HomeMy WebLinkAbout130580
ORDINANCE NO 13,058
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 #4794
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 pro-
vided 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 July 1, 1975," containing Sections 1
_through S.
SECTION 2. The Mayor is hereby authorized, acting for and on
behalf of the Board of Directors to execute the modifications to
Pension Plan provided for in Section 1 hereof by his signature
in the space provided at the end thereof. Said modifications to
the Pension Plan for nonuniform employees must be accepted and
approved by proper representatives of the Mutual Life Insurance
Company of New York by their signature in the space provided at
end thereof.
SECTION 3. This Ordinance shall be in full force and effect
from and after its passage.
PASSED: July 1, 1975
ATTEST: APPROVED:
VCq1et__eyWCler Mayo
600-?v
A iZ/
EXHIBIT "A"
CITY OF LITTLE ROCK, ARKANSAS
PENSION PLAN MODIFICATIONS
Effective July 1, 1975
SECTION 1 - GENERAL:
The modifications to the City of Little Rock (The City)
Nonuniform Pension Plan (The Plan) as provided herein shall
pertain to and have effect upon only those employees identified
in Schedule "A" attached and made a part hereof. Said employees
are hereinafter referred to as the "affected group ". Where men-
tioned herein, the term "tenure" refers to years of continuous
City employment through June 30, 1975, and "annual earning rate"
refers to that rate attaching to the member of the affected group
at June 30, 1975. Tenure and annual earning rate for each indivi-
dual of the affected group are depicted vis Schedule "A ". Any
individual design &ted by Schedule "A" not commencing full time
employment with the State of Arkansas (The State) or Pulaski
County, Arkansas (The County) on July 1, 1975, shall be deleted
from the affected Group. Continuous state or county employment
as referred to herein, shall mean service with the State or the
County commencing July 1, 1975. " Actuarilly reduced" as used
herein shall mean reduced so as to be actuarilly equivalent to
the vested benefits.
SECTION 2 - PENSION BENEFIT:
The pension benefit for each individual of the affected group
is computed, using the variables of tenure and annual earning rate
for that individual, as follows:
1. One percent (1 %) of the product of;
a) tenure; and
b) the first $6,600.00 of the annual earning rate; PLUS
6 bU- q
6 -/
. H
-2-
2. One and one -third percent (1 1/3%) of the product of;
a) tenure; and
b) the annual earning rate, if any, in excess of $6,600.00
SECTION 3 - AFFECTED GROUP UNDER AGE 55 AS OF JUNE 30, 1975:
Those members of the affected group not having attained age
55 as of June 30, 1975 shall be entitled to their respective pen-
sion benefit at age 65, or on an actuarilly reduced basis prior
to age 65.
Provided however, that should any of the affected group ter-
minate continuous full time employment with the State of Arkansas
prior to age 55 and the accumulation of twenty years in aggregated
tenure plus continuous state or county service commencing July 1,
1975, such employee /s shall be entitled only to their personal
contributions to the plan plus interest through their date of
termination from the state.
SECTION 4•- AFFECTED GROUP AGE 55 AND OVER AS OF JUNE 30, 1975:
Those members of the Affected Group age 55 and over as of
June 30, 1975, shall be vested with a pension benefit payable at
age 65 or on an actuarilly reduced basis prior to age 65.
An employee or the surviving spouse of an employee of this sub-
group shall have the individual option at such time as termination
from continuous state or county service is effected, but in no
case beyond attainment of age 65, to remit a lump sum amount to
the City's pension plan underwriter as consideration for adding
years of continuous state service to the tenure multiplier factor
contained in the pension benefit formula defined by this plan
modification. The amount to be remitted under this provision
shall be, for each year of service credit so acquired, three
-3-
percent (3%) of the first $6,600.00 of the annual earning rate;
plus four percent (4 %) of the annual earning rate in excess of
$6,600.00; plus interest at four percent (4 %) compounded annually
from the year for which service credit is acquired through the
date of remittance.
SECTION 5 - WITHDRAWAL OF CONTRIBUTION:
Members of the affected group shall have the individual
option to withdraw from the plan. Those so electing will receive
all personal contributions to the plan plus accrued interest through
the date of withdrawal. Withdrawal of personal contributions immedi-
ately-disqualifies the individual from receiving a pension benefit
pursuant to the plan.
SECTION 6 - DEATH OF A MEMBER OF THE AFFECTED GROUP:
Where a member of the affected group dies prior to termination
of continuous state or county employment and after having attained
age 55 and having accumulated a combination of tenure and years of
continuous state or county service in excess of ten years, that
employee's dependent spouse shall receive monthly payments through-
out their lifetime equivalent to fifty percent (50 %) of the de-
ceased's pension benefit as computed herein.
SECTION 7 - MEMBERS OF THE AFFECTED GROUP BECOMING DISABLED:
Those of the Affected Group becoming totally and permanently
disabled resulting in the termination of continuous state or county
employment shall receive, in lieu of any other pension benefit, a
disability benefit commencing with said termination computed as
follows:
4 ..
-4-
1. One percent (1%) of the product of;
a) tenure plus the number of years from July 1, 1975
through the date of continuous state or county service
termination; and
b) the first $6,600.00 of the annual earning rate; PLUS
2. One and one -third percent (1 1/3 %) of the product of;
a) tenure plus the number of years from July 1, 1975
through the date of continuous state or county
service termination; and
b) the annual earning rate, if any, in excess of $6,600.00
3. Actuarilly reduced from an age 65 commencement basis to
a rate based on the age of the recipient at employment termination.
SECTION 8 - AFFECTED GROUP: SCHEDULE "A"
NAME
AGE @
6/30/75
-yrs-
TENURE THROUGH
6/30/75
-yrs-
ANNUAL EARNING
RATE @ 6/30/75
_$_
Jewell Tyson
63
15
$ 9,652
Coy Edwards
64
17
9,708
William Hatley
62
22
10,796
Nedra Hopkins
60
17
4,511
Catherine Ryan
58
12
7,020
Virginia Greenwood
56
19
6,464
James Cairns
56
28
13,080
Jean Falk
55
10
2,889
John Council
55
13
10,596
Imogene White
54
3
5,896
Addie Moody
53
13
7,780
Aden Gordon
51
22
14,172
-5-
ATTEST:
City Clerk
ATTEST:
CITY OF LITTLE ROCK, ARKANSAS
Mayor
THE MUTUAL LIFE INSURANCE COMPANY
OF NEW YORK
BY
authorized representative
AGE @
TENURE THROUGH
ANNUAL EARNING
NAME
6/30/75
6/30/75
RATE @ 6/30/75
-yrs-
-yrs-
-$-
Johnny Affolter
50
17
$10,672
John Fox
45
14
10,600
Herbert Presley
41
14
9,624
Betty Duke
40
14
7,088
Neal Glover
39
18
9,732
James Profit
38
4
9,416
Veronica Lewis
29
3
7,548
Voldia Harden
56
16
6,740
Dated
this day
of , 1975.
ATTEST:
City Clerk
ATTEST:
CITY OF LITTLE ROCK, ARKANSAS
Mayor
THE MUTUAL LIFE INSURANCE COMPANY
OF NEW YORK
BY
authorized representative