LEGISLATIVE RESEARCH CENTER
File #: 15-236    Name:
Type: Ordinance Status: Passed
File created: 7/28/2015 In control: Broken Arrow City Council
On agenda: 8/4/2015 Final action: 8/4/2015
Title: Consideration, discussion and possible adoption of Ordinance No. 3357, an Ordinance amending the Employee Retirement System, Defined Contribution Plan 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 participation; providing for non-alienation of benefits; loss of benefits for cause and limitations of benefits; providing for employer and employee contributions; providing for accounting, allocation, and valuation; providing benefits; providing for required notice; providing for amendments 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 for ...
Attachments: 1. Ordinance No. 3357, 2. Retirement System Master Plan

Broken Arrow City Council

                                                                                               Meeting of: 08-04-2015

                                                                                    

To:                     Mayor and City Council

From:                     Office of the City Manager

Title:  title

                     Consideration, discussion and possible adoption of Ordinance No. 3357, an Ordinance amending the Employee Retirement System, Defined Contribution Plan 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 participation; providing for non-alienation of benefits; loss of benefits for cause and limitations of benefits; providing for employer and employee contributions;  providing for accounting, allocation, and valuation; providing benefits; providing for required notice; providing for amendments 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 for effective date; providing for vesting schedules; providing for a fund to finance the system to be pooled with other incorporated cities, towns, and their agencies and instrumentalities for purposes of administration, management, and investment as 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

EndEnd

Background:

 

In 1970, the City of Broken Arrow 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.  The OMRF Defined Contribution Master Plan and Joinder Agreement 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.

 

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. 3357
                                    Joinder Agreement
                                    Master Plan Document
                                    Summary of Changes

Recommendation:

 

Adopt Ordinance No. 3357