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HomeMy WebLinkAboutResolution 2002-129 authorizing participation in corrections officer retirement planMARANA RESOLUTION NO. 2002-129 A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, AUTHORIZING THE PARTICIPATION 1N THE CORRECTIONS OFFICER RETIREMENT PLAN ("CORP") AND AUTHORIZING THE TOWN TO ENTER INTO THE JOINDER AGREEMENT WITH THE CORP ON BEHALF OF ITS FULL-TIME, PAID DISPATCHERS. WHEREAS, the CORP has been created by the State of Arizona in order to provide a uniform, consistent and equitable state-wide program for retirement and other benefits for those eligible full-time dispatchers; and WHEREAS, pursuant to the terms of the COP, P, it is optional for a town to include within the Plan its full-time dispatchers; and WHEREAS, pursuant to the terms of participation in the CORP, a preliminary actuarial survey h as been m adc t o determine t he estimated cost o fp articipation and t he benefits t o b e derived; and WHEREAS, the Town presently has eight full-time dispatchers. NOW, THEREFORE, B E IT RESOLVED b y t he Mayor a nd Council o f t he T own o f Marana, Arizona, as follows: 1. It is hereby authorized that the full-time, paid dispatchers may participate in the CORP. 2. The Town is hereby authorized to enter into the Joinder Agreement attached here to as Exhibit A and incorporated herein by this reference. 3. Town staff is hereby authorized to take whatever steps are necessary and proper to carry out the intent of this Resolution and the Joinder Agreement. 4. The Town Clerk shall file a certified copy of this Resolution with the Fund Manager of the Corrections Officer Retirement Plan. PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, 1 th this 9 day of November, 2002. Marana Resolution No. 2002-129 Page I of 2 ATTEST: Town Clerk _~./~TO FORM: ~" Daniel J. Hochuli ~, As Town Attorney and not personally Marana Resolution No. 2002-I29 Page 2 of 2 a •~ a...~ r. • .. _ , .L CORRECTIONS OFFICER RETIREMENT PLAN N~~ ~ 2 2QQ2 of the State of Arizona JOINDER AGREEMENT •`^~ THIS AGREEMENT, entered into this ~~ day of ~~~a~-s~.. , 20,~, effective as of ttte~~ day of .~Q~.( • , 20_ El ~ , by and between the undersigned Employer and the Func1 Manager of the Arizona Corrections OKcer RetFrernent Plan; W ITNT,SSETH: WHEREAS, the Employer is a political subdivision deriving its powers from the Legislature of the State of Arizona whichemploys certain employees in the designated position of TOWN OF MARANA DISPATCHERS, and . WHEREAS, the Employer, after considering its cost requirements to provide retirement and other benefits to its detention officers through the Arizona Corrections Officer Retirement Plan, has determined to provide benefits for those employees through the Arizona Corrections Officer Retirement Pian and has adopted a resolution and followed such other procedures as are necessary to elect to join the Plan, and WHEREAS, the Fund Manager of the Arizona Corrections Officer Retirement Pian has considered the request of the undersigned Employer to join the Pian and has approved the participation in the Plan of the Employer; NOW, THEREFORE, for and in consideration of the premises and the mutual covenants herein contained, the f~mployer and the Fund Manager hereby agree as follows: 1. By execution of this Joinder Agreement the undersigned Employer unconditionally adopts, accepts and agrees to be bound by ail the terms and conditions of the Arizona Corrections Officer Retirement Plan with respect to the fotlawing designated class of employees: FULL-TIME (NOR_ MALLY WORT{;; 40 OR MORE HOURS 1'ER WEEKI. TOWN OF MARANA DISPATCHERS. 2. The undersigned Employer agrees that the past service far each employee transferred to the Pian at the time of joinder will only include periods offull-time employment as a Town of Marano dispatcher with the undersigned employer. 3. The undersigned Employer further agrees that it will matte contribulio~~s to the Pian for such designated employees in accordance with the terms and provisions of the Plan which shall be sufficient to meet the normal cost of benefits for such employees, on a level cost method, and to meet the interest on its past service cast of benefits plus actuarially determined amount required to amortize the unfunded accrued liability for such designated employees, on a level cost method, as provided in Titie 38, Chapter 5, Article 6, Arizona Revised Statutes, as amended. 4. The Fund Manager, by execution of this Joinder Agreement, accepts the Employer for participation m the Plan. 5. The undersigned Employer hereby agrees that all assets in such prior program which are accepted by the Fund Manager and attributable to such employees shall be transferred to the Fund Manager of the Arizona Corrections O#ficer Retirement Plan. Employer agrees to provide a statement of the accumulated employee contribution accounts in such prior program. Employer shall deliver possession of said assets within sixty (60) days after the effective date of this agreement. . IN W ITNESS WHEREOF, the Employer as cau~eci to be e ecuted in its behalf by a duty authorized officer and the Fund Manager has executed this Joinder Agreement this ~~~~ ;day of _ ~¢ ~/ ;_, 20. f13 ~.' f J ANAGER: e Fund Manager Correction Officers Retirement Plan EMPLOYER: ' ~TT~WN OF M~,~$,AAtA Chatrm RECEIVED APR - 3 ZOg3 PUBLIC Sa~TY RET~iEMENI'