HomeMy WebLinkAboutResolution 98-13 03/09/1998
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SPRINGFIELD
NO. 98--1.L
A RESOLUTION OF THE CITY OF SPRINGFIELD AMENDING THE CITY OF
SPRINGFIELD, OREGON MONEY PURCHASE PENSION PLAN; AND AMENDING THE
CITY OF SPRINGFIELD, OREGON RETIREMENT PLAN.
WHEREAS, by Resolution No. 98-08 the City of Springfield adopted certain amendments
to the City of Springfield, Oregon Money Purchase Pension Plan (the "Pension Plan") and to
the City of Springfield, Oregon Retirement Plan (the "Retirement Plan"); and
WHEREAS, the City of Springfield desires to amend the Pension Plan and the
Retirement Plan to increase from 6 percent to 7 percent the allocation or credit to be made to
Participants' Pick-up Accounts for Monthly Earnings of less than $1,500; and
WHEREAS, the City of Springfield desires to clarify that contributions are to be made
and allocated under the Pension Plan for certain part-time employees;
NOW, THEREFORE, BE ITRESOL VED by the Common Council of the City of Springfield
as follows:
Section 1. Section 4.2. of the Pension Plan is amended to read as .follows.
4.2. The Employer shall contribute to the Plan on behalf of each Participant each month
a sum equal to the following:
a. An Employer contribution to be allocated to the Participant's Employer Contribution
Account equal to seven percent (7%) of the Participant's Monthly Earnings paid for that month.
b. An additional Employer contribution to be allocated to the Participant's Pick-up
Account equal to seven percent (7%) of the Participant's Monthly Earnings paid for that month.
The Employer reserves the, right to require that the Employer contribution' to be allocated to the Participant's
Pick-up Account be made pursuant to a salary reduction agreement, and the contribution shall be so made to
the extent required in such an agreement.
Section 2. The changeqmade in Section 1. of this Resolution,in the contribution and
allocation rate with respect to Pick-up Accounts for Monthly Earnings of less than$I,500shall
be effective for Monthly Earnings earned after February 28, 1998, and paid after March 31,
1998, which shall include Monthly Earnings for paid leave taken after February 28, 1998, and
paid after March 31, 1998.
Section 3. The clarification made in Section 1. of this Resolution that contributions and
allocations are to be made for Participants who are part-time employees is effective January 1,
1998.
RESOLUTION NO. 98-13
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Section 4. Section 5.I.a. of the Retirement Plan is amended to read as follows effective
. January 1, 1998:
a. For each calendar month after December 31, 1997, there shall be credited to each
Participant's Employer Contribution Account and Pick-up Account the following percentages of the Participant's
Monthly Earnings for that month: '
If the Participant is described in a
row in this column:
Credit to the Participant's Employer
Contribution Account the percentage
stated in the corresponding row in
this column:
Credit to the Participant's Pick-up
Account the percentage stated in
the corresponding row in this
column:
A Public Safety Employee
A full-time Employee who is a
Police Dispatcher or Property
Controller
The percentage in Section 5.1.b.
10%
A full-time Employee who is not a
Public Safety Employee, Police
Dispatcher, or Property Controller
7%
7%
7%
7%
Section 5. The City Manager is directed to prepare and execute, restatements of the
Pension Plan and the Retirement Plan incorporating the. amendments . made in this Resolution and
also incorporating the effective dates. of the amendments:
ADOPTED by the Common Council and approved. by the': Mayor ~ of the City of
. Springfield this ~ day of March, .1998.
ADOPTED by a vote of ~ for and ~ against.
~piiP~d
Mayor
ATTEST:
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Cifyr Reco~er
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REVIEWED" APPROVED
A~t~,~~RM) ~...,
DATE: ~f-:::J- 'l '3
nFFICE OF CITY ATTORNEY
RESOLUTION NO. 98-13
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