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Section 1.
[Ordinance Retirement System; amendments.]
An Ordinance Retirement System shall be provided for the employees of
the Village of Grosse Pointe Shores through a separate plan document authorized
and approved by the Village Council, which plan may be amended from time
to time, pursuant to an appropriate ordinance authorizing same.
(Added by referendum of 11-7-2000)
Section 2.
[Retirement commission; approval and adoption.]
The ordinance referred to in Section 1 above shall provide for a retirement
commission who will direct the administration of the Ordinance Retirement
System in accordance with the terms and conditions of the retirement plan.
The retirement commission heretofore existing pursuant to Chapter XI of
the Charter of the Village of Grosse Pointe Shores shall be the initial
Retirement Commission of the Ordinance Retirement System. During the time
of transfer from the existing retirement system to the implementation
of the Ordinance Retirement System there shall be no gap in the administration
of the current retirement system and all existing terms, duties, conditions,
rights, responsibilities, and benefits shall be continued until such time
as the Ordinance Retirement Plan shall be formally approved and adopted
by the Village Council.
(Amended by referendum of 11-7-2000)
Section 3.
[Funding.]
The funding objective of the Ordinance Retirement System shall provide
for Village contributions each fiscal year which are sufficient, together
with contributions which may be required of members, to (i) cover the
actuarial cost of benefits likely to be paid on account of service rendered
by members of the Ordinance Retirement System, and (ii) cover the contributions
required by the Ordinance Retirement System or any collective bargaining
agreement covering its members, as well as all reasonable costs and expenses
of administering the system as may be permitted by law.
(Amended by referendum of 11-7-2000)
Section 4.
[Monies to be invested by Retirement Commission.]
The monies of the Ordinance Retirement System shall be invested by or
under the direction of the Retirement Commission subject to all terms,
conditions and limitations imposed by the State of Michigan on the investments
of public employee retirement systems. All monies and investments of the
Ordinance Retirement System shall be held and used for the sole purpose
of meeting the obligations of the retirement system and shall be used
for no other purpose.
(Amended by referendum of 11-7-2000)
Section 5.
[Separate plan document.]
The monies, investments, assets and obligations of the retirement system
heretofore created and maintained pursuant to Chapter XI of the Charter
of the Village of Grosse Point Shores shall be transferred to and assumed
by the Ordinance Retirement System in a separate plan document referred
to in Section 1 above.
(Amended by referendum of 11-7-2000)
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