HomeMy WebLinkAbout13235ORDINANCE NO. 13,235
AN ORDINANCE APPROVING AND ADOPTING AMENDMENTS
TO THE PENSION PLAN FOR NONUNIFORM EMPLOYEES
OF THE CITY OF LITTLE ROCK, ARKANSAS; AND FOR
OTHER PURPOSES
BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS.
SECTION 1. The Group Pension Plan for nonuniform employees of
the City of Little Rock provided for by Resolution #p4794 adopted
May 16, 1972, said Plan being effective retroactive to July 1, 1971,
by means of a deposit administration contract issued by "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, same being identified as "City of Little Rock, Arkansas
Pension Plan Modifications Effective January 1, 1977," containing
Sections 1 through 2.
SECTION 2. The Mayor is hereby authorized, acting for and on
behalf of the Board of Directors to execute the modifications to the
Pension Plan provided for in Section 1 as may be necessary to effect
related deposit administration contract changes by his signature.
SECTION 3. This Ordinance shall be in full force and effect from
and after its passage.
PASSED: January 4, 1977
ATTEST:
City Clerk
APPROVED: P
Mayor
i
Exhibit "A"
CITY OF LITTLE ROCK
PENSION PLAN MODIFICATIONS
EFFECTIVE January 1, 1977
SECTION 1. - GENERAL
The modifications to the City of Little Rock (The City) Non-
uniform Pension Plan (The Plan) as provided for herein shall have
effect upon only those employees enrolled in the plan as active
working employees of the City on January 1, 1977, and active work-
ing employees of the City who shall become enrolled on or after
January 1, 1977. For purposes of this modification, the following
definitions shall apply:
A. Active Working Employee shall mean a non - retired, full time
employee drawing a salary from the City who is not otherwise
excluded from participation by previous ordinance or plan
description.
B. Enrolled. Enrollment shall exist at such time as an employee
commences to remit payments as required under the terms of
the Plan through the City to the deposit fund administrator,
same currently being The Mutual.of New York Life Insurance
Company. Enrollment shall be deemed to have terminated
concurrent with cessation of payments as required under the
terms of the Plan.
SECTION 2. - PENSION BENEFIT
Enrollees electing to retire under provisions of Section 6.3
Early Retirement Annuity Benefit of the Plan Description made
effective July 1, 1971 pursuant to City Resolution Number 4794
having attained 62 years of age and having the required number
of years (20) of continuous service, shall receive benefits
calculated and payable in accordance with Section 5 of the Plan
Description without actuarial reduction.
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Section 1 Definitions of the Plan Description is hereby amended
such that "Normal Retirement Date" for enrollees having attained
age 62 and exercising the above described early retirement option
shall be the first day of the calendar month immediately follow-
ing the enrollees most recent birthday.