1882ORDINANCE NO. 1~~
AN ORDINANCE TO AMEND SECTION 4.7 OF THE CITY OF WEST
MEMPHIS PERSONNEL MANUAL REGARDING THE NON-UNIFORM
PENSION PLAN AND FOR OTHER PURPOSES.
WHEREAS, the Personnel Committee has considered and recommended amendments to
Section 4.7 of the Personnel Manual regarding the non-uniform pension plan for city employees;
and
WHEREAS, the City Council desires to amend the non-uniformed pension as
recommended by the Personnel Committee;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT:
SECTION 1. Section 4.7 of the Personnel Manual for the City of West Memphis is
hereby amended to read as follows:
4.7 Pension Plan
The City has established a pension plan for non-uniformed, full time
employees. All non-uniformed, full time employees of the City who have
completed one (1) year of continuous service are eligible to participate in
the plan.
~„ Participation will commence on the first (1st) day of the month following
completion of one (1) year's continuous service. The employee is not
required to contribute to the plan in order to participate.
Elected Officials may make voluntary contributions. The City will not
contribute on behalf of an elected official.
The City will contribute five percent (5%) of the employee's regular pay to
the plan. The participants may elect to contribute a voluntary amount of
not less than two percent (2%) ° of his/her
pay to the plan. ~A„„~t,.d~~
Voluntary contributions may be discontinued or withdrawn at any time;
however any taxes and penalties will be withheld from withdrawals. There
is not a charge for withdrawals unless the frequency is more often than
once every six (6) months.
Participants will receive a quarterly statement showing amounts added to
or withdrawn from their account. Participants will receive an annual
statement showing amounts added to or withdrawn from their account as
well as the earnings on the current value of their account.
Contributions can be invested in a various ti.mds including fixed and
variable options. Interest at a rate to be announced each year will be
credited to each participant's account.
Employees will complete an enrollment form before participating in the
plan.
When the participant's employment with the City ceases, benefits of the
plan will be determined as follows:
(1) Retirement: on or after normal retirement date. Full value of the
account.
(2) Death: Full value of the account will be paid to the beneficiary named
on the enrollment form.
(~) Total or permanent disability: Full value of the account.
(4) Any other reason: a) Full value of the participant's contribution; b)
Twenty percent (20%) of the City's contribution for each year of
continuous service. After five (5) years of service with the City, the
employee receives one hundred percent (100%).
frr'
Upon retirement or permanent disability from City service, several options
for receiving plan benefits are available. Additional details and an election
form are available from the Personnel Department.
The City expects to continue the plan indefinitely, but reserves the right to
change or discontinue the plan at any time. Should it become necessary to
change or discontinue the plan, amounts already credited to your account
cannot be adversely affected.
SECTION 2. All ordinances or parts of ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
PASSED AND APPROVED this ~ ~~ day of 2~~jp_ ~- , 1999.
WILLIAM H. JOHNS ,MAYOR
ATTEST:
PHILLIP ,CITY CLERK
•
SPONSORED BY:
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RECEIVE
~ ~ OFFICE
DATE ~=~~ ~i:3oQr