Laserfiche WebLink
• • <br /> i <br /> s <br /> RESOLUTION # 95-5-3 <br /> A RESOLUTION TO TERMINATE THE BATESVILLE POLICE PENSION & <br /> RELIEF FUND i <br /> i <br /> WHEREAS , EFFECTIVE JANUARY 1. , 1983 , ALL, POLICE <br /> DEPARTMENT EMPLOYEES WERE REQUIRED TO BE CO FRED UNDER THE <br /> ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM WITH <br /> RESPECT TO PENSION AND RETIREMENT BENEFITS; AND <br /> i <br /> WHEREAS , THE PLAN HAS THEREFORE BEEN CLOSED TO NEW <br /> PARTICIPANTS WHO WOULD HAVE OTHERWISE BECOME ELIGIBLE ON OR <br /> AFTER JANUARY 1 , 1983" AND <br /> WHEREAS, ACT 1012 OF 1995 PROVIDES THAT CERTAIN <br /> • EXISTING OVERFUNDED MUNICIPAL POLICE RETIREMENT SYSTEMS <br /> WHICH NO LONGER ACCEPT MEMBERS MAY DISSOLVE THEIR PLANS; AND <br /> WHEREAS , ARTICLE XI OF THE. PLAN AUTHORIZES THE CITY <br /> COUNCIL TO TERMINATE THE PLAN, IT IS <br /> NOW , THEREFORE, BE IT RESOLVED, THAT THE BATESVILLE <br /> POLICE PENSION & RELIEF PLAN BE TERMINATED EFFECTIVE AS OF <br /> MAY 23 , 1995; AND <br /> FURTHER RESOLVED , THAT ALL REMAINING LIABILITIES WILL <br /> BE SATISFIED IN THE FORM OF LUMP SUM DISTRIBUTIONS AS SET <br /> FORTi-1 IN ATTACHED EXHIBIT "A" ; AND <br /> FURTHER RESOLVED , THAT THE TRUSTEE OF THE PLAN MAY <br /> i <br /> CONTINUE TO HOLD ALL TRUST FUND ASSETS UNTIL. SUCH DATE: THAT <br /> APPROVAL OF THE QUALIFIED STATUS OF THE PLAN AND OF THE <br /> i <br /> • i <br /> PROPOSED ALLOCATION OF PLAN ASSETS IS OBTAINED FROM THE <br /> INTERNAL.. REVENUE SERVICE: AND DISTRIBUTION IS MADE ON BEHALF= <br /> OF TH..IE PARTICIPANTS , EXCEPT THAT ( a ) THE TRUSTEE SHALL I <br /> CONTINUE THE PAYMENT OF MONTHLY BENEFITS UNDER THE SAID PLAN I <br /> UNTIL. SUCH APPROVAL AS DEFINED ABOVE IS OBTAINED AND THE <br /> i <br /> DISTRIBUTION IS MADE AND ( b ) TO THE EXTENT PROVIDED FOR IN <br />