6252 RESOLUTION NO. 6,252
A RESOLUTION APPROVING AND ADMITTING AMENDMENTS TO THE
PENSION PLAN FOR NON-UNIFORM EMPLOYEES OF THE CITY OF
LITTLE ROCK, ARKANSAS; AND FOR OTHER PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS:
SECTION 1. A group pension plan for non-uniform employees of the
City of Little Rock was provided for by Resolution No. 4,794 adopted
May 16, 1972. Said plan being effective retroactive to July 1, 1971 by
means of a deposit administration contract of "The Mutual Life Insurance
Company of New York" is hereby amended in the particulars and to the
extent only as provided for and set forth in Exhibit "A" attached hereto
and made a part hereof the same as though set out herein word for word.
SECTION 2. The Mayor is hereby authorized, acting on behalf of the
Board of Directors to execute said plan by his signature in the space
provided at the end thereof.
SECTION 3. This Resolution shall be in force and effect from and
after its adoption.
ADOPTED: December 4, 1979
ATTEST: APPROVED: /../W,if
City Clerk Mayor
EXHIBIT "A"
CITY OF LITTLE ROCK, ARKANSAS
PENSION PLAN MODIFICATIONS
EFFECTIVE JANUARY 1, 1980
SECTION 1 - GENERAL
Resolution No. 4,794 adopted May 16, 1972, and amended by Ordinance
No. 13,058 adopted July 1, 1975; Ordinance No. 13,325 adopted January
4, 1977 and by Resolution No. 6,070 adopted January 16, 1979 is
modified to read as follows:
SECTION 2 - PENSION BENEFIT
The Pension Benefit for each individual of the affected group who retires
on or after January 1, 1978, is computed using the variables of tenure
and annual earning rate for the individual as follows:
1. One Percent (1%) of the product of
A. Tenure; and
B. the first $6,600 of the annual earnings rate; and
2. One and three-fourths percent (1 3/4%) of the product of
A. Tenure; and
B. the annual earnings rate, if any, in excess of
$6,600.
SECTION 3 - VESTING OF ACTIVE MEMBERS AS OF DECEMBER 31, 1979
Those members with 10 years or more service commencing December 31, 1979,
shall be 100% vested with a pension benefit payable at age 65.
SECTION 4 - CREDITED SERVICE FOR UNUSED SICK LEAVE
Any employee whose retirement is effective on or after January 1, 1980, will
have accumulated sick leave credited for retirement purposes. Each 300 hours
of accumulated sick leave will be considered as being the equivalent of one
month of credited service.