HomeMy WebLinkAbout593_Adopting Optional Retirement Program with ICMAadopting optional retirement program with ICMA
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OKLAH01\1A
ASSO
ORDINANCE TO PART TWO
ADMINISTRA TION GOVERL'fMENT, CHAPTER
THREE RETIRElViENT PENSIONS, ADOPTING A NEW
C, RETIREI\/fENT PROGRi\T~1l
ESTABLISHING RETIREMENT PI~AN
THE INTERL~.4,TIONAL CITY MANAGEMENT
ASSOCLi\ TION RETIREMENT CORPORATION
DEFERRED COMPENSATrON PLAN, DESIGNATING THE,
OF OVwASSO, OKLAHOMA, AS TRUSTEE
THEREOF, DESIGNATING THE DIRECTOR OF HUMAN
RESOURCES AS THE COORDINATOR FOR THE
PROGRAM 'VELL AS PROVIDING OTHER MATTERS
NECESSARY ) INCIDENTAL THERETO, AND
ORDINANCE NU1\1BER
OF CITY OF OWASSO,
Chapter Three,
thereto same being an Optional
hereinafter established, to-wit
Section That Part Administration and Government,
Pensions, be amended adoption of imide C
Program, such being adopted and codified as
Retirement
Retirement
OPTIONAL RETjREMENT PLA.N ESTABLISB"'ED
s hereby created a system for certain qualified employees of the
svstem be accordance the orovisions and conditions of
-' ,
SECTION 2-3l.Q
statures of the State
s hereby established an optional retirement system for the
The optional retirement system shall be the International City
Association Retirement Corporation Deferred Compensation Plan, copies of which
oi9:1ce of City Clerk of the City, and which is incorporated herein by
retirement plan shaH be administered by the ICMA Retirement
employees
Management
fOf the
be held in trust, with the City serving as trustee,
Plan participants and their beneficiaries, and the assets shall not
other purpose. trustees bene:ficial ownership of the Plan assets held in the
trust shaH be held exclusive benefit of the Plan participants and
The Plan
to
permit
Resources shaH be the coordinator of this program; shall
reports, notlces, etc, from lCMA retirement corporation or the lCMA
cast, upon of the City of Owasso, Oklahoma, any required votes
administrative duties to carry out the plan may be assigned to
is authorized to execute all necessary agreements with lCMA
hereby agrees to serve as tmstee under the plan.
Oklahoma,
of Owasso
The
receIVe necessary
D
tmst
departments, and
Retiren1ent Ccrporatloil incide'[1tal
to the adminislr2.tic.n of the plan.
make contributions into the optional
the provisions and conditions of the
Corporation. City Treasurer is
City's compensation such amounts as
and to collectively remit same to the
employees
retirement herein established
authorized to
CONT1UB_UTIONS
SECTION 3 17
may
accordance
Managemem Association Retirement
from quaEt1ed employees
.. C'
employee 01
in accordance with the
Association Retirement
Corporation
Association Retirement
International City Management
Management
conditions of the
under the
liability for the payment of the
official, officer or employee
be
shaH
system
the right to any payment
such No
payment
City or any
Deferred Compensation
the retirement
person who
to
to
benefits the system
Each
imDosed
be
shan
OF EIvrPLOYEE
DEFfNITION
8
'"
.)
foHows
employee shaH be considered Dermanent
~ .
or more month the City
s defined as
full-time employee
works eighty
.f j.,' ". ,
purpose 0., Las employee
A
if
Of
P../\RTI ClP An OI':I
the City, having attained the age of twenty-one (2
(65) years of age or older on January 1 973, may
"9
permanent fhll-time employee
except those employees who are sixty-five
SECTION 2-3
the system
become participants
EXECUTION
to execute the retirement plan WiTh the International
Corporation, incorporated by reference herein, as wen
documents necessary, not limited to, the Declaration of Trust of the
Trust, and that J\/(anager of City may on behalf of the City execute
joinder agreements with the employees and other eligible officials and officers, except those
documents may be necessary for the City Manager shaH be executed by the Mayor of the
City
as
is hereby
Association Retirernent
SECTION 2-320
the date of
days from
(30)
be come effective thirty
state law.
ordinance
This
ded
passage
ASSO, OKLAHOMA
Mayor
By:_
Denise Bode,
TO FORM
2780-365
Published in the Owasso Reporter, Owasso, Tulsa County, Oklahoma, Octo-
ber 15, 1998.
CITY OF OWASSO, OKLAHOMA
ORDINANCE NO. 593
AN ORDINANCE RELATING TO PART TWO ADMINISTRATION
AND GOVERNMENT, CHAPTER THREE RETIREMENT PENSIONS,
ADOPTING A NEW ARTICLE C, AN OPTIONAL RETIREMENT PRO-
GRAM ESTABLISHING AN OPTIONAL RETIREMENT PLAN WITH
THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION
RETIREMENT CORPORATION DEFERRED COMPENSATION
PLAN, DESIGNATING THE CITY OF OWASSO, OKLAHOMA, AS
TRUSTEE THEREOF, DESIGNATING THE DIRECTOR OR HUMAN
RESOURCES AS THE COORDINATOR FOR THE PROGRAM AS
WELL AS PROVIDING OTHER MATTERS NECESSARY AND INCI-
DENTAL THERETO, AND DECLARING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA:
Section One: That Part Two, Administration and Government, Chapter
Three, Retirement and Pensions, be amended by adoption of Article C
thereto same being an Optional Retirement Program, such being adopted
and codified as hereinafter established, to-wit:
OPTIONAL RETIREMENT PLAN ESTABLISHED
A. There is hereby created a retirement system for certain qualified
empioyees of the City which retirement system shall be in accordance with
the provisions and conditions of this article and the statutes of the State of
Oklahoma.
B. There is hereby authorized and established an optional retirement sys-
tem for the employees of the City. The optional retirement system shall be
the International City Management Association Hetirement Corporation
Deferred Compensation Plar" copies of which are on file in the office of the
City Clerk of the City, and which is incorporated herein by reference. Such
optional retirement plan shall be administered by the ICMA Retirement Cor-
poration.
C. The assets of the plan shall be held in trust, with the City serving as
trustee, for the exclusive benefit of the Plan participants and their beneficia-
ries, and the assets shall not be diverted to any other purpose. The trustees
beneficial ownership of the Plan assets held in the ICMA retirement trust
shall be held for the further exclusive benefit of the Plan participants and
their beneficiaries. The Plan will permit loans.
trustee
E. The Director of Human Resources shall be the coordinator of this pro-
gram; shall receive necessary reports, notice, etc., from the ICMA retire-
ment corporation or the ICMA retirement corporation or the ICMA retire-
ment trust; shall cast, upon behalf of the City of Owasso, Oklahoma, any
required votes under the ICMA retirement trust; administrative duties to car-
ry out the plan may be assigned to the appropriate departments, and is
authorized to execute ali necessary agreements with ICMA Retirement Cor-
poration incidental to the administration of the plan.
CONTRIBUTIONS
A. Qualified employees of the City may make contributions into the
optional retirement system herein established in accordance with the provi-
sions and conditions of the International City Management Association
Retirement Corporation. The City Treasurer is authorized to withhold from
qualified employees of the City's compensation such amounts as expressly
directed by the qualified employee of the City and to collectively remit same
to the International City Management Association Retirement Corporation in
accordance with the provisions and conditions of the Intemational City Man-
agement Association Retirement Corporation Deferred Compensation Plan.
Owasso, Oklahoma, hereby agrees to serve as
D. The City of
under the plan.
SECTION 317
REPORTER
STATE OF TULSA COUNTY, ss:
Bill R. Rl of lawful age, being sworn
and says that he is the publisher of the
Owasso a weekly newspaper published in
the of Owasso, Tulsa County, Oklahoma, a news-
paper to legal notices, advertise-
ments and as provided in Section 106 of
Title 25, Oklahoma Statutes 1971 and 1983 as
amended, and thereafter, and complies with an other
requirements of the laws of Oklahoma with reference
to legal
That said notice true copy of which is attached
hereto, was in the regular edition of said
newspaper during d and time of publication
and not in a sup the following dates:
199----1L-
Subscribed and
Commission
SECTION 2-316
B. Each person who shall claim the right to any payment under the sys-
tem shall be entitled to look only to the retirement fund for such payment. No
liability for the payment of the benefits under the system shall be imposed
upon the City or any official, officer or employee thereof.
SECTION 318 DEFINITION OF EMPLOYEE
this plan, "'employae"
A permanent full-time employee of the City. An employee shall be consid.
ered permanent full-time if he or she works eighty (80) hours or more per
month for the City.
SECTtON 2-319
fonows:
as
s define
For the purpose of
PARTICIPATION
Any permanent full-time employee of the City, having attained the age of
twenty-one (21), except those employees who are sixty.five (65) years of
age or older on January 1. 1973, may become participants in the system.
SECTION 2-320 EXECUTION
The mayor is hereby authorized to execute the retirement plan with the
International City Management Association Retirement Corporation, incor-
porated by reference herein, as well as any other documents necessary,
including, but not limited to, the Declaration of Trust of the ICMA Retirement
Trust, and that the City Manager of the City may on behalf of the City exe-
cute all joinder agreements with the employees and other eligible officials
and officers, except those documents which may be necessary for the City
Manager shall be executed by the Mayor of the City.
Section Two: This ordinance shall be come effective thirty (30) days from
the date of passage and first publication as provided by state law.
CITY OF OWASSO, OKLAHOMA
By: IslDenise Bode
Denise Bode, Mayor
(SEAL)
ATTEST:
IslMarcia Boutwell
Marcia Boutwell, City Clerk
APPROVED AS TO FORM:
IslRonald D. Cates
Ronald D. Cates, City Attorney