HomeMy WebLinkAbout1996-136 - Adopting Missouri Local Government Employees' Retirement SystemBILL NO. 96-136 ORDINANCE NO. 96- ~~~
AN ORDINANCE ADOPTING THE MISSOURI LOCAL GOVERNMENT EMPLOYEES'
RETIREMENT SYSTEM AS THE OFFICIAL RETIREMENT PLAN FOR THE EMPLOYEES
OF THE CITY OF RIVERSIDE, SETTING THE COVERAGE PLAN, AND AGREEING
TO PROVIDE SERVICE CREDIT FOR ALL EMPLOYEES FROM THE DATE OF THEIR
EMPLOYMENT WITH THE CITY OF RIVERSIDE.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY
OF RIVERSIDE, MISSOURI, AS FOLLOWS:
SECTION 1. The Board of Aldermen, on behalf of the City
of Riverside, Missouri, a "political subdivision" as defined in
70.600 through 70.760, RSMo 1978, as amended, hereby elects to have
covered by the Missouri Local Government Employees' Retirement
System all its eligible present and future General, Police and Fire
employees and to cover such employees under Benefit Program L-3.
SECTION 2. The City of Riverside hereby elects that 100%
of prior employment be considered for prior service credit in
computing benefits and contributions to the system and further
elects that all employees with 1,500 or more hours of annual
employment, who are not excluded by State Law, to be considered
eligible employees.
SECTION 3. The City of Riverside hereby elects to have
the "final average salary" of its employee members determined over
a 60 consecutive-month period.
SECTION 4. The City of Riverside hereby elected to require
4% of gross salary and wages as contributions from covered
employees.
SECTION 5. The City of Riverside hereby elects the regular
retirement age for all eligible employees.
SECTION 6. The City Clerk or Finance Officer is hereby
authorized and directed to deduct from the wages and salaries of
each employee member, the contributions, if any, required by
70.705, RSMo, and to remit promptly the deductions to the
Retirement System, together with the employer contributions
required by 70.705 and 70.730, RSMo 1978, as amended.
Contributions are to be effective January 1, 1997.
PASSED THIS 17TH DAY OF DECEMBER,
ATT~T: ~_~ ,..
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Grace Kemerl rig, City C]. rk
1996.
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ayor Ed ule