HomeMy WebLinkAbout1995-05-03-R • •
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RESOLUTION # 95-5-3
A RESOLUTION TO TERMINATE THE BATESVILLE POLICE PENSION &
RELIEF FUND i
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WHEREAS , EFFECTIVE JANUARY 1. , 1983 , ALL, POLICE
DEPARTMENT EMPLOYEES WERE REQUIRED TO BE CO FRED UNDER THE
ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM WITH
RESPECT TO PENSION AND RETIREMENT BENEFITS; AND
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WHEREAS , THE PLAN HAS THEREFORE BEEN CLOSED TO NEW
PARTICIPANTS WHO WOULD HAVE OTHERWISE BECOME ELIGIBLE ON OR
AFTER JANUARY 1 , 1983" AND
WHEREAS, ACT 1012 OF 1995 PROVIDES THAT CERTAIN
• EXISTING OVERFUNDED MUNICIPAL POLICE RETIREMENT SYSTEMS
WHICH NO LONGER ACCEPT MEMBERS MAY DISSOLVE THEIR PLANS; AND
WHEREAS , ARTICLE XI OF THE. PLAN AUTHORIZES THE CITY
COUNCIL TO TERMINATE THE PLAN, IT IS
NOW , THEREFORE, BE IT RESOLVED, THAT THE BATESVILLE
POLICE PENSION & RELIEF PLAN BE TERMINATED EFFECTIVE AS OF
MAY 23 , 1995; AND
FURTHER RESOLVED , THAT ALL REMAINING LIABILITIES WILL
BE SATISFIED IN THE FORM OF LUMP SUM DISTRIBUTIONS AS SET
FORTi-1 IN ATTACHED EXHIBIT "A" ; AND
FURTHER RESOLVED , THAT THE TRUSTEE OF THE PLAN MAY
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CONTINUE TO HOLD ALL TRUST FUND ASSETS UNTIL. SUCH DATE: THAT
APPROVAL OF THE QUALIFIED STATUS OF THE PLAN AND OF THE
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PROPOSED ALLOCATION OF PLAN ASSETS IS OBTAINED FROM THE
INTERNAL.. REVENUE SERVICE: AND DISTRIBUTION IS MADE ON BEHALF=
OF TH..IE PARTICIPANTS , EXCEPT THAT ( a ) THE TRUSTEE SHALL I
CONTINUE THE PAYMENT OF MONTHLY BENEFITS UNDER THE SAID PLAN I
UNTIL. SUCH APPROVAL AS DEFINED ABOVE IS OBTAINED AND THE
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DISTRIBUTION IS MADE AND ( b ) TO THE EXTENT PROVIDED FOR IN
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® PLAN ASSETS FROM THE INTERNAL. REVENUE SERVICE AND THE:
PAYMENT OF THE LUMP SUM AMOUNTS AS SET FORTH ON THE ATTACHED
EXHIBIT "A" , THE TRUSTEE SHALL BE NOTIFIED THAT ALL.
REMAINING ASSETS OF THE PLAN SHALL. BE PAID OVER TO THE
TREASURY OF THE CITY OF BATESVILLE .
THIS RESOLUTION ADOPTED THIS 23RD DAY OF MAY , 1995 .
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CITY CLERK f
( SEAL )
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