HomeMy WebLinkAbout430_Amending Retirement with OMRF5336 1728 91 011173
ORDINANCE NO. 430
CITY OF OWASSO, OKLAHOMA
AN ORDINANCE APPROVING REVISED ACTUARIAL
ASSUMPTIONS AND AMENDING THE RETIREMENT PLAN,
DEFINED BENEFIT PLAN OF OWASSO, OKLAHOMA, PERTAINING
TO ACTUARIAL ASSUMPTIONS AND TABLES FOR COMPUTING
LUMP SUM BENEFITS, DISABILITY RATES, MORTALITY TABLES,
SALARY SCALES, AND DISABLED MORTALITY TABLES;
PROVIDING FOR EXECUTION OF DOCUMENTS; PROVIDING FOR
EFFECTIVE DATE; PROVIDING FOR REPEALER AND
SEVERABILITY; AND DECLARING AN EMERGENCY.
BE IT ORDAINED by the CITY COUNCIL, Owasso, Oklahoma,
as follows:
Section 1. The actuarial assumptions for the Retirement Plan
of Owasso, Oklahoma, effective on July 01, 1991, as follows are
hereby approved and shall be used in computing contribution rates
and benefits under the plan:
Interest Rate: 7.5%
Disability Rate: OASBI Incident Rate
Mortality Table: 1983 Group Annuity
Salary Scale: 5% per year
Disabled Mortality Rate:Social Security Administration
Table
Section 2. The Retirement System of Owasso, Oklahoma, is
hereby amended by adopting revised appendix I to its Retirement
Plan containing the actuarial factors needed to determine actuarially
equivalent options under the pan, same being Exhibit "A" attached
hereto and incorporated hereby by reference.
Section 3. The Mayor, and the City Clerk, are hereby
authorized to execute the necessary forms to evidence approval of
the actuarial assumptions and amendment to the plan, and to
deliver same to the Oklahoma Municipal Retirement Fund.
Section 4. If any part, article, section, or subsection of this
Ordinance shall be held invalid or unconstitutional for any reason,
such holding shall not construed to impair or invalidate the
remainder of this Ordinance, notwithstanding such holding.
Section 5. All ordinances in conflict herewith are hereby
repealed.
Section 6. It being immediately necessary for the
preservation of the public peace, health, safety, and welfare of the
City of Owasso, Oklahoma, and the inhabitants thereof that this
Ordinance be put into full force and effect, an emergency is hereby
declared to exist by reason whereof this Ordinance shall be in full
force and effect from and after its passage and approval.
1
5336 1729
The foregoing Ordinance was introduced before the City
Council of Owasso, Oklahoma on the 1 8th day of June, 1991, and
was duly adopted and approved on the 18th day of June, 1991,
after compliance with notice requirements of the open Meeting Law
(25 OSA, Sections 301, et. seq.).
ATTEST:
CITY OF OWASSO, OKLAHOMA.
John Phillips, Mayor
Jane Buchanan, City Clerk
APPROVED AS TO FORM:
Ronald D. Cates, City Attorney
5336 1730
Affidavit Of Publication
STATE OF OKLAHOYA TULSA COUNTY ss
Bill R. Retherford, of law-ful age, being duly sworn
and authorized, says that he is the publisher of the
OWASSO REPORTER —, a weekly
news paper printed ,OWASSO REPORTER of OWASSO
TUlsa County, Oklahoma, a newspaper qualified to
publish legal notices, advertisements and publications
as provided in Section 106 25, Oklahoma
Statutes 1971 and 1983 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 supgnlement,on the following dates-
Julv 4
S,ubscri, bed -and sw . Qrn. to before nie this 11th
Notary Public
Published In the Owasso Reporter,
Owasso, Tulsa County, Okla-
homa, July4, 1991.
ORDINANCE NO. 430
CITY OF OWASSO, OKLAHOMA
AN ORDINANCE APPROVING
REVISED ACTUARIAL ASSUMP-
TIONS AND AMENDING THE
RETIREMENT PLAN, DEFINED
BENEFIT PLAN OF OWASSO,
OKLAHOMA, PERTAINING TO
ACTUARIAL ASSUMPT�ONS AND
TABLES FOR COMPUT NG LUMP
SUM BENEFITS, DISABILITY
MATES, MORTALITY TABLES,
SALARY SCALES, AND DIS-
DOCUMENTS; PROVIDING FOR
EFFECTIVE DATE; PROVIDING
FOR REPEALER AND SEVER-
ABILITY; AND DECLARING AN
EMERGENCY,
It being immediately necessary
for the preservation of the public
peace, health, safety, and welfare
of the City of Owasso. Oklahoma,
and the inhabitants thereof that this
Ordinance be put into full force and
effect, an emergency is hereby
declared to exist by reason whereof
this s
Ordinance shall be in full force
and effect from and after its pas-
saje and approval.
The e foregoing Ordinance was
introduced before the Oily Council
of 0,Aiasso, Oklahoma on the 18th
day of June, 1991, and was duly
adopted and approved on the 18th
day of June, 1991, after compliance
with notice requirements; of the
open Meeting Law (25 OSA, Sec-
tions 301, al. seq.).
CITY OF OWASSO,
OKLAHOMA
/s/ John Phillips
John Phillips, Mayor
ATTEST:
/s/ Jane Buchanan
Jane Buchanan, My Clerk
APPROVED AS TO FORM:
Ronald D. Cates, city Attorney