HomeMy WebLinkAbout1995-12-01 i
ORDINANCE NO. 95.—../d
• BEFORE THE CITY COUNCIL
OF THE CITY OF BATESVILLE, ARKANSAS
AN ORDINANCE DISSOLVING THE POLICE RETIREMENT PLAN,
AND TRANSFERRING SURPLUS FUNDS TO THE CITY TREASURY,
DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES
WHEREAS, the City of Batesville is a City of the First Class which has a
local police pension fund that covers only retired member, no longer accepts new
members and has over Four Hundred percent (400%) of its retired life liabilities
covered by assets; and
WHEREAS, an Agreement has been reached with the beneficiaries to buy
those beneficiaries out which assures that they will receive all of the benefits to
which they are entitled under the plan; and
WHEREAS, Act 1012 of 1995 provides that under these circumstances the
City may, by ordinance, dissolve the Police Retirement Plan and transfer all
surplus funds to the City Treasury; now
BE IT THEREFORE ORDAINED that the City of Batesville Police
Retirement and Pension Fund is hereby dissolved and the City Clerk/Treasurer is
directed to transfer all surplus funds to the City Treasury to be used solely for
capital improvement purposes for the City of Batesville.
The surplus funds are all funds remaining in the plan after payment to the
Beneficiaries pursuant to Act 1012 of 1995 and a letter ruling of the Internal
Revenue Service and after deducting the attorney's fees and costs associated with
obtaining the letter ruling.
All ordinances and parts of ordinances in conflict herewith are hereby
repealed.
If any portion, clause or provision of this Ordinance is deemed to be invalid,
such invalidity will not affect the remaining valid portions of this Ordinance.
EMERGENCY CLAUSE, This Ordinance being necessary for the orderly
distribution of pension and retirement funds, the protection of Police Department
Retirees, the orderly administration of City Business, the health, safety and
welfare of the people of the City of Batesville; an emergency is declared to exist
and this Ordinance shall be effective from and after its passage.
IT IS SO ORDAINED this 6 day of
ATTEST:
DENISE JOH TON, CITY CLERK MAYO JOE BIA.RD
DEQ 03 '95 15: 14 TO 5017935 FROM CITY OF BATESVII T-615 P. 01
►� As Engrossed: 3/?4i'93/C 1 State of Arkusu ACT 012 199
•5
2 80th Geaeral Xuemb[y Bill
3 Raplar Seasion,1995 SENATE BML 424
4 By. Se=wr Bell
5
6
7 For An Act To Be Entitled
8 "dN ACT TO PRCVIDE =A.T t1M CIPAL POLZCE REMMIZ WT
9 SYSTM3 WIZC3 NO LONGEQ ACCEPT MM=ZRS AiYD j=CS 2r45 OVER
10 400r OF ITS RETI7_10 L.r.TT LIAB;:ITL:S COVEFXD Br ASSETS L":AY
11 BUY OUT Mz BENEFICIARIES OR OTEMUTSE PROVIDE FOR TSP
13 BEHEBICL�ztI.?S AHD TRERE TER BE DZSSOLV=; AND FOR CTSER
13 PVBPOSES."
'14
is Subtitle
16 "TO PROV=E MMT C.'3T4Z:7 OvER`QMOED
17 �NICIpAI. POL.T.CE RE-,1�,E,�?.�• S7S:'`,..kS .. .._...
••: 13 WE= NO LONGER ACCEPT bowaZRS M.AY BU?
19 . OUT THE BzNEFICZ�.IE3 OR OT3ERTdr-:3E JLIi. -
2i7 PROVIDE FOR T3^.:. BE1MF1CI.ART-ES AxD -
21 T3� F•S"cR BE DZSSOLM)."
.. 2Z
?3 BE' IT EN.LCTr'� BT THE GENE3AL ASSEnLY OF TSE STAT-r. OF ARKANSAS:
Z4
ZS 5EC=0M 2 . Any Firsc clAes cic7 wh.4rh has a .Zcca t police partsfca And
26 rq.Zzef food vkaeh covers Only racired members, no longer acc*pts Aeon xvmcsrs,
27 and hza over fcc;r hundred (400) percar:c cf Yco rscired 1:fe liaby-ucies
23 caverad by soaQcs, say use cbosa funds cc buy cuc caa bansf:;c•±arias or
29 ccherwi9e AVAurs C44C cha b0ne::c:a.*.as vi11 race4ve a12 beneFics cc wh.ia Ji
30 e=c:lcled under ewe p1Aa. TSeresicar -.!:a c-i cp crap b7 ord::ance dtssalva the �
31 pcltce recirscent p2sr, and cransrar a ' Svc:.plea f=-:ds cc cbs cdcy craxsurp ca
3Z ba t:sed $02017 For aspical ' .proveaezcs at c e c_'cy. Al2 Cu`-mback ftw.ds -e
. 33 4naura-ace pre=== czvas or ocher sou.-=as Wh-4,1h c.be an.-,ic,pal pol.4.ca taci;eseac
" 34 p?an or t44 ait7 psavtously raceivid cc ka{p fu_;d Che recS.emaac p1 a.: shall
35 t.�ervafcar be ria_cred ca c.:e cicr co be used for retirexusnC beaeiics for
36 U=:iec=ed and non-u=it'a=ed empicrees
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1
0203951033.mhfM
. AEC 05 '95 15: 14 TO 50179-
FROM CITY OF BHTESVI T-615 P. 02
:its Engrossed: 2J241VS 317195 S3420
1 SZ=-QH Z. ALL provisions o. t1t_4S act of a general and parmauent Matur4
2 are szandaCor7 to the h.- aaaaa Coca Of 1987 Anactated and tha kr1x=s,&3 Code
3 Rav;.sioa C- ission shall incorporsza t!.a same ja the Cod,
4
S Se.C'='20N 3 . le nap provision of this act or the application t«areof to
6 nap person or is held -.I-mslid, such iavalfdit7 shall not a.,ac:
7 otha, provisions or apoiicataoas of the act which can be give= •z°ecZ withoat
8 the invalid provision. or applicat_cu, and to this and the provisions of this
9 act are declared to be severable.
10
11 SXCV-CN 4, Al? lugs sad parte oC laws in coufliat vrith this act are
12 karnb7 tepaalad.
13
14 SECTZOY 5, Ic i3 har•eb7 fou=nd and data_—.zzCMad b7 the C4narsl Ass.Mb17
1S :hst 'acm.t edt»on. have pa?.�ee rxr�zsme::c p?a.cs ah_4ca cc longer accopc nav
' " Ib oezcars and srh=n.4 aro over=_,-dad; chat chs surp-lus ranarues tbould be pus cc
17 beaefic{ar uja; Chad Chis mc: v4-71 escxbz4sc Ccs azeo.�,anjscr for 'Pucci—ag Chose
18 eu=ds ra beaeflcisl uas for chs e__act;a Q: the clip; and chac th.:s sec should
19 go into effdcc as soon as posy b.la co psb74da desyaraeelr needed funds to Cie
20 affeatad he.ab7. 1'hers:era, aZ -vmargeacp is bereb7 declared Cc
21 oxjc and Chia set bsiL=S cecessat7 for cke i=adiaca pwasersracion or mhe
22 pus'a c peace, heal c.h and safsry sbal—I ba 4= full force and efface f.am and
23 alz4r its passage and approvz2.
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