A. Employee Retirement System Created: Pursuant to the authority conferred by the City, City Charter, as amended, and 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, approved and adopted, effective as of August 1, 1977, the funded Pension Plan designated the "Employee Retirement System of Waurika, Oklahoma" (hereinafter called "system"). (2007 Code § 1-160)
B. Administration: For the purpose of administration of the system, there is hereby established a Board of Trustees, which shall be the members of the Waurika City Commission, as now existing or as from time to time duly elected or appointed and constituted. The powers and duties of the Board of Trustees shall be as set forth in the system instrument. (2007 Code § 1-161)
C. 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 Treasurer who shall be the Treasurer of the system. 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 a duly executed contract for such purpose, which contract shall be executed by the City Commission, as soon as feasible. The City Treasurer 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. The fund and system shall be valued every other year for actuarial soundness by a qualified actuarial firm. (2007 Code § 1-162)
D. Appropriations: The City 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 is hereby authorized to appropriate annually such amounts as are required in addition to employee contributions, to maintain the system and the fund on a sound actuarial basis, in accordance with the respective annual actuarial valuation. 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, including separate annual appropriations to be transferred to the trustees of the Oklahoma Municipal Retirement Fund for such purposes, and shall be paid into the fund when available, through the City Treasurer, to be by him duly transferred to the Oklahoma Municipal Retirement Fund. (2007 Code § 1-163)
E. 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 sections 401(a) and 501(a) of the Internal Revenue Code of the United States. The City Commission is hereby authorized and directed to proceed immediately on behalf of the City to negotiate a contract with other incorporated cities and towns of the State of 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. The City Commission shall manifest approval of such contract and the execution thereof by the Mayor and City Clerk, by a formal resolution. (2007 Code § 1-164)
F. Separability: If, regardless of cause, any section, subsection, paragraph, sentence or clause of this section, including the system as set forth in exhibit A on file in the City, is held invalid or to be unconstitutional, the remaining sections, subsections, paragraphs, sentences or clauses shall continue in full force and effect and shall be construed thereafter as being the entire provisions of this section. (2007 Code § 1-165)
G. Employee Defined Benefit Plan: The plan created by ordinance of the City is hereby amended by Ordinance 050602-1, including Joinder Agreement attached as exhibit A, and Ordinance 12092019-07, including Joinder Agreement attached as exhibit A and the amended and restated plan attached as Exhibit B, on file in the City continued. (2007 Code § 1-166) (amd. Ord. 12092019-07, 12-9-2019)