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 authorized, created, established, and approved and adopted, effective as of July 1, 1997, the funded pension plan designated "employee retirement system of city of Okmulgee, Oklahoma, defined contribution plan", (hereinafter called system), an executed counterpart of which is marked exhibit A and exhibit B and attached to the ordinance codified in this article as part of this article. (Ord. 1728 § 1, 1998)