City of Papillion, NE Article VII Police Department Retirement Committee

§ 9-19 Statutory authority; members.

A. The Police Department Retirement Committee shall supervise the general operation of the Police Department's Retirement System pursuant to Neb. R.R.S. § 16-1001 et seq.

B. The Police Department Retirement Committee shall consist of six members of which four members shall be designated by the active paid members of the Papillion Police Department. Two members shall be designated by the City Council. The members who are not participants in such retirement system shall have a general knowledge of retirement plans.

C. Members of the City Council, active members of the Papillion Police Department and members of the general public may serve on the retirement committee. The committee members shall be appointed to four-year terms with terms of the first appointed members to commence January 1, 1984. Vacancies shall be filled for the remainder of the term by a person with the same representation as his or her predecessor.

§ 9-20 Compensation.

Members of the Police Department Retirement Committee shall receive no salary and shall not be compensated for expenses.

§ 9-21 Rules and regulations; duties.

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.