CCR1996243COMMON COUNCIL-CITY OF MUSKEGO
RESOLUTION #243-96
TERMINATION OF CITY OF MUSKEGO PENSION PLAN AND TRUST
FREEZE OF BENEFIT ACCRUALS AND
WHEREAS, the City of Muskego maintains the City of Muskego
Pension Plan and Trust (the "Plan"); and
WHEREAS, through the course of collective bargaining
negotiations, the City has agreed by letter of intent to begin
participation in the retirement benefit program offered through
the Wisconsin Retirement Service for the future service only of
accordance with the terms of the Wisconsin Retirement Service
its eligible employees, effective on January 1, 1997, in
and each applicable collective bargaining agreement.
BE IT RESOLVED that the Common Council of the City of Muskego
does hereby agree to freeze the benefit accruals of all
affected participants in the Plan as of December 31, 1996, and
after December 31, 1996 for affected participants,
no additional benefit accruals shall be made under the Plan
notwithstanding that contributions as negotiated through the
period ending on December 31, 1996 shall be contributed to the
Plan. 0 BE IT FURTHER RESOLVED that no benefit to which a Plan
participant has earned a nonforfeitable right may be reduced or
eliminated in the future.
BE IT FURTHER RESOLVED that all affected Plan participants
will become 100% vested in their accounts under the Plan as of
December 31, 1996.
BE IT FURTHER RESOLVED that, until such time as the Plan has
been terminated, the Trustees of the Plan shall continue to
have all rights, powers and responsibilities, as they have had
in the past, to administer the Plan, including the ability to
take such steps as necessary to terminate the group annuity
contract with Lincoln National Life, under which the Plan's
assets are held, and, if desirable, move Plan assets to another
custodian and other investment vehicles.
BE IT FURTHER RESOLVED that as soon as reasonably and
administratively practicable after January 1, 1997, the
Trustees will take steps to terminate the City of Muskego
Pension Plan & Trust, and are hereby authorized to take
whatever steps and execute and deliver whatever documents are
necessary to accomplish said termination.
DATED THIS 22nd DAY OF OCTOBER , 1996
Resolution #243-96
Page 2
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SPONSORED BY:
Mayor David De Angelis
Negotiating Committee
Ald. Dornonic D'Acquisto
Ald. Patrick Patterson
This is to certify that this is a true and accurate copy of
Resolution #243-96 which was adopted by the Common Council of
the City of Muskego.