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RESOLUTION TO AMEND THE DEFINED BENEFIT RETIREMENT PLAN FOR EMPLOYEES OF THE CITY OF JONESBORO
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WHEREAS, there is a need to improve the Defined Benefit Pension Plan for the Non-Uniformed employees of the City of Jonesboro;
BE IT THEREFORE, RESOLVED by the City Council of the City of Jonesboro, Arkansas that the Defined Benefit Retirement Plan for Employees of the City of Jonesboro, Arkansas, hereinafter known as 'The Defined Benefit Plan,' be amended as follows:
1. All changes to the Defined Benefit Plan shall take effect July 1, 1998.
2. Those former employees who have retired and are currently receiving benefits will experience no change in those benefits.
3. The Defined Benefit Plan will include all full-time, Non-Uniformed employees.
4. Those full-time employees who were not participating in the plan before July 1, 1998 will not receive Past Service Credit.
5. The 1% contribution by employees will be eliminated July 1, 1998.
6. The multiplier will be increased from 1,25% to 1.50%.
7. The Final Average Salary will be based on the last Ten complete calendar years of employment.
8. The Actuarial Equivalence will be based on the UP84 Table at 6% interest.
9. The Mayor or his authorized representative is hereby directed to take whatever action is necessary to implement the above amendment.
PASSED AND ADOPTED this 16th day of November, 1998.