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HomeMy WebLinkAbout481_Amending Retirement Plan5651 0106 CITY OF OWASSO, OKLAHOMA ORDINANCE NUMBER 481 AN ORDINANCE AMENDING THE EMPLOYEE RETIREMENT SYSTEM, DEFINED CONTRIBUTION PLAN FOR THE CITY OF OWASSO, OKLAHOMA; PROVIDING RETIREMENT BENEFITS FOR ELIGIBLE EMPLOYEES OF THE CITY OF OWASSO OKLAHOMA; PROVIDING FOR PURPOSE AND ORGANIZATION; PROVIDING FOR DEFINITIONS; PROVIDING FOR ELIGIBILITY AND PARTICIPATION; PROVIDING FOR EMPLOYER AND EMPLOYEE CONTRIBUTIONS; PROVIDING AN ACCOUNTING, ALLOCATION, AND VALUATION; PROVIDING BENEFITS; PROVIDING FOR REQUIRED NOTICE; PROVIDING FOR AMENDMENTS AND TERMINATION; PROVIDING FOR TRANSFER TO AND FROM OTHER PLANS; CREATING A RETIREMENT COMMITTEE AND PROVIDING FOR POWERS, DUTIES, AND RIGHTS OF RETIREMENT COMMITTEE; PROVIDING FOR PAYMENT OF CERTAIN OBLIGATIONS; PROVIDING FOR DURATION AND PAYMENT OF EXPENSES; PROVIDING FOR EFFECTIVE DATE; PROVIDING FOR VESTING SCHEDULES; PROVIDING FOR A FUND TO FINANCE AND THE SYSTEM TO BE POOLED WITH OTHER INCORPORATED CITIES, TOWNS, AND THEIR AGENCIES AND INSTRUMENTALITIES FOR PURPOSES OF ADMINISTRATION, MANAGEMENT, AND INVESTMENT AS PART OF THE OKLAHOMA MUNICIPAL RETIREMENT FUND; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASURER OF THE CITY OF OWASSO, OKLAHOMA AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS TO THE OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MANAGEMENT AND INVESTMENT; PROVIDING PENALTIES FOR FRAUD AND DISHONEST CONDUCT, DECLARING FUNDS TO BE EXEMPT FROM ALIENATION AND LEGAL PROCESS; PROVIDING FOR REPEALER AND SEVERABILITY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OWASSO OKLAHOMA. Section 1. 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, 1993. Section 2. 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 3. 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. Section 4. 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 5651 0107 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 5. 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. ** *END * ** The foregoing ordinance was introduced before the Owasso City Council on the Likh day of _ April, 1994, and was duly adopted and approved by the Mayor and City Council on the 19th day of April, 1994, after compliance with notice requirement of the Open Meeting Law (25 OSA, Section 301, et seq.) CITY OF OWASSO, OKLAHOMA By: Bob Randolph, Mayor ATTEST: Sherry Bishop, City Clerk Approved as to form and legality on April 19, 1994. Ronald D Cates, City Attorney 5651 0108 Affidavit Of Publication STATE OF OKLAHOMA, TULSA COUNTY, as: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that he is the publisher of the OWASSO REPORTER 1aweekly newspaper printed in the city of OWASSO Tulsa County, Oklahoma, a newspaper qualified to publish legal notices, advertisements and publications as provided in Section 106 of Title 25, Oklahoma Statutes 1971 and 1989 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: APRIL 28 1994 March 20, 1997 PUBLISHER'S PEE $ 73 An Published In the Owasso Reporter, Owasso, Tulsa County. Oklahoma. April CITY OF OWASSO. OKLAHOMA ORDINANCE NO. 481 AN ORDINANCE AMENDING THE EMPLOYEE VIUING FOR PURPOSE AND ORGANIZATION; PROVIDING FOR DEFINITIONS; PROVIDING FOR ELIGIBILITY AND PARTICIPATION; PROVIDING FOR EMPLOYER AND EMPLOYEE CONTRIBUTIONS; PROVIDING AN ACCOUNTING, ALLOCATION, AND VALUATION- PROVIDING FOR AMENDMENTS AND TERMINATI FOR TRANSFER TO AND FROM OTHER PLAN! RETIREMENT COMMITTEE AND PROVIDING DUTIES. AND RIGHTS OF RETIREMENT COMMITI FOR PAYMENT OF CERTAIN OBLIGATIONS- PI OF EXPENSES; PROVIDING FOR OR A FUND TO FINANCE AND THE WITH OTHER INCORPORATED CITIF mein AUtweres ANU INSIHUMENTALITIES FOR PURPOSES OF ADMINISTRATION. MANAGEMENT, AND INVESTMENT AS PART OF THE OKLAHOMA MUNICIPAL RETIREMENT FUND; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASURER OF THE CITY OF OWASSO, OKLAHOMA AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS TO THE OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MAN. AGEMENT AND INVESTMENT; PROVIDING PENALTIES FOR FRAUD AND DISHONEST CONDUCT, DECLARING FUNDS TO BE EXEMPT FROM ALIENATION AND LEGAL PROCESS; PROVIDING FOR REPEALER AND SEVERARILITY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA. Section 1. The Employee Retirement System of the City of Owasso. Oklahoma Is hereby amended as reflected on the attached Exhlblt'A'. which Is Incorporated herein and adopted by reference. These amend ments shall become eaectivs on July 1, 1993. Section 2. The Employee Retirement System of the City of Owasso, Oklahoma except as modified In the attached Exhiblt'A' shall remain In lull force and effect according to Its original terms and conditions. Section 3. The City Clerk and Mayor be and they are hereby autho- rized and directed to execute the amended Retirement System Plan doo, uments and to do all other acts necessary to put said amendment Into effect. The executed amended document attached hereto as Exhibit 'k is hereby ratified and confirmed In all respects. Section d. 11, regardless of cause, any section, subsection, paragraph. sentence, or clause of this ordinance, including the System as set loth In Exhibit 'A', is held Invalid or to be unconslitullonal, the remaining sections, subsections. paraaggraphs, sentences, or clauses shall continue In lull force and effect and stall be construed thereafter as being the entire provisions of this ordinance. Section 5. Any ordinance inconsistent with the farms and provisions of this ordinance Is hereby repsalsd; provided, however, that such repeal shall be only to the extent of such Incomistency and in all other respects this ordi- nance shalt be cumulative of other ordinances regulating and governing the subjeci matter covered by this ardinance. "END "' The foregoing ordinance was Introduced before the Owasso City Council on the 19th day of April, 1996, and was duly adapted and approved by the Maya and City Council on the 191h day of April, 1994, idler mullience with notice requirements of the Opan Meeting Law (25 OSA, Section 301, at Can.). ATTEST. /W Sherry Bishop CITY CLERK Approved aS to form and legality m April 19. 1996. /s/ Bob Randolph MAYOR /s/ Ronald D. Cates CITY ATTORNEY