(A) System created. 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 promote public efficiency, there is hereby authorized, created, established and approved and adopted, effective as of April 1, 2022, the funded pension plan designated “Employee Retirement System of the Town of Gage, Oklahoma, defined contribution plan” (hereinafter called “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.
(B) Fund. 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. Such fund shall be pooled for purposes of management and investment with similar funds of other incorporated cities, towns and municipal trusts in the state as a part of the State Municipal Retirement Fund, in accordance with the trust agreement of the State Municipal Retirement Fund, a public trust. The town shall hold such contributions in the form received and from time to time pay over and transfer the same to the State Municipal Retirement Fund, as duly authorized and directed by the Board of Trustees. The fund shall be non-fiscal and shall not be considered in computing any levy when the annual estimate is made to the County Excise Board.
(C) Appropriations.
(1) The town 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 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 contribution plan.
(2) Any appropriation so made to maintain the system and fund shall be for deferred wages or salaries, and for the payment of necessary expenses of operation and administration to be transferred to the Trustees of the State Municipal Retirement Fund for such purposes, and shall be paid into the fund when available, to be duly transferred to the State Municipal Retirement Fund.
(D) Execution.
(1) The Mayor and Town Clerk-Treasurer 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) of the Internal Revenue Code of the United States. The counterpart attached as exhibit A and exhibit B to the ordinance codified herein, which has been duly executed as aforesaid simultaneously with the passage of this section and made a part hereof, is hereby ratified and confirmed in all respects.
(2) The Committee is hereby authorized and directed to proceed immediately on behalf of the town to pool and combine the fund into the State Municipal Retirement Fund as a part thereof, with similar funds of such other cities and towns, for purposes of pooled management and investment.
(Prior Code, § 1-7-6) (Ord. 181, passed 5-26-2011; Ord. 197, passed 3-10-2022)