ORDINANCES & RESOLUTIONS 1996 - Laserfiche WebLink

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~\o RESOLUTION ELECTING TO JOIN THE 1977 POLICE AND FIREFIGHTERS' PENSION AND DISABILITY FUND AS ADMINISTERED BY THE PUBLIC EMPLOYEES' RETIREMENT FUND WHEREAS, the Town Council is the governing body of the Town of Mooresville in Morgan County, in the State of Indiana, and WHEREAS, The Public Employees' Retirement Fund, hereinafter referred to as "PERF", has furnished such governing body with certain cost estimates for the Town of Mooresville to become a participant in the 1977 Fund, as established by Public Law No, 9, (Special Session 1977), and WHEREAS, The governing body is fully cognizant that the current cost is twenty-one percent (21 %) of certified salary for the employer and six percent (6%) of certified salary for the employee and at intervals directed by the Board of Trustees of PERF, the actuary will review the status of the employees covered and shall adjust the cost percentage accordingly so that the Fund will remain on an actuarially sound basis, and WHEREAS, the governing body acknowledges its liability and that pursuant to law, it and its successors in office must appropriate sufficient funds each year to retire the employees' prior service liability in an orderly manner and also fund the current costs accruing annually, NOW THEREFORE, BE IT ORDAINED by the governing body of Town of Mooresville in Morgan County, in the State of Indiana: SECTION ONE: The Town of Mooresville elects to become a participating unit in the 1977 Police and Firefighters' Pension and Disability Fund, as established by Public Law No.9, (Special Session 1977), and al Acts amendatory thereof and supplemental thereto. SECTION TWO: The Town of Mooresville agrees to make the required contributions to PERF, SECTION THREE: The following are declared to be covered by the 1977 Fund: All full time Police officers and Firefighters presently employed by the Town of Mooresville who have met the minimum medical standards of the 1977 Fund and all subsequent employees hired as full time Police officers and Firefighters for the Police and Fire Department. SECTION FOUR: This Resolution establishes a retirement fund for the employees declared in SECTION THREE above and supersedes any other Resolution for a retirement system now in effect for said employees, SECTION FIVE: The active date of participating membership of the Town of Mooresville shall begin on April I, 1997. ADOPTED this 18th day of November, 1996.