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HomeMy WebLinkAboutCC-03-07-88-01 PerfRESOLUTION ELECTING TO ENLARGE PARTICIPATION IN THE PUBLIC EMPLOYEES' RETIREMENT PUND WHEREAS, The Common Council is the governing body of the City of Carmel in Hamilton County, in the State of Indiana; and WHEREAS, the actuary for the Public Employees' Retirement Fund has furnished such governing body with certain cost estimates to become a participant in such Fund as established by the Acts of 1945, Chapter 340, and all Acts amendatory and supplemental thereto; and WHEREAS, such governing body is fully cognizant that the per- centage of cost of gross annual payroll of covered employees has been set at 4.25% and $0.00 by the actuary of the Fund, and that at five year intervals, or more often if directed by the Board of Trustees of the Public Employees' Retirement Fund, the actuary will review the status of the employees covered and shall adjust the cost percentage accordingly so that the FUND will remain on an actuarially sound basis; and WHEREAS, such governing body acknowledges its liability and that, pursuant to law, it and its successors in office, must appropriate sufficient funds each year to retire the employees' prior service liability in an orderly manner and also fund the current cost accruing annually. NOW, THEREFORE, BE IT ORDAINED by the governing body of the Common Council of Carmel, in Hamilton County, in the State of Indiana: SECTION ONE: The Judge of the Carmel City Court elects to enlarge its participation in the Public Employees' Retirement Fund by including additional classes of employees as stated below in the coverage under Chapter 340 of the Acts of 1945, all Acts amendatory and supplemental thereto. This agreement supplements the original dated January 1, 1975. SECTION TWO: The Judge of the Carmel City Court agrees to make the required contributions under the Public Employees' Retirement Fund Act, which is the Act of 1945, Chapter 340, and all Acts amendatory thereof and supplemental thereto, including specifically the Acts of 1955, Chapter 329, commonly designated as "The Indiana Public Employees' Social Security Integration and Supplemental Retirement Benefit Act." SECTION THREE: The positions listed on Appendix A are declared to be covered by the Fund. SECTION POUR: It is hereby declared that none of the classi- fications or positions specified in Section Three are compensated on a fee basis or of an emergency nature, or in a part-time cate- gory. SECTION FIVE: The active participating membership of the Judge of the Carmel City Court shall begin on January 1, 1988. SECTION SIX: This Resolution shall be in full force and effect from the date of its passage and upon approval of the Board of Trustees of the Public Employees' Retirement Fund of Indiana, except that active participating membership shall begin on the date set forth in Section Five. DATED this : day of ~.~A~..~/ , 1988. SIGNATURES OF GOVERNING BODY DOR(~THY J.~ ANCOCK, Chairman