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BILL NO. 99-52 s"V
r .
?� SPONSORED BY COUNCILMAN Rick Nilges
A' ORDINANCE NO.
ca
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AMENDING 'THE
FIREFIGHTER'S RETIREMENT PLAN TO CLARIFY AND UPDATE LANGUAGE OF THE
PLAN. q Y
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS
'± FOLLOWS:
x i
?fie Y'
ri Section 1. Section 9.2a (Funding) of Article IX 13t1 Check Program, of the
ti�l
f Firefighter's Retirement Plan (hereinafter referred to as the "Plan") is amended to
read as follows:
' !n
9.2 Funding. The Board will credit the 13 Check Reserve with thec':y
+l following amount: +
a One half of the excess if any, of the rate of return on the
' E • (M actuarial value of Fund assets (-ems unfealize6 4 •';t
CIPIJI UtAGILIVI 11 over 7.5%, multiplied by the actuarial present value ;
of benefits being paid to Members and Beneficiaries, both as
reported in the Plan's annual actuarial valuation, where the rate n ,`
y g t .
� of return is determined b dividing the Fund's interest earnings for
the Plan Year by an amount equal to one half of the following
`Y sum: the Fund's value as of the first day of the Plan Year, plus
the Fund's value as of the last day of the Plan Year, less the `
f Funds interest earnings for the Plan Year; and
IN
�f
' b All Member contributions to the 13t11 Check Reserve. r
',. Section 2. Section 9.3 (Distribution) of Article IX, 13th Check Program, of the
Firefighter's Retirement Plan (hereinafter referred to as the "Plan") is amended to
read as follows:
9.3 Distribution, As soon as administratively practicable after the close of
each Plan Year, and subject to the provisions of Article XIV, the Board any +
distribute any balance in the 13th Check Reserve which is in excess of that
required to maintain the actuarial soundness of the Plan (the "Distributable
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