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(A) The city is hereby authorized to appropriate annually the amounts as are required in addition to employee contributions, to maintain its amended retirement system on a sound actuarial basis in accordance with the respective biannual actuarial valuation.
(B) Any appropriation so made to maintain the amended retirement system shall be for deferred wages or salaries and for the payment of necessary expenses of operation and administration, and shall be paid into the State Municipal Retirement fund when available, through the City Treasurer, to be by him or her duly transferred to the fund.
(`90 Code, § 1-64)
(A) (1) The Mayor and City Clerk 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 the system and related trust into full force and effect, and to make such changes therein as may be necessary to qualify the same under Sections 401(a) and 501(a) of the Internal Revenue Code of the United States.
(2) The counterpart attached hereto as Exhibit A, which has been duly executed as aforesaid simultaneously with the passage of this article and made a part hereof, is hereby ratified and confirmed in all respects.
(B) This City Council is hereby authorized and directed to proceed immediately on behalf of the city to negotiate a contract with other incorporated cities and town of the state to pool and combine the fund into the State Municipal Retirement Fund a part thereof, with similar funds of the other cities and towns, for purposes of pooled management and investment. The City Council shall manifest approval of the contract and the execution thereof by the Mayor and City Clerk by a formal resolution.
(`90 Code, § 1-65)
(A) Due to changes in federal law, and in order to comply with certain requirements of the Internal Revenue Service regarding the tax qualified status of the Employee Retirement System and Plan of the city, it is necessary to amend the definition of compensation contained in the Employee Retirement System and Plan as hereinafter set forth.
(B) (1) The Employee Retirement System and Plan of the city, as adopted, is hereby amended only by adding the following language to the definition of compensation in the State Municipal Retirement System Master Defined Benefit Plan and Trust, as amended and restated July 1, 1992, which is attached to Ordinance No. 2969 as Exhibit “A” thereto and expressly incorporated therein and adopted by reference. In addition to other applicable limitations set forth in the plan, and notwithstanding any other provision of the plan to the contrary, for plan years beginning on or after January 1, 1994, the annual compensation of each employee taken into account under the plan shall not exceed the Omnibus Budget Reconciliation Act of 1993 (OBRA'93) annual compensation limit. The OBRA'93 annual compensation limit is $150,000, as adjusted by the Commissioner for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months over which compensation is determined (determination period) beginning in the calendar year. If a determination period consists of fewer than 12 months, the OBRA'93 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. For plan years beginning on or after January 1, 1994, any reference in this plan to the limitation under Section 401(x)(17) of the code shall mean the OBRA '93 annual compensation limit in effect for that prior determination period.
(2) For this purpose, for determination periods beginning before the first day of the first plan year beginning on or after January 1, 1994, the OBRA'93 annual compensation limit is $150,000.
(Ord. 3009, passed 5-7-96)
(A) (1) The Employee Retirement System, Defined Benefit Plan, of the City of Guthrie, Oklahoma, is hereby amended as reflected on Exhibit “A” attached to Ordinance 3092, which is incorporated herein and adopted by reference. These amendments became effective on October 1, 2001.
(2) The City Clerk and Mayor are hereby authorized and directed to execute the amended Retirement System Plan documents and to do all the other acts necessary to put said amendment into effect and to maintain IRS qualification of the Plan. The executed amended document attached to Ord. 3092 as Exhibit “A” is hereby ratified and confirmed in all respects.
(3) Exhibit “A” is on file in the City Clerk’s office and is subject to public inspection.
(B) (1) The Employee Retirement System, Defined Benefit Plan, of the City of Guthrie, Oklahoma, is hereby amended as shown on Exhibit “A” attached to Ordinance 3111, which is incorporated herein and adopted by reference.
(2) Exhibit “A” is on file in the City Clerk’s office and is subject to public inspection.
(C) (1) The Employee Retirement System, Defined Benefit Plan, of the City of Guthrie, Oklahoma, is hereby amended to include the definition of “spouse” by Section 1 of Ordinance 3261, which is incorporated herein and adopted by reference.
(2) Ordinance 3261 is on file in the City Clerk’s office and is subject to public inspection.
(Ord. 3092, passed 9-18-01; Am. Ord. 3111, passed 3-18-03; Am. Ord. 3261, passed 9-16-14)
(A) Plan restated. Pursuant to the authority conferred by the laws of the State of Oklahoma, and for the purpose of encouraging continuity and meritorious service on the part of city employees and thereby promote public efficiency, there is hereby authorized created, established, and approved and adopted, effective as of October 1, 2015, the amended and restated Plan designated “Employee Retirement System of the City of Guthrie, 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 Ordinance 3271. Exhibits A and B are incorporated herein and adopted by reference. Ordinance 3261, and Exhibits A and B thereto, is on file in the City Clerk’s office and is subject to public inspection.
(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 city. 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 of Oklahoma as a part of the Oklahoma Municipal Retirement Fund in accordance with the trust agreement of the Oklahoma Municipal Retirement Fund, a public trust. The city shall hold such contributions in the form received, and from time to time 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.
(C) Appropriations. The City of Guthrie, 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 City of Guthrie, 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 Contribution Plan. 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 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.
(D) Execution. The Mayor and City Clerk 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 §§ 401(a) and 501(a) of the Internal Revenue Code of the United States. This Committee is hereby authorized and directed to proceed immediately on behalf of the City of Guthrie, 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 purposes of pooled management and investment.
(Ord. 3247, passed 2-5-13; Ord. 3271, passed 6-16-15)
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