HomeMy WebLinkAboutResolution 08-38 07/21/2008
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SPRINGFIELD
NO. 2008 - 38
A RESOLUTION OF THE CITY OF SPRINGFIELD AMENDING THE CITY OF
SPRINGFIELD, OREGON RETIREMENT PLAN.
WHEREAS, the City of Springfield adopted the 2007 Restatement of the City of
Springfield, Oregon Retirement Plan (the Retirement Plan); and
WHEREAS, the City of Springfield desires to expand the City Manager's authority to
amend the Retirement Plan;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Springfield
that, effective on the date of this resolution, Sections 13.2. through 13.6. of the 2007 Restatement
of the Retirement Plan (as the 2007 Restatement has been amended to date) are renumbered as
Sections 13.3. through 13.7. respectively and the following new Section 13.2. is added to the
2007 Restatement:
13.2. ADDITIONAL AMENDMENT BY CITY MANAGER. Despite
Section 13.1., the City Manager of the Employer may also amend this Plan, by a document signed
by the City Manager, to allow a Participant who has an Accrued Benefit pursuant to Section 5.1.c.
(about disability credits) or 7. (about disability credits for transferred Participants), and who was
not classified as a Public Safety Employee,as of the date of the Participant's Disability resulting in
such Accrued Benefit, to elect to receive distribution of the amount of such Accrued Benefit at any
time during January through June of2009.
a. The amount of such a distribution shall be determined by making no
credit under Section 5. or 7. to the Participant's Employer Contribution Account (the Account) for
the calendar month that includes the date of the distribution or for any later calendar month.
b. A Participant who elects to receive such a distribution and survives to
the date of the distribution forfeits all rights to additional credits under Sections 5. and 7. to the
Account and all other rights to distribution, to the Participant or the Participant's beneficiary, of the
Participant's Accrued Benefit pursuant to Section 5.I.c. or 7. If a Participant who elects to receive
such a distribution dies before the date of the distribution, the Participant's election to receive such
a distribution will be void.
c. A Participant's election to receive such a distribution must include an
express written waiver of the rights described in Section 13.2.b. above, an express written waiver
of, and indemnification against, all claims relating to the forfeiture of such rights, and such other
matters as the City Manager deems appropriate. The terms of the election, waivers,
indemnification, and other matters shall be determined in the City Manager's absolute discretion.
d. For any Participant who, but for electing to receive such a distribution
and surviving to the date of the distribution, would be eligible for additional credits under Section
5.1.c. or 7. or for a future credited rate of return of nine percent (9%) per annum under Section
5 .l.d.( I) on the Participant's Accrued Benefit pursuant to Section 5.I.c., the amendment may (but
need not) credit an additional amount specified in the amendment ("additional credit") to the
Account (to be received in such distribution) in exchange for the Participant forfeiting additional
credits under Section 5.1.c. or 7. and two percentage points of the future credited rate ofreturn of
nine percent (9%) per annum under Section 5 .1.d.(I).
RESOLUTION NO. 2008- 38
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e. The amount of the additional credit, if any, shall be determined in the
City Manager's absolute discretion. In determining the amount of the additional credit, if any, the
City Manager may consider the benefits to the Participant of early distribution (including without
limitation the possibility the Participant might die or cease being Disabled or suffering a Disability ,
before age 60), the costs to and burdens on the Employer of early distribution, and such other
matters as the City Manager deems appropriate.
f. In adopting an amendment under this Section 13.2. and in determining
the amount of the additional credit, if any, the City Manager shall act on behalf of the City of
Springfield as Employer and not on behalf of the City of Springfield as Plan Administrator, and so
shall not be required to act in the interests of Participants and their beneficiaries.
g. The distribution shall be in such one of the methods of distribution
described in Section IOA.a., IOA.b., or IOA.c. (or in a combination ofa lump sum distribution and
one of the methods of distribution described in Section IOA.b. or 10A.c.) as the Participant elects
in writing to receive. The amount of the monthly payments to be provided by any annuity or
installment option shall be determined based on applying the amount of the Account as the
premium at the annuity purchase rate then made available to the Plan by the Insurance Company.
ADOPTED by the Common Council and approved by the Mayor of the City of
Springfield this 21st day of July, 2008.
ADOPTED by a vote of
5
for and
o
against. (1 Absent)
Mayor
ATTEST:
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Reviewed and Approved as to orm:
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Office of City Attorney
JulY!i1-,2008
RESOLUTION NO. 2008- 38
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