HomeMy WebLinkAboutResolution 2004-007 participation in the elected officials' retirement planMARANA RESOLUTION NO. 2004-07
A RESOLUTION OF THE MAYOR AND COUNCILI OF THE TOWN OF MARANA,
ARIZONA, AUTHORIZING THE PARTICIPATION IN THE ELECTED OFFICIALS'
RETIREMENT PLAN AND AUTHORIZING THE TOWN TO ENTER INTO THE JOINDER
AGREEMENT WITH THE EORP ON BEHALF OF ITS ELECTED OFFICIALS.
WHEREAS, the EORP 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 elected officials; and
WHEREAS, pursuant to the terms of the EORP, it is optional for a town to include within
the Plan its elected officials; and
WHEREAS, pursuant to the terms of participation in the EORP, a preliminary actuarial
survey h as been made t o determine t he estimated cost o f participation and t he benefits t o b e
derived; and
WHEREAS, the Town has seven elected officials.
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 eligible elected officials may participate in the EORP.
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
Elected Officials' Retirement Plan.
Marana Resolution No. 2004-07
Page 1 of 2
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona,
this 6th day o£ January, 2004.
MayorBOBBYSUTTON, JR.
ATTEST:
~ JT°o~ln~ l?rrkBr°ns°n
F~a)~ Cassid~ ' "/
~gwn Attomey /
Marana Resolution No. 2004-07
Page 2 of 2
RECEIVED
APR 13 2004
(
Et,."CTED OFFICIALS' RETIREMENT PLaN
of the State of Arizona
€:I ORIGINAL
PUBLIC SAFETY RETIREMErff J 0 IN D ERA G R E E MEN T
THIS AGREEMENT, entered into this (p~ day Of~ ~I\S:>" , effective as of the
_(J~ day o~'!~~~""_ 20~, by and between the ployer and Fund Manager of the Arizona Elected
Officials' Reti ent Planf
WITNESSEm:
WHEREAS, the Employer is an incorporated city or town of the State of Arizona which employs certain employees
in the designated position of ELECTED OFFICIALS' OF AN INCORPORATED CITY OR TOWN, and
WHEREAS, the Employer, after considering its cost requirements to provide retirement and other benefits to its
elected officials through the Arizona Elected Officials' Retirement Plan, has determined to provide benefits for such
elected officials through the Arizona Elected Officials' Retirement Plan and has adopted a resolution and followed
such other procedures as are necessary to elect to join such Plan, and
WHEREAS, the Fund Manager of the Arizona Elected Officials' Retirement Plan has considered the request of the
undersigned Employer to join the Plan and has approved the participation in the Plan of such Employer;
NOW mEREFORE, for and in consideration 'of the premises and the mutual covenants herein contained, the
Employer and the Fund Manager hereby agree as foP
1. By execution of this Joinder Agreement, the unde .:igl'erJ Employer unconditionally adopts, accepts and agrees to
be bound by all the terms and conditions of the Arizona Elected Officials' Retirement Plan with respect to the
designated class of employees: ELECTED OFFICIALS' OF AN INCORPORATED CITY OR TOWN.
2. The undersigned Employer will make contributions to the Plan for those designated employees in accordance with
the terms and provisions of the Plan which are sufficient to meet the normal cost of benefits, on a level cost method,
and to meet the amount required to amortize the unfunded accrued liability over a rolling twenty (20) year period as
provided in Arizona Revised Statutes Title 38, chapter 5, article 3, as amended.
I -'
3. "The undersigned Employer further agrees that the Plan's actuary shall actuarially determine the unfunded liability
for the Employer as of the effective date of participation of the Employer which ili-e Employer shall pay on the
effective date of participation.
4. The Fund Manager, by execution of this Joinder Agreement, ,accepts the Employer for participation in the Plan.
5. The undersigned Employer hereby agrees that all assets in an existing public employee defmed benefit retirement
program attributable to those designated employees shall be transferred to the Fund Manager of the Arizona Elected
Officials' Retirement Plan. The Employer agrees to provide a statement of the accumulated employee contribution
accounts in the prior program. The Employer shall deliver possession of those assets within sixty (60) days after the
effective date of this Agreement.
IN WITNESS WHEREOF, the Employer has caused to (;X~91te~. .ts behalf by a duly authorized o,r and the
Fund Manager has executed this Joinder Agreement this 'f^.da of ~ _ ' 20tl .
~~AG~ EMPLO :
~~~S-1~ ~OWN ~A . .I
eFundManager BY: flJ ~---
Elected Officials' Retirement Plan - -,; IV" ~.. .
, (official pose:; or Title)
R-
ECEIVED
APR 3 0 2004
PUBLIC SAFETy
RETIREMENT