05/12/2009 Ordinances 9217ORDINANCE NO. 9217
An ordinance to amend the Basic Municipal Employees Plan and Trust
Agreement for the City of Grand Island, Nebraska, Firefighters' Retirement System Plan and
Trust and the Basic Municipal Plan and Trust Agreement for the -City of Grand Island,
Nebraska, Police Officers' Retirement System Plan and Trust to revise and amend said plans to
provide for the City to continue to be responsible for the general administration of the plans and
to specifically allow that if the actuarial analysis of the plans shows that the assets in the
unallocated account are sufficient to provide for subjected plan liabilities, that the assets can be
used to reduce expenses incurred by the City and shall then be used to assist in meeting the
City's contribution which is required to fund pension benefits.
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF
GRAND ISLAND, NEBRASKA:
SECTION 1. Pursuant to NEB. REV. STAT. § 16-1034, the City has such powers
and duties vested in it for the administration of the police and firefighter retirement systems.
SECTION 2. Retirement plans are in place for the police and firefighter
retirement systems and said plans in the basic plan documents allows for the general
administration of the plan to continue to be with the City. The plan documents shall be amended
to specifically provide the City the authority to maintain and utilize the unallocated employer
accounts pursuant to NEB. REV. STAT. §16-1033 so that if the actuarial analysis of the plans
show that the assets in the unallocated accounts are sufficient to provide for projected plan
liabilities, the assets can be used to assist in meeting expenses incurred by the City and also may
be used to assist in meeting the City's contribution which is required to fund pension benefits.
Approved as to Form a
May 12, 2009 p City Attorney
ORDINANCE NO. 9217 (Cont.)
SECTION 3. If any section, subsection, or any other portion of this ordinance is
held to be invalid or unconstitutional by any court of competent jurisdiction, such portion shall
be deemed separate, distinct, and independent, and such holdings shall not affect the validity of
the remaining portions thereof.
SECTION 4. This ordinance shall be in force and take effect from and after its
passage and publication, within fifteen days in one issue of the Grand Island Independent as
provided by law.
Enacted: May 12, 2009.
Margare Hornady, Mayor
Attest:
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RaNae Edwards, City Clerk ~'~~ ~`~£~¢PO~ar~d .9~~,
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