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