ITEM TITLE:
Title
Consider approving an Ordinance amending the Employee Retirement System, Defined Contribution Plan for the City of Lawton, Oklahoma; providing retirement benefits for eligible employees of the City of Lawton, Oklahoma; pertaining to plan design; providing for employer pickup of required contributions; providing for repealer and severability.
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INITIATOR: Craig Akard, Human Resources Director
STAFF INFORMATION SOURCE: Craig Akard, Human Resources Director
BACKGROUND: The Defined Contribution Retirement Plan for the general employees through the Oklahoma Municipal Retirement Fund was first approved by City Council and effective July 1, 2017. The current plan documents dictate that an employee contributes 3.5% of their pay into the plan and the city contributes 3.5% into the employee’s plan. This ordinance change would increase the employee and city’s contribution to 5% of the employee’s pensionable wages. This should increase the amount of funds an employee has upon retirement.
EXHIBIT: Ordinance No. 25-______; Joinder Agreement; Brief Gist
KEY ISSUES: N/A
FUNDING SOURCE: N/A
STAFF RECOMMENDED COUNCIL ACTION: Approve Ordinance No. 25-______, waive the reading of the ordinance and read the title only.