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HomeMy WebLinkAbout445_Amending Employee Retirement SystemBOOK 5442 PAGE 977 92 089391 ORDINANCE NO. 445 CITY OF OWASSO, OKLAHOMA TULSA COUNTY AN ORDINANCE AMENDING THE EMPLOYEE RETIREMENT SYSTEM OF OWASSO, OKLAHOMA; PROVIDING THEREIN FOR RETIREMENT BENEFITS -- DEATH AND SURVIVOR BENEFITS FOR ELIGIBLE EMPLOYEES OF OWASSO, OKLAHOMA, THEM SURVIVING SPOUSES AND BENEFICIARIES; MAKING PARTICIPATION BY 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 RATIFYING EXECUTION OF THE FORMAL INSTRUMENTS AMENDING SUCH SYSTEM; PROVIDING FOR SEPARATE CONTRIBUTIONS BY THE CITY OF OWASSO AND BY THE EMPLOYEES TO FUND THE BENEFITS, PAY OPERATING EXPENSES, AND FOR PORTABILITY OF BENEFITS OR REFUND OF EMPLOYEE CONTRIBUTIONS UPON EMPLOYEE LEAVING 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 RETIREMENT FUND SPONSORED BY THE OKLAHOMA MUNICIPAL LEAGUE; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASURER FOR SUCH FUND AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS BY THE 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 CITY OF OWASSO; PROVIDING PENALTIES FOR FRAUD AND DISHONEST CONDUCT; DECLARING THE FUNDS TO BE EXEMPT FROM LEGAL PROCESS; REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH; PROVIDING A SEVERABILITY AND SAVING CLAUSE; AND DECLARING AN EMERGENCY. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA THAT: Section One: The Employee Retirement System of the City of Owasso, Oklahoma is hereby amended as reflected on the attached Exhibit "A ", which is incorporated herein and adopted by reference. These amendments shall become effective on July 1, 1992. Section Two: The Employee Retirement System of the City of Owasso, Oklahoma, except as modified in the attached Exhibit "A" shall remain in full force and effect according to its original terms and conditions. Section Three: The City Clerk and Mayor be and they are hereby authorized and directed to execute the amended Retirement System Plan documents and to do all the other acts necessary to put said amendment into effect. The executed amended document attached hereto as Exhibit "A" is hereby ratified and confirmed in all respects. BOOK 5442 PAGE 978 Section Four: If, regardless of cause, any section, subsection, paragraph, sentence, or clause of this Ordinance, including the System as set forth in Exhibit "A ", is held invalid or to be 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 provisions of this Ordinance. Section Five: 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. Section Six: Whereas, in the judgment of the City Council of the City of Owasso, Oklahoma, the public peace, health and safety of the City of Owasso, Oklahoma, and the inhabitants thereof demand the immediate passage of this Ordinance, an emergency is hereby declared and this Ordinance shall be in full force and effect upon the passage and approval of this emergency clause separately. Dated this 16TH day of June, 19920 CITY OF OWASSO, OKLAHOMA By Patricia K. Marlar, Mayor ATTEST: Jane Buchanan, City Clerk APPROVED AS TO FROM: Ronald D. Cates, City Attorney Attachment "A" OKLAHOMA MUNICIPAL RETIREMENT SYSTEM MASTER DEFINED BENEFIT PLAN AND TRUST JOINDER AGREEMENT City of Owasso, a city, town, agency, instrumentality, or public trust located in the State of Oklahoma, whith its principal office at Owasso, Oklahoma, hereby establishes a Defined Benefit Plan and Trust to be known as City of Owasso Plan and Trust (the "Plan") in the form of The Oklahoma Municipal Retirement System Master Defined Benefit Plan and Trust. Except as otherwise provided herein, the definitions in Article II of the Plan apply. 1. Dates. a. The Effictive Date of this Joinder Agreement shall be July 1, 1992. b. The Effective Date of the Plan shall be July 1, 1972, the effective date of the original plan continued without interruption through adoption of this Joinder Agreement. 2. Employee. Employee Shall Mean: [X] Any person who, on or after the Effective Date is receiving remuneration for regular full-time personal services rendered to the Employer (including any elected official and any appointed officer or employee of any department of the Employer, whether governmental or proprietary in nature), including person on authorized leave of absence. Employees shall not include independent contractors. Elected members of the City Council shall not be considered to be employees solely by reason of their holding such office. [] any person who, on or after the effective date, [X] The term Employee shall not include any individual who is covered by any other state or local retirement system unless, whith respect to the other state or local retirement system, the individual is in pay status currently receiving benefits and not an active participant. [x] Any person who, if last hired after__, had not reached this 60th birthday at the time of hiring. 3.Eliginility Employees shall be eliginle to participate in the Plan: (Select ony one) [] months (any number of months up to twelve) after the Employee's employment commencement date. [] On the first day of the Employee's service for the Employer is no longer temporary, probationary, or provisional. [X] On the Employee's Employment Commencement Date. 4. The Employer hereby elects the following plan design: [X] Pick-up Option. The Employer hereby elects to have the provisions of Section 3.3 of the Plan apply. The Employer shall pick-up and pay the percentage of each Participant's compensation required to be contributed. [] Mandatory Contribution Option. An Employee shall be required to contribute to the Plan for each Plan Year the percentage of his compensation ("Mandatory Contributions") required by the Plan. Mandatory Contributions shall be made by payroll deductions. An employee shall authorize such deductions in writing on forms approvedby, and filed with, the Committee. []Non-Contributory Option. Particpants shall not be required or permitted to contribute to the Plan. 5. A. Payment Options. The Employer hereby elects the following minimum number of payments for employees eligible to receive benefits under Article IV of the Plan: [X] Sixty (60) monthy Paynents. [] One hundred and twenty (120) monthly payments. B. Plan Options. The Employer hereby elects the following plan designation and percentage used in calculating benefits under section 5.1 of the Plan. [] Plan AA - 1-3/4% [X] Plan BB - 1-1/2% [] Plan CC - 1-1/4% [] Plan A - 1% [] Plan B - 3/4% [] Plan C - 1/2% C. Vesting Options. The employer hereby elects the following vesting option to determine an employee's eligibility to receive retirement benefits. [] 10 Year Vesting [] 7 Year Vesting [X] 5 Year Vesting D. Past Service Credit. The employer hereby elects the following limit on past service credit prior to July 1, 1972. [] Year Limit [X] No Limit 6. Contributions by Employees. If Employees are required to contribute to the cost of providing benefits under this system, either under the pick--up option or the mandatory contribution option, such contributions shall be based on the plan designation selected in Section 5 above and shall apply to pay periods commencing on and after July 1, 1992 The total cost of the plan shall be divided as follows: 40% Employer 60% Employee 7. Early Payment Option for Deferred Vested Pensions. [X] Permitted after reaching age 55, with benefits reduced as provided in Section 5.4. 8. Death Benefit Option for Deferred Vested Pensions. After Commencement of Pension: [X I The Employer hereby elects to have the provisions of Section 6.3A of the plan apply. The Employer hereby elects to have the provisions of Section 6.3C of the plan apply. (This option is available only if the plan in effect prior to the Effective Date of this Joinder Agreement did not permit such early payment.) Prior to Commencement of Pension: [X ] The Employer hereby elects to have the provisions of Section 6.4C of the plan apply. The Employer hereby elects to have the provisions of Section 6.2 of the plan apply. 9. Cost-of-Living Option: For purposes of adjusting retiree and beneficiary pensions, the Employer hereby elects the following: [X] No Cost-of-Living Option. [] Cost-of-Living option. This election applies to Section 5.1 (Normal Pension), 5.2 (Early Pension), 5.3 (Disability Pension), 534 (Deferred Vested Pension), 6.3A and 6.3B (Death After Commencementof Pension), and 6.4 (Spouse's Pension) and provides annual benefit increases of the smaller of three percent (3%) or the precentage change inthe Consumer Price Index. The effective date of the Cost-of-Living Option shall be 5 19 . the original date that the Employer elected the Cost-of-Living Option. 10. Retiree-Plan Improvement Option. Benefits payable ot or on behalf of a former employee under article v, artice vi, or article vii of the plan, which are due or in the course of payment as of the effective date of this joinder agreement, shall [] be redetermined according to the plan option elected herein. such increased benefits shall be reflected in any periodic payment due or paid on or after the effective date of the joinder agreemer. it is not intended for this change to be retroactive and any periodic payments due prior ot such date shall not be affected. [X] not be redetermined, but shall continue to be paid under the terms of the Previous Plan. 11. Limitations on 0-otional Benefit Forms. Section 7.2 of the Plan provides for a lump sum payment form, an installment payment form that would be payable over a fixed number of years (at which time all payments would cease), or the purchase of an insured annuity. The Employer hereby elects the following: [X] I Optional benefit forms under Section 7.2 of the Plan will not be permitted. []Optional benefit forms under Section 7.2 of the Plan will be permitted, subject to Retirement Committee approval for any such elections by an Employee. (The above election has no effect on the joint and survivor optional benefit forms under Section 7.1.) 12. The Committee, consisting of the following members, agrees to administer the Plan and Trust pursuant to the provisions thereof. Name Signature The Employer has consulted with and been advised by its attorney concerning the meaning of the provisions of the Plan and Trust Agreements and the effect of entry into the Plan and Trust. IN WITNESS WHEREOF ' the City of Owasso has caused its corporate seal to be affixed hereto and this instrument to be duly executed in its name and behalf by its duly authorized officers this 16 day of June , 1992. Title City of Owasso (Name of Employer) By Title: Patricia K Marlar-Mayor The foregoing Joinder Agreement is hereby approved by The Oklahoma Municipal Retirement System this - day of 19 Attest: (SEAL) THE OKLAHOMA MUNICIPAL RETIREMENT SYSTEM Title- Published In the Owasso Reporter, Owasso, Tulsa County, Okla- homa, June 25, 1992. ORDNANCE NO. 445 CITY OF OWASSO, oKLAHOMA STATE OF OKLAHOMA, A COUNTY, ss: AN ORDINANCE AMENDING THE EMPLOYEE RETIREMENT Rill R. Retherford, of lawful age, being duly Sworn SYSTEM OF HOMA PROVIDING THEREIN FOR RETIREMENT BENEFITS -- and authorized, says that he is the publisher of the DEATH AND SUVIVOR BENE- FITS FOR ELIGIBLE EMPLOYEES O 'ASSO HFORTER a weekly OF OWASSO, OKLAHOMA, THEIR SURVIVING SPOUSES AND BENEFICIARIES; MAKING PARTICIPATION BY EMPLOYEES newspaper printed in the city of OWASSO EMPLOYED AFTER THE EFFEC- TIVE DATE OF SYSTEM A Tulsa County, Oklahoma, a newspaper qualified to MANDATORY CONDITION OF EFFECTIVE EC IVEDATE, AMIENDMENT publish legal notices advertisements and ublicati ®nS publications AND TERMINATION OF SUCH SYSTEM; AUTHORIZING AND EXECUTION OF THE as provided in Section 106 of Title 25 ®klahoma FORMAL INSTRUMENTS AMEND - NG SUCH SYSTEM; PROVIDING FOR SEPARATE CONTRIBU- Statutes 191 and 1983 as amended, and thereafter TIONS BY THE CITY OF OWAS- SO AND BY THE EMPLOYEES TO and complies with all other requirements of the laws FUND THE BENEFITS, PAY OPERATING EXPENSES, AND FOR PORTABILITY OF BENEFITS OR REFUND OF EMPLOYEE of Oklahoma with reference to legal publications. CONTRIBUTIONS uPON EMPLOYEE LEA VIN G SERVICE; PROVIDING FOR A FUND TO That said notice, a trace co ply of which is attached COMBIINED OR POOLED BY CONTRACT WITH OTHER hereto, was published in the regular edition of said INCORPORATED CITIES AN TOWNS WITH SIMILAR FUNDS OF SUCH MI PS AND TOWNS newspaper during the period and time of publication MANAGE- MERNT AND INVESTMENT AS A and not in a supplement, on the following dates: PART OF THE OKLAHOMA MUNICIPAL FUND SPONSORED JUNE 25 2 BIY TMHE OKLA- HOMA MUNICIPAL LEAGUE; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASUR- ER FOR SUCH FUND AND FOR TRANSFER OF SUCH CONTRI- BUTIONS AND FUND ASSETS BY THE TREASURER TO THE OKLA- HOMA MUNICIPAL RETIREMENT Subscribed and sworn to before in is 26th FUND FOR MANAGEMENT AND INVESTMENT, PROVIDING FOR day of June 2 ADMINISTRATION OF SUCH SYS- TEM BY A BOARD OF TRUSTEES AND AN AUTHORIZED AGENT APPOINTED BY THE CITY OF OWASSO; PROVIDING PENAL- Notary Publ i a TIES FOR FRAUD AND DISHOW EST CONDUCT; DECLARING THE MY Commission expires: FUNDS TO BE EXEMPT FROM LEGAL PROCESS; REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT PUBLISHER'S FEE S° 55 ERAEBIILIiTYRAND SAVING CLAUSE; AND DECLARING AN EMERGENCY. Section Eight, EMERGENCY. Whereas, in the judgment of the Oky Council of the City of Owasso, Oklahoma, the public peace, health, safety and welfare of the City for Owasso, Oklahoma, and the Inhabitants thereof demand the Immediate passage of this Ordi- nance, an emergency is hereby declared, and this Ordinance shall be In full force and effective upon the passage of this emergency clause separately. Dated this 16th day of June, 1992. CITY OF OWASSO, OKLAHOMA /s/ Patricia K. Marlar Patricia K. Marlar, Mayor ATTEST Bs/ Jane Buchanan Jane Buchanan, City Clark APPROVED AS TO FORM: /s/ Ronald D. Cates