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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match. A political subdivision may specify only: (1)zero percent (0%); or (2) fifty percent (50%). 3. Specify whether the political subdivision will pay any part of a member's contribution on behalf of the member; 4. Specify whether employees will automatically be enrolled in the Fund or the Plan if an eligible employee does not make an affirmative election. WHEREAS, if such governing body participates in the Fund, 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 cost accruing annually. WHEREAS, if such governing body participates in Plan, such governing body acknowledges its liability and that, pursuant to law, it and its successors in office must appropriate sufficient funds each year to meet all contribution obligations required by law. WHEREAS, such governing body acknowledges and agrees to make a supplemental contribution to the fund in an amount necessary to pay the employer's share of the fund's actuarial unfunded liability that other employers would otherwise be required to pay because the employer's employees are becoming members of the plan instead of the fund. WHEREAS, such governing body acknowledges and agrees, when an employee separates from service before the member is fully vested in the employer contribution subaccount, the amount in the employer contribution subaccount is forfeited as of the date the member separates from service. Such forfeited amounts shall be used to reduce the unfunded accrued liability of the fund as determined under IC 5-10.2-2- 11(a)(3) and IC 5-I0.2-2-11(a)(4). For employers without an unfunded liability, such as employers joining PERF for the first time and offering only Plan membership, such forfeited amounts will be returned to the employer in the form of a credit to the employer contribution subaccount. WHEREAS,the General Assembly of the State of Indiana has authorized covered employers to pay all or part ofinembers' mandatory contributions. NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I: Election to Participate. The City of South Bend elects to continue as a participating political subdivision or miscellaneous participating entity in the Public Employees' Retirement Fund by including classes of employees as stated below in the coverage under Chapter 340 of the Acts of 1945, and all Acts amendatory thereof and supplemental thereto. 2