Members of the Police Department Retirement
Committee shall receive no salary and shall not be compensated for
expenses.
The City Council shall establish all rules and
specific guidelines for the Police Department Retirement Committee
to utilize in its supervisory role of the Police Retirement System,
and the City Council shall contract with various financial institutions
concerning the investment of retirement funds. In addition it shall
be the duty of the Police Department Retirement Committee to:
A. Provide each employee a summary of plan eligibility
requirements and benefit provisions.
B. Provide, within 30 days after a request is made by
a participant, a statement describing the amount of benefits such
participant is eligible to receive.
C. Make available for review an annual report of the
system's operations describing both the amount of contributions to
the system from both employee and employer sources and an identification
of the total assets of the retirement system.
D. Have an analysis made of the investment return that
has been achieved on the assets of the retirement system supervised
by the committee. Such analysis shall be prepared as of January 1,
1988, and each five years thereafter. The analysis shall be prepared
by an independent private organization which has demonstrated expertise
to perform this type of analysis and which is unrelated to any organization
offering investment advice or which provides investment management
services of the retirement system.
E. Police pension plan and trust agreement.
[Added 2-5-2002 by Ord. No. 1369]
(1) Whereas, the United States Congress passed the Economic
Growth and Reconciliation Act of 2001, which requires municipal employers
of Police Departments to make certain good faith amendments effective
in the year 2002. The City of Papillion, in compliance thereof, hereby
adopts the following Good Faith Amendment, Adoption Agreement and
Plan and Trust Agreement, which documents shall be on file with the
City Clerk of the City of Papillion and are incorporated by this subsection
as if set out herein.
(a) Good Faith Amendment for the Economic Growth and Tax
Relief Reconciliation Act of 2001 for the Basic Municipal Employees
Plan and Trust 001.
(b) Adoption Agreement, City of Papillion, Nebraska, Police
Pension Plan and Trust to be used with Basic Municipal Employees Plan
And Trust.
(c) Basic Municipal Employees Plan and Trust Agreement.
(2) Subject to acceptance by the trustee, the City of
Papillion does hereby approve and adopt said Good Faith Amendment,
Adoption Agreement and Plan and Trust Agreement.