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
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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 ...
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