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City of Overland, MO
St. Louis County
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Table of Contents
Table of Contents
Cross References — Pension plan for police officers, §200.370 et seq.; officers and employees, ch. 115.
Editor's Note — Ord. no. 2011-2 §1, adopted January 10, 2011, repealed ch. 125 "pensions" and enacted new provisions set out herein. Former ch. 125 derived from CC 1976 §§20-1, 20-13 — 20-30, 20-41 — 20-45, 20-57 — 20-58, 20-70 — 20-75, 20-87 — 20-90, 20-101 — 20-102, 20-114 — 20-118, 20-130 — 20-132, 20-144 — 20-146, 20-158 — 20-159, 20-171 — 20-179; ord. no. 95-8 §1, 2-28-95; ord. no. 96-52 §§1 — 2, 6-25-96; ord. no. 96-53 §§1 — 3, 6-24-96; ord. no. 97-21 §§1 — 3, 6-9-97; ord. no. 99-47 §§1 — 2, 6-15-99; ord. no. 2000-24 §1, 4-11-00; ord. no. 2001-32 §§1 — 2, 5-15-01; ord. no. 2002-19 §§1 — 10, 3-25-02; ord. no. 2003-19 §1, 3-10-03; ord. no. 2006-15 §1, 3-27-06; ord. no. 2009-30 §1, 11-23-09.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The City of Overland, St. Louis County, Missouri, hereby adopts the following pension plan for eligible employees and officers of the City not covered by the City's pension plan for Police Officers effective April 1, 2001, as an amendment and restatement of a similar plan previously adopted for such employees and officers.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
For the purposes of this Chapter, the following terms shall be deemed to have the meanings indicated below:
ACCUMULATED CONTRIBUTIONS
When used with respect to an individual participant as of any specified date, the sum of all unrefunded contributions made by the participant under the plan, plus credited interest.
ACTUARIAL EQUIVALENT or ACTUARIAL EQUIVALENCE
A benefit having the same value as another stated benefit on the date payment commences or on any other date calculated on the basis of the factors as applicable below:
1. 
Adjustment for form and date of payment.
a. 
If a participant's benefit is payable in a form other than the normal form of retirement benefit, it will be adjusted to reflect the actuarial equivalent thereof.
b. 
However, if a participant is eligible for early retirement, the amount of benefits paid will be determined in accordance with Section 125.140.
2. 
Age on applicable date. The actuarial equivalent of an accrued benefit will be determined as of the applicable date on the basis of the payee's actual age. If a benefit is initially determined and thereafter there is an administrative delay in the actual payment of benefits, the administrator shall determine in a manner consistently applied on a non-discriminatory basis whether the benefit will be adjusted. Any such adjustment may either add interest to the date of actual distribution or the benefit may be revalued based on the payee's then-current actual age as of the date benefits are paid.
3. 
Amendment of actuarial equivalence. Except as may otherwise be permitted by the Code and by the regulations issued thereunder, if the definition of actuarial equivalence is amended, in no event will the lump sum actuarial equivalent of an accrued benefit determined on the date a benefit commences be less than the actuarially equivalent value of the accrued benefit as determined one (1) day prior to the date of change, based on the terms of the plan as in effect on such day.
4. 
Actuarial equivalence factors.
a. 
Actuarial equivalence will be determined on the basis of the following mortality table and interest rates: Seven percent (7.0%) interest and the 1983 Group Annuity Mortality Table, fifty percent (50%) male rates and fifty percent (50%) female rates.
b. 
The GATT Section 417(e) date applicable for this plan shall be the first day of the plan year which begins on or after January 1, 2000.
5. 
Code Section 417(e) PBGC factors. If the annuity starting date is prior to the GATT Section 417(e) date, the mortality table is as stated in Subsection (4) above, and interest is based on the applicable interest rate. The applicable interest rate is the interest rate as of either the date benefits are computed to be payable or the first day of the plan year which contains the annuity starting date which would be used by the Pension Benefit Guaranty Corporation for a trusteed single-employer plan to value a benefit upon termination of an insufficient trusteed single-employer plan. The Code Section 417(e) interest rate limitations will apply to distributions in plan years beginning after 1984; but the Code Section 417(e) interest rate will not apply to any distributions beginning in plan years before 1987, if such distributions were determined in accordance with the interest rates as required by Regulation 1.417(e)-IT(e) (including the PBGC immediate interest rate).
6. 
Code Section 417(e) GATT factors.
a. 
The applicable interest rate is the rate of interest on thirty-year Treasury securities as specified by the Commissioner for the applicable lookback month for the applicable stability period. The applicable lookback month shall be the third calendar month preceding the first day of the applicable stability period. The applicable stability period shall be the successive period of one (1) plan quarter that contains the annuity starting date for the distribution and for which the applicable interest rate remains constant. If the date herein for determining the applicable interest rate is changed by amendment or by indirect change as a result of a change in the plan year, such change shall not be given effect with respect to any distribution during the period commencing one (1) year after the later of the amendment's effective date or adoption date, if during such period the participant's distribution would be reduced as a result of such amendment.
b. 
The post-retirement (and pre-retirement, if applicable) applicable GATT mortality table will be as follows:
(1) 
For benefits with an annuity starting date before December 31, 2002, as set forth in Revenue Ruling 95-6 equal to the 1983 Group Annuity Mortality Table gender-neutral blended 50/50 male and female;
(2) 
For benefits with an annuity starting date on or after December 31, 2002, and before January 1, 2008, as set forth in Revenue Ruling 2001-62 equal to the 1994 Group Annuity Reserving Mortality Table projected to 2002 based on a fixed blend of fifty percent (50%) of the unloaded male mortality rates and fifty percent (50%) of the unloaded female mortality rates; and
(3) 
For benefits with an annuity starting date on or after December 31, 2007, shall be the applicable Code Section 417(e)(3) mortality table that applies to distributions with annuity starting dates on that date.
AVERAGE MONTHLY COMPENSATION
The average monthly compensation paid to an employee during the sixty (60) consecutive calendar months within the last one hundred twenty (120) consecutive calendar months of credited service which yields the highest average; provided, however, that if retirement occurs prior to the completion of sixty (60) consecutive calendar months of credited service, average monthly compensation means the total compensation paid to an employee during his/her total period of credited service divided by the number of completed full months for which such compensation was received. In determining average monthly compensation, any elective deferrals as defined under Code Section 402(g) and any amount contributed or deferred by the employer at the election of the employee, which is not includable in gross income by reason of Code Section 125, Code Section 132(f)(4) or Code Section 457, will be included in average monthly compensation. Except for purposes of determining the maximum three (3) highest consecutive year average compensation under Code Section 415, in determining average compensation and accrued benefits for any plan year which begins on or after January 1, 2002, the annual compensation for each participant which is taken into account shall not exceed two hundred thousand dollars ($200,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The two-hundred-thousand-dollar limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.
BENEFICIARY
Any person who is receiving or designated to receive a system benefit, except a retirant.
CODE
The Internal Revenue Code of 1986, as amended.
CODE SECTION 415 COMPENSATION
Code Section 415 Compensation means, effective January 1, 1975, wages, salaries, differential wage payments under Code Section 3401(h), fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the employer maintaining the plan, including, but not limited to, commissions paid salespersons, compensation for services based on a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements, or other expense allowances under a non-accountable plan as described in IRS regulation §1.62-2(c). A participant's Code Section 415 Compensation will be determined subject to the following provisions:
[Ord. No. 2017-05, 3-13-2017]
1. 
Code Section 415 compensation does not include:
a. 
Employer contributions to a plan of deferred compensation which are not includible in gross income for the taxable year in which contributed, or employer contributions to a simplified employee pension plan to the extent such contributions are deductible by the employee, or any distributions from a plan of deferred compensation;
b. 
Amounts realized from a non-qualified stock option, or when restricted stock or property held by the employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture;
c. 
Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and
d. 
Other amounts which receive special tax benefits, or contributions made by an employer (whether or not under a salary reduction agreement) towards the purchase of an annuity described in Code Section 403(b) (whether or not the amounts are excludible from an employee's gross income).
2. 
For limitation years beginning on or after January 1, 1998, Code Section 415 Compensation will include any elective deferrals as defined in Code Section 402(g)(3), and any amounts contributed or deferred at the election of the employee that were not includible in the gross income by reason of Code Section 125 or Code Section 457. Code Section 415 Compensation will also include elective amounts that are not includible in the gross income of the employee by reason of Code Section 132(f)(4) for limitation years beginning on or after January 1, 2001.
3. 
For limitation years beginning on or after July 1, 2007, compensation for a limitation year shall also include compensation paid by the later of two and one-half (2 1/2%) months after an employee's severance from employment with the employer maintaining the plan or the end of the limitation year that includes the date of the employee's severance from employment with the employer maintaining the plan, if the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a severance from employment, the payments would have been paid to the employee while the employee continued in employment with the employer.
4. 
Notwithstanding any other provision of the plan to the contrary, if a participant is absent from employment as an employee to perform service in the uniformed services (as defined in Chapter 43 of Title 38 of the United States Code), his/her Code Section 415 Compensation will include any differential pay, as defined hereunder, he/she receives or is entitled to receive from his/her employer. For purposes of this paragraph, "differential pay" means any payment made to the participant by the employer with respect to a period during which the participant is performing service in the uniformed services while on active duty for a period of more than thirty (30) days that represents all or a portion of the wages the participant would have received if he/she had continued employment with the employer as an employee.
COMPENSATION
That compensation normally regarded as salary or wages paid in cash to an employee of the City for personal services rendered during a calendar year.
1. 
Partial month compensation. If a member is employed for less than a full calendar month used for determining compensation or average compensation, compensation for such partial month shall be counted (without annualizing).
2. 
Elective deferrals and certain other amounts. Effective for the plan year beginning January 1, 2013, except for purposes of Code Section 415 compensation, employer contribution amounts made pursuant to a salary reduction agreement which were not currently includable in a member's gross income by reason of Code Section 125, Code Section 402(g), Code Section 403(b) and Code Section 457 will be included in determining compensation for all plan years. Employee contributions to the retirement fund treated as employer contributions under Section 125.190 included in determining compensation for all plan years. Compensation will also include elective amounts that are not includable in the gross income of the employee by reason of Code Section 132(f)(4) for limitation years beginning on or after January 1, 2001.
3. 
Code Section 401(a)(17) annual compensation limit. In determining average compensation and accrued benefits for any plan year which begins on or after January 1, 1996, the annual compensation for each participant which is taken into account shall not exceed one hundred sixty thousand dollars ($160,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). Except for purposes of determining the maximum three-highest-consecutive-year average compensation under Code Section 415, in determining average compensation and accrued benefits for any plan year which begins on or after January 1, 2002, the annual compensation for each participant which is taken into account shall not exceed two hundred thousand dollars ($200,000.00), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The two-hundred-thousand-dollar limit on annual compensation shall be adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year.
4. 
Compensation limitation election available to certain members. Except for purposes of determining Code Section 415 limitations, any member who is a highly compensated employee may elect for any plan year, on a form prescribed by the administrator, to limit his or her compensation for all purposes under this plan.
5. 
Certain amounts excluded from compensation. However, notwithstanding the foregoing to the contrary, except for purposes of Code Section 415 limitations, any amount which would otherwise be considered compensation under this Section but which is received by a member as an expense allowance will not be considered compensation for purposes of the plan.
CREDITED INTEREST
Interest at the rate of three percent (3%) through the calendar year of 1984, five percent (5%) from January 1, 1985 through March 31, 2016, and two percent (2%) thereafter. Interest shall be credited as of the last day of each plan year on the balance in the participant's individual contribution account as of the first day of such plan year. Amounts contributed by a participant during a particular plan year shall not receive credited interest for any part of such plan year. For plan years ending before 1994, no interest shall be credited to a participant's individual contribution account for the year in which the participant's employment ends if such employment ends before the last day of such plan year. For a participant whose employment ends in a plan year ending after 1993, interest shall be compounded monthly and credited to such participant's individual contribution account based upon the value of such account as of the first day of such plan year, and the number of full months of the plan year before the termination of employment. Notwithstanding the foregoing, for a participant whose account is distributed after March 31, 2016, no interest shall be credited to such participant's individual contribution account if such participant has not completed at least five (5) years of credited service as of the date of such participant's termination of employment.
[Ord. No. 2016-04 §§1 — 2, 3-28-2016]
1. 
The period of continuous employment as an eligible employee, including such employment prior to the effective date, which is not waived or forfeited in accordance with the provisions of the plan. Credited service for elected officers and appointed officers means all periods of employment, even though the period of employment of such elected or appointed officer be not continuous and consecutive, including employment prior to the effective date, which is not waived or forfeited in accordance with the provisions of the plan. Six (6) months or more of employment in a computation period shall be credited as a full year of credited service, and less than six (6) months of service in a computation period shall not be counted as a year of credited service.
2. 
The elected officers shall receive credit for periods of past service, as elected salaried employees, and all others mentioned in this Section shall receive credit for past continuous service as appointed salaried employees.
3. 
Any employee who is absent because of service in the armed forces or Government of the United States shall receive credited service with respect to that period of absence, provided the employee reenters the employ of the City within the statutory period during which his right to reemployment is guaranteed after he has first become eligible for discharge or separation from active duty.
DISABILITY
A physical or mental condition which, in the judgment of the Committee, totally and presumably permanently prevents an employee from engaging in any substantial remunerative occupation or employment, not including any condition resulting from an employee's engagement in the commission of a felony, from his/her habitual use of drugs, intoxicants or narcotics, from his/her deliberately self-inflicted injury or self-induced illness, or from injury received or disease contracted in the service of the armed forces of the United States or of any other country or of any private paramilitary organization. A determination of disability shall be based upon a certification from the employee's physician and upon such other medical evidence as may be required by the Committee, which shall be uniformly required of all employees claiming disability under the plan for physical or mental conditions of similar nature.
EFFECTIVE DATE
The effective date of the plan shall be May 15, 1968.
ELIGIBLE EMPLOYEE
Any person who is employed by the City on a regular full-time, permanent basis and, in addition, the following officers: Mayor, participants of the City Council, Municipal Judge, City Clerk, Director of Public Works, Special Counsel. Excepted from the term "eligible employee" are persons who are covered by the City's Police Pension Plan. The term "eligible employee," as used throughout this plan, shall include officers as defined in this Section. There is excepted from the term "eligible employee" persons who are covered by the City's Police Pension Plan. For purposes of this definition, a regular full-time employee is an employee who is scheduled to work more than forty (40) weeks per year and not less than forty (40) hours per week. An employee shall not be considered a permanent employee if he or she is compensated on an hourly basis and is hired for a specific time period, project or season.
1. 
Any eligible employee of the City who is or was covered under the plan in accordance with Section 125.040. The term "participant" shall also include a former employee who is entitled to receive benefits under the plan.
2. 
Any term, definition or anything to the contrary notwithstanding, the Mayor, the participants of the City Council, a Municipal Judge who first assumed office before February 1, 1995, but not any Municipal Judge who first assumed office after that date, the City Clerk, and the Director of Public Works, who are so employed or who hold office or employment on or after the operative date of this Chapter, shall become a participant in this pension plan. There is excepted from the term "participant" persons who are covered by the City's Police Pension Plan.
PLAN
The City of Overland Non-Uniformed Pension Fund as set forth herein and as hereinafter amended from time to time.
PLAN YEAR
A year consisting of twelve (12) consecutive months during which the plan is operative, beginning each April 1 and ending the following March 31.
REQUIRED BEGINNING DATE
April 1 of the calendar year following the later of the calendar year in which the member reaches age seventy and one-half (70 1/2) or the calendar year in which the member actually retires.
RETIREMENT
Termination of employment after an employee has fulfilled all requirements for retirement benefits of a type set forth herein. Retirement shall be considered as commencing on the first day of a month immediately following an employee's last day of employment or last day of an authorized leave of absence, if later.
RETIREMENT BENEFITS
The monthly amount which is payable to a participant who is entitled to receive benefits under the plan.
RETIREMENT COMMITTEE (sometimes referred to as "Committee")
The persons appointed by the Mayor with the approval of the majority of the participants of the City Council to administer the plan and to act as trustees of the retirement fund.
RETIREMENT DATE
The first day of the month coincident with or next following a participant's satisfaction of the requirements for retirement according to the plan and his/her termination of employment.
RETIREMENT FUND
The total fund derived from the appropriations of the City from contributions made by participants of the plan, from any property given or donated from any source, and any income derived therefrom to be used exclusively for the payment of benefits of eligible employees, and of spouses, beneficiaries, and annuitants of deceased eligible employees of the City.
SPOUSE
The person who has been married to the participant for at least twelve (12) consecutive months ending on the date payment of the participant's plan benefits commences and who is not legally separated or divorced from the participant at such time.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Any person who becomes an eligible employee as defined in Section 125.020 shall be eligible to participate in the plan on the first day of the calendar month coinciding with or next following completion of six (6) months of employment as an eligible employee with the City, and shall so participate as a condition of employment.
B. 
Any elected or part-time salaried employee mentioned in this Section, who elects not to become a participant, shall notify the Mayor of the City of Overland, in writing, within thirty (30) days after he/she assumes such elective or appointive position. Failure to so notify shall be deemed an election to become a participant. Any elected or part-time salaried employee mentioned in this Section may withdraw from the plan at any time by written notice to the Mayor and shall receive all contributions made to the plan by him/her to date of his/her withdrawal plus credited interest.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
After the effective date, each eligible employee shall become a participant under the plan and shall contribute to the plan commencing with the first day of the payroll period coincident with or next following six (6) months of employment with the City, except that those employees who are employed on the effective date and who have completed six (6) months of employment shall contribute to the plan commencing with the first day of the payroll period coincident with or next following the effective date. All eligible employees, prior to their participation in the plan, shall complete a participation form to be furnished by the Committee, upon which the employee shall indicate all required information.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
A participant who is granted a leave of absence recognized by the Committee for continued participation in the plan shall not be deemed to have interrupted his/her service with the City.
B. 
In all instances, the leaves of absence recognized by the Committee shall uniformly apply to all participants under similar circumstances.
C. 
Any participant who is granted a leave of absence recognized by the Committee may receive credited service for the duration of such leave of absence by paying into the retirement fund the contributions he/she would have made, had he/she not been granted the leave of absence and had continued in his/her employment, based upon his/her compensation as of the last day of his/her service prior to the leave of absence. This amount shall be paid within twelve (12) months from the date of his/her return to employment except in the case of military leaves of absence, in which case this amount shall be paid within the time period mandated by Federal law. Provided, however, that should such a participant become eligible for benefits before this amount is fully paid, the amount due the retirement fund shall be deducted from such benefits at a rate to be determined by the Committee.
D. 
During the recognized leave of absence, the participant's accumulated contributions shall remain in the retirement fund.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2013-05 §1, 1-14-2013; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Any participant who shall return to employment with the City as an eligible employee under this plan after his/her previous resignation, discharge or termination of employment after the effective date, and any officer who, after termination as such officer, shall again return as an officer of the City, or who shall become a full-time employee of the City, after the effective date, may receive credit for his/her past accumulated credited service in the plan, if he/she returns as an appointed officer or employee within two (2) years, and if he/she restores to the retirement fund the accumulated contributions applicable to his/her prior period of employment, or as a holder of an elected office as defined in Section 125.020 at any subsequent time, and if he/she restores the retirement fund contributions applicable to his/her prior period of employment, together with interest up to the date of his/her return to the retirement fund, in either case such restoration to be made within thirty (30) days of such return to employment.
B. 
If the returning participant waives his/her past accumulated credited service in writing, he/she shall not restore to the retirement fund his/her previous accumulated contributions plus interest.
C. 
A participant returning to employment according to this Section and restoring his/her prior accumulated contributions plus interest shall become a participant immediately upon his/her reemployment. A participant returning to employment who waives his/her past accumulated credited service or who returns after more than two (2) years may again commence participation in the plan six (6) months after his/her reemployment.
D. 
Notwithstanding anything to the contrary in this Section, any employee who returns to employment within two (2) years of his/her prior termination of employment and who restores to the retirement fund his/her past accumulated contributions plus interest in accordance with this Section but who again terminates his/her employment within a period of five years following his/her reemployment shall not receive credited service for his/her participation in the plan during his/her prior period of employment. This provision, however, shall not apply to any employee who may become eligible following reemployment for any benefits, except vested accrued benefits, provided by this plan and who elects or is granted retirement in accordance with the plan. The provision regarding termination of employment within five (5) years, following reemployment, shall not be applicable to elected officers.
E. 
Effective for plan years beginning after December 31, 1997, repayment under this provision may be made by a trustee-to-trustee transfer from a Code Section 403(b) annuity or a Code Section 457 deferred compensation plan maintained by a State or local government employer within Missouri for repayment of a cashout from this plan under Section 415(k)(3).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
Each participant shall remain a participant in the plan until the occurrence of his/her termination of eligible employee status, provided that former employees will be participants with respect to the benefits, if any, he/she is entitled to receive under the plan.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
The City Council of the City shall appropriate annually an amount equal to two and one quarter (2.25) times the amount contributed by employees under Section 125.090 for that year, but not less than:
1. 
The amount necessary to cover the administrative expenses of the plan; plus
2. 
The amount necessary to meet the actuarially determined required contribution.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2017-05, 3-13-2017]
A. 
Effective for the first (1st) payroll period commencing on or after August 1, 1996, and thereafter for each succeeding payroll period, the participants shall contribute six percent (6%) of the compensation paid to the participant to the Retirement Fund by automatic payroll deductions from their compensation.
B. 
All contributions made by participants on or after April 1, 2017, shall be deemed to be "pick-up" contributions under Code Section 414(h)(2).
C. 
Such deductions shall be credited to the participant's individual contribution account in the Retirement Fund.
D. 
No contributions shall be deducted after credited service ceases, and no contributions shall be required of any participant during the time such participant is receiving benefits under the plan.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The forfeiture of any participant's rights to receive benefits under this plan by application of Section 125.420 or any other Section shall be used only to reduce the City's contributions to the retirement fund and shall not be used to increase the benefits of any other participant.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
A participant's normal retirement date shall be the first day of the month coincident with or next following the earlier of:
1. 
Attainment of age fifty-eight (58) and completion of five (5) years of credited service; or
2. 
Completion of twenty-five (25) years of credited service.
B. 
Payment of normal retirement benefits shall commence on the first day of the month coincident with or next following the participant's termination of employment following his/her normal retirement date, and shall terminate with the last benefit paid prior to the participant's death.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A participant who meets the requirements for normal retirement shall receive a monthly retirement benefit equal to two and one-quarter percent (2.25%) of the participant's average monthly compensation, all multiplied by the years of the participant's credited service, not to exceed sixty percent (60%) of average monthly compensation.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
A participant's early retirement date shall be the first day of the month coincident with or next following his/her election for early retirement after the attainment of age fifty-three (53) and completion of at least fifteen (15) years of credited service.
B. 
Payment of early retirement benefits shall commence on the first day of the month coincident with or next following the participant's early retirement, and shall terminate with the last benefit paid prior to the participant's death.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A participant who meets the requirements for early retirement shall receive a monthly early retirement benefit which shall be determined in the same manner as normal retirement benefits under Section 125.120, based on the participant's credited service and average monthly compensation, but reduced five-twelfths percent (5/12%) for each month by which the early retirement date precedes the normal retirement date.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014; Ord. No. 2017-05, 3-13-2017]
A. 
A participant whose retirement is approved by the Board of Trustees under Sections 125.110 or 125.130 shall be paid, at the time the first (1st) monthly payment is received, a payment equal to the total of all contributions which the participant made prior to April 1, 2017, pursuant to Section 125.090 without interest. No refund will be paid with respect to contributions made by a participant pursuant to Section 125.090 on or after April 1, 2017.
B. 
Upon termination of a participant's employment before he/she is eligible for vested termination benefits under Section 125.210, the participant's contributions will be returned without interest.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
If a participant suffers a disability while an active employee and after having completed ten (10) years of credited service, he/she shall be entitled to retire and to receive immediate payment of his/her accrued unreduced normal retirement benefits.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
At least once each year during the first five (5) years following a participant's disability retirement, and at least once in each three-year period thereafter, the Committee may require such participant, if he/she has not attained his/her normal retirement age, to undergo a medical examination to be made by or under the direction of a physician designated by the Committee. If such medical examination reveals that the participant is physically and mentally able and capable of engaging in any substantial remunerative occupation or employment, his/her disability retirement benefits shall terminate. If the participant disagrees with the opinion rendered by the physician appointed by the Committee, the Committee shall arrange a further medical examination of such participant to be made by or under the direction of a Medical Committee consisting of three (3) physicians, one (1) of whom shall be selected by the Committee, one (1) by or on behalf of the participant, and the third (3rd) by the first two (2) physicians so named. Should the Medical Committee concur, by majority opinion in writing to the Committee, that the participant is capable of engaging in any substantial remunerative occupation or employment, his/her disability retirement benefits shall terminate.
B. 
If the participant is thereafter reemployed by the City within two (2) years, his/her credited service to the date of his/her disability retirement, but excluding the entire period of his/her total disability, shall be restored in full, provided that he/she does not again terminate his/her employment, except for retirement or disability as defined in the plan, during the five-year period following his/her reemployment. If he/she is thereafter not so reemployed, he/she shall be considered to have terminated his/her employment with the City as of the date his/her disability commenced and he/she shall thereafter be entitled only to those benefits, if any, determined as of such date, or to a return of his/her accumulated contributions less the amount of disability benefits he/she may have already received.
C. 
If any participant receiving disability retirement benefits refuses to submit to any medical examination as provided by this Section within thirty (30) days of the notice of the Committee to report to such examination, his/her disability benefits may be suspended by the Committee until he/she consents to such examination. If such refusal continues for one (1) year, all his/her rights in and to service disability retirement benefits may be revoked by the Committee.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
If any participant is reemployed by the City or is elected as a City Official after payment of retirement benefits has begun, and such participant is accruing additional benefits under the plan, payment of the retirement benefits for which he/she may already be eligible because of prior participation shall be discontinued until he/she again retires or ceases accruing benefits. At such time, payment of benefits shall resume under the same optional form and in the amount determined under Section 125.120, taking into account any additional accrual of benefits, but in no event less than the amount received before suspension of benefits. If, however, a participant is elected or appointed as a City Official and elects to waive his/her participation in the plan pursuant to Section 125.020, said participant's retirement benefits for which he/she is already eligible shall continue in the same manner, and no new benefits shall accrue. For the purpose of this Subsection, the term "City Official" shall refer only to the Mayor and any member of the City Council.
B. 
Except for the retirement benefits for which he/she is already eligible, a participant, except for any City Official who elects to waive his/her participation in the plan pursuant to Section 125.020, who is reemployed after retirement, irrespective of the length of time he/she has been retired, shall participate in the plan as though he/she had never previously participated. Upon subsequent retirement, if the participant qualifies for retirement benefits based solely upon his/her period of reemployment, he/she shall receive such benefits at such time and in such form as otherwise provided in this plan, but without regard to any other period of employment or benefits attributable thereto.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
If a participant dies prior to retirement, after completing at least fifteen (15) years of credited service under the plan, or after retirement, then his/her surviving spouse shall receive a monthly benefit, until the earlier of such, the spouse's death or remarriage, in an amount equal to fifty percent (50%) of the monthly benefit the participant would have received had the participant retired on the day preceding his/her death or, if he/she retired prior to his/her death, was receiving or was entitled to receive as of the date of his/her death. If monthly payments are to be made to a surviving spouse on account of the death of a participant prior to retirement then at the time the first monthly payment is made, the spouse also shall receive a payment equal to the total of all contributions which the participant made pursuant to Section 125.090, without interest. Payment of such benefits shall commence as of the first day of the month immediately following the participant's death.
B. 
If a participant has no spouse at the time of his/her death or payments to his/her surviving spouse under this Section terminate because of the death of such spouse, and at such time, the participant has children under the age of eighteen (18), the monthly benefits described in the preceding Subsection (A) which his/her surviving spouse would have received if he/she had a spouse or his/her spouse had not died shall be made in equal shares to such children who are under the age of eighteen (18) at the date of the participant's death. Payment of monthly benefits shall continue to such a child until the earlier of the child's death, marriage or attainment of age eighteen (18). Such child's share of each monthly payment, as of the first day of the month following the earlier of his/her death, marriage or attainment of age eighteen (18), shall be divided equally among the other children of the participant who are under age eighteen (18) at such time. Payments under this Section on account of a participant's death shall cease as of the earlier of the day the last of the participant's children either dies, marries or attains age eighteen (18).
C. 
If a participant dies prior to retirement and has no spouse at the time of his/her death, and at such time the participant has children under the age of eighteen (18), a payment equal to the total of all contributions which the participant made pursuant to Section 125.090, without interest, shall be made in equal shares to such surviving children who are under the age of eighteen (18) at the date of the participant's death.
D. 
If a participant dies prior to retirement and he/she is not survived by either a spouse or any children under the age of eighteen (18), a payment equal to the total of all contributions which the participant made pursuant to Section 125.090, without interest, shall be paid to the participant's designated beneficiary, and in the event there is no designated beneficiary or such designated beneficiary cannot be found, such payment shall be made to the participant's estate.
E. 
The monthly survivor annuity benefit provided in this Section shall not apply in this case of a retiree who has elected an alternative form of benefit under Section 125.240, but the refund of contributions shall be paid without regard to the election of an alternative form of benefit.
F. 
In addition, all eligible employees shall designate a beneficiary or beneficiaries on a form furnished by the Committee for that purpose. The participant may from time to time change the beneficiary (but only among those mentioned in the definition of "beneficiary" in Section 125.020) by written notice to the Committee, and upon receipt by the Committee of such change, the rights of all previously designated beneficiaries to receive any benefit under the plan shall cease. In the event any participant dies without having designated a beneficiary, or in the event any participant dies but is the survivor of all designated beneficiaries, then, in either event, the benefits payable by the plan shall be paid to the estate of the deceased participant.
G. 
A participant who dies on or after January 1, 2007, while performing qualified military service will be deemed: (a) to have resumed employment with the City as of the day preceding the date of his or her death; and (b) to have terminated employment on the date of his or her death. For purposes of this Section, the term "qualified military service" means any service in the uniformed services (as defined in chapter 43 of title 38, United States Code) by any individual if such individual is entitled to USERRA reemployment rights under such chapter with respect to such service.
[Ord. No. 2015-20 §1, 11-9-2015]
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The retirement benefits of participants who retire on or after November 1, 1992, shall be annually adjusted for cost-of-living increases or decreases. Adjustments shall be made to the first benefit payments which are made after May 15 of each plan year commencing with the benefit payments to be made after May 15, 1993. Benefits shall be increased or decreased by sixty percent (60%) of the change in the Consumer Price Index for all St. Louis metropolitan area consumers, as published by the Department of Labor Statistics, for the immediately preceding calendar year. The maximum adjustment shall not exceed three percent (3%) for a plan year. In no event shall a participant's benefits under this Section be reduced to less than the amount of benefits payable to a participant on the date of his/her retirement or, in the event he/she dies before retirement, his/her death. Benefits shall be adjusted under this Section without regard to the sixty-percent limitation of Section 125.110. The benefits of a participant who retires prior to age sixty-two (62) shall not be subject to adjustment under this Section until the first day of the plan year immediately following the plan year in which the participant attains age sixty-two (62). The benefits payable to a beneficiary or beneficiaries of a deceased participant shall not be subject to adjustment under this Section until the first day of the plan year immediately following the plan year the participant would have attained age sixty-two (62) had he/she survived.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
If a participant has completed at least five (5) years of credited service prior to his/her normal retirement date and terminates employment, he/she may withdraw his/her accumulated contributions from the retirement fund and receive credited interest thereon but forfeit his/her right to any other benefit under this plan, or he/she may leave his/her accumulated contribution in the retirement fund and shall be eligible to receive a deferred vested retirement benefit commencing on the first day of the month following his/her normal retirement date determined in accordance with the vesting schedule contained in Section 125.230; or if the participant qualifies for early retirement as described in Section 125.130, the participant shall be eligible to receive actuarially reduced deferred vested retirement benefits under which payment shall commence no sooner than the first day of the month following his/her early retirement date and no later than the first day of the month following his/her normal retirement date.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2013-05 §2, 1-14-2013; Ord. No. 2014-04 §1, 1-27-2014]
A. 
This Section applies effective for limitation years beginning after December 31, 1994, regardless of whether any participant is or has ever been a participant in another qualified plan maintained by the employer. If any participant is or has ever been a participant in another qualified plan maintained by the employer, or a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], or in an individual medical account as defined in Code Section 415(1)(2) maintained by the employer, or in a simplified employee pension as defined in Code Section 408(k) maintained by the employer, that provides an annual addition, this Section is also applicable to that participant's benefits.
1. 
Maximum benefit. The annual benefit otherwise payable to a participant at any time will not exceed the maximum permissible amount. If the benefit the participant would otherwise accrue in a limitation year would produce an annual benefit in excess of the maximum permissible amount, the rate of accrual will be reduced so that the annual benefit is equal to the maximum permissible amount. The maximum permissible amount for a participant who has not attained normal retirement age shall be applied to the actuarial equivalent of the participant's accrued benefit otherwise payable under the plan at normal retirement age, based on the participant's applicable completed years of benefit service to date.
2. 
Treatment of employee contributions. If a participant makes voluntary employee contributions, or mandatory contributions as defined in Code Section 411(c)(2)(C), under the terms of this plan, the amount of such contributions is treated as an annual addition to a qualified defined contribution plan for purposes of Sections 125.220(A)(1) and 125.220(B)(2).
B. 
This Section applies if any participant is covered, or has ever been covered, by another plan maintained by the employer, including a qualified retirement plan, a welfare benefit fund, a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], an individual medical account, or a simplified employee pension that provides an annual addition.
1. 
More than one (1) defined benefit plan. If a participant is, or has ever been, covered under more than one (1) employer-maintained defined benefit plan, the sum of the participant's annual benefits from all such defined benefit plans may not exceed the maximum permissible amount. A participant's benefits in this plan shall be limited to an amount whereby the participant's employer-provided benefits under all defined benefit plans ever maintained by the employer (determined as of the same age) do not exceed the maximum permissible amount applicable at that age.
2. 
Multiple plan fraction. For limitation years beginning before January 1, 2000, if the employer maintains one (1) or more qualified defined contribution plans covering any participant in this plan, a welfare benefit fund maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], an individual medical account plan, or a simplified employee pension, the sum of the participant's defined contribution fraction and defined benefit fraction cannot exceed one (1.0) in any limitation year, as follows:
a. 
The annual addition that may be credited to the participant's account under the defined contribution plan for a limitation year will be reduced so the one (1.0) limit will not be exceeded. No participant who is or was a participant in a qualified defined contribution plan of an employer will accrue an annual benefit in excess of the amount as adjusted by the Code Section 415(e) aggregated limitation as in effect prior to the first limitation year which begins on or after January 1, 2000.
b. 
For purposes of Subsection (B)(2)(a), the Code Section 415(e) aggregated limitation is one (1) minus the defined contribution fraction, multiplied by the lesser of one hundred twenty-five percent (125%) of the adjusted dollar limitation, or one hundred forty percent (140%) of highest average compensation.
c. 
Subsection (B)(2)(a) above shall be applicable only for limitation years beginning before January 1, 2000. Benefit increases resulting from the repeal of Code Section 415(e) will be provided to all current and former participants [with benefits limited by Code Section 415(e)] who have an accrued benefit under the plan immediately before the first day of the first limitation year beginning in 2000.
3. 
TRA '86 Transition Rule. If an individual was a participant in one (1) or more defined benefit plans of the employer as of the first day of the first limitation year beginning after December 31, 1986, the application of the limitations of this Chapter will not cause such individual's maximum permissible amount under all such defined benefit plans to be less than the individual's Tax Reform Act of 1986 (TRA '86) accrued benefit. The preceding sentence applies only if such defined benefit plans met the requirements of Code Section 415 for all limitation years beginning before January 1, 1987.
C. 
The maximum annual addition made to a participant's various accounts maintained under the plan for any limitation year beginning after December 31, 1986 will not exceed the lesser of the dollar limitation set forth in Section 125.220(C)(1) or the compensation limitation set forth in Section 125.220(C)(2) as adjusted in the remainder of this Section, as follows:
1. 
Dollar limitation. For limitation years beginning prior to January 1, 1995, the dollar limitation is one-fourth (1/4) of defined benefit dollar limitation set forth in Code Section 415(b)(1)(A). For limitation years beginning after December 31, 1994, and prior to January 1, 2002, the dollar limitation is thirty thousand dollars ($30,000.00), as adjusted by the Secretary of the Treasury in accordance with Code Section 415(d). For limitation years beginning after December 31, 2001, the dollar limitation is forty thousand dollars ($40,000.00), as adjusted by the Secretary of the Treasury in accordance with Code Section 415(d).
2. 
Compensation limitation. The compensation limitation is an amount equal to twenty-five percent (25%) of the participant's Section 415 compensation for the limitation year. For limitation years beginning prior to January 1, 2002, the compensation limitation is an amount equal to twenty-five percent (25%) of the member's Section 415 compensation for the limitation year. For limitation years beginning after December 31, 2001, the compensation limitation is an amount equal to one hundred percent (100%) of the member's Section 415 compensation for the limitation year.
3. 
Adjustments to maximum annual addition. In applying the limitation on annual additions set forth herein, the following adjustments must be made:
a. 
Short limitation year. In a limitation year of less than twelve (12) months, the defined contribution dollar limitation in Section 125.220(C)(1) will be adjusted by multiplying it by the ratio that the number of months in the short limitation year bears to twelve (12).
b. 
Plans with different anniversary dates. If a participant participates in multiple defined contribution plans sponsored by the employer with different anniversary dates or plan years, the maximum annual addition in this plan for the limitation year will be reduced by the annual addition credited to the participant's accounts in the other plans for such limitation year.
c. 
Plans with the same anniversary date. If a participant participates in multiple defined contribution plans sponsored by the employer which have the same anniversary date and plan year, then:
(1) 
If only one (1) of the plans is subject to Code Section 412, annual additions will first be credited to the participant's accounts in the plan so subject; and
(2) 
If none of the plans are subject to Code Section 412, the maximum annual addition in this plan for a given limitation year will either:
(a) 
Equal the product of the maximum annual addition for such limitation year minus any other annual additions previously credited to the participant's account, multiplied by the ratio that the annual additions which would be credited to a participant's accounts hereunder without regard to the limitations in Section 125.220(C) bears to the annual additions for all plans described in this Subsection; or
(b) 
Be reduced by the annual additions credited to the participant's accounts in the other plans for such limitation year.
4. 
Multiple plans and employers. All defined benefit plans (whether terminated or not) of the employer will be treated as one (1) defined benefit plan; all defined contribution plans (whether terminated or not) of the employer will be treated as one (1) defined contribution plan; and all affiliated employers will be considered a single employer.
5. 
Adjustment for excessive annual additions. Adjustment for excessive annual additions. If for any limitation year the annual additions allocated to a participant's account exceeds the maximum amount permitted under Section 125.220(C) above because of an allocation of forfeitures, a reasonable error in estimating a participant's compensation, a reasonable error in determining the amount of elective contributions (within the meaning of Code Section 402(g)(3)), or because of other limited facts and circumstances that the Commissioner finds justify the availability of the rules set forth in this Section, then such participants account will be adjusted as follows in order to reduce the excess annual additions:
[Ord. No. 2017-05, 3-13-2017]
a. 
For plan years beginning on or after July 1, 2007, the employer will follow the rules of any Employee Plans Compliance Resolution System (EPCRS) that is issued by the Internal Revenue Service.
b. 
For plan years beginning prior to July 1, 2007, the employer will utilize the following procedures:
(1) 
Return of elective deferrals and employee contributions. The administrator will first return any elective deferrals and/or employee contributions (whether such contributions are voluntary or mandatory), and will distribute gains attributable thereto, to the extent that would reduce the excess amount.
(2) 
Reallocation in the current year. After the return of contributions and the distribution of gains specified in Subsection (C)(5)(b)(1) above have been made, and prior to the creation of a Section 415 Suspense Account as set forth in Subsection (C)(5)(b)(3) below, any excess will be reallocated to all participants who have not yet attained their maximum annual addition. If necessary, the administrator will repeat the reallocation until all participants have reached their maximum annual addition.
(3) 
Remaining excess. If an excess still remains in a participant's account, then:
(a) 
If the participant is employed by the employer at the end of the limitation year, the administrator will hold the excess in the Section 415 Suspense Account and use it to reduce employer contributions (including any allocation of forfeitures) for the next limitation year and each succeeding limitation year if necessary) for the participant; and
(b) 
If the participant is not employed by the employer at the end of a limitation year, the excess cannot be distributed to the participant but will be held in the Section 415 Suspense Account and be used to reduce future employer contributions (including the allocation of forfeitures) for all remaining participants in the next limitation year (and each succeeding limitation year if necessary).
(4) 
Earnings, losses and reallocation. If the Section 415 Suspense Account is in existence at any time during a limitation year, it will not share in the allocation of the earnings or losses of the Trust Fund. If the Section 415 Suspense Account is in existence at any time during a particular limitation year, all amounts in such account must be allocated and reallocated to participants' accounts before any employer contributions or any employee contributions may be made to the plan for that limitation year. Excess amounts in the Section 415 Suspense Account may not be distributed to participants or former participants.
D. 
Definitions. As used in this Section 125.220, and for all other purposes of the plan, the following words and phrases will have the following meanings:
1. 
The sum of the following amounts credited to a participant's account for the limitation year:
a. 
Employer contributions;
b. 
Employee contributions;
c. 
Forfeitures;
d. 
Amounts allocated, after March 31, 1984, to an individual medical account, as defined in Code Section 415(1)(2), which is part of a pension or annuity plan maintained by the employer;
e. 
Amounts derived from contributions paid or accrued after December 31, 1985, in taxable years ending after such date, attributable to post-retirement medical benefits, allocated to the separate account of a key employee under a welfare fund, as defined in Code Section 419(e), maintained by the employer. Notwithstanding the foregoing, a participant's annual additions do not include his or her rollovers, loan repayments, repayments of prior plan distributions or prior distributions of mandatory contributions, direct transfers of contributions from another plan to this plan, deductible contributions to a simplified employee pension plan, or voluntary deductible contributions; and
f. 
Amounts allocated, in taxable years beginning after April 1, 1980, under a simplified employee pension.
2. 
Annual additions shall not include any repayment of contributions (including interest thereon) to this plan pursuant to the provisions of Section 200.520 by reason of the application of Code Section 415(k)(3).
ANNUAL BENEFIT
A retirement benefit under the plan that is payable annually in the form of a straight life annuity.
1. 
Actuarial adjustments to annual benefit. Except as otherwise provided in Subsection (1)(b) below, a benefit payable in a form other than a straight life annuity must be adjusted to be the actuarial equivalent of a straight life annuity before applying the limitations of Section 415 as follows:
a. 
For limitation years beginning before January 1, 1995, such actuarial equivalent will be based on the mortality factors specified under the terms of the plan as in effect before such date and is equal to the greater of the annuity benefit computed using an interest rate of five percent (5%) or the interest rate(s) specified for determining actuarial equivalence under the terms of the plan as in effect before such date.
b. 
For limitation years beginning on or after January 1, 1995, such actuarial equivalent is the greater of the annuity benefit computed using the interest rate and mortality table in Section 1.2(d), and the annuity benefit computed using a five-percent interest rate and the applicable mortality table in Section 1.2(f). In determining such actuarial equivalent for a benefit form other than a non-decreasing annuity payable for a period of not less than the life of the participant (or, in the case of a qualified preretirement survivor annuity, the life of the surviving spouse), or decreases during the life of the participant merely because of:
(1) 
The death of the survivor annuitant (but only if the reduction is not below fifty percent (50%) of the annual benefit payable before the death of the survivor annuitant); or
(2) 
The cessation or reduction of social security supplements of qualified disability payments as defined in Code Section 401(a)(11), "the applicable interest rate" as defined in Section 1.2(f) will be substituted for "a five-percent interest rate" in the preceding sentence.
2. 
Circumstances where no adjustment is required. No actuarial adjustment to the annual benefit is required for:
a. 
The value of a qualified joint and survivor annuity;
b. 
Benefits that are not directly related to retirement benefits (such as the qualified disability benefit, preretirement death benefits, and post-retirement medical benefits); and
c. 
The value of post-retirement cost-of-living increases made in accordance with Code Section 415(d) and regulation Section 1.415-3(c)(2)(iii). The annual benefit does not include any benefits attributable to employee contributions or rollovers, or the assets transferred from a qualified plan that was not maintained by the employer. The annual benefit does not include any benefits attributable to mandatory employee contributions or voluntary employee contributions or rollover contributions, or the assets transferred from a qualified retirement plan that was not maintained by the employer.
DEFINED BENEFIT DOLLAR LIMITATION AND DEFINED BENEFIT COMPENSATION LIMITATION
The term "defined benefit dollar limitation" means one hundred sixty thousand dollars ($160,000.00), as adjusted effective January 1 of each year, under Code Section 415(d) in such manner as the Secretary shall prescribe, and payable in the form of a straight life annuity. A limitation as adjusted under Code Section 415(d) will apply to limitation years ending with or within the calendar year for which the adjustment applies. The term "defined benefit compensation limitation" means one hundred percent (100%) of a participant's highest average compensation, payable in the form of a straight life annuity.
DEFINED BENEFIT FRACTION
A fraction, the numerator of which is the sum of the participant's projected annual benefit under all employer-maintained defined benefit plans (whether or not terminated), and the denominator of which is the lesser of one hundred twenty-five percent (125%) of the dollar limitation applicable to the participant determined for the limitation year under Code Section 415(b)(1)(A) and (d), or one hundred forty percent (140%) of the highest average compensation, including any adjustments under Code Section 415(b)(5), both adjusted as necessary under paragraph (g). If the participant was a participant on the first day of the first limitation year beginning after December 31, 1986, in one (1) or more employer-maintained defined benefit plans which were in existence on May 6, 1986, the denominator of this fraction will not be less than one hundred twenty-five percent (125%) of the sum of the annual benefits thereunder which the participant had accrued as of the close of the last limitation year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plan after May 5, 1986. The preceding sentence applies only if the defined benefit plans individually and in the aggregate satisfied the requirements of Code Section 415 for all limitation years beginning before January 1, 1987.
DEFINED CONTRIBUTION FRACTION
A fraction, the numerator of which is the sum of the annual additions to the participant's account under all defined contribution plans (whether or not terminated) maintained by the employer for the current and all prior limitation years (including annual additions attributable to the participant's voluntary employee contributions to this and all other defined benefit plans (whether or not terminated) maintained by the employer, and the annual additions attributable to all welfare benefit funds maintained by the employer [as defined in Code Section 419(e)] under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)] or individual medical accounts and simplified employee pensions maintained by the employer, and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior limitation years with the employer (regardless of whether a defined contribution plan was maintained by the employer).
1. 
Determination of maximum aggregate amount. The maximum aggregate amount set forth in paragraph (e) in any limitation year is the lesser of:
a. 
One hundred twenty-five percent (125%) of the dollar limitation under Code Section 415(c)(1)(A) after adjustment under Code Section 415(d); or
b. 
Thirty-five percent (35%) of the participant's compensation for such year.
2. 
No recomputation required for pre-1987 annual additions. The annual addition for any limitation year beginning before January 1, 1987, will not be recomputed to treat all employee contributions as annual additions.
3. 
Transition rule. If the employee was a participant in the plan on the first day of the first limitation year beginning after December 31, 1986, in one (1) or more defined contribution plans maintained by the employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the defined benefit fraction would otherwise exceed one (1.0) under the terms of this plan. Under the adjustment, an amount equal to the product of (A) the excess of the sum of the fractions over one (1.0) times (B) the denominator of this fraction, will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last limitation years beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the plan made after May 5, 1986, but using the Code Section 415 limitation applicable to the first limitation year beginning on or after January 1, 1987.
HIGHEST AVERAGE COMPENSATION
A participant's average Code Section 415 compensation for the three (3) consecutive years of service or one-year periods of service with the employer that produces the highest average. If a participant has separated from service, the participant's highest average compensation will be automatically adjusted by multiplying such compensation by the cost-of-living adjustment factor prescribed by the Secretary of the Treasury under Code Section 415(d) in such manner as the Secretary may prescribe. The adjusted compensation amount will apply to limitation years ending with or within the calendar year of the date of the adjustment.
MAXIMUM PERMISSIBLE AMOUNT
The lesser of the defined benefit dollar limitation or the defined benefit compensation limitation (both adjusted where required, as provided in Subsection (D)(1) and, if applicable, in Subsection (D)(2) or (3) below).
1. 
Service adjustment. If the participant has fewer than ten (10) years of participation in the plan, the defined benefit dollar limitation shall be multiplied by a fraction:
a. 
The numerator of which is the number of years (or part thereof) of participation in the plan; and
b. 
The denominator of which is ten (10). In the case of a participant in a non-multiemployer plan who has fewer than ten (10) years of service with the employer, the defined benefit compensation limitation shall be multiplied by a fraction:
(1) 
The numerator of which is the number of years (or part thereof) of service with the employer; and
(2) 
The denominator of which is ten (10).
2. 
Minimum benefit permitted. Notwithstanding anything else in this Section to the contrary, effective for limitation years beginning after December 31, 1994, the benefit otherwise accrued or payable to a participant under this plan shall be deemed not to exceed the defined benefit compensation limitation if the retirement benefits payable for a plan year under any form of benefit with respect to such participant under this plan and under all other defined benefit plans (regardless of whether terminated) ever maintained by the employer do not exceed one thousand dollars ($1,000.00) multiplied by the participant's number of years of service or one-year periods of service or parts thereof [not to exceed ten (10)] with the employer; and the employer has not at any time maintained a defined contribution plan, a welfare benefit fund under which amounts attributable to post-retirement medical benefits are allocated to separate accounts of key employees [as defined in Code Section 419(A)(d)(3)], or an individual medical account in which the participant participated (for these purposes, voluntary or involuntary employee contributions under a defined benefit plan are treated as a separate defined contribution plan).
3. 
Cost-of-living adjustment. Effective for limitation years beginning after December 31, 1994, if the annual benefit payable to a terminated participant who has not received a complete distribution of his or her non-forfeitable accrued benefit is limited by either the defined benefit dollar limitation or by the defined benefit compensation limitation, such benefit may, at the discretion of the sponsor and applied in a uniform manner, be increased in accordance with cost-of-living adjustments under Code Section 415(d).
PROJECTED ANNUAL BENEFIT
The annual benefit to which the participant would be entitled assuming:
1. 
The participant will continue employment until normal retirement age (or current age, if later); and
2. 
The participant's compensation for the current limitation year and all other relevant factors used to determine benefits will remain constant for all future limitation years.
TRA '86 ACCRUED BENEFIT
A participant's accrued benefit determined as if he had separated from service as of the close of the last limitation year beginning before January 1, 1987, when expressed as an annual benefit within the meaning of Code Section 415(b)(2). In determining a participant's TRA '86 accrued benefit, the following will be disregarded: any change in the terms and conditions of the plan after May 5, 1986; and any cost-of-living adjustments occurring after May 5, 1986.
YEAR OF PARTICIPATION
A participant will be credited with a year of participation (computed to fractional parts of a year) for each accrual computation period in which the following conditions are met:
1. 
The participant is credited with at least the number of hours of service (or period of service if the elapsed time method is used) for benefit accrual purposes, required under the plan to accrue a benefit for the accrual computation period; and
2. 
The participant is included as a participant under the eligibility provisions of the plan for at least one (1) day of the accrual computation period. If these two (2) conditions are met, the portion of a year of participation credited to the participant will equal the amount of benefit accrual service credited to the participant for such accrual computation period. A participant who is permanently and totally disabled within the meaning of Code Section 415(c)(3)(C)(i) for an accrual computation period will receive a year of participation with respect to that period. In addition, for a participant to receive a year of participation (or part thereof) for an accrual computation period, the plan must be established no later than the last day of such computation period. In no event will more than one (1) year of participation be credited for any twelve-month period.
E. 
Notwithstanding any provision of this plan to the contrary, effective for limitation years beginning on or after January 1, 1975, the provisions of Code Section 415 and the Treasury Regulations issued thereunder as applicable to governmental retirement plans are incorporated by reference.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
The deferred vested retirement benefit shall be a percentage, as shown in the table, of full retirement benefits computed in the same manner as normal retirement benefits, but based upon his/her average compensation and credited service as of the date of his/her termination.
Credited Service Years
Vested Percentage of Accrued Benefits
Less than 5
0%
5
25%
6
30%
7
35%
8
40%
9
45%
10
50%
11
60%
12
70%
13
80%
14
90%
15 or more
100%
B. 
A participant shall not be entitled to receive retirement benefits under more than one (1) of the foregoing provisions of this Chapter. Should a participant be discharged from employment because of embezzlement, fraud, or dishonesty, he/she shall not be entitled to receive retirement benefits under the plan regardless of his/her age and service on the date of his/her discharge.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
A participant may elect to have retirement benefits paid to him/her during his/her lifetime in a reduced amount with benefits to be continued to be paid after his/her death to his/her designated contingent annuitant. A designated contingent annuitant shall be one (1) person who shall be a spouse, a child or a lineal descendant of the participant. The participant, at the time of his/her retirement, or earlier, shall make the election. Should the participant fail to make such election, it will be presumed that he/she did not wish to name a contingent annuitant. If the participant has a spouse at the time of making an election under this Section, such spouse must consent, in writing, to such election, and such consent must be notarized by a qualified notary public in order for the election to be effective.
B. 
The aggregate of the retirement benefits expected to be paid under this option to a participant and his/her contingent annuitant shall be the actuarial equivalent of the retirement benefits to which the participant would be otherwise entitled to receive upon retirement determined pursuant to Section 125.120 or 125.140, as appropriate, without regard to any benefit which might be provided under Section 125.190.
C. 
The participant may elect under this option that either one hundred percent (100%), sixty-six and two-thirds percent (66 2/3%) or fifty percent (50%) of the reduced retirement benefits he/she has elected to be payable to him/her for life will be continued to his/her designated contingent annuitant for life.
D. 
An election to receive retirement benefits in accordance with this option shall become inoperative in the event:
1. 
The participant dies before retirement; or
2. 
The participant's contingent annuitant predeceases the participant while the participant is still employed and another contingent annuitant has not been designated.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
If the retirement benefits payable under this plan to a participant are less than twenty dollars ($20.00) per month, the Committee may direct that in lieu of such retirement benefits, the actuarial equivalent thereof shall be paid in a lump sum.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
If the Committee in good faith believes that a person entitled to receive any payment under the plan is physically or mentally incompetent to receive such payment and to give a valid release therefor; and another person or an institution is then maintaining or has custody of such person, and no guardian, committee or other representative of the estate of such person has been duly appointed by a court of competent jurisdiction, the payment may be made to such other person or institution referred to above, and the release of such other person or institution shall be a valid and complete discharge for the payment.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Effective for distributions made after December 31, 1992, a distributee may elect to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover, which is a payment by the plan to the eligible retirement plan specified by the distributee.
B. 
Definitions. As used in this chapter, the following terms shall have the meanings indicated:
DIRECT ROLLOVER
A payment by the plan to the eligible retirement plan specified by the distributee.
DISTRIBUTEE
Includes an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse or former spouse. For distributions after December 31, 2006, a distributee shall also include the employee's or former employee's non-spouse designated beneficiary, in which case, the distribution can only be transferred to a traditional or Roth IRA established on behalf of the non-spouse designated beneficiary for the purpose of receiving the distribution.
ELIGIBLE RETIREMENT PLAN
An individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the distributee's eligible rollover distribution. Effective for distributions made after December 31, 2001, an eligible retirement plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan. Effective for distributions made after December 31, 2007, an eligible retirement plan shall also mean a Roth IRA. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse.
1. 
An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9) of the Internal Revenue Code; and effective for distributions after December 31, 2001, any hardship distribution and any other distribution(s) that is reasonably expected to total less than two hundred dollars ($200.00) during a year. For purposes of the two-hundred-dollar rule, a distribution from a designated Roth account and a distribution from other accounts under the plan are treated as made under separate plans.
2. 
Any portion of a distribution that consists of after-tax employee contributions which are not includable in gross income may be transferred only to:
a. 
For distributions made after December 31, 2001, a defined contribution plan described in § 401(a) or § 403(a) that agrees to separate accounting for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable or a traditional individual retirement account or annuity described in Code Section 408(a) or (b) (a "traditional IRA"); and
b. 
Effective for distributions after December 31, 2006, to a qualified plan or an annuity contract described in Code Section 401(a) and Code Section 403(b), respectively, that agrees to separate accounting for amounts so transferred (and earnings thereon), including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable or a traditional individual retirement account or annuity described in Code Section 408(a) or (b) (a "traditional IRA"); and
c. 
Effective for distributions made after December 31, 2007, shall also include a Roth individual retirement account or annuity described in Code Section 408A (a "Roth IRA").
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Required Beginning Date. The participant's entire interest will be distributed, or begin to be distributed, to the participant no later than the participant's required beginning date.
B. 
Death Of Participant Before Distributions Begin.
1. 
If the participant dies before distributions begin, his or her entire interest will be distributed, or begin to be distributed, no later than as follows:
a. 
If the participant's surviving spouse is the participant's sole designated beneficiary, then subject to Section 125.280(B)(1)(e), distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age seventy and one-half (70 1/2), if later.
b. 
If the participant's surviving spouse is not the participant's sole designated beneficiary, then subject to Section 125.280(B)(1)(e) below, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died.
c. 
If there is no designated beneficiary as of September 30 of the year following the year of the participant's death, the participant's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant's death.
d. 
If the participant's surviving spouse is the participant's sole designated beneficiary and the surviving spouse dies after the participant but before distributions to the surviving spouse begin, this Section, other than Section 125.280(B)(1)(a), will apply as if the surviving spouse were the participant.
e. 
If the participant dies before distributions begin and there is a designated beneficiary, distribution to the designated beneficiary is not required to begin by the date specified in Section 125.280(B)(1)(a) or (b) if the participant's entire interest is distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant's death.
2. 
For purposes of this Section and Section 125.280(C), unless Section 125.280(B)(1)(d) applies, distributions are considered to begin on the participant's required beginning date. If Section 125.280(B)(1)(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 125.280(B)(1)(a). If annuity payments irrevocably commence to the participant before the participant's required beginning date [or to the participant's surviving spouse before the date distributions are required to begin to the surviving spouse under Section 125.280(B)(1)(a), the date distributions are considered to begin is the date distributions actually commence.
C. 
Forms Of Distribution. Unless the participant's interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with Sections 125.290 and 125.300. If the participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a)(9) and the IRS regulations. Any part of the participant's interest which is in the form of an individual account described in Code Section 414(k) will be distributed in a manner satisfying the requirements of Code Section 401(a)(9) and the IRS regulations that apply to individual accounts.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
General Annuity Requirements. If the participant's interest is paid in the form of annuity distributions under the plan, payments under the annuity will satisfy the following requirements:
1. 
The annuity distributions will be paid in periodic payments made at intervals not longer than one (1) year;
2. 
The distribution period will be over a life (or lives) or over a period certain not longer than the period described in Section 125.300 or 125.310;
3. 
Once payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted;
4. 
Payments will either be non-increasing or increase only as follows:
a. 
By an annual percentage increase that does not exceed the annual percentage increase in a cost of living index based on prices of all items and issued by the Bureau of Labor Statistics;
b. 
To the extent of the reduction in the amount of the participant's payments to provide for a survivor benefit upon death, but only if the beneficiary whose life was being used to determine the distribution period described in Subsection (A)(4) dies or is no longer the participant's beneficiary under a plan-approved domestic relations order;
c. 
To provide cash refunds of employee contributions upon the participant's death; or
d. 
To pay increased benefits that result from a plan amendment.
B. 
Amount Required To Be Distributed By Required Beginning Date. The amount that must be distributed on or before the participant's required beginning date [or, if the participant dies before distributions begin, the date distributions are required to begin under Section 125.280(B)(1)(a) or (b)] is the payment that is required for one (1) payment interval. The second payment need not be made until the end of the next payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bimonthly, monthly, semiannually, or annually. All of the participant's benefit accruals as of the last day of the first distribution calendar year will be included in the calculation of the amount of the annuity payments for payment intervals ending on or after the participant's required beginning date.
C. 
Additional Accruals After First Distribution Calendar Year. Any additional benefits accruing to the participant in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Joint Life Annuities Where The Beneficiary Is Not The Participant's Spouse. If the participant's interest is being distributed in the form of a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary, annuity payments to be made on or after the participant's required beginning date to the designated beneficiary after the participant's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the participant using the table in Q&A-2 of Section 1.401(a)(9)-6T of the IRS regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the participant and a non-spouse beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain.
B. 
Period Certain Annuities. Unless the participant's spouse is the sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain for an annuity distribution commencing during the participant's lifetime may not exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the IRS regulations for the calendar year that contains the annuity starting date. If the annuity starting date precedes the year in which the participant reaches age seventy (70), the applicable distribution period for the participant is the distribution period for age seventy (70) under the Uniform Lifetime Table set forth in Section 1.401 (a)(9)-9 of the IRS regulations plus the excess of seventy (70) over the age of the participant as of the participant's birthday in the year that contains the annuity starting date. If the participant's spouse is the participant's sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the participant's applicable distribution period, or the joint life and last survivor expectancy of the participant and the participant's spouse as determined under the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the IRS regulations, using the participant's and spouse's attained ages as of the participant's and spouse's birthdays in the calendar year that contains the annuity starting date.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Participant Survived By Designated Beneficiary. If the participant dies before the date distribution of his or her interest begins and there is a designated beneficiary, the participant's entire interest will be distributed, beginning no later than the time described in Section 125.280(A) or (B), over the life of the designated beneficiary or over a period certain not exceeding:
1. 
Unless the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of the beneficiary's birthday in the calendar year immediately following the calendar year of the participant's death; or
2. 
If the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of his or her birthday in the calendar year that contains the annuity starting date.
B. 
No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant's death, distribution of the participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant's death.
C. 
Death Of Surviving Spouse Before Distributions To Surviving Spouse Begin. If the participant dies before the date distribution of his or her interest begins, the participant's surviving spouse is the participant's sole designated beneficiary, and the surviving spouse dies before distributions to the surviving spouse begin, Section 125.280 will apply as if the surviving spouse were the participant, except that the time by which distributions must begin will be determined without regard to Section 125.280(A).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
The plan shall be administered by a Retirement Committee consisting of the Mayor and the Director of Finance of the City, one (1) participant who is a resident of the City and who is not an employee or retired employee under the plan and two (2) participants who are employees of the City and who are eligible to participate in the plan.
B. 
The resident participant and the employee participants of the Committee shall be appointed from time to time by the Mayor with the approval of the majority of the participants of the City Council and shall serve at the pleasure of the Mayor and the majority of the City Council.
C. 
The Committee shall not receive remuneration for its services. It shall elect its own Chairman, Vice Chairman and Secretary, and shall delegate to them their respective duties, except that the Secretary shall make a record of all meetings.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
The Committee shall have all such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the power to construe or interpret the plan, to decide all questions of eligibility, to determine the amount, manner and time of payment of any benefits hereunder, and to invest, manage and control the retirement fund. A majority vote of the participants present at a regular or special meeting of the Committee shall be necessary to decide all matters coming before it. Three (3) participants shall constitute a quorum, except that at least one (1) employee participant shall be present. The Committee shall meet from time to time as necessary.
B. 
When making a determination or calculation, the Committee shall be entitled to rely upon information furnished by the City or the actuary retained to advise concerning the plan and the retirement fund.
C. 
The Committee may adopt such rules and actuarial tables as it deems advisable. The Committee may employ, subject to the approval of the Mayor and the City Council, such agents, attorneys, actuaries or clerical assistants as it deems necessary. The Committee shall issue directions to the investment agent of the retirement fund or to the proper official of the City concerning all benefits which are to be paid from the retirement fund pursuant to the provisions of the plan.
D. 
All rules and decisions of the Committee shall be uniformly and consistently applied to all employees in similar circumstances. Any rule or decision which is not inconsistent with the provisions of the plan shall be conclusive and binding upon all persons affected by it.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The Retirement Committee shall only invest in such investments as are authorized by the laws of the State of Missouri. The Retirement Committee, for the purpose of meeting disbursements for benefits and other payments, may keep available cash in a reasonable amount.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The Committee may select the manner of funding the plan and may select or change any trustee, depositary or insurance carrier with which the retirement fund shall be held, managed or invested pursuant to an appropriate contract.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The City Council shall select a custodian of all books, records, accounts and other property of the retirement fund, subject to the control and direction of the Committee. The custodian shall keep separate books and complete accounts of the retirement fund, and his/her books and records shall be subject to the inspection of the Committee or any of its participants at all times. The City Council may provide that the custodian of the books, records, accounts and other property of the retirement fund shall be bonded in such amount as it may determine.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
No part of the corpus or income of the retirement fund or of any trust maintained pursuant to the plan or any funds contributed thereto shall be used or diverted, by any means, to any purpose other than for the exclusive benefit of participants, retired participants or their beneficiaries or annuitants.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
The Retirement Committee, if it denies any application for retirement or death or disability benefits provided by this plan, shall within five (5) days of the date of denial notify the applicant-participant by certified mail, in writing, of the denial, reasons therefor, and time for appeal. The applicant-participant may, within thirty (30) days of the receipt of notice of denial, request in writing a hearing before the Committee. The Committee shall within thirty (30) days hold a hearing for the purpose of reviewing the participant's application. The Committee shall give the applicant-participant at least ten (10) days' notice of the time and place of such hearing.
B. 
The participant may be represented by counsel at such hearing, and may present any relevant evidence in behalf of his/her application not previously submitted.
C. 
The Committee may establish rules and regulations for the conduct of such hearing.
D. 
The decision of the Committee after such a hearing shall be final as to the eligibility of a participant for benefits or as to his/her mental or physical condition, except that the hearing may be subject to review by writ of certiorari to the Circuit Court of St. Louis County.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
Except as required by law and with respect to any indebtedness owing to the City or as provided in the succeeding Subsection (B), benefits payable under this plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, including any such liability which is for alimony or other payments for the support of a spouse or former spouse or any other relative of the employee, prior to actually being received by the person entitled to the benefit under the terms of the plan, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or otherwise dispose of any right to benefits payable hereunder shall be void. The retirement fund shall not in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person entitled to benefits hereunder.
B. 
Domestic Relations Order.
1. 
Notwithstanding the preceding Subsection (A), an employee's interest under this plan may be assigned, in whole or in part, pursuant to an order which constitutes a plan-approved domestic relations order; provided, however, no order shall be considered to be a plan-approved domestic relations order if it requires an amount to be paid to an alternate payee before the earlier of:
a. 
The date the employee begins to receive benefits under this plan; or
b. 
The date of employee's death.
2. 
The Retirement Committee shall establish procedures similar to those described in Subsections 414(P)(6) and (p)(7) for evaluating domestic relations orders and for handling benefits while domestic relations orders are being evaluated.
C. 
Notwithstanding any other provision of the plan to the contrary, the plan Administrator may offset against the amount in a participant's benefit under the plan any amount which the participant is ordered or required to pay as a result of a judgment or settlement described in Section 401(a)(13)(C), provided that the requirements set forth in Sections 401(a)(13)(C) and 401(a)(13)(D) are satisfied.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
No employee shall have any right to, or interest in, any part of the retirement fund's assets upon termination of his/her employment or otherwise, except as provided from time to time under this plan, and then only to the extent of the benefits payable to such employee out of the assets in the retirement fund or of his/her personal accumulated contributions. All payments of benefits as provided for in this plan shall be made solely out of the assets in the retirement fund.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
Neither the City nor any participant of the Committee shall guarantee the retirement fund in any manner against loss or depreciation; nor shall they be liable for any act or failure to act which is made in good faith pursuant to the provisions of the plan. The City shall not be responsible for any act or failure to act of the Committee or of any agent, trustee, or insurance carrier holding, managing or investing the retirement fund. The participants of the Committee shall not be responsible for any act or failure to act of the City Council, or any agent, employee or official of the City or of any agent, trustee, or insurance carrier holding, managing or investing the retirement fund.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
Notwithstanding any provision of this plan to the contrary, effective as of December 12, 1994, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
Nothing contained in this plan shall be construed as a contract of employment between the City and any employee, or as a right of any employee to be continued in the employment of the City, or as a limitation of the right of the City to discharge any of its employees.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
Each person entitled to benefits under the plan shall file with the Committee, in writing, his/her post office address and each change of post office address. Any communication, statement, or notice addressed to such person at his/her latest post office address as filed with the Committee will be binding upon such person for all purposes of the plan, and neither the Committee nor the City shall be obliged to search for or to ascertain the whereabouts of any such person. If the Committee notifies any such person that he/she is entitled to benefits under the plan and of the provisions of this Section, and if such person fails to claim his/her benefits or make his/her whereabouts known to the Committee within two (2) years after any benefits hereunder shall become payable, such person shall lose all benefits under the plan. The Committee may, however, reinstate any benefits so forfeited.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The City Council reserves the right to make from time to time any amendment or amendments to this plan which do not cause any part of the funds of the retirement fund to be used for, or diverted to, any purpose other than the exclusive benefit of employees included in the plan.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
The plan shall not be merged or consolidated with, or its assets or liabilities transferred to, any other plan, unless the benefit to which each participant would be entitled if the plan terminated immediately following such merger, consolidation or transfer is equal to or greater than the benefit to which each participant would have been entitled if the plan had terminated immediately prior to the merger, consolidation or transfer.
[Ord. No. 2011-2 §1, 1-10-2011; Ord. No. 2014-04 §1, 1-27-2014]
A. 
In the event the plan shall, at any time, be partially or totally terminated or there shall be a complete discontinuance of contributions by the City, all benefits accrued as of the date of such termination or discontinuance by participants affected thereby shall become fully vested, and the assets of the retirement fund shall be allocated, after providing for necessary expenses and subject to the provisions below, so that each of the following provisions shall be given full effect in the order set forth; further, if in so giving effect to any provision, the assets remaining in the retirement fund are insufficient to carry out such provision in full, the assets available therefor shall be prorated in the payment of accrued benefits so that all eligible participants shall receive the same percentage of their full monthly benefits:
1. 
To provide that part of benefits provided by a participant's contributions and to return the contributions of those participants not drawing benefits;
2. 
To provide the retirement or death or disability benefits thereafter to be paid to each retired or disabled participant, annuitant or beneficiary of a deceased participant;
3. 
To provide the retirement benefits accrued by each eligible participant who has reached his/her earliest eligible normal retirement date or early retirement date and who has not yet retired;
4. 
To provide the accrued benefits which are vested in a terminated participant, or which would be vested in an eligible participant who has not reached his/her earliest eligible early retirement date, other than benefits which become vested by reason of the termination, partial termination or discontinuance of contributions;
5. 
To provide the retirement, termination or death or disability benefits accrued by each eligible participant who was not included in the provisions above;
6. 
To return to the City, in the case of termination of the plan, any balance which arises because of erroneous actuarial computations and which remains in the retirement fund after all fixed and contingent liabilities under the plan have been fully satisfied.
B. 
The allocations provided for the groups of participants above may be accomplished, as determined by the Committee, either by:
1. 
Continuance of the plan or establishment of a new retirement plan or plans; or
2. 
Purchase of annuity contracts from an insurance company; or
3. 
Any other allocation of assets for such group or groups which is in the interest of the City, the respective participants and the retirement fund.