HomeMy WebLinkAboutResolution 03-53 11/17/2003
RESOLUTION NO. ~3-53
A RESOLUTION OF THE CITY OF SPRINGFIELD ADOPTING A DEFERRED
COMPENSATION PLAN.
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WHEREAS, the City of Springfield desires to adopt a deferred compensation plan under
which participants' contributions are invested through the Oregon Deferred Compensation Fund
pursuant to Oregon Revised Statutes 243.474 to 243.478;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Springfield as
follows:
Section 1. The City adopts the attached City of Springfield Deferred Compensation
Plan and Trust (OSGP) (the "Plan and Trust").
Section 2. The City Manager is authorized and directed to execute the Plan and Trust
on behalf of the City of Springfield.
Section 3.
The City of Springfield is designated as the Trustee under the Plan and
Trust.
Section 4. All the assets of the Plan and Trust shall be invested through the deferred
compensation investment program established by the Oregon Investment Council under Oregon
Revised Statutes 243.421, which is known as the Oregon Deferred Compensation Fund or the
Oregon Savings Growth Plan.
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Section 5. The City Manager is authorized and directed to enter into the form of
administrative services agreement provided by the Oregon Public Employees Retirement System
pursuant to Oregon Revised Statutes 243.474 to 243.478 for local government deferred
compensation plans invested through the Oregon Deferred Compensation Fund.
Section 6. The City Manager is further authorized and directed to cause the proper
officers and employees of the City to take all actions required by the Oregon Public Employees
Retirement Board pursuant to Oregon Revised Statutes 243.474 to 243.478, including without
limitation submitting a certified copy of this resolution and the attached Designation of Agent
and Notification Memo to the Oregon Public Employees Retirement System and withholding
participants' salary reductions made pursuant to the Plan and Trust and submitting the salary
reductions as required by the Oregon Public Employees Retirement Board.
Section 7. The City of Springfield agrees to be bound by the terms and conditions of
the contracts between the State and its investment providers and record keeping company
regarding the Oregon Deferred Compensation Fund and the Oregon Savings Growth Plan, by the
"Plan Document" as identified in Oregon Revised Statutes 243.401 to 243.507, and by
agreements for third-party administration services for the Plan and Trust, all as amended from
time to time.
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Section 8. The City of Springfield agrees to cooperate fully with the Oregon Public
Employees Retirement System in accordance with procedures established by the System in
processing requests for withdrawal in case of an unforeseeable emergency as defined in Internal
Revenue Code Section 457(b) and Treasury regulations.
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Resolution No. 03-53
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Section: 9
DESIGNATION OF AGENT
Title:
Human Resources Manager
Agent:
Ardis Belknap
Address:
225 Fifth Street
Springfield, OR 97477
Phone Number:
541-726-3786
E-mail address:
abelknap@ci.springfield.or.us
Office Hours:
8-5 Monday to Friday
Alternate Agent:
Robert Duey, Finance Director
Phone Number:
541-726-3740
FAX Number:
541-726-3782
Section: 10 This resolution shall take effect on adoption by the Council.
NOW THEREFORE BE IT RESOLVED THAT THE Common Council of the City of
Springfield does hereby accept the Oregon Savings Growth Plan (OSPG) an an additional plan to
the City's two exiting Deferred Compensation Plans as recommended by the Joint Benefit
Committee and Executive Team.
Adopted by the Common Council "of the City of Springfield, Oregon, the 17 th day of
November , 2003. --
Adopted by a vote of 6 for and 0 against.
ATTEST:
REVIE\JIfED 8. APPROVED
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DATE:_-t\ .t'3_\~~
OFFICE OF CITY ATTORNEV
City Recorder
CERTIFICATION
I hereby certify that the foregoing resolution is a true, correct and complete copy of the resolution
duly and regularly passed by the council of the City of Springfield of Lane County on the 17th
day of November and that this resolution has not been repealed or amended, and is now in full
force and effect.
1 7 ill-
day of November, 2003.
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Title
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Mailing Address:
225 Fifth Street
Springfield, OR 97477
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NOTIFICATION MEMO
Employer Name: City of Springfield
Phone Number: 541-726-3786
Address: 225 Fifth Street
County: Lane
City, State, Zip: Springfield, OR 97477
Federal LD. No.: 93-6002258
Number of Employees: 400
PERS Employer Number: 2278
Employer Representative (Name): Ardis Belknap, Human Resources Manager
PAYROLL DATA
1. Deferral will be submitted by: X Check Wire
2. Normal payday: sth of month
a. Attach payday schedule for a calendar month
b. Number of employees on this pay mode: 400
2. Participants are able to indicate on the Plan and Agreement upon enrollment whether
deferral amount shall be indicated in dollar amount or as percentage of salary per pay
period. Please indicate your preference:
We will accept deferral indicated in dollars or percentage of salary.
X We will accept deferral indicated in dollars only.
3. The initial and amended payroll reduction authorization, forms and Letters of
Transmittal should be sent to:
Name: Loraine Land Title: Payroll
4. Payroll Reduction Listing that will be sent prior to each pay day should be sent to:
Name: Loraine Land Title: Payroll
OPTIONAL INFORMATION
Copy of your existing Organizational Chart
Information submitted by: Ardis Belknap Phone Number: 541-726-3786
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