[Amended in entirety 3-31-2022 by Ord. No. 2022-01. Prior history includes 9-30-1999, Ordinance 1999-07; 11-30-1999, Ordinance 1999-9; 8-31-2005, Ordinance 2005-05; 1-28-2006, Ordinance 2006-07; 4-30-2008, Ordinance 2008-01 § 1; 4-30-2008, Ordinance 2008-02 § 1.
]
[Added 3-31-2022 by Ord. No. 2022-01]
That pursuant to the authority conferred by the laws of the
State of Oklahoma, and for the purpose of encouraging continuity and
meritorious service on the part of City employees and thereby promote
public efficiency, there is hereby authorized created, established,
and approved and adopted, effective as of April 1, 2022, the amended
and restated Plan designated "Employee Retirement System of the City
of Weatherford, Oklahoma, Defined Contribution Plan," (hereinafter
called System), an executed counterpart of which is marked Exhibit
"A" (Joinder Agreement) and Exhibit "B"[1] (amended and restated plan) and attached hereto as part
hereof.
[1]
Editor's Note: Exhibits A and B, referred to herein can be
found on file in the office of the City Clerk.
[Added 3-31-2022 by Ord. No. 2022-01]
A fund is hereby provided for the exclusive use and benefit
of the persons entitled to benefits under the System. All contributions
to such fund shall be paid over to and received in trust for such
purpose by the City. Such Fund shall be pooled for purposes of management
and investment with similar funds of other incorporated cities, towns,
and municipal trusts in the State of Oklahoma as a part of the Oklahoma
Municipal Retirement Fund in accordance with the trust agreement of
the Oklahoma Municipal Retirement Fund, a public trust. The City shall
hold such contributions in the form received, and from time to time
pay over and transfer the same to the Oklahoma Municipal Retirement
Fund, as duly authorized and directed by the Board of Trustees. The
Fund shall be nonfiscal and shall not be considered in computing any
levy when the annual estimate is made to the County Excise Board.
[Added 3-31-2022 by Ord. No. 2022-01]
The City of Weatherford, Oklahoma, is hereby authorized to incur
the necessary expenses for the establishment, operation, and administration
of the System, and to appropriate and pay the same. In addition, the
City of Weatherford, Oklahoma, is hereby authorized to appropriate
annually such amounts as are required in addition to employee contributions
to maintain the System and the Fund in accordance with the provisions
of the Defined Contribution Plan. Any appropriation so made to maintain
the System and Fund shall be for deferred wages or salaries, and for
the payment of necessary expenses of operation and administration
to be transferred to the trustees of the Oklahoma Municipal Retirement
Fund for such purposes and shall be paid into the Fund when available,
to be duly transferred to the Oklahoma Municipal Retirement Fund.
[Added 3-31-2022 by Ord. No. 2022-01]
The Mayor and City Clerk be and they are each hereby authorized
and directed to execute (in counterparts, each of which shall constitute
an original) the System instrument, and to do all other acts and things
necessary, advisable, and proper to put said System and related trust
into full force and effect, and to make such changes therein as may be
necessary to qualify the same under Sections 401(a) and 501(a) of
the Internal Revenue Code of the United States. The counterpart attached
hereto as Exhibit "A" and Exhibit "B", which has been duly executed
as aforesaid simultaneously with the passage of this Ordinance and
made a part hereof, is hereby ratified and confirmed in all respects
This Committee is hereby authorized and directed to proceed
immediately on behalf of the City of Weatherford, Oklahoma, to pool
and combine the Fund into the Oklahoma Municipal Retirement Fund as
a part thereof, with similar funds of such other cities and towns,
for purposes of pooled management and investment.
[Added 3-31-2022 by Ord. No. 2022-01]
Any Ordinance inconsistent with the terms and provisions of
this Ordinance is hereby repealed, provided, however, that such repeal
shall be only to the extent of such inconsistency and in all other
respects this Ordinance shall be cumulative of other ordinances regulating
and governing the subject matter covered by this Ordinance.
[Added 3-31-2022 by Ord. No. 2022-01]
If, regardless of cause, any section, subsection, paragraph,
sentence or clause of this Ordinance, including the System as set
forth in Exhibit "A" and Exhibit "B", is held invalid or to be unconstitutional.
the remaining sections, subsections, paragraphs, sentences, or clauses
shall continue in full force and effect and shall be construed thereafter
as being the entire provisions of this Ordinance.
[Added 10-31-2023 by Ord. No. 2023-07]
1.
Amendatory. The Employee Retirement System, Defined Benefit Plan, of the City
of Weatherford, Oklahoma, is hereby amended as reflected on the attached
Exhibit "A"[1], which is incorporated herein and adopted by reference.
These amendments shall become effective on January 1, 2024.
[1]
Editor's Note: Exhibit A, referred to herein can be found
on file in the office of the City Clerk.
2.
Execution
Authorization. The City Clerk and Mayor be and they are hereby
authorized and directed to execute the amended Retirement System Plan
documents and to do all the other acts necessary to put said amendment
into effect and to maintain IRS qualification of the Plan. The executed
amended document attached hereto as Exhibit "A" is hereby ratified
and confirmed in all respects.
3.
Special
Income Tax Treatment for Contributions Under IRC414. The Plan
contains provisions which are intended to constitute a pick-up program
by the Employer which satisfies the requirements of Section 414(h)(2)
of the Internal Revenue Code of 1986 ( the "Code"); and the Plan,
be, and it is, approved and adopted as of the date therein stated;
and Mandatory Contributions as defined in the Plan) are designated
"picked - up" by the employer so as to not be included in Plan Participants'
gross income for Federal income tax purposes as provided in Section
414(h)(2) of the Code. All Mandatory Contributions are to be paid
by the employer in lieu of contributions by the Plan Participant.
No Participant in the Plan shall have the option of choosing to receive
the amounts of Mandatory Contributions directly in lieu of having
such amounts paid by the employer to the Trustees of the Plan.
4.
Severability. If, regardless of cause, any section, subsection, paragraph, sentence,
or clause of this ordinance, including the System as set forth in
Exhibit "A" is held invalid or to be unconstitutional, the remaining
sections, subsections, paragraphs, sentences, or clauses shall continue
in full force and effect and shall be construed thereafter as being
the entire provisions of this ordinance.
5.
Repealer. Any ordinance inconsistent with the terms and provisions of this
ordinance is hereby repealed; provided, however, that such repeal
shall be only to the extent of such inconsistency and in all other
respects this ordinance shall be cumulative of other ordinances regulating
and governing the subject matter covered by this ordinance.
[1]
Editor's Note: Exhibits to A and B, referred to herein can
be found on file in the office of the City Clerk.
[Added 10-28-1997, Ordinance
1997-3]
Pursuant to the authority conferred by the laws of the State
of Oklahoma, and for the purpose of enabling Municipal employees to
enhance their retirement security, there is hereby authorized, approved
and adopted, effective as of January, 1998, a Deferred Compensation
Plan ("Plan") of Weatherford, Oklahoma, executed counterpart of which
is marked Exhibit A and attached as part hereof.
[Added 10-28-1997, Ordinance
1997-3]
For the purpose of administration of the Plan is hereby established
a Committee, which shall be the members of the Commission (Governing
Body), of Weatherford, Oklahoma, as now existing or as from time to
time duly elected or appointed and constituted. The powers and duties
of the Committee shall be as set forth in the instrument attached
hereto as Exhibit "A" and-Exhibit "B".
[Added 10-28-1997, Ordinance
1997-3]
A trust (referred to in Exhibit B) is hereby provided for the
exclusive use of the Deferred Compensation Plan. All contributions
to such trust shall be paid over to and received for such purpose
by the City Treasurer. The City Treasurer shall hold such contributions
in the form received, and from time to time pay over and transfer
the same to the Trustee of the Plan. The trust shall be nonfiscal
and shall not be considered in computing any levy when the annual
estimate is made to the County Excise Board.
[Added 10-28-1997, Ordinance
1997-3]
The Mayor and City Clerk be and they are each hereby authorized
and directed to execute (in counterparts, each of which shall constitute
an original) the Exhibit A and Exhibit B, and to do all other acts
and things necessary, advisable, and proper to put said plan and related
trust into full force and effect, and to make such changes therein
as may be necessary to qualify the same under Sections 457 of the
Internal Revenue Code of the United States. The counterpart attached
hereto as Exhibit A and Exhibit B,* which has been duly executed as
aforesaid simultaneously with the passage of this Part and made a
part hereof, is hereby ratified and confirmed in all respects.
