(A) The proper officers are herewith authorized and directed to take all actions and make such reductions and submit such deferrals as are required by the Public Employees Retirement Board of the state pursuant to O.R.S. 243.478(1).
(B) (1) The city agrees to be bound by the terms and conditions of the contracts between the state, its investment providers, and record keeping company, and the plan document as identified in O.R.S. 243.401 to 243.507 and third party administrator (TPA) services as amended from time to time.
(2) Specifically, without limitation, the city agrees to appoint its governing body as trustees of its plan, pursuant to § 457(g)(2) of the Internal Revenue Code (IRC), being 26 U.S.C. § 457(g)(2). The city certifies it has received a copy of the plan document and TPA services.
(C) The city shall submit a certified copy of the notification memo to the state Public Employees Retirement System (PERS) as the Plan Administrator.
(D) The City Council, recognizing the PERS Board’s responsibility for maintaining the integrity of the plan, hereby agrees to cooperate fully with the plan administrator in accordance with procedures established by PERS in processing requests for withdrawal in case of an unforeseeable emergency as defined in § 457(b)(5) and (h)(4) and (5) of the Internal Revenue Code.
(Res. 344, passed 11-16-2004)