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ORDINANCE NO. 954 (#17 91)
AN ORDINANCE TO ESTABLISH A LOCAL RETIREMENT PLAN FOR CERTAIN
CITY OFFICIALS; AMENDING ORDINANCE NO. 720; AND, FOR OTHER
PURPOSES.
WHEREAS, state law mandates retirement benefits for
certain City officials, specifying the amount of benefits and
eligibility requirements for each position; and,
WHEREAS, the City of Jacksonville has been paying
benefits for certain retired officials from annual budget
general funds; and,
WHEREAS, recent state legislation requires certain
employees, granted retirement benefits under various state
statutes, to be paid from general or appropriated funds or
enroll in Arkansas Public Employees Retirement System
(APERS), paid through monthly contributions from the City.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF JACKSONVILLE, ARKANSAS, THAT:
SECTION ONE: There is established a local retirement
plan for the following City officials: Mayor, Municipal
Judge, Municipal Court Clerk, City Clerk, Deputy City Clerk,
and City Attorney. It shall be known as the Jacksonville
Municipal Official Retirement Trust.
SECTION TWO: To receive and administer said Retirement
Trust, a Board of Trustees shall be formed, consisting of the
Mayor, Municipal Judge, City Clerk, Finance Director, and
Board physician. The Board shall elect a Chairman among its
members, and the Chairman shall serve a term of two (2)
years. The City Clerk shall be Secretary of the Board.
SECTION THREE: The Board shall meet at least once every
six (6) months, and special meetings may be called by the
Chairman or a majority of the members at any time. The Board
shall receive and administer the funds collected and shall
have the power to make necessary rules therefor. In addi-
tion, the Board shall have the authority to invest such funds
as are not necessary for the immediate use for payment of
retirement benefits in interest-bearing securities of the
State of Arkansas or certificates of the United States or any
or all such securities.
SECTION FOUR: All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed to the extent of such
conflict.
APPROVED AND ADOPTED TI-IIS . 3rd
DAY OF OCTOBER, 1991.
ATTEST:
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TOMMY SWAIM'/nAYOR
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LEONARD., CrTY CLER.K
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ROBERT)E. BAMBURi,