4715-18 Electing to Participate in the Public Employee's Retirement Fund's MyChoice: Retirememnt Savings Plan As Administered by the Indiana Public Retirement System

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BILL NO. 18-22 RESOLUTION NO. 471;-18 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA, ELECTING TO PARTICIPATE IN THE PUBLIC EMPLOYEES' RETIREMENT FUND'S MYCHOICE: RETIREMENT SAVINGS PLAN AS ADMINISTERED BY THE INDIANA PUBLIC RETIREMENT SYSTEM WHEREAS,the Common Council of the City of South Bend,Indiana is the governing body of the City of South Bend, a political subdivision or miscellaneous participating entity in the State of Indiana; and WHEREAS, for the purposes of this document and interpretation of statutes governing the Public Employees Retirement Fund("PERF"), the public employees' defined contribution plan under IC 5-10.3-12, known as the "My Choice: Retirement Savings Plan," shall be referred to as "the Plan."The PERF Hybrid defined benefit pension fund, known as "PERF Hybrid," shall be referred to as "the Fund." WHEREAS, political subdivisions may participate in the Plan and also choose whether employees are required to become members of the Plan,the Fund,or whether employees may choose membership in either the Plan or the Fund. WHEREAS,the Council as governing body is fully cognizant that, if it resolves that it will place any employees in the Fund,the percentage of cost of gross annual payroll of covered employees has been set at_% [to be filled in by 1NPRSI by the actuary of the Fund, and that the Board of Trustees of the Indiana Public Retirement System directs the actuary to annually 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, the Council as governing body is fully cognizant that, if it resolves to require employees to enter the Plan or offer employees a choice between Fund and Plan membership, the Council shall submit a resolution with the following information regarding their participation in the Plan: 1. Specify the political subdivision's contribution rate to the plan as a percentage of each member's compensation AND pay such contributions as required under IC 5-10.3-12-23 and IC 5-10.3-12-24.5. Such rates must be greater than or equal to zero percent (0%) and may not exceed the percentage that would produce the normal cost for participation in the fund under IC 5-10.2-2-11. 2. Specify the political subdivision's matching rate that is the percentage of each member's additional contributions to the plan that the political subdivision will 1