HomeMy Public PortalAboutResolution #2014-06, A Resolution Authorizing Funding And Payment Of Acturial Present Value Of Firefighters Awards RESOLUTION#2014-6
A RESOLUTION AUTHORIZING FUNDING AND PAYMENT OF ACTUARIAL PRESENT VALUE
OF FIREFIGHTERS AWARDS
WHEREAS,the City of Riverdale adopted the City of Riverdale Volunteer Firefighters Awards Plan
on July 1, 1989("Plan"), providing to active members of the City of Riverdale Volunteer Fire Department
certain length of service awards("Benefits")in amounts and in the form as provided in the Plan; and
WHEREAS,the City of Riverdale amended the Plan by adoption of an Amended and Restated City
of Riverdale Volunteer Firefighters Awards Plan dated May 4,2004("Amended Plan"); and
WHEREAS,the City of Riverdale terminated the Amended Plan by resolution adopted April 30,
2012("Termination Date")subject to distribution of accrued Benefits by further action of the Riverdale
City Council; and
WHEREAS,the Riverdale City Council desires to fund and distribute to Participants of the
Amended Plan as of the Termination Date("Eligible Participants")the actuarial present value of the
accrued Benefits of such Eligible Participants as further provided in this Resolution.
NOW,THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
RIVERDALE,IOWA,that the City of Riverdale fund and distribute to Eligible Participants of the
Amended Plan as of its Termination Date the actuarial present value of such Eligible Participants' accrued
Benefits as computed by Glen C. Gahan,FSA, Silverstone Group, payable at the option of the Eligible
Participant and spouse(if any)in a lump sum cash payment or in the form of an annuity as provided in the
Amended Plan, less applicable income tax withholding.
BE IT FURTHER RESOLVED,that accrued Benefits shall be disbursed to Eligible Participants
only upon receipt by the Clerk of completed forms of Election of the Eligible Participant and spouse, if any,
including acknowledgment that such Benefits are received in full and final payment of all Benefits payable
to such Eligible Participant and spouse, if any pursuant to the Plan or Amended Plan, and release of the City
of Riverdale from any additional claims of Benefits or rights pursuant to the Plan or Amended Plan and
receipt by the Clerk of completed income tax withholding forms.
BE IT FURTHER RESOLVED,that the Mayor and City Clerk/Treasurer are hereby authorized
and directed to execute this Resolution as approved by the City Council of the City of Riverdale as of this
date.
PASSED,APPROVED AND ADOPTED THIS 20 of May,2014,by the following vote:
Ayes: Seaberg,Littrel,Halsey Nays:
Abstain: Hupp,Channon
ATTEST:
14
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Sonya Pad:ock,Mayor Paula McIntosh