(A) Adoption. Pursuant to the authority conferred by the laws of the state and for the purpose of encouraging continuity and meritorious service on the part of town employees, and thereby promoting public efficiency, there is hereby authorized, created, established and approved and adopted, effective as of December 1, 2014, the amended and restated plan designated the “Employee Retirement System of the Town of Calera and Calera Public Works Authority, Oklahoma, Defined Benefit Plan,” hereinafter called “the System,” an executed counterpart of which is marked Exhibit A, “Joinder Agreement,” and Exhibit B, “Amended and Restated Plan,” and attached to the ordinance codified herein as part hereof as if set out herein in full.
(Prior Code, § 2-601)
(B) Fund.
(1) A fund is hereby provided for the exclusive use and benefit of the persons entitled to benefits under the System. All contributions to such fund shall be paid over to and received in trust for such purpose by the town.
(2) Such fund shall be pooled for the purpose of management and investment with similar funds of other incorporated cities, towns and municipal trusts in the state as a part of the Oklahoma Municipal Retirement Fund in accordance with the trust agreement of the Oklahoma Municipal Retirement Fund, a public trust.
(3) The town shall hold such contributions in the form received and from time to time shall pay over and transfer the same to the Oklahoma Municipal Retirement Fund as duly authorized and directed by the Board of Trustees. The fund shall be nonfiscal and shall not be considered in computing any levy when the annual estimate is made to the County Excise Board.
(Prior Code, § 2-602)
(C) Appropriations.
(1) The Town of Calera and Calera Public Works Authority, Oklahoma, is hereby authorized to incur the necessary expenses for the establishment, operation and administration of the System and to appropriate and pay the same. In addition, the Town of Calera and Calera Public Works Authority, Oklahoma, is hereby authorized to appropriate annually such amounts as are required in addition to employee contributions to maintain the System and the fund in accordance with the provisions of the defined benefit plan.
(2) Any appropriation so made to maintain the System and fund shall be for deferred wages or salaries and the payment of necessary expenses of operation and administration to be transferred to the Trustees of the Oklahoma Municipal Retirement Fund for such purposes, and shall be paid into the fund when available to be duly transferred to the Oklahoma Municipal Retirement Fund.
(Prior Code, § 2-603)
(D) Execution.
(1) The Mayor and Town Clerk-Treasurer be and they are each hereby authorized and directed to execute in counterparts, each of which shall constitute an original, the System instrument, and to do all other acts and things necessary, advisable and proper to put said System and related trust into full force and effect, and to make such changes therein as may be necessary to qualify the same under I.R.C. §§ 401(a) and 501(a), being 26 U.S.C. §§ 401(a) and 501(a), respectively.
(2) The counterpart attached to the ordinance codified herein as Exhibit A and Exhibit B, which has been duly executed as aforesaid simultaneously with the passage of this section and made a part hereof as if fully set out herein, is hereby ratified and confirmed in all respects.
(3) This Committee is hereby authorized and directed to proceed immediately on behalf of the Town of Calera and Calera Public Works Authority, Oklahoma, to pool and combine the fund into the Oklahoma Municipal Retirement Fund as a part thereof with similar funds of such other cities and towns for the purpose of pooled management and investment.
(Prior Code, § 2-604)
(Ord. 2014-05, passed 12-19-2014; Ord. 2022-02, passed 4-14-2022; Ord. 2022-03, passed 4-14-2022; Ord. 2022-04, passed 4-14-2022)