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HomeMy WebLinkAbout593_Adopting Optional Retirement Program with ICMATULSA COUNTY CLERK - JOAN HASTINGS RCPT 316215 10/26/98 14:17:59 DOC # 98121614 FEE 0.00 PGS 2 B/P 6125/0338-0339 6125 0338 CITY OF OWASSO, OKLAHOMA ORDINANCE NUMBER 593 AN ORDINANCE RELATING TO PART TWO ADMINISTRATION AND GOVERNMENT, CHAMPER THREE RETIREMENT PENSIONS, ADOPTING A NEW ARTICLE C, 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 OF HUMAN RESOURCES AS THE COORDINATOR FOR THE PROGRAM AS WELL AS PROVIDING OTHER MATTERS NECESSARY AND INCIDENTAL THERETO, AND DECLARING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA: Section One: That Part Two, Administration and Government, Chapter Three, Retirement and Penstions, be amended by adoption of Article C thereto same ebing an Optional Retirement Program, such being adopted and codified as hereinafter establsihed, to-wit: SECTION 2-316 OPTIONAL RETIREMENT PLAN ESTABLISHED A. There is hereby created a retirement system for certain qualified employees 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 system for the employee of the City. The optional retirement system shall be the International City Management Association Retirement Corporation Deferred Compensation Plan, 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 Corporation. 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 beneficiaries, 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. D. The City of Owasso, Oklahoma, hereby agrees to serve as trustee under the plan. E. The Director of Human Resources shall be the coordinator of this program; shall receive necessary reports, notices, etc., from the ICMA retirement corporation or the ICMA retirement trust; shall cast, upon behalf of the City of Owasso, Oklahoma, and required votes under the ICMA retirement trust; administrative duties to carry out the plan may be assigned to the appropriate departments, and is authorized to execute all necessary agreements with ICMA Retirement Corporation incidedntal to theadministration of the plan. SECTION 317 CONTRIBUTIONS A. Qualified employees of the City ma make contributions into the optional retirement system herein established in accordance with the provisions and conditions of the International City Management Association Retirement Corporation. The City Treasurer is authorized to withhold form qualifed 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 6125 0339 International City Management Association Retirement Corporation in accordance with the provisions and conditions of the International City Management Association Retirement Corporation Deferred Compensation Plan. B. Each person who shall claim the right to any payment under the system 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 thereo. SECTION 318 DEFINITION OF EMPLOYEE For the purpose of this plan, “employee” is defined as follows: a permanent full-time employee of the City. An employee shall be considered permanent full-time if he or she works eight (80) hours or more per month for the City. SECTION 2-319 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, in incorporated 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 execute 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 ordinances shall be come effective thirty (30) days from the date of pasage and first publication as provided by state law. CITY OF OWASS, OKLAHOMA By: Denise Bode, Mayor ATTEST: Marcia Boutwell, City Clerk APPROVED AS TO FORM: Ronald D. Cates, City Attorney Published in the Owasso Reporter, Owasso, Tulsa County, Oklahoma, Octo- ber 15, 1998. CITY OF OWASSO, OKLAHOMA ORDINANCE NO. 593 OWASSO REPORTER STATE OF OKLAHOMA, TULSA COUNTYss: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that he is the publisher of the Owasso Reporter, a weekly newspaper published in the City of Owasso, Tulsa County, Oklahoma, a news- paper qualified to publish legal not -lees, advertise- ments and publications as provided in Section 106 of Title 25, Oklahoma Statutes 1971 and 1963 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: My Commission expires PUBLISHER, FEE $111.60 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: SECTION 2-316 OPTIONAL RETIREMENT PLAN ESTABLISHED A. There is hereby created a retirement system for certain qualified employees 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 Retirement 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. D. The City of Owasso, Oklahoma, hereby agrees to serve as trustee under the plan. 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 all necessary agreements with ICMA Retirement Cor- poration incidental to the administration of the plan. SECTION 317 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 International City Man- agement Association Retirement Corporation Deferred Compensation Plan. 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 For the purpose of this plan, "employe" is defined as follows: 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. SECTION 2-319 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. (SEAL) ATTEST: /s/Marcia Boutwell Marcia Boutwell, City Clerk APPROVED AS TO FORM: /s/Ronald D. Cates Ronald D. Cates, City Attorney CITY OF OWASSO, OKLAHOMA By: /s/Denise Bode Denise Bode, Mayor