HomeMy Public PortalAbout2153-1965 - Electing to Join Public Employee Retirement Funder_ ,
ORDINANCE NO.aZ��A196
AN ORDINANCE.ELECTING TO JOIN THE PUBLIC EMPLOYES' RETIREMENT FUND.
WHEREAS, the Common Council of the City.of Richmond, Indiana, is
the governing body of the City of Richmond in.Wayne County in the
State of Indiana; and,
WHEREAS;_the actuary for the Public Employes! Retirement Fund has
furnished such governing body with certain cost estimates -to become
a participant in such fund as established by Acts of 19459 Chapter
340 and all Acts amendatory and.supplemental thereto; and,
WHEREAS, such governing body is fully cognizant.that the percentage
of cost of gross annual payroll of covered employees has been set
at-8.5% by the actuary of the fund, and that at five year intervals,
or more often if directed by the Board of Trustees of the Public
Employes' Retirement Fund, the actuary will review the status of
the employees covered. -and shall adjust the cost percentage accord-
ingly so that the fund will remain on an actuarially sound basis;
and,
WHEREAS, such governing body acknowledges its liability and that,
pursuant to law, it and its successors in office,.must appropriate
sufficient funds each year to retire the employees' prior service
liability in an orderly manner and also fund the current costs
accruing annually.
NOW THEREFORE, BE.IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
RICHMOND IN WAYNE COUNTY,.IN.THE STATE OF INDIANA:.
SECTION ONE: The City of Richmond Indiana elects to become a
participant in the Public Employes! Retirement Fund as established
by Acts of 1945, Chapter 340 and all Acts amendatory and supple-
mental thereto,
SECTION TWO: The City of Richmond agrees to make the required
contribution under the Public Employes' Retirement Fund Act which.
is the Acts of 1945, Chapter 340, and all Acts amendatory thereof
and supplemental thereto, including specifically the Acts of 1955�
Chapter 329, commonly designated as " The Indiana Public Employes
Social Security Integration and Supplemental Retirement.Benefits
Act".
SECTION THREE: The following are.declared.to be covered by the fund:
All full time employees of the Civil City of Richmond, Indiana,
excluding Policemen and Firemen and excluding elected public
officials.
SECTION FOUR: It is hereby declared that none of the classifications
or positions specified in Section Three are compensated on a fee
basis or of an emergency nature, or in a part-time category.
SECTION FIVE: The active participating membership of the City of
Richmond -shall begin on January 1, 19616.
SECTION SIX: This ordinance shall be.in full force and effect
from.and.after.its passage and approval by the Mayor of the City
of Richmond, Indiana; and -upon approval of the Board of Trustees
of the Public.Employest Retirement Fund of Indiana, except that
active participation membership shall begin -on the date set forth
in Section Five,
PASSED AND ADOPTED by the'Commqqu C unV"Ap.��
f the City of Richmond,
Indiana, this `� day of �1965.
rya t .
ATTEST:
. C-i'ty Clerk
PRESENTED to the Mayo of the City of Richmond, Indiana, this
_/__ day of 1965.
U '
City�Clerk
APPROVED by me, Edward Z. CordeltMayor of -.the City of Richmond,
Indiana, this _.day of _, 1965.
Mayor
ATTEST:
. Civy, Clerk