HomeMy WebLinkAbout1985-24 - Establishment of a Retirement Savings Plan and Trust_ BILL N0. 85-24
ORDINANCE N0. $5-24
AN ORDINANCE ESTABLISHING A RETIREMENT SAVINGS PLAN AND
TRUST TO PROVIDE FOR THE RETIREMENT FOR EMPLOYEES OF THE CITY
OF RIVERSIDE.
WHEREAS, The Board of Aldermen of Riverside, Missouri have
determined that it is in the best interest of its eligible
employees and their beneficiaries to institute a voluntary
retirement savings plan; and
WHEREAS, The Board of Aldermen has determined that the
revenues and expenditures of the City are sufficient to
institute a plan for the retirement of its employees;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF
THE CITY OF RIVERSIDE as follows:
1. That the Retirement Savings Plan and Trust is hereby
adopted for the employees of the City of Riverside, Missouri
which is attached hereto and incorporated herein as though
fully set forth.
2. That the UNITED MISSOURI BANK, N.A. is hereby appointed
Trustee for the Retirement Savings Plan and Trust.
3. For the Fiscal Year 1985 through 1986, the City will
contribute an amount equal to 508 of the City's contribution
made pursuant to an employee's Salary Reduction Agreement, said
amounts not to exceed $300 for any individual participating
employee.
4. That the employees wishing to participate in the Plan
shall execute a Salary Reduction Agreement designating the
amount to be contributed to the Plan.
5. That the Mayor is authorized to execute any and all
documents to fully implement this plan including, but not by
way of limitation, an Adoption Agreement between the City and
the appointed Trustee; and Salary Reduction Agreements between
the City and the participating employees.
6. That the City Clerk is hereby appointed legal agent for
the limited purpose of receiving service of process.
7. The adoption and maintenance of the Plan and Trust
shall not be deemed to constitute a contract between the City
and any employee, or to be consideration for a condition of
employment of any person. Nothing herein contained shall be
construed to give any employee the right to be retained in the
employ of the City or to interfere with the right of the City
to terminate the employment of any employee at any time with or
without cause.
PASSED THIS 18th DAY OF June , 1985.
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MAY R
ATTEST:
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CITY LERK
APPROVED THIS 18th DAY OF June , 1985.
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MAYOR