CCR1993191COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #191-93
(Lincoln National Money Purchase Pension Trust)
Approval of Group Annuity Amendment No. 1
WHEREAS, the original contract between the City of Muskego and
Lincoln National called for the City to pay Lincoln National on a
contractual basis due to the amount of funds in the plan; and
WHEREAS, it is now in the City's best interest to pay Lincoln
National based on actual expenses incurred in administering the
plan; and
WHEREAS, the Finance Committee has recommended approval.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Finance
Committee, does hereby approve Group Annuity Amendment No. 1.
BE IT FURTHER RESOLVED that the Mayor and Clerk are authorized to
execute said Group Annuity Amendment No. 1 as Trustees of the
Plan. e DATED THIS 27TH DAY OF JULY , 1993.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Patrick A. Patterson
Ald. Edwin P. Dumke
Ald. David J. Sanders
This is to certify that this is a true and accurate copy of
City of Muskego.
Resolution #191-93 which was adopted by the Common Council of the
07/23/93 13: 36 LNL INS. CO. 003
IT I. wa
I Submion 3.04 of Article 3 In changed ae follewa:
'3.04 arpense Chug0 - IIC the end of each Contract Ymar the General
Lincoln hlational Life incurs with respect to thia Contract. At the
InveeMOnt Rlnd will bo charged with direct and indirect expense. which
Contractholder for tho cxpenrre charge incurred during the Contract Year
requaat of the Contractholder, Lincoln National Life will bill the
and the Contractholder nay pay the expense charge directly."
I
'0 subaectlon 3.041 of Artlclo 3 is void.
Subneetien 3.042 Of Article :I is void.
Subaection 5.06 of Article 5 is changed as folloue:
any expense Charge incurred but not yet deducted frm the Oeneral
'5.08 ExpenBm - Upon tnrmination, Lincoln National Life will deduct
Invs8tmeat Fund in aCC0i:danCe with the provioiona of subsection 3.04.'
Suaaoction 5.091 of Article !j is changed ae follauar
'5.091 Boak Value 1nsta:llnrent Transfer - The balance of the Qoneeal
Plan or to rn ineuranoe caPpsny as designated by the Contructholder.
InveetPOat Pund will be transferred in inetallmente to a trumteo of the
The tranofer will be ln five equal inetallments beginning on the dato
of towination and cont.lnuing on the next four annlvotsarirs of that
date. On each anniversary, Lincoln Natlonal Life will tranmfer
latoroat on the remaining funds at a rate one mrcent lmmm than Lincoln national Life's then cuxrent New noney Interest rate applicable to
thorn funda.'
subeoction 9.092 of Article 9 is chunged aa tollowl
"5.092 Market value Lwp Sum Transfer - The market valuo of the General
InvemtmDnt Fund which will be trannferred ln one lump aum La the
balance of tne General Investment Fund, as or rhe date of tarminatlon,
multiplied by a fraction the numerator of which ia tho Average Eond
which io 100.
PriCO, am determined by Lincoln National Life, and the donominator of
lbar 27617