Electing to join the Public Employees' Retirement Fund

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Employees ' Retirement Fund RESOLUTION NO. 242-70 A RESOLUTION ELECTING TO JOIN THE PUBLIC EMPLOYEES ' RETIREMENT FUND WHEREAS, the South Bend Common Council is the govern- ing body of the City of South Bend in St . Joseph County , in the State of Indiana, and WHEREAS, the actuary for the Public Employees ' Retire- ment 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 percentage of cost of gross annual payroll of covered em- ployees has been set at 10 .92% 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 costs accruing annually . NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend in St . Joseph County in the State of Indiana: SECTION ONE : The City of South Bend elects to be- come a participant in the Public Employees ' Retirement Fund as established by the Acts of 1945, Chapter 340 and all Acts amend- atory and supplemental thereto. SECTION TWO : The South Bend Common Council agrees to make the required contributions under the Public Employees ' Retirement Fund Act which is the Acts of 1945 , Chapter 340 , and specifically the Acts of 1955 , Chapter 329 , commonly designated as "The Indiana Public Employees ' Social Security Integration and Supplemental Retirement Benefits Act . " SECTION THREE : The following are declared to be covered by the Fund: All elected City officials , all appointed officers , employees , deputies and assistants and departmental and insti- tutional heads , including officers and employees of the Water Works and Waste Water Treatment Plant but not including police- men, firemen or officers and employees of the South Bend Public Transportation Corporation.