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

Home Browse Search

4.2. If the Employer has elected to provide a pension for Past Service Credit in accord nce with Item 6 of the Specifications Supplement, then, (a) w th respect to an Employer which is conducting only an urban renewal program, the Employer will, during the first Plan Year, contribute solely in cash for each Participant with Past Service Credit, an amount which is equal to that which would be required on a basis consistent w th that used in determining money purchase annuity in the Group A nuity Contract as of the Effective Date of the Employer's Plan to p ovide an annual,life annuity benefit for such Participant beginning at Normal Retirement Date in an amount which can be purchased for by a p epaid premium determined by the Participant's monthly earnings as of tie Effective Date of the Employer's Plan multiplied by the number of m nths of the Participant's Past Service Credit multiplied by five per cant (5%). 4.3. For ea -.h Plan Year each Participant shall make a contribution or contributions aggregating a percentage equal to the percentage specified in Item 5 of the Specifications Supplement, of his Earnings during such Plan Year received after 3uch Participant became a Participant. In addition, each Participant may ma e a contribution or contributions in each Plan Year aggregating not more t an 10% of his Earnings during such Plan Year received after such Participant became a Participant. 4.4. Contri utions made by or on behalf of each Participant shall be held for such Participant's account or accounts by the Funding Agent in accordance with tie group annuity contract or contracts. Such Participant's account or acc unts, including any amount to be credited to the Participant's account or accounts shall be adjusted to reflect the administrative charges made by the Funding Agent. ARTICLE V DISPOSITION OF CONTRIBUTIONS 5.1. Each Employer contribution made in accordance with Sections 4.1 and 4.2 and each Participant contribution made in accordance with Section 4.3 shall be paid to the Funding Agent through the Trustees and credited toward the individual account or accounts maintained for such Participant by the Funding Agent. Con- tributions made under Sections 4.2 and 4.3 shall be credited only to accounts to pr vide a fixed annuity. Contributions under Section 4.1 may at option of Participant be credited to an account to provide variable annuity. 5.2. Each Farticipant shall, at the time he becomes covered under the Plan, designate to thE Trustees and the Funding Agent the proportion of each Employer contribution made on his behalf which is to be credited toward the Variable Annuity Account, and t e remainder will be credited toward the Fixed Income Annuity Account. Such roportion of each Employer contribution made on behalf of any Participant may bE 0 %, 25 %, 50 %, 75% or 100 %. Each Participant's contribution shall be credi ed to the Fixed Income Annuity Account. Notwithstanding the above, no amouni will be credited to the Variable Annuity Account prior to the date Varia le Annuities are approved for inclusion in retirement plans be the Depar ment of Housing and Urban Development. 5.3. A Part percei to be Agent to Sul date i icipant may, not more often than once in any Plan Year, change the tage of any contributions made by the Employer on his behalf which is credited to each account by notifying the Trustees and the Funding when such change is to take effect. Such changed percentage shall apply h contributions received by the Funding Agent on and after the effective f such change and until any subsequent change is made by the Participant. -4-