ITEM TITLE:
Title
Consider approving an Ordinance amending the Employee Retirement System, Defined Contribution Plan for the City Manager for the City of Lawton, Oklahoma; providing retirement benefits for eligible employees of the City of Lawton, Oklahoma; pertaining to plan design; providing for repealer and severability; and declaring an emergency.
body
INITIATOR: Craig Akard, Human Resources Director
STAFF INFORMATION SOURCE: Craig Akard, Human Resources Director
BACKGROUND: The Defined Contribution Retirement Plan for the City Manager through the Oklahoma Municipal Retirement Fund was first approved by City Council and effective June 1, 2020 during the employment of a previous City Manager. The current City Manager does not wish to participate in this retirement plan. As there are funds in the plan, the plan cannot be closed and instead, the contribution amount is to be changed from the current contribution of 9% to a contribution of 0%. The City Manager would no longer contribute to the plan and the City would also not contribute into the plan as not agreement has been negotiated.
EXHIBIT: Ordinance No. 24-______; Joinder Agreement
KEY ISSUES: N/A
FUNDING SOURCE: N/A
STAFF RECOMMENDED COUNCIL ACTION: Approve Ordinance No. 24-______, waive the reading of the ordinance, read the title only, and in a separate motion, declare an emergency.