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RESOLUTION NO
7.630
M ® M M
A RESOLUTION AMENDING RESOLUTION NO. 6,482
APPROVING THE ESTABLISHMENT OF A DEFINED
CONTRIBUTION PLAN AS RETIREMENT FOR NON -
UNIFORMED EMPLOYEES OF THE CITY OF LITTLE
ROCK, ARKANSAS, AND FOR OTHER PURPOSES.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The second paragraph of Section 3.4 - EMPLOYER
CONTRIBUTION shall be amended to read as follows:
§ 3.4 The City will contribute an amount for
former active participants in the defined
benefit plan as determined by actuarial valuation
each year to ensure that employees enrolled prior
to January 1, 1981 receive an annual retirement
benefit equal to the sum of the following:
Two percent (28) of the employee's highest
five -year average salary and longevity pay multiplied
by the number of years in service, but the annual
benefit will be limited to seventy percent
(708) of the five -year average salary
provided that no retiree will draw a benefit
less than he or she would have drawn under
the previous formula.
Section 2. The first sentence in Section 10 - FUNDING AND
ADMINISTRATION shall be amended to read as follows:
§10.1 The Board of Trustees may contract
with a reputable company for purposes of
investing the funds deposited under the plan,
for providing annuities for retirees, for
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1 advising on matters relating to the plan and
2 for providing a group annuity contract.
3
4 Section 3. The second sentence in Section 10 - FUNDING AND
5 ADMINISTRATION shall be amended to read as follows:
6 §10.2 The City Manager, Personnel Director and
7 Finance Director shall act as Trustees for the
8 administration of the City's Non - Uniform Retirement
9 Plan with authority and responsibility to:
10 Receive and account for funds of the plan;
11 transfer funds of the plan within accounts
12 as deemed necessary; and
13 appoint a committee or committees to assist in
14 administration of the plan.
15
16 Action may be taken with the consent of any two of the
17 above referenced Trustees.
18
19 Section 4. Section 10 - FUNDING AND ADMINISTRATION shall
20 be amended by adding the following additional language:
21 §10.3 The Board of Trustees is authorized to
22 withdraw from Mutual of New York all funds held
23 for the benefit of active participants in the
24 defined benefit plan thereby terminating the
25 MONY contract.
26
27 Section 5. Section 10 - FUNDING AND ADMINISTRATION shall
28 be amended by adding the following additional language:
29 §10.4 The Board of Trustees is further authorized
30 to perform all actions necessary to consolidate
31 into one retirement plan provisions of the former
32 defined benefit plan with MONY with Aetna Life
33 Insurance Company to ensure that all former
34 active participants are covered under provisions
35 of the consolidated plan.
36
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ADOPTED: July 15, 1986
ATTEST:
gaw.t-z
CITV CLERK TAA CZECH
AS TO FORM:
MARK STODaA, CITY ATTORNEY
APPROVED:
MAYOR THOMAS A. PRINCE,
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