[Ord. No. 20-18, 7-23-2020]
A.
The
City of Weldon Spring hereby elects to become a participating political
subdivision of the Missouri Local Government Employees Retirement
System, and to thereby provide retirement benefits to all its eligible
general employees under Benefit Program L-7.
B.
The
Board of Aldermen hereby elects that fifty percent (50%) of prior
employment in the City of Weldon Spring be considered for "prior service
credit" in calculating benefits and contributions to LAGERS and further
elects that employees eligible to become members of LAGERS are those
employees employed in positions normally requiring one thousand five
hundred (1,500) hours of work a year, provided such employees are
not members of another "governmental defined benefit plan" by the
City of Weldon Spring or are otherwise excluded from membership in
LAGERS by State law.
C.
The
Board of Aldermen hereby elects to have the "final average salary"
of its employee members determined over a sixty (60) consecutive-month
period.
D.
The
Board of Aldermen hereby elects to require employees who become members
of LAGERS to pay four percent (4%) of their gross salary and wages
as employee contributions to LAGERS.
E.
The
Board of Aldermen hereby elects the regular retirement age for all
eligible employees, which is sixty (60) years old for general employees.
F.
The
City Treasurer is hereby authorized and directed to deduct from the
wages or salaries of each employee member, the employee contributions,
if any, required by Section 70.705, RSMo., and to promptly remit such
contributions to LAGERS, along with the employer contributions required
by Sections 70.705, 70.730, and 70.735, RSMo.
G.
The
Board hereby acknowledges that there is no statutory provision for
a participating political subdivision to terminate its membership
under LAGERS.
H.
This
Section shall be in full force and effect from and after the date
of its passage and approval. However, the City of Weldon Spring's
participation as a LAGERS political subdivision will commence on the
first day of August, 2020.
