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Home My WebLink About617_Amending Defined Contribution Retirement SystemTULSA COUNTY CLERK - JOAN HASTINGS RCPT 387140 10/20/99 12:15:00 DOC # 99123635 FEE 14.00 PGS 4 B/P 628410280 -0283 ORDINANCE NO. 617 AN ORDINANCE OF THE CITY OF OWASSO, OKLAHOMA, AMENDING THE DEFINED CONTRIBUTION RETIREMENT SYSTEM OF OWASSO, OKLAHOMA, PERTAINING TO VALUATION DATE OF ASSETS, DEFINING VALUATION PERIODS, ACCOUNTS, AND INVESTMENT OPTIONS; REQUIRING MAINTENANCE OF SEPARATE SUBACCOUNTS FOR EACH ACCOUNT; PROVIDING FOR ELIGIBILITY FOR ALLOCATION OF ASSETS; PROVIDING FOR VALUATION DATE- ADJUSTMENT; PROVIDING A FORMULA FOR ALLOCATION OF AND INVESTMENT EARNINGS AND LOSSES; PROVIDING FOR REPEALER, SEVERABILITY, AND CODIFICATION; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE City Council OF THE CITY OF OWASSO, OKLAHOMA: Section 1. The Defined Contribution Retirement System of City of Owasso, Oklahoma, is hereby amended as reflected on the 1999 Amendment to the Defined Contribution Plan which is attached hereto as Exhibit "A ", and incorporated herein by reference, and is hereby adopted and approved. Section 2. Repealer. All ordinances in conflict herewith are hereby repealed. Section 3. Severability. If any part, article, section, or subsection of this ordinance shall be held invalid or unconstitutional for any reason, such holding shall not be construed to impair or invalidate the remainder of this ordinance, notwithstanding such holding. Section 4. Codification. The amendment shall be codified in the original Defined Contribution System adoption ordinance and correspond with the numbering of the Defined Contribution System originally adopted and as reflected on the attached amendment. Section 5. Emergency. It being immediately necessary for the preservation of the public peace, health, safety, and welfare Of 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. ** *END * ** The foregoing ordinance was introduced before the City Council of City of Owasso, _Oklahoma, and was duly adopted and approved by the Mayor and City Council of City of Owasso, Oklahoma, on the 21st day of September , after compliance with notice requirements of the Open Meetings Law (25 OSA, Sections 301, et seq.). OFFICIAL SEAL Approved as to form and legali 1999 Owasso, OKLAHOMA ATTORNEY 1999 AMENDMENT TO THE CITY OF OWASSO PLAN Pursuant to the authority vested in the undersigned, the City of Owasso Plan (the "Plan") is hereby amended as follows: Section 2.41 of the Plan is hereby amended to read as follows: an "Valuation Date: Midnight on the last work day of the calendar month and any Special Valuation Dates determined in accordance with Section 5.10." Article 11 of the Plan is hereby amended to add the following new Sections: "2.42 Valuation Period: The period of time between two successive Valuation Dates. 2.43 Account: One or more of several records maintained to record the interest in the Plan of each Participant and Beneficiary. 2.44 Investment Options: Any of those investment options selected by the Committee." "4.12 --Notwithstanding anything to the contrary herein or in the Joinder Agreement, there shall be no requirement that the Participant be employed on the last day of the Valuation Period in order to be eligible for Employer Contributions. This sentence shall supercede anything to the contrary in the Joinder Agreement. "A separate sub-account for each such Account shall be maintained for each Investment Option offered under the Plan." "5.2 Eligibility for Allocation: Employer contributions together with Amounts Forfeited as of the Valuation Date shall be allocated to the Municipality Contribution Accounts of Participants." IV Section 5.5 Valuation Date Adjustment: Each Accounty within each investment Option of the Trust Fund shall be adjusted during the Valuation Period by decreasing its balance by the amount of any withdrawal, transfer, or forfeiture which is made from it, and by increasing its balance by the amount of any transfer, contribution, or other interim addition which is made to it. On the Valuation Date, the Account balances shall be credited with the apporpiate amount of Employer Contributions and Amounts Forgeited.: VII. Section 5.6 of the Plan is hereby amended to read as follows: "5.6 Allocation of Investment Earnings and losses: On the Valuation Date each Account shall be allocated a proportionate share of the earnings or losses (including unrealized gains and losses) for the Valuation Period, separately for each Investment Option of the Trust Fund. The Administrator shall determine the amount of earnings and losses for the fund. The Administrator shall determine the amount of earnings and losses for the fund of each investment Option based upon the Trustee's statements of the fair market value of the fund of each investment Option on the Valuation Dates. On the Valuation date, the earnings and losses shall be allocated to each account based upon the proportion that is weighted account balanc bears to the total of all weighted balances. The weighted balances are calculated by first adjusting the balaces as of the prior Valuation Date for tranfers between Investment Options. The adjusted balaces are then weighed greated with one-half of any partial distribution or partial withdrawal made fom them during the Valuation Period and are weighted lesser with one-half of any rollover, or contribution made to them during the Valuation Period. This weighting allows rollovers, contributions and partial distributions to share in the earnings and losses as if one-half of these amounts were included in the Account balances for the entire period. Total Distribution of Account balances never share in the earnings or losses of the Valuation Period of which they are made." Except as otherwise provided in this 1999 Amendment to the City of Owasso Plan ("Amendment"), the Plan is hereby ratified and confirmed in all respects. This Amendment shall be effective as of July 1, 1999. EXECUTED as of the ?Is-t day of 1999. City of Owasso By: Title 2 Affidavit OWASSO REPORTER STATE OF O AROMA, TULSA COUNTY, ss: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that be 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 notices, advertise- ments and publications as provided in Section 196 of `title 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 supplement, on the following dates: September 30th 199 9 Subscribed and sworn to before -me this, day of 199 Notary Public My Commission expires: _ PUB LISHERIS F EE $ 103.40 Published in the Owasso Reporter, Owasso, Tulsa County, Oklahoma, September 30, 1999 ORDINANCE NO. 617 AN ORDINANCE OF THE CITY OF OWASSO, OKLAHOMA, AMENDING THE DEFINED CONTRIBUTION RETIREMENT SYSTEM OF OWASSO, OKLAHOMA, PERTAINING TO VALUATION DATE OF ASSETS, DEFIN- ING VALUATION PERIODS, ACCOUNTS, AND INVESTMENT OPTIONS; REQUIRING MAINTENANCE OF SEPARATE SUBACCOUNTS FOR EACH ACCOUNT; PROVIDING FOR ELIGIBILITY FOR ALLOCATION OF ASSETS; PROVIDING FOR VALUATION DATE ADJUSTMENT; PROVID- ING A FORMULA FOR ALLOCATION OF AND INVESTMENT EARNINGS AND LOSSES; PROVIDING FOR REPEALER, SEVERABILITY, AND CODIFICATION; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE City Council OF THE CITY OF OWASSO, OKLAHOMA: Section 1. The Defined Contribution Retirement System of City of Owasso, Oklahoma, is hereby amended as reflected on the 1999 Amendment to the Defined Contribution Plan which is attached hereto as Exhibit "A ":, and incorporated herein by reference, and is hereby adopted and approved. Section 2. Repealer. All ordinances in conflict herewith are hereby repeated. Section 3. Severability. If any part, article, section, or subsection of this ordinance shall be held invalid or unconstitutional for any reason, such holding shall not be construed to impair or invalidate the remainder of this ordinance, notwithstanding such holding. Section 4. Codification. The amendment shall be codified in the original Defined Contribution System adoption ordinance and correspond with the numbering of the Defined Contribution System originally adopted and as reflected on the attached amendment. Section 5, Emergency. It being immediately necessary for the preservation of the public peace, health, safety, and welfare of City of Owasso, Okla- homa, 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. END The foregoing ordinance was introduced before the City Council of City of Owasso, Oklahoma, and was duly adopted and approved by the Mayor and City Council of City of Owasso, Oklahoma, on the 21st day of Septem- ber, after compliance with notice requirements of the Open Meetings Law (25 OSA, Sections 301, at seq.). Official Seal Owasso, OKLAHOMA ATTEST: /s/ Mark Wilken /s/ Marcia Boutwell MAYOR CLERK Approved as to form and legality on September 21 1999. /s/ Ronald Cates ATTORNEY