CCR1987247COMMON COUNCIL - CITY OF MUSKEG0
L RESOLUTION #247-87
APPROVAL OF AMENDMENTS TO RESTATED PENSION TRUST
WHEREAS, on April 14, 1987 in Resolution #56-87 the Common
Council approved a Restated City of Muskego Pension Trust, and
WHEREAS, the Finance Committee, upon the recommendation of the
City's labor attorney, has recommended that certain amendments
as attached hereto be made to the Restated Pension Trust.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
Committee, does hereby approve the amendments to the Restated
City of Muskego, upon the recommendation of the Finance
City of Muskego Pension Trust as attached herewith, with an
effective date of January 1, 1987.
BE IT FURTHER RESOLVED that Schedule A of the Restated Pension
Trust Agreement may be updated from time to time in accordance
with negotiated settlements without further Council action.
DATED THIS 24th DAY OF November , 1987.
ATTEST : n
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COMMON COUNCIL - CITY OF MUSKEG0
ATTACHMENT TO RESOLUTION #247-87
AMENDMENTS TO RESTATED PENSION TRUST
ARTICLE 111, CONTRIBUTIONS AND ALLOCATIONS
Add:
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the contrary, the total additions made to the account of any
participant for any Plan Year shall not exceed the lesser of
$30,000 or 25% of the Participant's compensation as defined in
section 1.415-2(d)(l)(i) of the income tax regulations for such
year except that such $30,000 shall be increased as permitted by
the Internal Revenue Service regulations to reflect cost-of-
living adjustments.
Section 3.07. Notwithstanding any provision in the Trust to
provisions of section 415 of the Internal Revenue Code as amended
The above limitations are intended to comply with the
so that the maximum benefits provided by plans of the employer
shall be exactly equal to the maximum amounts allowed under
section 415 of the Internal Revenue Code and regulations
thereunder. If there is any discrepancy between the provisions
discrepancy shall be resolved in such a way as to give full
Internal Revenue Code and regulations thereunder, such
effect to the provisions of section 415 of the Code. (Effective
date January 1, 1987)
0 of this section 3.07 and the provisions of section 415 of the
ARTICLE VI, NORMAL PENSION BENEFITS
provision in the Trust to the contrary, a Participant's benefits
Section 6.07 (final paragraph). Notwithstanding any
shall be distributed to him not later than April 1 of the
calendar year following the later of (i) the calendar year in
which the Participant attains age seventy and one-half (70-1/2)
or (ii) the calendar year in which he retires. Alternatively,
distributions to a participant must begin no later than the April
the Participant (or the lives of the Participant and the
1 following such calendar year and must be made over the life of
Participant's designated Beneficiary).
Participant and a Participant's spouse (other than in the case of For purposes of this section, the life expectancy of a
a life annuity) may be redetermined, but not more frequently than
annually, and in accordance with such rules as may be prescribed
by Treasury regulations. Further, life expectancy and joint and
multiples of Regulation 1 .72-9. (effective January 1 , 1987) e last survivor expectancy shall be computed using the return
Amendments to Restated Pension Trust
Page Two
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~ SCHEDULE A - EMPLOYER'S CONTRIBUTIONS
Add:
to one percent (1%) of the value of the total assets of the City
Trust . of Muskego Pension Trust toward the cost of administering the
The Employer has further agreed to contribute an amount up