[Ord. No. 682 §§1 —
5, 12-20-1993; Ord. No.
684 §§1 — 5, 2-7-1994; Ord. No. 763 §1, 12-23-2002]
A. The
Board of Aldermen of the City of Hayti, Missouri, a political subdivision
as defined in Sections 70.600 through 70.760, RSMo., as amended, hereby
elects and authorizes the appropriate governmental officials of the
City to have covered by the Missouri Local Government Employees' Retirement
System all of its eligible present and future employees and to cover
such employees under Benefit Program L-3 (1¼%).
B. One
hundred percent (100%) of prior employment be considered for prior
service credit in commuting benefits and contributions to the system
and further that all employees with one thousand five hundred (1,500)
or more hours of annual employment, who are not excluded by State
law, to be considered eligible employees.
C. The
"final average salary" of its employee members shall be determined
over a sixty (60) consecutive month period.
D. A four
percent (4%) contribution from covered employees to the Missouri Local
Government Employees' Retirement System shall be required from covered
employees.
E. The
appropriate physical officer of the City of Hayti, Missouri, is hereby
authorized and directed to deduct from the wages and salaries of each
employee member, the contributions, if any, required by Section 70.705,
RSMo., and to remit promptly the deductions to the retirement system,
together with the employer contributions required by Sections 70.705
and 70.730, RSMo., as amended, and that contributions are to be effective
the first (1st) day of January, 1994.