c) or any of them. The calculation of amounts payable under (a) and (b) above shall be based on actuarial tables contained in the Appendix. The underlying interest rate shall oe six percent (6%). -4- BOOK 4760 PAGE 1563 Annuity contracts purchased under (c) above must be priced on a basis deem- ed net to be discriminatory under Title VII of the Civil Rights Act. The Retirement Committee shall, if it deems appropriate, require an Em- ployee, 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 desig- nated period of time. -5- NORMAL FORM - LIFE ANNUITY WITH 5 YEARS CERTAIN BOOK 47 GOP!GE1a64 INTEREST RATE - 6 is AGES MORTALITY RATES IMMEDIATE ANNUITY DEFERRED TO 55 20 0.00043 16.30379 1.48639 21 0.00045 16.25669 1.57837 22 0.00047 16. 20704 1.67382 23 0.00049 16.15472 1.77508 24 0.00051 051 16. i X9957 1.88251 r 25 0.00053 16.04148 1.99647 26 0.00056 1056 15. 98029 2.11739 27 0.00059 15.91586 2.24569 28 0.00063 15.84803 2.38184 29 0.00066 15.77664 2.52633 30 0.00070 i 15. 70154 2.67969 31 0.00075 15.62253 2.84247 32 0.00080 0080 15. 53946 3.01527 33 0.00085 1545214 3.19873 34 0.00091 X91 15. 3603e 3.39353 35 0.00097 15.26399 3.60042 36 0.00105 15. 16279 3.82016 37 0.00112 15.05654 4.05361 38 0.100121 14.94510 4.30166 39 0.00131 14.82828 4.56529 40 0.00142 X0142 14. 70594 4.94536 41 0.00155 14.57795 5.14357 42 0.00172 1.4. 44434 5.46063 43 0.00193 14.30529 5.79825 44 0.00218 14.16194 6.15BO5 45 0.00247 14.01139 6.54181 46 0.00279 13.85672 6.95147 47 0.00314 13.69695 7.38913 48 0.00352 13.53208 7.85711 49 0.00393 13.36205 8.35793 50 0.00437 13. 18682 8.99437 51 0.00484 13.00625 9.46943 52 0.00533 12. 821 i 17 10.08639 53 0.00586 12.62839 10.74890 54 0.01641 12.43 X73 11.46096 55 0.00700 12.22701 12.22701 56 0.00762 12.01713 12.01713 57 0.00827 11.80101 11.80101 58 0.00900 11.57661 11.57861 59 0.00988 11.35013 11.35013 60 0.01089 11.11634 1 1. 1 1634 61 0.01201 10.87784 10.87784 62 0.01323 10. 63510 10. 63510 63 0.01455 10.38848 10.38848 64 0.01607 10.13846 10.13846 65 0.01782 9.88599 9.88599 66 0.01961 9.63232 9.63232 67 0.02202 9.37868 9.37868 68 0.02443 9.12609 9.12609 69 0.02721 8.87513 8.8751? 70 0.0304C) 3041) 8. 62692 8.62692 71 0.03389 8.38250 8.38250 72 0.03742 X3742 8. 14222 8,14222 BOOK 4760 PAGE 1654 NORMAL FORM - LIFE ANNUITY WITH 5 YEARS CERTAIN INTEREST RATE - 6 AGES MORTALITY RATES IMMEDIATE ANNUITY DEFERRED TO 55 73 0.040% 7.90559 7.90559 74 0.04453 7.6727 7.67227 75 0.04846 7.44281 7.44281 76 0.05299 7.21842 7.21842 77 0.05840 15840 7. 00096 7.00Q96 78 0.06450 6.79268 6.79268 79 0.07104 6.59474 6.59474 80 0.07815 6.40737 6.40737 81 0.09554 6.23084 6.23! 184 82 0.09320 6.06470 6.06470 83 0.10122 5.911837 5.90837 84 0.10960 5.76147 5.76147 85 0.11826 5.62356 5.62356 86 0.12725 5.49413 5.49413 87 0.13656 5. 37280 5.37290 88 0.14640 5.25911 5.25911 89 0.15679 5.15266 5.1566 90 0.16785 5.05322 5.0522 91 0.17939 4.96085 4.96085 92 0.19138 4.87547 4.87547 93 0.20384 4.79694 4.79694 94 0.21842 4.72510 4.72510 95 0.23430 4.66044 4.661 144 96 0.25104 .602275 4.60275 97 0.26871 4.55148 4.55158 98 0.28768 4.50653 4.50653 99 ! i. 30801 4.46728 4.4672S 100 0.33028 4.43361 4.4.3361 101 0.35468 4.40559 4.40559 102 0.38146 4.38335 4.38335 103 0.41225 4.36697 4.36697 104 0.44900 4.35625 4.35625 105 5 0 . 49.569 4.35034 4.35034 106 0.54824 4.34806 4.34806 107 0.61464 4.34806 4.34806 108 0.69482 4.34806 4.34806 109 0.79074 4.342 06 4.340 06 110 1.00000 4.34806 4.34806 75 GA 75'M Affidavit Of Publication STATE OF OKLAHOMA, TULSA COUNTY, ss: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that he is publisher of the Owasso Reporter a weekly newspaper printed in the City of Tulsa Tulsa County, Oklahoma, a newspaper qualified to publish legal notices, advertisements and publications as provided in Section 106 of Title 25, Oklahoma Statutes 1971 as amended, and thereafter, and complies with all other requirements of the laws of Oklahoma with reference to legal publications. That said notice, a true copy of which is attached hereto, was published in the regular edition of said newspaper during the period and time of publication and not in a supplement, on the following dates: January 26 1986 Subscribed and srn to before day of Notary Public My commission expires:.. September..13, -198% . PUBLISHER'S FEE $57.09 Published in the Owasso Reporter, Owasso, Tolle County, Oklahoma, . Joapary 28.1984 6 CE NO. 331 CREATING AMENDMENT 140. WI TO THE EMPLOYEE RETIRE. MENT SYSTEM OF THE'CITY OF OWASSO, OKLAHOMA; PROVIDING THEREIN FOR REVISED ACTURIAL FACTORS TO BE USED IN DETERMINING VALUES OF OPTIONAL FORMS. OF PAYMENT FOR SIMILARLY SITUATED MALE AND FEMALE PARTICIPANTS AND REVISING OPTIONAL FORMS OF PAYMENT RE- QUIREMENT FOR ELIGIBLE EMPLOYEES OF THE CITY OF OWASSO, OKLAHOMA: PROVIDING FOR EFFECTIVE DATE OF SAID AMENDMENT TO SUCH SYSTEM: AUTHORIZING AND RATI- FYING EXECUTION OF THE FORMAL INSTRUMENTS CREATING SAID AMEND- MENT TO SUCH SYSTEM: REPEALING ALL ORDI- NANCES OR PARTS OF ORDI- NANCES IN CONFLICT HEREWITH: PROVIDING FOR SEVERABILITY AND SAVINGSCLAUSE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 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 meritorius'service on the part of its employees and to promote public effi- ciency and to comply with rulings of the United States Supreme Court re- garding sexual discrimination, there is hereby authorized; approved, and adopted, effecbvea¢ of August L'1983, !yV "Amendment No. 83 -1 to Em- �� ployeement Retirement System of the City of Owasso,. Oklahoma, an C, City executed counterpart of which is marked Exhibit "A" and attached I� hereto as parthereaf. SECTION 2. The Mayor /Chairman and Clerk be, and they are each hereby, authorized' and directed to execute (in counterparts, each of which shall constitute an original) this Amendment No. 83 -1 to the Retire- ment System, and to do all other acts and things necessary, advisable, and proper to put said Amendment into full force and effect, and to make such change thereinas may bewcessary to Quality the same under sections 401(a) And 501(a) of the Internal Revenue Code of the United States. The coun- terpart attached hereto as Exhibit "A ", which has been duly executed as aforesaid simultaneously with the passage of this Ordinance and made a Pact hereof, is hereby ratified and confirmed in all respects. SECTION 3. If any section, subsec- tion, paragraph, sentence, or clause of this Ordinance, including Amendment No. 83-1 to the retirement System as set forth in Exhibit "A ", is held to be invalid or unconstitutional, the re- maining sections, subsections, para- graphs, sentences, or clauses shall continue in full force and effect and shall be construed thereafter as being the entire provisions of this Ordi- nance. SECTION 4. Any ordinance in- consistent with the terms and pro- visions of this Ordinance is hereby repealed, provided, however, that such repeal shall be only to the extent Of such inconsistency and in all other respects this Ordinance shall be cumulative of other ordinances re- gulating and governing the subject matter covered by this Ordinance. Passed and approved by the City Council of the City of Owasso, Okla- homa on this 17th day of January, 1984. City of Owasso, Ok. By /s/Waubilleau L. Webb Vice -Mayor ATTEST: (Acting Mayor) /s /Ann Hendrickson Clerk (SEAL) (NOTE: Exhibit "A" above referred to as "Amendment No. 83-1 to Em- ployeement Retirement System of the City of Owasso, Oklahoma" is on file in the City Clerk's office at City Hall.) NN62