Loading...
Res 1572 - PERS Contract COUNCIL BILL NO. 2025 RESOLUTION NO. 1572 A RESOLUTION ENTERING INTO AN AMENDMENT TO THE PERS CONTRACT OF INTEGRATION EXECUTED BETWEEN mE CITY AND THE PERS BOARD AND AUmORIZING THE MAYOR TO SIGN SAID AGREEMENT. WHEREAS, the City and the Public Employees Retirement Board (PERS) entered into a contract ofintegration which was signed by the board on December 22, 1998 and was effective November 1, 1998; and WHEREAS, the City and the PERS Board now wish to amend said Integration Contract to address individual member unit accounts; and WHEREAS, an amendment to the contract of integration has already been executed by the PERS Board on behalf of the Public Employees Retirement System; NOW, THEREFORE, THE CITY OF WOODBURN RESOLVES AS FOLLOWS: Section 1. That the City of Woodburn enter into an amendment to the contract of integration with the Public Employees Retirement Board on behalf of the Public Employees Retirement System, which affixed hereto as attachment "N' and is by this reference incorporated herein. Section 2. That the Mayor is authorized to sign said agreement on beh f ofthe City. Approved as to form~'~ ~ Z. II zo 0 0 City Attorney Date Approved: ~~ Rich d Jennings, Mayo Passed by the Council Submitted to the Mayor Approved by the Mayor Filed in the Office ofthe Recorder ~ ATTEST: J?ltU.A-~ Mary Tennant City Recorder City of Woodburn, Oregon February 14, 2000 FphrlJi'lry 111 . ?nnn February 15, 2000 February 15. 7000 Page 1 - COUNCIL BILL NO. 2025 RESOLUTION NO. 1572 .._,",........... -I"-----"-'~._.._- 02/10/00 THU 08:3i FAX 503 603 i626 OPERS I4l 002 AMENDMENT TO THE CONTRACT OF INTEGRATION CITY OF WOODBURN ATTACHMENT A Page ---L- of ~ THIS AMENDMENT, entered into by and between the Public Employees Retirement Board (hereinafter referred to as the "Board") on behalf of the Public Employees Retirement System (hereinafter referred to as "PERS") and the City of Woodburn (hereinafter referred to as the "City"), PERS Employer #2303, for the pur.pose of amending the Contract of Integration between the parties, signed by the Board December 22, 1998 and effective November 1, 1998. Whereas, the parties hereto have entered into a Contract of Integration whereby the City integrated it's previously established retirement plans for all eligible employees into PERS pursuant to ORS 238.680. Whereas, the City desires to amend said Contract ofIntcgration; ~nd Whereas, the Board 15 willing to consent to said amendment. THEREFORE, the parties agree that: Section (20) is added to the Contract ofIntegration as follows: (20) Individual member unit accounts in the prior plan shall be transferred to PERS and individual member unit accounts as provided in ORS 238.440 will be established by PERS. The City warrants to PERS that the affected employees agree to the transfer of these accounts. The prior plan unit account provisions will no longer apply to the PERS individual mernber unit accounts. Eam1ngs shall accme on the assets transferred from the date the transfer occurs. PERS will only accept a maximw11 trans1er amount of $4,000.00 for each employee, and each employee must have completed a current unit election, pursuant to. ORS 238.440. Each employee may elect to purchase a maximum of eight units pursuant to ORS 238.440. The City shall provide PERS with the data required to establish the individual member unit accounts within 30 days of the signing of this agreement by the Board. For the City of Woodburn, this ._ day of 2000. By Richard Jennings, Mayor City of Woodburn February 7. 2000 Nncndment lO the Conlrllct ofInlegr3tion - City of:"Woodbum Page I of 2 .-.... , "....,~_.-..._.._..-----~......~.......~,-'..,."_.............'"..~.,,'.' ,,"",---~"--""""""""""-~'~""~--<""" 02/10/00 THU 08:3i FAX 503 603 i626 OPERS 141003 ATTAC,.ENT Page of A ~ For the Oregon Public Employees Retirement System this__ _day of 2000. By David Bailey, Acting Executive Director Oregon Public Employees Retirement System day of 2000. For the Oregon Public Employees Retirement Board this By Emile Holeman, Chairperson Oregon Public Employees Retirement Board Approved as to fonn Assistant Attorney General Fcbn1ary '. 2000 Amendment to thl: Contract of Integralion . City of Woodburn Page 2 of 2 .....-y..