(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)