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HomeMy WebLinkAbout6070 RESOLUTION NO. 6,070 A RESOLUTION CLARIFYING POLICY OF MANDATORY PARTICIPATION IN NONUNIFORM PENSION PLAN BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS. SECTION 1 . A group pension plan for nonuniform employees of the City of Little Rock was provided for by Resolution No. 4794 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: January 16, 1979 ATTEST: £i rC/ APPROVED: C//4, 4 f/G`�'/C/l City Clerk Mayor • EXHIBIT "A" CITY OF LITTLE ROCK, ARKANSAS PENSION PLAN MODIFICATIONS EFFECTIVE JANUARY 1 , 1979 SECTION 3 - Participation of attachment "A" Resolution No. 4,794 adopted May 16, 1972 is modified to 'read as follows: 3.1 Eligible Class of Employees The following class of employees is eligible to become Participants under this Plan: All permanent non-uniform employees of the City of Little Rock except: (1 ) Judges of the Municipal Court and (2) any persons principally employed by, or compensated from the separate funds of, the following boards, commissions , and authorities : Water Works Commission Housing Authority Sewer Committee Auditorium Commission Airport Commission However, 75% of the employees of any oneof the above named Boards, commissions, and authorities, not having an employee pension plan in effect may within the .exclusive: d.iscre.tion of the Board of Directors of the City of Little Rock become eligib.le_ to. become participants under this plan by collectively petitioning the_ Board. to amend this Plan so as to include them within the definition of the term "Eligible Class of Employees". (3) Other emplo'yees' or contractural personnel assigned to positions having definite limited. terms of employment as determined by the City Manager or by the Board of Directors. 3.2 When Individual Employees Become Eligible Each employee in the Eligible Class of Employees shall become enrolled for participation on the latter of (a) the Effective Date and (b) the first January 1st, on which such employee has completed at least two years of continuous service. Each employee in th Eligible Class of Employees, after the Effective Date of the Amended Plan,shall become enrolled as a participant on the first January 1st, coinciding with or next following the completion of two years of continuous service provided such continuous service began before the 55th birthday. 4 Each employee in the Eligible Class of Employees who was previously a participant whose employment terminated other than by retirement shall become eligible for participation on the January 1st coincident with or next following his resumption of full-time employment with the Employer. 3.3 When an Eligible Employee Becomes a Participant The Employer shall give written notice to each employee and specify the date on which the employeemill be enrolled for participation. Page 2 Exhibit "A" 3.3 When An Eligible Employee Becomes a Participant, cont'd Each employ enrolling in this plan will furnish the employer appropriate applications which should include a designation of beneficiary as well as authorization to commence payroll deductions for employee contributions as required by the terms of the Plan. The Employer shall furnish Mutual of New York with an application for each participant. All employees who were participants under the Plan on June 30, 1971 will continue to be covered as Participants under the Plan as amended on July 1 , 1971 . However, a participant under the Plan on June 30, 1971 who was retired on or before such date shall be covered hereunder only for the purpose of providing the benefit described in Section 5.8 hereof.