HomeMy Public PortalAboutResolution #2014-07, A Resolution Approving And Authorizing Distribution Of Actuarial Present Value Of Firefighters Awards Plan Benefits As Computed By Actuary RESOLUTION#2014-7
A RESOLUTION APPROVING AND AUTHORIZING DISTRIBUTION OF ACTUARIAL PRESENT VALUE
OF FIREFIGHTERS AWARDS PLAN BENEFITS AS COMPUTED BY ACTUARY
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 by Resolution adopted May 20, 2014, acted to authorize
funding and distributions 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 computed
by Brian S.Kimminau, QPA, QKA,Actuarial Analyst with the SilverStone Group("Actuary").
WHEREAS,the Riverdale City Council has received and reviewed a report of the Actuary as of May
22,2014("Actuarial Report")computing the actuarial present value of each of the Eligible Participants
listed on the Actuarial Report which is filed with the City of Riverdale in the amounts shown.
NOW,THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
RIVERDALE,IOWA,that the City of Riverdale immediately 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 the Actuary in the Actuarial Report, 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 3 of, June 2014,by the following vote:
Ayes: Littrel,Halsey Nays: 0
Abstain: Hupp
ATTEST:
i c &/a
4 Sonya 'If•dock,Mayor Paula McIntosh