Broken Arrow City Council
Meeting of: 08-04-2015
To: Mayor and City Council
From: Office of the City Manager
Title:
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Consideration, discussion and possible adoption of Ordinance No. 3356, an Ordinance amending the Employee Retirement System, Defined Contribution Plan for the position of City Manager for the City of Broken Arrow, Oklahoma by adopting a revised and restated retirement plan; providing retirement benefits for eligible employees of the City of Broken Arrow, Oklahoma; providing for purpose and organization; providing for definitions; providing for eligibility and participating; providing for non-alienation of benefits; loss of benefits for cause and limitations of benefits; providing for required notice; providing for amendment and termination; providing for transfer to and from other plans; creating a retirement committee and providing for powers, duties, and rights of retirement committee; providing for payment of certain obligations; providing for duration and payment of expenses; providing to finance the system to be pooled with other incorporated cities towns and their agencies and instrumentalities for purposes of administration, management, and investments part of the Oklahoma Municipal Retirement Fund; providing for payment of all contributions under the system to the Oklahoma Municipal Retirement Fund for management and investment; providing for repealer and severability; adopting those amendments mandated by the Internal Revenue Code
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Background:
In 1970, the City joined the Oklahoma Municipal Retirement Fund (OMRF) to provide a retirement program to employees who were not members of the Police and Fire pension programs. In November 2012, a City Manager defined contribution plan was established with OMRF. The Master Plan and Joinder Agreement for this plan have recently been updated and approved by the Internal Revenue Service (IRS). In addition to the IRS required changes, a change to allow for a daily recordkeeping platform has been made. The attached chart summarizes the changes made to the plan.
The IRS requires the plan members to formally adopt the new plan language. Staff recommends that the Council adopt Ordinance 3356.
Cost: $0
Prepared By: Jannette McCormick, Acting Human Resources Director
Reviewed By: Legal Department
Assistant City Manager
Approved By: Russell M. Gale, Acting City Manager
Attachments: Ordinance No. 3356
Joinder Agreement
Master Plan Document
Summary of Changes
Recommendation: Adopt Ordinance No. 3356.