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RESO 1983-07 - Retirement PenaltiesRESOLUTION NO. 83 -7 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, AMENDING THE RETIREMENT PROGRAM FOR THE EMPLOYEES TO CHANGE TERMINATE CHARGES ON EMPLOYEE'S VOLUNTARY CONTRIBUTIONS. WHEREAS the City Council of the City of Huntsville established a retirement program for its Employees; and WHEREAS said Retirement Plan and Pension Trust were amended by action of Council on December 15, 1981; and WHEREAS City Council now desires to further amend said program; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, that: Section 1: The Amendment to the City of Huntsville Pension Trust, attached hereto as Exhibit One and made a part of this resolution for all intents and purposes, is hereby adopted effective June 15, 1983. Section 2: The officers of the City are hereby authorized to execute the Amendment, and obtain acceptance of the Trustee. APPROVED this 21st day of June, 1983. Ruth DeShaw, City Secre ary APPROVED AS TO FORM: earbeie Scott Bounds, City Attorney THE CITY OF HUNTSVILLE, TEXAS BY William V. Nash, Mayor AMENDMENT THE CITY OF HUNTSVILLE PENSION TRUST THIS AMENDMENT, effective the 15th day of June, 1983, is entered into by and between The City of Huntsville and Huntsville - Walker County Emergency Medical Service, a Corporation organized and existing under the Laws of the State of Texas, hereinafter called the Company, and The City Council of the City of Huntsville, hereinafter referred to as the Trustee; W I T N E S S E T H: WHEREAS, the Company and the Trustee have executed a Pension Trust for and on behalf of the participating employees of the Company, and WHEREAS, the Company wishes to amend said Pension Trust for the purpose of specifying under what circumstances the employer will pay the termination charges contained in the Deposit Administration contract being used to fund the plan, NOW, THEREFORE, in consideration of the promises made one to another herein, the Company and Trustee hereto agree as follows: Section 7.02 of the Plan is hereby amended to read as follows: On the valuation date each year, the total value of a Participant's Account or Accounts shall be determined. To accomplish this, the Trustee shall determine the value of the Deposit Administration Contract based on the guaranteed interest rates contained in the Contract and any experience refund which may have been credited in addition to those guaranteed rates. Any expense caused by a Participant receiving a distribution in a form other than an annuity from his Voluntary Contributions Account for whatever reason will be charged against the Voluntary Contributions Account of the Participant receiving such a distribution. Any expense caused by a Participant receiving a distribution in a form other than an annuity from his Employer Contributions Account and Mandatory Employee Contributions Account for whatever reason will be paid by the Employer. The Employer shall provide all of the costs of administration of the Trust, and will also pay any investment -loss charge or deposit administration termination charge which may be made under the provisions of the Deposit Administration Contract should the Contract be discontinued because of plan termination, or discontinued for any reason other than plan termination. IN WITNESS WHEREOF, the Parties hereto have hereunto set their hands and seal this 21st day of June , 19 83. cretary Ruth DeShaw, City Secretary THE CITY OF HUNTSVILLE (Signature and Title) William V. Nash, Mayor ustee Gene Pipes, City Manager