24 CAR pt. 20, Appendix A
Attachment 1
RETIREMENT OPTION PLAN
Whereas, the governing body of the City of ____ believes that it is to the advantage of the members of this pension plan and of benefit to our municipality for this option to be made available to our members.
It is therefore resolved that the governing body of the City of ____ approves this amendment of the Deferred Retirement Option Plan pursuant to Act 1372 of 2003.
The City of ____, in electing to amend this plan, agrees to the following:
1. At the conclusion of the Deferred Retirement Option Plan (DROP), a member may continue employment.
2. This continued employment shall be available to all similarly situated members.
3. Once continued employment is elected, a member's monthly DROP payment shall cease.
4. The provisions of Act 1372 regarding interest rate awards will be implemented.
5. The employer and employee contributions of 6% shall cease.
6. A copy of this signed resolution will be filed with the PRB.
This election may be effective on the date of resolution, but no earlier than July 16, 2003.
DATE ________
Chairman ________
Secretary/Treasurer ________
Member ________
Member _____
Member _____
Member _____
Member _____
RETIREMENT OPTION PLAN
Whereas, the governing body of the City of ___ believes that it is to the advantage of the members of this pension plan and of benefit to our municipality for this option to be made available to our members.
It is therefore resolved that the governing body of the City of
approves amendment of the Deferred Retirement Option Plan pursuant to Act 1372 of 2003.
The City of ___, in electing to amend this plan, agrees to the following:
1. At the conclusion of the Deferred Retirement Option Plan (DROP), a member may continue employment.
2. This continued employment shall be available to all similarly situated members.
3. Once continued employment is elected, a member's monthly DROP payment shall cease.
4. The provisions of Act 1372 regarding interest rate awards will be implemented.
5. The employer and employee contribution of 6% shall cease.
6. A copy of this signed resolution will be filed with the PRB.
This election may be effective on the date of resolution, but no earlier than July 16, 2003.
DATE_______
Chairman_______
Secretary/Treasurer_______
Member_______
Member_______
Member _____
Member _____
Member _____