HomeMy Public PortalAbout13288ORDINANCE NO. 13288
AN ORDINANCE, amending Ordinance No. 13181 to modify The Metropolitan
St. Louis Sewer District Pension Plan as requested by the Internal Revenue Service with respect
to vesting in the event of Plan termination.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Ordinance No. 13181 is hereby modified as described below
without, however altering or extinguishing the legal relationships established by such Ordinance.
Section Two. The Pension Plan, providing for the pensioning and other
retirement benefits of employees of The Metropolitan St. Louis Sewer District and the spouses
and minor children of deceased employees, and providing for the payment of public funds for
such purpose, is hereby amended.
Section Three. Section 4.1(a) of Ordinance No. 13181 is hereby repealed in its
entirety and the following is substituted in lieu thereof:
(a) The annual retirement benefit payable to a Member who retires on his
Normal Retirement Date on or after January 1, 2000 and prior to: (i) August 1,
2004; or (ii) with respect to union members, the later of August 1, 2004 or the
date their union ratifies a Memorandum of Understanding with respect to this
Plan modification, shall be equal to the sum of (1) and (2) where:
(1) means one and forty-five hundredths percent
(1.45%) of Final Average Earnings times the period in
years and completed twelfths of his Credited Service, and
(2) means forty hundredths of one percent (.40%) of his
Final Average Earnings which are in excess of the Covered
Earnings times the period in years and completed twelfths
of his Credited Service, not to exceed thirty-five (35) years.
Section Four. Section 4.1(a) of Ordinance No. 13181 is hereby repealed in its
entirety and the following is substituted in lieu thereof:
(b) The annual retirement benefit payable to a Member who retires on his
Normal Retirement Date on or after: (i) August 1, 2004; or (ii) with respect to
union members, the later of August 1, 2004 or the date their union ratifies a
Memorandum of Understanding with respect to this Plan modification, shall be
equal to the sum of (1) and (2) where:
(1) means one and seventy hundredths percent (1.70%)
of Final Average Earnings times the period in years and
completed twelfths of his Credited Service, and
(2) means forty hundredths of one percent (.40%) of his
Final Average Earnings which are in excess of the Covered
Earnings times the period in years and completed twelfths
of his Credited Service, not to exceed thirty-five (35) years.
Section Five. Section 10.1 of Ordinance No. 13181 is hereby repealed in its entirety and
the following is substituted in lieu thereof:
“10.1 The District reserves the right at any time and from time to time through
action of its Board of Trustees to amend in whole or in part any and all
provisions of the Plan and to terminate the Plan. The right is subject to the
condition that no part of the assets of the Plan, shall, by reason of any
amendment or termination be used for or diverted to purposes other than the
exclusive benefit of the Members and their Beneficiaries under the Plan, unless
and until all liabilities of the Plan have been satisfied, in which case any
remaining assets shall revert to the District. Upon termination or complete
discontinuance of contributions under the Plan, the rights of all Members to
benefits accrued to the date of such termination or discontinuance shall be
nonforfeitable, to the extent then funded.”
The foregoing Ordinance was adopted August 11, 2011.