No. 0279 authorizing/adopting an insurance, retirement plan for employees of the Department of Redevelopment, COSB

Home Browse Search

RESOLUTION NO. 279 RESOLUTION AUTHORIZING AND ADOPTING AN INSURANCE AND RETIREMENT PLAN FOR THE EMPLOYEES OF THE DEPARTMENT OF REDEVELOPMENT, CITY OF SOUTH BEND WHEREAS the City of South Bend, Department of Redevelopment has no retirement system in effect for the employees of the Department of Redevelopment; and WHEREAS the City of South Bend, Department of Redevelopment is interested in adopting a retirement and group insurance plan for the employees of the Department of Re- development aid has investigated two or more types of retirement plans available to the Depart ent of Redevelopment; and WHEREAS the National Association for Community Development has entered into an Agreement and Declaration of Trust known as the National Association or Com- munity Development Retirement Plan Trust for the purpose of establishing, promulgating and administering the provisions of National Association for Community Development Retirement Plan B for employee retirement benefits. The National Association for Community Development is sponsoring a form of retirement plan known as the National Association for Community Development Retirement Plan B to meet the needs of Local Publ.ic Agencies of the Department of Housing and Urban Development. NOW, THEREFORE BE IT RESOLVED by the South Bend Redevelopment Commission, Governing Body of the City of South Bend, Department of Redevelopment (hereinafter called the "Employer ") hereby adopts as the retirement plan for the City of South Bend, Depart- ment of Redevelopment a plan in the form of the retirement plan, as set out in the following Articles hereof and agrees to be bound by the terms and provisions of the National Association Retirement Trust. BE IT FURTHER RESOLVED that all employees of the Employer at the date of adoption shall be entitled to full participation in the retirement plan and shall be given credit for any and all past service of the employee to Urban Renewal (Redevelopment) and /or a Municipal Agency. Participation for all employees, beginning service after effective date, shall be mandatory. BE IT FURTHER RESOLVED that all of the employees of the Employer at the date of adoption shall be entitled to full participation in the group life insurance plan. Participation for all employees beginning service after effective date shall be mandatory. BE IT FURTHEF RESOLVED that no employee of the Employer entering into the plan on the initi 1 effective date of the plan shall be required to retire under the plan until such time as the Employer's contribution has been fully vested; unless said employeE so elects to retire. ARTICLE I nFFTNTTTnNC Whenever use in this Plan, the following terms shall have the meanings hereinafter set forth: 1.1. "Plan" means the Retirement Plan as described herein and in the attached Specifications Supplement, and as hereafter amended. 1.2. "Emplo�er" means the agency which adopts this plan as the Employer. 1.3. "Effec Tve Date" means the date specified in Item 3 of the Specifications Supple ent. 1.4. "Plan ear" means a period of 12 months commencing of the Effective Date or an Inniversary thereof.