Loading...
HomeMy WebLinkAbout685_Modifying Defined Benefit Plan of OMRFTulsa County Clerk - EARLENE WILSON Doc# 01122984 pgs 2 B/p 6620/2574 -2575 Receipt # 544205 10/25 /01 12:46:17 Fee 15.00 000544205001 AN ORDINANCE OF THE CITY OF OWASSO, OKLAHOMA ORDINANCE NO. 685 AN ORDINANCE AMENDING THE EMPLOYEE RETIREMENT SYSTEM, DEFINED BENEFIT PLAN FOR CITY OF OWASSO, OKLAHOMA; PROVIDING RETIREMENT BENEFITS FOR ELIGIBLE EMPLOYEES OF CITY OF OWASSO, OKLAHOMA; PROVIDING FOR PURPOSE AND ORGANIZATION; PROVIDING FOR DEFINITIONS; PROVIDING FOR ELIGIBILITY AND PARTICIPATION; PROVIDING FOR EMPLOYER AND EMPLOYEE CONTRIBUTIONS; PROVIDING FOR 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 A VESTING SCHEDULE; PROVIDING FOR A FUND TO FINANCE THE SYSTEM TO BE POOLED WITH OTHER INCORPORATED CITIES TOWNS AND THEIR AGENCIES AND INSTRUMENTALITIES FOR PURPOSES OF ADMINISTRATION, MANAGEMENT, AND INVESTMENTS AS PART OF THE OKLAHOMA MUNICIPAL RETIREMENT FUND; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASURER OF CITY OF OWASSO, OKLAHOMA, AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS TO THE OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MANAGEMENT AND INVESTMENT; PROVIDING FOR NON - ALIENATION OF BENEFITS AND LOSS OF BENEFITS FOR CAUSE; PROVIDING FOR REPEALER AND SEVERABILITY. BE IT ORDAINED BY CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA. Section 1. The Employee Retirement System, Defined Benefit Plan, 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, 2001. Section 2. 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 and to maintain IRS qualification of the Plan. The executed amended document attached hereto as Exhibit "A" is hereby ratified and confirmed in all respects. Section 3. 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 4. 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 do 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 day of Sept. 2001, and was duly adopted and approved b he Mayor and City Council on the day day of See fern by or , 2001, after compliance with notice requirements of the Open Meeting Law (25 OSA, Section et seq.). OKLAHOMA MUNICIPAL RETIREMENT FUND MASTER DEFINED BENEFIT PLAN JOINDER AGREEMENT City of owasso, a city, town, agency, instrumentality, or public trust located in the state of Oklahoma, with its principal office at Owasso, Oklahoma, hereby establishes a Defined Benefit Plan to be known as City of Owasso Plan (the "Plan") in the form of the Oklahoma Municipal Retirement Fund Master Defined Benefit Plan. Except as otherwise provided herein, the definitions in Article II of the Plan apply. 1. Dates. This instrument is a new Plan effective. X This instrument is an amendment, restatement and continuation of the Previous Plan, which was originally effective July 1, 1972. this instrument is intended to conform to the changes required by the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act of 1986, the Omnibus Budget Reconciliation Act of 1987, the Unemployment Compensation Amendments of 1992, the Uniformed Service Employment and Reemployment Rights Act of 1994, the Uruguay Round Agreement Act of 1993, the Small Business Job Protection Act of 1996, the taxpayer Relief Act of 1997 and other applicable laws, regulations, and administrative authority, Therefore, the effective date of this Joinder Agreement is July 1, 2001, except as otherwise stated in the Plan and the Joinder Agreement. 2. Emplyee. The word "Employee" shall mean: X Any person other than a Leased Employee who, on or after the effective Date, is considered to be a regular full-time employee in accorance with the Employer's standard personnel policies and practices, and is receiving remuneration for such services rendered to the Employer (including any elected official and any appointed officer or employee of any department of the Employer, whether governmental or proprientary 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 other than a Leased Employee who, on or after the Effective Date, is considered to be regular employee in accorance with the Employer's standard personnel policies and practices (including part-time, seasonal and temporary employees), and is receiving remuneration for such 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 persons 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, The word "Employee" shall not include: [ X ] Any person who is currently accruing benefits under any other state or local retirement system. Any person who. 3. Eligibility. Employees shall be eligible to participate in the Plan: (Select only one) month (any number of months up to twelve) after the Employee's Employment Commencement Date. [ X ] On the Employee's Employment Commencement Date. 4. The Employer hereby elects the following Plan desigm X 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 approved by, and it with, the Committee. Non-Contributory Option. Participants shall not be required nor 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 of the Plan: X Sixty (60) monthly payments. One hundred and twenty (120) monthly payments. Plan Options. The Employer hereby elects the following plan designation and percentage used in calculating benefits under Section 5.1 of the Plan. Age 65 [ X ] The earlier of (i) and (ii) as follows: (i) age 65 (ii) the later of age 62 and the age at which the Participant has completed 30 years of credited service. An employee hired at age 30 who worked for 25 years and terminated at age 55 would be entitled to unreduced payments at age 65. MI] age 65 the later of age 55 and the age at which the sura of the Participant's age in completed years and the participant's number of completed years of credited service total 80 or greater. To be eligible, the Participant's age plus service must be at least 80 prior to termination of employment. I Examples: 1. An employee hired at age 30 who worked for 25 years and terminated at age 55 would be entitled to unreduced payments immediately. Age 55 plus 25 years equals 80. 2. An employee hired at age 20 who worked for 30 years and terminated at age 50 would be entitled to unreduced payments at age 55. The employee has age plus service points at age 50 but the minimum age for payment is 55. 3. An employee hired at age 25 who worked for 25 years and terminated at age 50 would be entitled to unreduced payments at age 65. Age 50 plus 25 years is less than 80, so the Normal Retirement Age is 65. D. Vesting Options. The Employer hereby elects the following vesting option to determine an Employee's eligibility to receive retirement benefits. Ten Year Cliff Vesting Schedule Seven Year Cliff Vesting Schedule [ X ] Five Year Cliff Vesting Schedule E. Service Credit Prior to Effective Date. The Employer hereby elects to include the following limitation of service prior to the effective date. X ] No limitation Service credit prior to the effective date shall not exceed years. F. Service Buybacl;- The Employer hereby elects service buyback pursuant to Section 10. 10 of the Plan [X] The service buyback provisions of Section 10. 10 of the Plan. Service for Worker's Compensation Period. If a Participant is on an Authorized Leave of Absence and is receiving worker's compensation during such Authorized Leave • Absence, such Participant [X] shall be credited with Service for such period for purposes of vestinp only and not for purposes of benefits, but no Employee contributions shall be made with respect to the Participant for such period, shall not be credited with Service for such period. 4 6. Contributions by Employees. If Employees are required to contribute to the cost of providing benefits under this Plan, such contributions shall be based on the plan designation selected in Section 5B above and shall apply to pay periods commencing on and after July 1, 1993. a. The Employee contribution formula in Section 3.2 of the Plan shall use the following maximum percentage for the Plan Option selected in Section 5B of this Joinder Agreement: b. [ X ]The contribution formula shall be 4.26 % of compensation. (Not to exceed the percentages in above paragraph). c. The contribution as annually determined each year shall be shared by the Employee and Employer as follows: Employee portion % Employer portion % (Employee plus Employer percentages must total 100%) The contribution will be actuarially determined based on Plan assets and liabilities as of January I of each year as a percent of payroll, which will then be shared between the Employer and Employee as noted above. These contribution rates will be in effect from July I of that year until June 30 of the subsequent year. 7. 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 Sections 5.1 (Normal Pension), 5.4 (Deferred Vested Pension), 63A and 6.313 (Death After Commencement of Pension), and 6.4 (Spouse's Pension) and provides 5 annual benefit increases of the smaller of three percent (3%) or the percentage change in the Consumer Price Index. The effective date of the Cost-Of-Living Option shall be _, the original date that the Employer elected the Cost-Of-Living Option. 8. Retiree Plan Improvement Option® Benefits payable to or on behalf of a former Employee under Article V, Article V1, or Article VII of the Plan, which are due or in the course of payment of the Effective Date of this Joinder Agreement, shall be increased according to the Plan Option elected herein. Such increased benefits shall be reflected in any periodic payments due or paid on or after the Effective Date of the Joinder Agreement. It is not intended for this change to be retroactive and any periodic payments due prior to such date shall not be affected. [X] be increased by $3.166 per month for each completed year of service effective July 1, 2001. Such increased benefits shall be reflected in any periodic payments due or paid after such date. It is not intended for this change to be retroactive and any periodic payments due prior to such date shall not be affected. not be increased, but shall continue to be paid under the terms of the Previous Plan. 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 ] 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 permittel subject to Retirement Committee approval for any such elections by Employee, subject to the following limitation(s): (The above election has no effect on the joint and survivor optional benefit forms under Section 7.1). 6 10. Defined Contribution Option. [ X ] Not applicable. Participant shall be entitled to the benefit under this option, in addition to the benefit determined according to Section 5B. An account shall be created for each active Participant as of the effective date of the option. The beginning balance of the account shall be the Participant's Contribution Accumulation. The account shall be credited with: Mandatory Contributions made by the Participant after the effective date of the option. (2) Investment earnings at same rate as earned by the OMRF Defined Benefit Fund. The administrator shall determine the method of determining the investment earnings and the date such investment earnings are credited. this option shall be effective. 11. Committee. The Committee, consisting of the following members, agrees to administer the Plan pursuant to the provisions thereof Name (Please print) Signature Mary Lou Barnhouse Randy Brogdon H.C. Williams Rebecca Armstrong Michael Helm 12. The Employer has consulted with and been advised by its attorney concerning the meaning of the provisions of the Plan and the effect of entry into the Plan. IN WITNESS WHEREOF 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 18th day of September, 2001. ATTES Title: The foregoing Joinder Agreement is hereby approved by the Oklahoma Municipal Retirement Fund this day of Title: Affidavit Of Publication STATE OF OKLAHOMA, TULSA COUNTY, ss: October 4th 2001 Subscribed and sworn to before me this 5th day of October PUBLISHER'S FEE Published in the Owasso Reporter, Owasso, Tulsa County, Oklahoma, October 4, 2001. AN ORDINANCE OF THE CITY OF OWASSO, OKLAHOMA ORDINANCE NO. 685 AN ORDINANCE AMENDING THE EMPLOYEE RETIREMENT SYSTEM, DEFINED BENEFIT PLAN FOR CITY OF OWASSO, OKLAHOMA; PROVIDING RETIREMENT BENEFITS FOR ELIGIBLE EMPLOYEES OF CITY OF OWASSO, OKLA- HOMA; PROVIDING FOR PURPOSE AND ORGANIZA- TION; PROVIDING FOR DE- FINITIONS; PROVIDING FOR ELIGIBILITY AND PART- ICIPATION; PROVIDING FOR EMPLOYER AND EMPLOYEE CONTRIBUTIONS; PROVIDING FOR ACCOUNTING, ALLOCA- TION, AND VALUATION; PROVIDING BENEFITS; PRO- VIDING FOR REQUIRED NO- TICE; PROVIDING FOR AMENDMENTS AND TER- MINATION, 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 THE SYSTEM TO BE POOLED WITH OTHER INCORPORATED CITIES TOWNS AND THEIR AGENCIES AND INSTRU- MENTALITIES FOR PUR- POSES OF ADMINISTRATION, MANAGEMENT, AND IN- VESTMENTS AS PART OF THE OKLAHOMA MUNICIPAL RETIREMENT FUND; PROVIDING FOR PAYMENT OF ALL CONTRIBUTIONS UNDER THE SYSTEM TO THE TREASURER OF CITY OF OWASSO. OKLAHOMA, AND FOR TRANSFER OF SUCH CONTRIBUTIONS AND FUND ASSETS TO THE OKLAHOMA MUNICIPAL RETIREMENT FUND FOR MANAGEMENT AND INVESTMENT; PRO - VIDING FOR NON - ALIENATION OF BENEFITS AND LOSS OF BENEFITS FOR CAUSE; PROVIDING FOR REPEALER AND SEVER - ABILITY. BE IT ORDAINED BY CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA. Section 1. The Employee Retirement System, Defined Contribution Plan, 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 amend- ments shall become effective on July 1, 2001. Section 2. The City Clerk and Mayor be and they are hereby authorized and directed to execute the amended Re- tirement System Plan docu- ments and to do all the other acts necessary to put said amendment into effect and to maintain IRS qualification of the Plan. The executed amended document attached hereto as Exhibit "A" is hereby ratified and confirmed in all respects. Section 3. 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 un- constitutional, the remaining sections, subsections, para- graphs, sentences, or clauses shall continue in full force and effect and shall be construea thereafter as being the entire provisions of this ordinance. Section 4. 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. The foregoing ordinance was introduced before the Owasso City Council on the 18th day of September, 2001, and was duty adopted and approved by the Mayor and City Council on the 18th day of September, 2001, after compliance with notice requirements of the Open Meeting Law (25 OSA, Section 301, et seq.) Mary Lou Bamhouse MAYOR (SEAL) ATTEST: Marcia Boutwell CITY CLERK Approved as to form and legality on September 18, 2001. Ronald Cates CITY ATTORNEY