HomeMy Public PortalAbout09439 O R D I N A N C E NO. 9439
REPEALED BY NO. 9826 - 3/14/96
AN ORDINANCE, repealing Ordinance No. 4641, as adopted February 10, 1982,
and amended by Ordinance No. 6303 adopted December 18, 1985, Ordinance No. 7342
adopted December 9, 1987, Ordinance No. 7489 adopted June 22, 1988, Ordinance No. 7716
adopted March 21, 1989, Ordinance No. 7942 adopted November 8, 1989, and Ordinance No.
8538 adopted December 11, 1991 and Ordinance No. 8858 adopted January 19, 1993 and
enacting a new ordinance in lieu ther eof establishing a retirement system to provide 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 in pursuance of the Missouri Constitution 1945 as
amended, and the Missouri Statute enacted authorizing said Pension Plan, and the Plan of The
Metropolitan St. Louis Sewer District.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLI -
TAN ST. LOUIS SEWER DISTRICT:
Section One. Ordinance No. 4641, as adopted February 10, 1982, and amended
by Ordinance No. 6303 adopted December 18, 1985, Ordinance No. 7342 adopted December 9,
1987, Ordinance No. 7489 adopted June 22, 1988, Ordinance No. 7716 adopted March 21,
1989, Ordinance No. 7942 adopted November 8, 1989 and Ordinance No. 8538 adopted
December 11, 1991 and Ordinance No. 8858 adopted January 19, 1993 is hereby repealed,
without, however altering or extinguishing the legal relationships established by such
Ordinance.
Section Two. The post retirement increase in pension benefits as provided in
Section 7.6 of the Pension Plan, which is contained in Section Three of this Ordinance, shall be
annually reviewed by the Board of Trustees in the fourth quarter of each calendar year
beginning in 1990. The purpose of such annual review shall be to determine if an adjustment
in such post retirement benefit increases is appropriate taking into consideration all of the
relevant facts and circum stances applicable to both the Pension Plan and the District.
Section Three. There is hereby established a Pension Plan to provide 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, in pursuance of the Missouri Constitution 1945, as
amended, and the Missouri Statute enacted authorizing said Pension Plan, and the Plan of The
M etropolitan St. Louis Sewer District. Unless otherwise provided thereinafter, the provisions
of said Pension Plan shall apply to employees who terminate their employment at the District
during the Plan year beginning January 1, 1992 or during subsequent Plan Years. The
entitlements and benefits payable to M embers who terminate their employment at the District
prior to January 1, 1992, shall be determined according to the provisions of the Pension Plan
as it existed on the date such a M ember separated from ser vice with the Metropolitan St. L ouis
Sewer District. The amended Pension Plan shall read as follows:
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
EMPLOYEES' PENSION PLAN
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CONTENTS
ARTICLE I DEFINITIONS ....................................................................................................... 1
1.1 " Accrued Retirement Benefit" ........................................................................... 1
1.2 " Alternate Retirement Date" .............................................................................. 1
1.3 " Beneficiary" ....................................................................................................... 1
1.4 "Board" ................................................................................................................ 2
1.5 "Carrier" .............................................................................................................. 2
1.6 " Claims Appeal Reviewer" ................................................................................. 2
1.7 " Claims Pr ocessor ".............................................................................................. 2
1.8 " Code" .................................................................................................................. 2
1.9 "Covered Earnings" ............................................................................................ 2
1.10 "Continuous Service" .......................................................................................... 2
1.11 " Credited Service" ............................................................................................... 3
1.12 "Disability Retirement Date" ............................................................................. 3
1.13 "District" .............................................................................................................. 3
1.14 " Early Retirement Date" .................................................................................... 3
1.15 "Earnings" ........................................................................................................... 3
1.16 " Employee" .......................................................................................................... 4
1.17 " Employer" .......................................................................................................... 4
1.18 "Final Average Earnings" .................................................................................. 4
1.19 " I nvestment M anager" ....................................................................................... 5
1.20 " M ember" ............................................................................................................ 5
1.21 " Normal Retirement D ate" ................................................................................. 5
1.22 "Option Date" ...................................................................................................... 5
1.23 " Pension Committee" .......................................................................................... 5
1.24 "Pension Fund" .................................................................................................... 6
1.25 "Pension Plan" ..................................................................................................... 6
1.26 "Plan Administrator" .......................................................................................... 6
1.27 "Plan Year" .......................................................................................................... 6
1.28 " Postponed Retirement Date" ............................................................................ 6
1.29 "Required Beginning Date" ................................................................................ 6
1.30 " Retirement Date" ............................................................................................... 6
1.31 " Separation From Service"................................................................................. 6
1.32 " Social Security Wage Base" .............................................................................. 6
1.33 " Trust Agreement" .............................................................................................. 7
1.34 " Trustee" .............................................................................................................. 7
1.35 " Vested M ember" ................................................................................................ 7
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ARTICLE II ELIGIBILITY AND PARTICIPATION ............................................................ 7
2.1 Eligibility ............................................................................................................... 7
2.2 Termination of Participation .............................................................................. 7
ARTICLE III CONTRIBUTIONS ............................................................................................. 8
3.1 District Contributions .......................................................................................... 8
3.2 Funding of Liabilities........................................................................................... 8
3.3 Return of Employer Contributions .................................................................... 8
3.4 Forfeitures ............................................................................................................ 8
ARTICLE IV RETIREMENT BENEFITS ............................................................................... 9
4.1 At Normal Retirement Date ................................................................................ 9
4.2 Early Retirement Benefit ..................................................................................... 9
4.3 At Postponed Retirement Date .......................................................................... 10
4.4 At Disability Retirement Date ............................................................................ 10
4.5 Conditions on Payment of Disability Benefits .................................................. 11
4.6 M aximum Retirement I ncome ........................................................................... 12
4.7 Accrued Retirement Benefit Under Prior Plan ................................................ 13
ARTICLE V BENEFITS ON TERMINATION OF EMPLOYM ENT ................................. 13
ARTICLE VI DEATH BENEFIT ............................................................................................. 14
6.1 Death of a Vested Terminated M ember ............................................................ 14
6.2 Death of a Vested Active M ember ..................................................................... 14
6.3 Death of a M ember After Retirement ............................................................... 15
ARTICLE VII PAYMENT OF RETIREMENT BENEFITS ................................................ 16
7.1 Normal Form of Payment ................................................................................... 16
7.2 Optional Forms of Payment ............................................................................... 16
7.3 Small Benefits ...................................................................................................... 18
7.4 Election of Optional Form of Payment ............................................................. 18
7.5 Required Distribution ......................................................................................... 19
7.6 Post Retirement I ncrease in Benefits ................................................................ 20
ARTICLE VIII ADMINISTRATION OF THE PENSION PLAN ........................................ 22
8.1 Duties and Membership of Pension Committee ............................................... 22
8.2 Plan Administration ............................................................................................ 23
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8.3 Claim Decision ..................................................................................................... 25
8.4 Request For Review ............................................................................................ 26
8.5 Review of Decision .............................................................................................. 26
ARTICLE IX MANAGEMENT, INVESTMENT AND USE OF FUNDS............................ 27
9.1 Investment of Pension Fund ............................................................................... 27
9.2 I nvestment M anager ........................................................................................... 27
9.3 Authority of Board .............................................................................................. 28
ARTICLE X AMENDMENT OR TERMINATION OF THE PENSION PLAN ................ 28
ARTICLE XI MISCELLANEOUS PROVISIONS ................................................................. 29
11.1 M embers' Rights ................................................................................................. 29
11.2 Spendthrift Provisions ........................................................................................ 29
11.3 I ncapacity ............................................................................................................. 30
11.4 Administration of the Plan ................................................................................. 30
11.5 Suspension of Benefits Upon Reemployment ................................................... 30
11.6 Trust Sole Source of Benefits ............................................................................. 31
11.7 Actuarial Assumptions ....................................................................................... 32
11.8 Notice of Address ................................................................................................ 32
11.9 Furnishing Data .................................................................................................. 32
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ARTICLE I
DEFINITIONS
The following words and phrases, when used hereafter in this document, shall
have the meanings set forth below:
1.1 "Accrued Retirement Benefit " means the sum of a M ember's retirement
benefits based on his Credited Service and Final Average Earnings, to the determination date
as set forth in Article IV and payable to him commencing on his Normal Retirement Date.
1.2 "Alternate Retirement Date" means the first day of the month following
the date on which a Member both attains age sixty (60) and completes thirty (30) years of
Continuous Service.
1.3 "Beneficiary " means the person or legal entity named by a Member in
accordance with procedures established by the Plan Administrator to receive any payment
payable under the Plan in the event of the death of a Member. In the manner and within the
limits prescribed by the Plan Administrator, a Member may designate more than one
Beneficiary to share a death benefit; provided, however, if a M ember names his/her spouse to
receive a death benefit, the M ember may not name any other non -spousal co -Beneficiary to
receive a benefit with such spouse. If the Member does not name his/her spouse as a
Beneficiary, the M ember may name multiple non -spousal co -Beneficiaries who will receive the
death benefit in the respective percentage interests designated by the M ember. I f no
Beneficiary is designated by the M ember, or if no named Beneficiary (or contingent
Beneficiary) is living or in existence at the time a death benefit is payable, the estate of the
deceased M ember shall be the Beneficiary. A M ember may change or revoke a Beneficiary
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designation at any time without the consent of the Beneficiary by filing a new Beneficiary
designation form with the Plan Administr ator. Any change of Beneficiary designation shall
revoke all prior Beneficiary designations made by a M ember.
1.4 "Board " means the Board of Trustees of the District.
1.5 "Carrier" means any insurance company which issues insurance or
annuity contracts to fund retirement benefits under the Pension Plan.
1.6 "Claims Appeal Reviewer " means a subcommittee of the Board of
Trustees as designated by the Board of Trustees to revi ew benefit entitlement claims under the
Pension Plan.
1.7 "Claims Pr ocessor " means the Plan Administrator.
1.8 "Code" means the Internal Revenue Code of 1986, as amended.
1.9 "Covered Earnings" means the average of the Social Security Wage
Bases for each calendar year during the thirty-five (35) year period ending with the last day of
the calendar year in which the M ember attains Social Security retirement age (as defined in
Code Section 415(b)(8)). The Social Security Wage Base for the current calendar year and any
subsequent year shall be assumed to be the same as the Social Security Wage Base in effect as
of the beginning of the year for which the determination is being made.
1.10 "Continuous Service" means service with the Employer commencing on
the date on which the Employee first performs service for the Employer and ending on the
date on which the Employee has a Separation From Service. Continuous Service shall include
authorized leaves of absence, (including those periods during which the Employee receives
workers compensation benefits), military service (provided the Employee retains his/her re-
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employment rights) or any other absence which does not constitute a termination of
employment under the District's Civil Service Rules and Regulations.
1.11 "Credited Service" means service with the Employer commencing on the
date on which the Employee fi rst performs service for the Employer and ending on the date on
which the Employee has a Separation From Service. Credited Service shall include those
periods during which (i) the Employee receives worker's compensation benefits or (ii) the
Employee is on leave on account of military service, provided the Employee retains his/her
reemployment rights. Credited Service, however, shall not include any other periods during
which the Employee is on an authorized leave of absence.
1.12 "Disability Retirement Date" means the date on which a Member incurs
a disability as defined in Section 4.5.
1.13 "District" means The Metropolitan St. Louis Sewer District.
1.14 "Early Retirement Date" means the first day of any month selected by
the Member following his termination of employment on which benefits commence, provided
the Member has attained his fifty-fifth (55th) birthday and has completed five (5) years of
Continuous Service.
1.15 "Earnings" means the total base remuneration received by the M ember
from the Employer for services rendered, excluding bonuses, overtime and any other form of
additional compensation, determined without r egard to salary reduction amounts contributed
by the Member to plans or arrangements described in Code Section 125 or 457. For Plan
Years beginning on or after January 1, 1989, Earnings in excess of the amount specified in
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Code Section 401(a)(17) shall be disregarded and the aggregation rules of Code Section
414(q)(6) shall apply.
1.16 "Employee" means an individual in the employment of the Employer on
a regular, full -time permanent basis who has been appointed to a position in the classified
service in accordance with Civil Service Rules. An Employee shall also include those
individuals in the unclassified service, but shall not include technical personnel employed on
special occasions. An individual customarily employed by the Employer for at least one
thousand (1,000) hours per year shall be deemed to be employed on a full -time permanent
basis.
1.17 "Employer " means the District.
1.18 "Final Average Earnings" mea ns the sum of (a) and (b) divided by five
(5) where:
(a) means the Member's Earnings during the highest five (5)
consecutive years within the last ten (10) years of the M ember's compensation history
ending on the determination date which produce the highest average annual Earnings;
and
(b) means (effective on and after July 8, 1992) one and one-fourth
percent (1 3%) of the value of a Member's accrued and unused sick leave multiplied by
the M ember's years of Credited Service as of the determination date. I f the M ember
has not attained age fifty-five (55) and completed five (5) years of Continuous Service as
of the determination date, (b) shall equal zero (0). The value of a Member's accrued
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and unused sick leave shall be determined by multiplying the number of unused hours
of sick leave by his hourly rate of Earnings as of the determination date.
For purposes of this computation, if a Member has less than five (5) years of Credited Service,
that Member's Final Average Earnings shall equal his total Earnings during such period
divided by his number of years of Credited Service as of the determination date.
1.19 "I nvestment M anager " means any fiduciary (other than a trustee or
named fiduciary) (A) who has the power to manage, acquire or dispose of any asset of the
Plan; (B) who is (i) registered as an investment adviser under the Investment Advisors Act of
1940; (ii) is a bank or (iii) is an insurance company qualified to perform services described in
(A) under the laws of more than one state; and (C) has acknowledged in writing that he is a
fiduciary with respect to the Plan.
1.20 "M ember " means any Employee or former Employee of the District who
satisfies the participation provisions of Article II hereof.
1.21 "Normal Retirement Date" means the first day of the month coinciding
with or next following a Member's sixty-fifth (65th) birthday.
1.22 "Option Date" means the day selected b y the Member on which
retirement benefits are to commence.
1.23 "Pension Committee" means the committee consisting of the following
eight (8) persons: two members appointed by the Chairman of the Board, one of whom is a
member of the Board of Trustees from the City of St. Louis and one of whom is a member of
the Board of Trustees from St. Louis County. I n addition, the Executive Director, Secretary -
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Treasurer, General Counsel, the Director of Finance and two elected mem bers as provided in
Section 8 shall be members of the Pension Committee.
1.24 "Pension Fund" means the trust established under this Plan to which
contributions are made by the Employer to pay retirement benefits to Members.
1.25 "Pension Plan" means The M etropolitan St. Louis Sewer District
Employees' Plan, initially effective as of November 1, 1967, as set forth herein and as it may be
amended from time to time.
1.26 "Plan Administrator " means the Pension Committee.
1.27 "Plan Year " means the period beginning on January 1 and ending on the
following December 31.
1.28 "Postponed Retirement Date" means the first day of the month
coincident with or next following a Member's termination of employment after his Normal
Retirement Date.
1.29 "Required Beginning Date" means the date described in Section 7.5(A).
1.30 "Retirement Date" means the first day as of which a retirement benefit is
payable to a Member in accordance with this Pension Plan, and may be either a Normal
Retirement Date, an Early Retirement Date, or a Postponed R etirement Date, as set forth in
Article I V.
1.31 "Separation From Service" means a severance of the Employer -
Employee relationship with the Employer because of resignation, discharge or death.
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1.32 "Social Security Wage Base" means, with respect to any Plan year, the
maximum amount of Earnings which may be considered wages for such year under Code
Section 3121 (a)(1).
1.33 "Trust Agreement " means any trust agreement made and entered into by
and between the District and a Trustee with respect to the Pension Fund.
1.34 "T r ustee " means any corporation, person or persons who may be
designated by the Board from time to ti me to hold, invest, reinvest and disburse, in accordance
with the terms of a trust agreement, contributions made by the District to fund retirement
benefits for Members of this Plan.
1.35 "Vested M ember " means a M ember with f ive (5) years of Continuous
Service.
ARTICLE II
ELIGIBILITY AND PARTICIPATION
2.1 Eligibility. On and after January 1, 1990, an Employee shall become a
Member of the Plan on the first day on which he performs an hour of service for the Employer.
2.2 Termination of Participation. Each M ember shall remain a M ember
until the earlier of his death or termination of employment with the Distr ict. He shall receive
Continuous Service credit only for such periods during which he is employed by the District.
A Member on military leave shall not for purposes of this Pension Plan be terminated from the
employ of the District so long as he retains reemployment rights under Federal or other laws
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but shall be so terminated for purposes of this Pension Plan if he fails to return to the employ
of the District within the required period established by such laws.
ARTICLE III
CONTRIBUTIONS
3.1 District Contributions. From time to time, the District shall contribute to
the Pension Plan such sums as are considered necessary by the District, on the basis of
actuarial calculations, to carry out the purpose of the Pension Plan. A Member shall not be
permitted or required to make contributions to the Plan.
3.2 Funding of Liabilities. The Employer may fund its liabilities under this
Plan by making contributions to the Trustee of the Trust established in connection with the
Pension Plan or by paying the premiums on any insurance or annuity contract in an amount
sufficient to satisfy reasonable funding standards.
3.3 Return of Employer Contributions. Amounts contributed by the
Employer shall be returned to the Employer if a contribution was made by the Employer by
mistake of fact. The excess of the amount of such contribution over the amount which would
have been contributed had there been no mistake of fact shall be returned to the Employer
within one year after the payment of the contribution. Earnings attributable to such
contribution shall not be returned to the Employer, but losses attributable to such contribution
shall reduce the amount to be returned to the Employer.
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3.4 Forfeitures. Forfeitures which arise on account of the Separation From
Service of a non -vested Member shall be used to reduce future District contributions under the
Plan.
ARTICLE IV
RETIREMENT BENEFITS
4.1 At Normal Retirement Date. The annual retirement benefit payable to a
M ember who retires on his Normal Retirement Date on or after January 1, 1990, shall be equal
to the sum of (A) and (B) where:
(A) means one and thirty-five hundredths percent (1.35%) of Final
Average Earnings times the period in years and completed twelfths of his Credited
Service, and
(B) 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.
4.2 Early Retirement Benefit . I n the case of a M ember who becomes eligible
for an early retirement benefit, has attained his Alternate Retirement Date and separates from
service with the Employer on or after January 1, 1990, the annual retirement benefit payable
to such M ember shall be equal to his Accrued Retirement Benefit as of his Early Retirement
Date. I f such M ember has not attained his Alternate Retirement Date as of his Early
Retirement Date, his Accrued Retirement Benefit shall be reduced by fiv e-twelfths (5/12) of
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one percent (1% ) for each month by which such M ember's Early Retirement Date precedes the
earlier of his Normal Retirement Date and his Alternate Retirement Date, if such month is
prior to age sixty (60) and reduced by five twenty-four ths (5/24) of one percent (1% ) for each
month between such M ember's Early Retirement Date and the earlier of his Normal
Retirement Date and his Alternate Retirement Date, if such month is after the attainment of
age sixty (60). If a Member has not attained his Alternate Retirement Date, the reduction in
the Member's benefit shall be determined as if the Member continued in the employment of the
District until he satisfied the requirements of the Alternate Retirement Date.
4.3 At Postponed Retirement Date. The annual retirement benefit payable to
a M ember who retires on a Postponed Retirement Date shall be equal to the greater of (i) the
amount determined under Section 4.1 as of his Postponed Retirement Date and (i i) an amount
equal to the sum of the amount payable on his Normal Retirement Date plus the actuarial
equivalent of the lump sum value of the monthly benefit payments which he would have
received prior to the Postponed Retirement Date (using the benefit for mula in effect on the
Postponed Retirement Date), accumulated at an annual rate of interest equal to four percent
(4%) from the date such payments would have been made (had he retired at his Normal
Retirement Date) up to his Postponed Retirement Date.
4.4 At Disability Retirement Date.
The annual disability benefit to a Member who has at least five (5) years
of Continuous Service and, becomes disabled as defined in Section 4.5, shall be equal to the
greater of (i ) his Accrued Retirement Benefit as of the first day of the month coinciding with or
next following his Disability Retirement Date, or (ii) twenty percent (20%) of his Earnings;
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provided, however, a Member's disability benefit shall not exceed the benefit which would
have been payable had the Member continued in the employment of the District until the
Member attained his Normal Retirement Date and his Final Average Earnings had remained
the same. Payment of the disability benefit shall commence on the fir st day of the month
coinciding with or next following the date on which the Member satisfies all of the
requirements contained in Section 4.5(A) through (E). Payments shall continue until the
M ember attains his Normal Retirement Date, the date of death, or until the Committee
determines that the M ember is no longer disabled, whichever is earliest. I n the event a
M ember's disability continues to the M ember's Normal Retirement Date, the M ember shall
continue to receive the same benefit as determined hereina bove as a normal retirement benefit;
provided, however, such normal retirement benefit shall then become subject to the optional
forms of payment as provided in Section 7.2.
4.5 Conditions on Payment of Disability Benefits. A M ember shall be
deemed to be disabled and eligible to receive a disability benefit if the following conditions are
satisfied:
(A) He has been disabled, through unavoidable cause, by illness or
injury and for that reason is incapable of carrying on the duties of any occupation;
(B) Such disability shall have continued for a period of at least six (6)
consecutive months;
(C) Such disability is determined to be permanent by a qualified
physician selected by the District;
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(D) The M ember has qualified for disability benefits under the
Federal Social Security Act; and
(E) The Member has used up and exhausted all of his accrued sick
leave with the District.
The disability shall be deemed to have resulted from an unavoidable cause
unless:
(1) I t was contracted, suffered or incurred while the M ember was
engaged in, or it resulted from his having engaged in, a felony; or
(2) It resulted from his habitual use of drugs, intoxicants, or
narcotics; or
(3) I t resulted from a deliberately sel f-inflicted injury or self-induced
sickness; or
(4) I t resulted from injury received or disease contracted in service in
the Armed Forces.
The Pension Committee shall interpret and administer this Section in a
uniform manner so as to preclude any individual selection or discrimination. The
Pension Committee may require that a disabled Member undergo a medical
examination by a physician or clinic selected by the Pension Committee at anytime
prior to his Normal Retirement Date, but not more often than semi -annually, to
determine whether such Member is eligible for continuation of his disability benefits.
If on the basis of any medical examination or other fact from any and all sources, it is
found that such Member is no longer disabled as defined herein, hi s disability benefit
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shall thereupon cease. If the disabled Member refuses to submit to a medical
examination, the Pension Committee shall suspend disability benefits until such
M ember submits to a medical examination. I n the event of the reemployment of a
disabled Member, he shall resume active membership in the Plan as of the date of
reemployment; provided, however, he shall not accrue any retirement benefits during
such period while he is receiving disability benefits. If the Member's disability benef its
are terminated prior to his Normal Retirement Date and he is not reemployed by the
District, the Member's right to benefits, if any, shall be determined in accordance with
the provisions of the Plan as if he had terminated employment on the date benefi ts
cease, but with no accrual of benefits following the Disability Retirement Date.
4.6 M aximum Retirement I ncome. Without regard to any contrary provision
of the Plan, the maximum retirement income computed under t his Article I V shall not exceed
the benefit limitation provided in Code Section 415 and the Income Tax Regulations issued
thereunder.
4.7 Accrued Retirement Benefit Under Prior Plan . Without regard to any
contrary provision of this Plan the Accrued Retirement Benefit of each M ember who was a
participant on the day prior to the effective date of the restatement of this Plan, shall not be
less than the Accrued Retirement Benefit on such day before the restatement.
ARTICLE V
BENEFITS ON TERMINATION OF EMPLOYMENT
5.1 If a Member terminates employment with the Employer prior to his
Normal Retirement Date and prior to completing five (5) years of Continuous Service, he shall
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not be entitled to a benefit under the Plan. If such Member is later reemployed, he shall
recommence participation in the Plan on the first day on which he performs an hour of service
for the Employer. In addition, the Credi ted Service and Continuous Service of such
reemployed Employee shall include all years of Credited Service and Continuous Services,
respectively, which were earned prior to his termination of employment, and credit for each,
respectively, shall be aggregat ed for purposes of determining a M ember's Accrued Retirement
Benefit.
5.2 I f a M ember terminates employment with the District for reasons other
than death, disability or retirement after completing five (5) years of Continuous Service he
shall be entitled to a retirement benefit commencing on his Early Retirement Date or his
Normal Retirement Date, such benefit to be determined according to the provisions of
Sections 4.1 and 4.2, and payable according to the optional forms of distribution and in the
manner described in Article VII.
5.3 Except for adjustments in monthly benefits by way of post -retirement
increases in such monthly benefits which may be implemented by the District from time-to-
time, the benefits payable to a M ember shall be determined accordi ng to the provisions of the
Plan which is in effect on the date a M ember terminates his employment with the District.
ARTICLE VI
DEATH BENEFIT
6.1 Death of a Vested Terminated M ember . In the event of the death of a
Vested M ember who had a Separation From Service prior to (i) receiving a retirement benefit
under this Plan or (ii) becoming disabled, a monthly benefit equal to the greater of fifty
percent (50% ) of one-twelft h (1/12) of the M ember's Accrued Retirement Benefit determined
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as of the date on which he had a Separation From Service or fifty dollars ($50.00) shall be paid
to his Beneficiary commencing on the first day of the month next following the date of such
form er M ember's death. I f the Beneficiary is the M ember's surviving spouse, the survivor's
benefit shall be payable monthly to a Member's spouse for life, with the final monthly payment
to be made on the first day of the month immediately preceding or coinciding with the date of
such spouse's death. If the Beneficiary is not the Member's surviving spouse, the survivor's
benefit shall be paid monthly to the Member's Beneficiary for sixty (60) monthly payments.
6.2 Death of a Vested Active M ember .
(A) The Beneficiary of any qualified Member shall be eligible for a survivor's
benefit commencing on the first day of the month next following the date of the Member's
death. The M ember's Beneficiary shall be eligible for this benefit if the Member satisfied all of
the following requirements on the date of his death:
(1) M ember has completed at least five (5) years of Continuous
Service;
(2) Member has not attained his Normal Retirement Date; and
(3) M ember was an active E mployee or a M ember receiving or
eligible to receive a disability benefit under Section 4.4.
(B) The monthly amount of the survivor's benefit shall be equal to fifty
percent (50% ) of one-twelfth (1/12) of the M ember's Accrued Retirement Benefit determined
as of the date of his death, or fifty dollars ($50.00), if greater. If the Beneficiary is the
Member's surviving spouse, the survivor's benefit shall be payable monthly to a Member's
spouse for life, with the final monthly payment to be made on the first day of the month
immediately preceding or coinciding with the date of such spouse's death. If the Beneficiary is
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not the Member's surviving spouse, the survivor's benefit shall be paid monthly to the
M ember's Beneficiary for sixty (60) monthly payments.
6.3 Death of a M ember After Retirement .
(A) I n the event of the death of a M ember, who has not elected to receive an
optional form of payment in accordance with Article VII, and who dies on or after his
Retirement Date but before having received sixty (60) monthly pension payments, the balance
of such (60) monthly pension payments shall be paid to his Beneficiary in monthly
installments. If an optional form of payment was elected under Section 7.2, no deat h benefit
will be payable under this Section 6.3 (A), but benefits will be payable in accordance with the
optional form of payment which is in effect.
(B) At the death of a Member who has retired from the service of the District
after attaining his Early R etirement Date or Disability Retirement Date on or after August 1,
1974, a lump sum payment in the amount of five thousand dollars ($5,000) shall be paid to his
Beneficiary; provided, however, no death benefit shall be paid under this Section 6.3(B) if any
Beneficiary of the deceased M ember is receiving a life insurance benefit from the District
under another arrangement or program apart from this Plan.
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ARTICLE VII
PAYMENT OF RETIREMENT BENEFITS
7.1 Normal Form of Payment . A M ember's Accrued Retirement Benefit,
whether payable commencing at his Normal, Early or Postponed Retirement Date, shall be
payable in equal monthly installments for the period beginning on the M ember's Option Date
and ending with the Member's date of death or the sixtieth (60th) monthly payment, whichever
is later. Any remaining payments on the Member's date of death shall be paid to the
M ember's Beneficiary. I f no Beneficiary survives to recei ve all of such monthly payments, the
commuted value of the unpaid installments shall be paid to the estate of the last to die of the
M ember and his Beneficiary.
7.2 Optional Forms of Payment . In lieu of the normal form of payment as
provided in Section 7.1, a Member may elect one of the following optional forms of payment,
subject to the limitations as provided hereafter:
(A) Life Annuity Option - A M ember may elect an increased monthly
benefit of equal actuarial value payable in monthly installments for the period
beginning on his Option Date and ending on the date of his death.
(B) Ten Year Certain Option - A M ember may elect a reduced
retirement benefit of equal actuarial value payable in monthly installments for the
period beginning on his Option Date and ending with the Member's date of death or
the one hundred and twentieth (120th) monthly payment, whichever is later. If the
Member's death occurs within such ten year period, monthly payments will continue to
be paid to the M ember's Beneficiary. I f no Beneficiary survives to receive all of such
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monthly payments, the commuted value of the unpaid installments shall be paid to the
estate of the last to die of the M ember and his Beneficiary.
(C) Joint and Survivor A nnuity - A M ember may elect a reduced
retirement benefit of equal actuarial value payable in monthly installments
commencing on his Option Date for the life of the Member with a survivor annuity for
the life of the M ember's Beneficiary which is not less th an fifty percent (50%) of (and is
not greater than one hundred percent (100%) of) the amount of the annuity which is
payable during the joint lives of the Member and his Beneficiary.
(D) Social Security Option - A M ember whose retirement benefit
commences prior to attaining age sixty -two (62), may elect to receive such retirement
benefit on an actuarially adjusted basis so that the monthly benefit payable from this
plan and his monthly primary social security benefit are approximately level during his
lifetime. The retirement benefit payments under this optional form of payment shall
be payable for the M ember's lifetime commencing on the M ember's Option Date and
terminating on the first day of the month in which the Member's death occurs.
7.3 Small Benef its. Without regard to any other provision of this Plan, if the
monthly benefit payable to a Member or to his Beneficiary is less than twenty-five
dollars($25.00), the actuarial equivalent of a M ember's Accrued Retirement Benefit shall be
paid to such Member in a single sum or in such other manner as the Pension Committee
determines in its sole discretion.
7.4 Election of Optional Form of Payment
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(A) A M ember's election to receive his retirement benefit in a form other than
the normal form of payment described in Section 7.1 above shall be made in writing on forms
designated by the Pension Committee and shall be delivered to the Plan Administrator not less
than thirty (30) or more than ninety (90) days prior to the Member's Option Date.
(B) A M ember may revoke an election to receive an optional form of payment
and select a different option or the normal form of payment at any time more than thirty (30)
days prior to the Member's Option Date. The selection of a new optional form of payment
must be made in writing and delivered to the Plan Administrator at least thirty (30) days prior
to the M ember's Option Date.
(C) I f the Beneficiary of a M ember who has selected the joint and survivor
annuity option dies before the M ember's Option Date, the M ember's election to receive such
optional form of payment shall be deemed automatically revoked and the Member shall be
eligible to select another optional form of payment or to receive his benefit in the normal form.
(D) I f the M ember dies after attaining age sixty -five (65) and before his
Option Date, any election made by the Member under Section 7.2 shall apply. If such Member
has not made an election under Section 7.2 prior to his death, such M ember shall be deemed to
have elected a one hundred percent (100%) Joint and Survivor Annuity with his spouse as the
Beneficiary as described in Section 7.2(c), and if he does not have a surviving spouse his benefit
shall be paid in the normal form as described in Section 7.1.
7.5 Required Distribution. For Plan Years beginning after December 31,
1986 without regard to any other provision hereof, the requirements of this Section shall apply
to the distribution of a M embers's benefit.
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(A) No M ember's election to receive benefits under this Plan shall be
effective unless pursuant to such election:
(1) benefits shall commence no later than the first day of April
following the calendar year in which the Member:
(i) at tains age seventy and one-half (70-1/2), or
(ii) terminated employment with the District,
whichever is later; and
(2) the Member's entire benefit shall be distributed by the
later of;
(i) the end of his life expectancy or
(ii) the end of the joint and last survivor life expectancy
of the Member and his designated Beneficiary.
Life expectancies shall be determined initially as of the date the M ember
terminates his employment with the District and shall be redetermined no more often than
annually thereafter . If the Member's spouse is not his designated Beneficiary, the method of
distribution selected must assure that at least fifty percent (50%) of the present value of the
M ember's retirement benefit is paid within the life expectancy of the M ember.
(B) If a M ember dies after distribution of his benefit has commenced,
the remaining portion of his benefit shall continue to be distributed at least as rapidly
as under the method of distribution applicable prior to the Member's death.
(C) I f a M ember dies before distribution of his benefit commences, the
Member's entire benefit, if any, shall be distributed within sixty (60) months after the
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Member's death; provided, however, if any portion of the Member's benefit is payable
to a designated Beneficiary, distribut ions may be made over the life expectancy of such
Beneficiary and shall commence no later than one (1) year after the M ember's death. I f
the Beneficiary is the Member's surviving spouse, however, distribution shall begin no
later than the date on which the Member would have attained age seventy and one-half
(70-1/2).
7.6 Post Retirement I ncrease in Benefits. Benefits payable under this Plan
shall be subject to the following adjustments effective for the P lan Year beginning January 1,
1990:
(A) Any M ember (or his Beneficiary) whose benefit commenced prior
to January 1, 1988 shall receive a one-time increase in his monthly benefit equal to ten
percent (10%), effective January 1, 1990.
(B) The minimum monthl y benefit increase under (A) shall be ten
dollars ($10.00).
(C) Any M ember (or his Beneficiary) whose benefit commenced or
will commence on or after January 1, 1988 shall receive an increase in his monthly
benefit equal to that percentage increase in the N ational Consumer Price Index for all
urban consumers (CPI -U) during the preceding twelve (12) month measuring period,
subject to the following:
(i) Such increase in monthly benefit shall not exceed three
percent (3%) of the monthly amount payable hereunder when benefits first
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commence and such increases in the aggregate shall not exceed fifteen percent
(15%) of the original monthly amount;
(ii) Each such increase shall not exceed fifty dollars ($50) per
month and such monthly increases in the aggregate shall not exceed two
hundred fifty dollars ($250) per month; and
(iii) Such increase shall begin to apply to benefits payable on the
third January 1 following the month in which a Member's benefits initially
commenced under this Plan. The twelve (12) month measuring period for the
National Consumer Price Index shall end on the October 31 preceding the
January increase.
ARTICLE VIII
ADMINISTRATION OF THE PENSION PLAN
8.1 Duties and Membership of Pension Committee.
A. The Pension Plan shall be administered by the Pension Committee. The
Pension Committee shall have the responsibility to interpret this Ordinance and its provisions
with respect to a ny benefit or claim for benefit hereunder, including but not limited to the
determination of Credited Service, Continuous Service, Earnings, eligibility and termination of
membership with respect to any Member of the Pension Plan, or his Beneficiary. The decision
of the Pension Committee shall be nondiscriminatory, and any decision by a majority of the
members of the Pension Committee shall govern.
B. In addition to those listed in Section 1.23, the Members of the Pension
Plan shall elect two M embers from among their ranks to serve on the Pension Committee.
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M embers of the Pension Plan eligible to serve on the Pension Committee are those Employees
who are Civil Service Employees and are Members of the Plan during their tenure on the
Pension Committee. I f, for any reason, the M embers of the Plan fail to elect by majority vote
two of its M embers to serve on the Pension Committee, the Executive Director or his successor
shall appoint one or more Employees as he shall determine in his sole discretion to serve on the
Pension Committee. Each elected M ember's term shall be for two years commencing on
November 1 of the year. The Personnel Director of the District shall serve as the Secretary of
the Pension Committee and as an ex-officio member without authority t o vote. The Pension
Committee shall elect its own Chairman and Vice-Chairman and shall delegate duties to the
members of the Pension Committee as the Pension Committee in its sole discretion determines.
Upon the death, resignation, removal or inability of a M ember of the Pension Committee to
continue to act, the Executive Director of the District or his successor shall appoint a successor
to serve on the Pension Committee.
8.2 Plan Administration.
A. Claims. The decision of the Pension Committee upon matters within its
jurisdiction shall be conclusive and binding upon all parties concerned. Decisions by the
Pension Committee shall be consistently applied in a nondiscriminatory fashion. Any
Employee or Beneficiary or oth er person who believes that he is being denied a benefit to
which he is entitled (hereafter referred to as " Claimant" ) may file a written request for such
benefit with the Claims Processor setting forth his claim. The request must be addressed to:
Claims Pr ocessor , local addr ess.
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(B) Decisions and Delegation . A decision of the Pension Committee may be
made by a written document signed by a majority of the members of the Pension Committee.
The Secretary of the Pension Committee shall keep and maintain an y and all other records
desired by the Pension Committee. The Pension Committee may appoint such agents, who
need not be members of the Pension Committee as it may deem necessary for the effective
exercise of its duties, and may to the extent not inconsistent herewith delegate to such agents
any powers or duties both ministerial and discretionary as the Pension Committee may deem
expedient or appropriate. No member of the Pension Committee shall make any decision or
take any action covering exclusively hi s own benefits under the Plan. All such matters shall be
decided by a majority of the remaining members of the Pension Committee, or in the event of
inability to obtain a majority, by the Board of Trustees of the District.
(C) M eetings. The Pension Committee shall hold meetings upon such notice
at such place or places and at such times as the Pension Committee may determine. M eetings
may be called by the Chairman or any two members of the Pension Committee. A majority of
the Pension Committee shall con stitute a quorum for the transaction of business.
(D) Duties of the Pension Committee. The Pension Committee shall have
such duties and powers as may be necessary to discharge its duties hereunder, including by
way of example, but not by way of limitation:
(1) to construe and interpret the provisions of the Plan;
(2) to decide all questions of eligibility and participation under the
Plan;
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(3) to prescribe such rules and procedures as are consistent with the
provisions of the Plan and as are deemed necessar y and proper by the Plan
Administrator;
(4) To prepare and distribute, in such manner as the Plan
Administrator determines to be appropriate, information explaining the Plan;
(5) To receive from the Employer and from M embers such
information as shall be necessary for the proper administration of the Plan;
(6) To maintain and furnish to the Employer, upon request, such
reports with respect to the administration of the Plan as are reasonable and
appropriate;
(7) to cause to be filed with any state or federal authority or agency
such reports or records as may be required by law to be filed;
(8) maintain and be custodian of all records, including financial
records relating to the Plan or to Plan Members; and
(9) except for the power to amend the Pension Plan which is
specifically reserved to the Board of Trustees of the District, to do all such acts, take all
such action and exercise all such rights, although no specifically mentioned herein as
the Plan Administrator may deem necessary or convenient to administ er this Plan and
to carry out the purposes of the Plan.
(E) Records of the Pension Committee. All acts and determinations of the
Pension Committee shall be duly recorded by the Secretary of the Pension Committee and all
such records, together with such other documents as may be necessary for the proper
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administration of the Plan, shall be preserved in the custody of such Secretary. The records
and documents which constitute the business records of the Pension Committee shall at all
times by open for inspection and copying by any person designated by the Board of Trustees of
the District.
8.3 Claim Decision. Upon receipt of a claim, the Claims Processor shall
advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact,
deliver such reply within such period. However, the Claims Processor may extend the reply
period for an additional ninety (90) days for reasonable cause. If the claim is denied in whole
or in part, the Claims Processor will adopt a written opinion using language intended to be
understood by the Claimant setting forth:
(1) the specific reason or reasons for denial;
(2) the specific references to pertinent Plan provisions on which the
denial is based;
(3) a description of any additional material or information necessary
for the Claimant to perfect the claim and an explanation why such material or such
infor mation is necessar y;
(4) appropriate information regarding steps to be taken if the
Claimant wishes to submit the claim for review;
(5) the time limits for requesting a review under this Section.
8.4 Request For Review . Within sixty (60) days after the receipt by the
Claimant of a written opinion described above, the Claimant may request in writi ng that the
Claims Appeal Reviewer review the determination of the Claims Processor. Such request must
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be addressed to: Claims Processor, Local address. The Claimant or his duly authorized
representative may, but need not, review the pertinent document s and submit issues and
comments in writing for consideration by the Claims Appeal Reviewer. If the Claimant does
not request a review of the Claims Processor's determination by the Claims Appeal Reviewer
within such sixty (60) day period, he shall be bar red and estopped from challenging the Claims
Processor's determination.
8.5 Review of Decision . Within sixty (60) days after the Claims Appeal
Reviewer's receipt of a request for review, it will review the Claims Processor's determination.
After considering all materials presented by the Claimant, the Claims Appeal Reviewer will
render a written opinion, written in a manner designed to be understood by the Claimant
setting forth the specific reasons for the decision and containing specific references to the
pertinent Plan provisions on which the decision is based. If special circumstances require that
the sixty (60) day period be extended, the Claims Appeal Reviewer will so notify the Claimant
and will render the decision as soon as possible but not later than one hundred twenty (120)
days after receipt of the request for review. Any decision of a majority of the members of the
Claims Appeal Reviewer shall govern. The decision of the Claims Appeal Reviewer shall be
final and non-reviewable unless found to be arbitrary and capricious by a court of competent
review. Such decision will be binding upon the Employer and the Claimant.
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ARTICLE IX
MANAGEMENT, INVESTMENT AND USE OF FUNDS
9.1 Investment of Pension Fund. The Board shall select the manner of
funding the Pension Plan, whether by insurance or annuity contracts, trust agreement, or any
other means, and shall have aut hority to select or change any Carrier, Trustee or depository
with which said contracts or trust agreement shall be entered into and with which monies of
the Pension Fund shall be held, managed and invested.
9.2 I nvestment M anager . The Board may, from time to time, appoint one or
more I nvestment M anagers to direct any Trustee or Trustees with respect to all or a specified
portion of the assets of the Pension Fund held by the Trustee. Such appointment shall made by
a r esol ution duly adopted by the Board and shall be effective as of the date specified therein,
but not before it has been accepted in writing by the Investment Manager and notice of such
appointment and acceptance given to the Trustee. The Board may remove, or change the
assets subject to the control of, any Investment Manager previously appointed hereunder, but
the Trustee may follow the instructions of a properly appointed Investment Manager until
informed by the Board that such Investment Manager has been removed or its authority over
particular assets changed. No person or firm may be appointed as an Investment Manager
unless he meets the requirements of section 3(38) of the Employee Retirement I ncome Security
Act of 1974 P.L. 93-406, as amended.
9.3 Author ity of Board . The Board may, from time to time, direct the
Trustee to invest a specified portion of the Pension Fund in a particular asset or assets and, if
so requested by the Trustee, shall also specify the particular assets then held by the Trustee to
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be disposed of in order to make the specified investment. Upon receipt of such instruction or
instructions from the Board, the Trustee shall take steps promptly to comply therewith, and
shall hold all assets acquired pursuant to such instructions until specifically instructed by the
Board to dispose of the same, or, if the Board advises the Trustee that the Board no longer
instructs the Trustee to hold such assets, until such time as the Trustee in its own discretion
decides to dispose of the same.
ARTICLE X
AMENDMENT OR TERMINATION OF THE PENSION PLAN
10.1 The District reserves the right at any time and from time to time through
action of its Board of Trust ees 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.
10.2 The Pension Plan shall be considered terminated as of the first of the
following dates:
(a) The date as of which the District loses its present legal identity by means
of dissolution, merger, consolidation, or otherwise, unless within ninety
(90) days of such date a successor has agr eed to accept the
responsibilities of the District hereunder;
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(b) Any other date specified in a notice executed and delivered at least sixty
(60) days in advance of such date by the District to the Trustee or
Trustees and/or Carrier or Carriers.
ARTICLE XI
MISCELLANEOUS PROVISIONS
11.1 M embers' Rights. Neither the establishment of this Plan, nor the
modification thereof, nor the creation of any fund or account, nor the payment of any benefits,
shall be construed as giving any Participant or any other person any legal or equitable right
against the Employer any officer or Employee thereof, the Trustee or the Board except as
herein provided. Under no circumstances shall the terms of employment of any Participant be
modified or in any way affected hereby.
11.2 Spendthrift Provisions. Except as provided in Income Tax Regulation
1.401(a)-13(e), no benefit or beneficial interest provided under the Plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge,
either voluntary or involuntary, and any attempt to so alienate, anticipate, sell, transfer,
assign, pledge, encumber or charge th e same shall be null and void. No such benefit or
beneficial interest shall be liable for or subject to the debts, contracts, liabilities, engagements,
or torts of any person to whom such benefits or funds are or may be payable.
11.3 I ncapacity . If, in the opinion of the Employer, a person to whom a
benefit is payable is unable to care for his affairs because of illness, accident or any other
reason, any payment due the person, unless prior claim therefore shall have been made by a
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duly qualified guardian or other duly appointed and qualified representative of such person,
may be paid to some Member of the person's family, or to some party who in the opinion of the
Employer has incurred expense for such person. Any such payment shall be payment for the
account of such person and shall be a complete discharge of any liability of the Plan to or for
the benefit of such M ember.
11.4 Administration of the Plan. The Pension Committee appointed by the
Board of Trustees shall be the Plan Administrator. The General Counsel of the Employer
shall be the agent of the Plan for service of process.
11.5 Suspension of Benefits Upon Reemployment . I n the event a M ember who
is receiving benefits under the Plan returns to the full -time employment of the Employer as
defined in the Employer's employment practices prior to his Required Beginning Date,
payment of his benefits shall cease. Upon the cessat ion of the Employee's benefits, the
Employer shall notify the Employee by personal delivery or first class mail during the first
calendar month of the payroll period in which the Plan withholds payments that his benefits
are suspended. Such notification shall contain a description of the specific reasons why
benefit payments are being suspended, a general description of the Plan provisions relating to
the suspension of payments, a copy of such Plan provisions, and information regarding the
Plan's procedure for affording a review of the suspension of benefits.
Upon his subsequent termination of employment with the Employer prior to his
Required Beginning Date, his benefits shall recommence as of the first day of the month
coincident with or next following the date of such subsequent termination of employment. The
benefits payable to him upon such subsequent termination shall be the benefits to which he is
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entitled under the Plan as in effect on the date of such subsequent termination and his Final
Average Earnings, his years of Credited Service, attained age, and Covered Earnings as of his
subsequent termination, reduced by the actuarial value of the benefits, other than disability
benefits, he received prior to the earlier of his Normal Retirement Date or his reemployment
date; provided, however, that in no event shall the Member receive a benefit upon his
subsequent termination that is smaller than the benefit he was receiving as of his date of
reemployment. I n no event shall a reemployed M ember's benefi t be suspended hereunder if he
earns forty (40) hours of service or fewer during a calendar month.
11.6 Trust Sole Source of Benefits. T he assets of the T r ust shall be the sole
source of benefits under the Plan and the Employer does not assume any liability or
responsibility for such benefits. Each Member, his surviving spouse, Beneficiary or other
person who shall claim the right to any payment under the Plan shall be entitled to look only to
the T r ust for su ch payment and shall not have any right, claim or demand therefore against
the Employer, the Trustee or any Employee of any of them.
11.7 Actuarial Assumptions. All actuarial assumptions under the Plan other
than for funding purposes and as otherwise specifically provided shall use an interest rate of
seven percent (7%) per annum and the 1971 Group Annuity Mortality Table for Males, set
back one (1) year for males and six (6) years for females, the resulting factor therefrom
blended on a 50-50 basis for males and females.
11.8 Notice of Address. Each M ember or his Beneficiary entitled to benefits
under the Pension Plan shall notify the Plan Administrator, in writing of his address and each
change of address. Any communication, statement, or notice from the Plan Administrator or
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the District addressed to such person at his last known address filed with the Plan
Administrator shall be binding upon such person for all purposes of the Pension Plan, and
neither the Trustee, the Carrier nor the District shall be obligated to search for or to ascertain
the whereabouts of such person.
11.9 Furnishing Data. Each person entitled to benefits under the Pension Plan
shall furnish the Plan Administrator such documents, evidence or other information as the
Plan Administrator considers necessary or desirable for the purposes of administering the
Pension Plan or to protect the Pension Plan, the Trustees, or the Carriers. No benefit shall be
payable hereunder until the Plan Administrator has received all information necessary to
determine the M ember's entitlement to a benefit hereunder. I f the age or any other relevant
fact upon which entitlements under the plan are based is misstated, an adjustment shall be
made in future benefits to correct same.
The foregoing Ordinance was adopted January 12, 1995.