2734 RESOLUTION NO. 2,734
A RESOLUTION AMENDING SECTION 2, SECTION 3.2(a) , SEC-
TION 5.2(b), SECTION 5.3(a) (2), AND SECTION 5.3(b)
OF THE GROUP RETIREMENT PLAN OF THE CITY OF LITTLE
ROCK, AS SET FORTH IN SECTION 1 OF RESOLUTION NO.
2551, SAME BEING: "A RESOLUTION PROVIDING FOR AND
CREATING A GROUP RETIREMENT AND PENSION PLAN FOR THE
NON-UNIFORM EMPLOYEES OF THE CITY OF LITTLE ROCK,
ARKANSAS; AND FOR OTHER PURPOSES. "; AND FOR OTHER
PURPOSES.
WHEREAS, in order to clarify and amend the Group Retirement
Plan of the City of Little Rock, Arkansas, to provide benefits
to the employees of the City of Little Rock for their past
service, and in order to improve the Group Retirement and Pension
Plan, the Board of Directors of the City of Little Rock, Arkansas,
desires to amend certain sections of the Group Retirement Plan
of the City of Little Rock, as set forth in Section 1, of Resolu-
tion No. 2551;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The term, "Normal Retirement Birthday, " as defined
in Section 2 of the Group Retirement Plan of the City of Little
Rock, Arkansas, is hereby amended to read as follows :
"Normal Retirement The Normal Retirement Birthday of a
Birthday participant shall be the birthday
shown below:
(A) Participant ' s age Normal
last birthday on May Retirement
1, 1960: Birthday
64 and over 2nd birthday after
May 1, 1960
(B) All other Partici-
pants 65th birthday"
SECTION 2. Paragraph (a) of Section 3.2 of the Group Retire-
ment Plan of the City of Little Rock, Arkansas, is hereby amended
to read as follows :
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"(a) For those in the employ of the City on May 1, 1960:
"On the Eligibility Date, if his Continuous Service
has been uninterrupted since the date indicated in
the following schedule, according to his age on
May 1, 1960:
Date of Commencement
Age on Last Birthday of Employee ' s Uninterrupted
on May 1, 1960 Continuous Service
51 and under May 1, 1958
52-55 Employee' s 50th birthday
56 51st "
57 " 52nd "
58 " 53rd "
59 " 54th "
60 and over " 55th "
"If continuous service prior to May 1, 1960, has been
interrupted, such an employee shall also be eligible
for participation on May 1, 1960, if his total con-
tinuous service prior to that date equals or exceeds
the length of time between the date shown above and
May 1, 1960. "
SECTION 3. Paragraph (b) of Section 5.2 of the Group Retire-
ment Plan of the City of Little Rock, Arkansas, is hereby amended
to read as follows :
"(b) Amount of Past Service Annuity Benefits
"The amount of Past Service Annuity Benefits for
each participant shall be determined as follows :
"Each eligible employee who elects to participate
in the Plan within 90 days of the Effective Date shall be
entitled to a Past Service Annuity equal to the product of
"(1) 1/2 of 1% of his annual Effective Earnings as of
May 1, 1960, and
"(2) the number of completed years of Continuous Service
prior to July 1, 1960. "
SECTION 4. Paragraph (a)(2) of Section 5.3 of the Group
Retirement Plan of the City of Little Rock, Arkansas, is hereby
amended to read as follows:
"(2) Each participant whose retirement is postponed
pursuant to the foregoing paragraph shall receive a
retirement income commencing upon his actual retirement.
Such income shall be the retirement income he would
have received if he had retired on his normal retire-
ment date."
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SECTION 5. Paragraph (b) of Section 5.3 of the Group
Retirement Plan of the City of Little hock, Arkansas, is hereby
amended to read as follows :
"(b) Optional Method of Payment of Annuity Benefits
"Instead of the benefits being paid as provided in
Section 5. 1 and 5.2 above, a Participant may elect to
receive an alternative form of life income of equivalent
actuarial value as may then be made available by the insur-
ance company. Such alternative forms of income shall in-
clude, but need not be restricted to (a) a contingent
annuity option, (b) a social security adjustment option
and (c) a life income with no period certain, or with a
period certain of five or ten years.
"Such an election shall be effective only if the
insurance company receives the Participant ' s written
notice at its Home Office not later than (a) October
1, 1961, or (b) 3 years before his Normal Retirement
Date and if the requirements for the election of any
such option are met. The amount of the income of the
alternative form shall be calculated by the insurance
company at the end of the period allowed for such election. "
SECTION 6. The changes in the Group Retirement Plan of the
City of Little Rock, as made by the amendments contained in this
resolution, shall be in full force and effect on and after July
1, 1961.
SECTION 7. This resolution shall be in full force and
effect from and after its adoption.
ADOPTED: August 7, 1961
ATTEST: �� ` APPROVED
City Clerk Mayer