Res 1268 - Amend Retire Plan PM
COUNCIL BILL NO. 1593
RESOLUTION NO. 1268
A RESOLUTION AMENDING THE RETIREMENT PLAN FOR THE EMPLOYEES OF THE
CITY OF WOODBURN ADMINISTERED BY PACIFIC MUTUAL LIFE INSURANCE
COMPANY.
WHEREAS, the City of Woodburn has maintained a private
retirement plan for its employees since 1973 which is administered
by Pacific Mutual Life Insurance Company, and
WHEREAS, on November 8, 1994, the voters of the state of
Oregon passed a measure (known as Ballot Measure 8) which sets
constitutional requirements on specific provisions of retirement
plans offered by all state and local governments, and
WHEREAS, it is necessary to make immediate specific plan
amendments regarding supplemental contributions and unused sick
leave to meet the intent of the law as it is currently written,
now, therefore,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That, on behalf of the City, the Mayor be
authorized to sign Plan Amendments No. 17 and 18 as prepared by the
City's Retirement Plan Consultants, Milliman & Robertson, Inc.,
copies of which are attached hereto as exhibit "A" and exhibit "B"
and, by this reference, incorporated herein.
Approved as to Form~~ 12.:-1 i - '7 t.f
City Attorney Date
Submitted to the Mayor
APPROVED /-:2-.........- A~
N~CYA/KI~SEY, ~ R
December 19, 1994
December 20, 1994
December 20, 1994
Passed by the Council
Approved by the Mayor
Filed in the Office of the Recorder
December 20, 1994
ATTEST
171 ~d
Mar~nnant, Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1593
RESOLUTION NO. 1268
T-
''''_~-_'..-"_..........".-,~_........,~...,;..;,-",...
Exhibit "All
Page 1 of 2
THE RETIREMENT PLAN FOR EMPLOYEES OF
CI'IY OF WOODBURN, OREGON
Amendment No. Seventeen
WHEREAS, the City of Woodburn (the "Employer") established the Plan effective
July 1, 1973, and has amended the Plan from time to time to make changes so as to
comply with State of Oregon law; and
WHEREAS, the Employer desires to modify the Plan in such a manner as to apply
IRS Code Section 414(h)(2) to pick-up mandatory employee contributions.
Employees will not have the option of receiving the salazy payment, and paying the
employee contn'bution directly, and employees' reported salary on the W-2 form. for
purposes will be reduced by the amount of the employees' contributions.
NOW THEREFORE, effective on the later of
])ecemberl,1994,and
the day following the expiration of applicable collective bargaining contracts,
or as otherwise specified below:
and in accordance with the provisions of the Plan pertaining to amendments thereof,
the City of Woodburn hereby amends the Plan as follows:
The Supplemental Employer Contributions Section on pages 5 ~d 6 shall be
amended as follows:
Effective July 1, 1991, the employer shall make the following supplemental
contributions for employees:
For police officers covered under the collective bargaining agreement the
amount of such contribution shall be the appropriate percentage from the
following table:
Monthly Earnings
less than $500
$500 but less than $1,000
$1,000 but less than $1,500
$1,500 or more
Contribution Rate
Effective 7/1/91
4%
5%
6%
7%
wob:l:9405006
'T'
Exhibit NAu
Page 2 of 2
The employer shall make supplemental contributions at the rate of 6% of
Monthly Earnings for all non-union non-uniformed employees and
employees covered under the American Federation of State, County and
Municipal collective bargaining agreement
Effective July 1, 1993, the employer shall make supplemental contributions at
the rate of 6% of Monthly Earnings for communication personnel
Effective December 1, 1994, or as required by state law, the employer shall
not make supplemental contributions for employees.
The Required Employee Contributions Section on page 6 shall be replaced in its
entirety by the following:
Effective December 1, 1994, or as required by state law, the employer shall
pick-up and pay on behalf of all employees a six percent (6%) mandatoIY
contribution of Monthly Earnings. Such picked-up mandatory contributions
shall be made pursuant to the provisions of the Internal Revenue Code,
Section 414(h).
IN WITNESS WHEREOF, the Employer has caused this Plan to be executed by its
duly appointed officers this day of . 1994.
CI'lY OF WOODBURN, OREGON
By:
Title
\
wob:I:9405006
T'
~-~..._."--,-''',.;-''.".~,.... ",..~"".,- ..,-",-, '_.~.,,,.,, ""-'-"-""-'-+-4-__~_~_.
.. r
Exhibit aBu, Page 1 of 1
THE RETIREMENT PLAN FOR EMPWYEES OF
CI1Y OF WOODBURN, OREGON
Amendment No. Eighteen
WHEREAS, the City of Woodburn (the "Employer") established the Plan effective
July 1, 1973, and has amended the Plan from time to time to make changes so as to
comply with State of Oregon law; and
WHEREAS, the Employer desires to modify the Plan in such a manner as to comply
with Ballot Measure No.8 passed on November 8, 1994 with regard to the
elimination of unused sick leave compensation in the determination of retirement
benefits for police officers,
NOW THEREFORE, For retirements effective on or after January 1, 1995, and in
accordance with the provisions of the Plan pertaining to amendments thereof, the
City of Woodburn hereby amends the Plan as follows:
A new subparagraph shall be added on Page 9 to read as follows:
(iv) The adjustment as defined in subparagraphs (i) through (ill) shall
apply to average monthly earnings in the manner allowed under State
of Oregon law.
IN WITNESS WHEREOF, the Employer has caused this Plan to be executed by its
duly appointed officers this day of , 1994.
CI1Y OF WOODBURN, OREGON
\
By:
Title
wob:l:9405003
MILLIMAN & ROBElUSON, INC.
..,-.
"-'-'~-"-'" .""."_'.."..~_..~~...,~,...,.".~..-, "..,-'-""......,,-~'-~"'''.,.._.......~......._><~~--,~~_.,-''''''-