The URL can be used to link to this page

Home My WebLink AboutORD 5863 AMEND 1949 RETIREMENT PLAN Augusta Richmond GA DOCUMENT NAME: D,;- I 9 9 to ' J; f( G 3 DOCUMENT TYPE: 0 ( C/ /'/101.17 ce YEAR: I qq{p BOX NUMBER: ). FILE NUMBER: I g ~ 4- g NUMBER OF PAGES: !5 i_. .. -; " ~ ORDINANCE NO,5863 AN ORDINANCE TO AMEND THE CITY COUNCIL OF AUGUSTA 1949 GENERAL RETIREMENT FUND (GA, L. 1949, p, 1070, AS AMENDED BY GA, L. 1966,p, 3351; GA, L. 1968, p, 2457; GA, L.1971, p, 3796; GA, L. 1975, p, 2936; GA, L. 1980, p, 3198; GA, L. 1981, p, 4373; ORDINANCE NO, 5245, MARCH 18, 1985; ORDINANCE NO, 5330, APRIL 7, 1986; ORDINANCE NO, 5331, APRIL 7,1986; ORDINANCE NO, 5397, FEBRUARY 16, '1987; ORDINANCE NO, 5398, FEBRUARY 16,1987; ORDINANCE NO, 5457, DECEMBER 7, 1987; ORDINANCE NO, 5458, DECEMBER 21, 1987; GA, L. 1988, p, 5224; GA, L. 1988, p, 5425; GA, L. 1988, p, 5428; GA, L. 1989, p. 5268; GA, L. 1990, p, 5386; ORDINANCE NO, 5700, JUNE 21, 1993; GA, L. 1994, p, 5276; ORDINANCE NO, 5776, APRIL 17, 1995),. ENACTED PURSUANT TO THE PROVISIONS OF THE OFFICIAL CODE OF . GEORGIA ANNOTATED WHICH PROVIDE FOR HOME RULE BY MUNICIPALITIES AND PURSUANT TO THE PROVISIONS OF THE CONSTITUTION OF THE STATE OF GEORGIA WHICH PROVIDE FOR HOME RULE,BY COUNTIES, SO AS TO SUBSTITUTE THE "AUGUSTA- RICHMOND COUNTY COMMISSION-COUNCIL" FOR THE "CITY COUNCIL OF AUGUSTN' FOR ALL REFERENCES TO THE CITY COUNCIL IN SAID PLAN; TO RESTATE THAT SECTION OF THE PLAN ENTITLED "ADMINISTRATION AND INVESTMENT OF GENERAL . RETIREMENT FUND; PENSION FUND INVESTMENT COMMITTEE; APPLICATIONS FOR RETIREMENT OR .RETURN OF CONTRIBUTIONS;" TO AMEND SAID SECTION TO CHANGE THE COMPOSITION OF THE PENSION FUND COMMITTEE AND THE PENSION FUND INVESTMENT COMMITTEE; TO RESTATE THE PARAGRAPHS "EXCLUDED EMPLOYEES AND OFFICERS;. PART}CIPATING EMPLOYEES; RETIREMENT FuND "GENERALLY" OF SECTION II OF . THE PLAN; TO REPEAL CONFLICTING O~DINANCES; TO PROVIDE AN EFFECTIVE DATE; AND FOR OTHER PURPOSES, . \7 BE IT ORDAINED BY THE AUGUSTA-RICHMOND COUNTY COMMISSION- COUNCIL, AS SUCCESSOR TO THE CITY COUNCIL OF AUGUSTA, GEORGIA, 1 .- -- , , ? AND IT IS HEREBY ORDAINED BY AUTHORITY OF THE SAME AS FOLLOWS: Section 1, The City Council of Augusta 1949 General ~etirement Fund (Ga, 1" 1949, p, 1070, as amended by Ga, 1,,1966, p, 3351; Ga, 1" 1968, p, 2457; Ga, 1" 1971, p, 3796; Ga, 1" 1975, p, 2936; Ga, 1" 1980, p, 3198; Ga, 1" 1981, p. 4373; Ordinance No, 5245, March 18, 1985; Ordinance No, 5330, April 7, 1986; Ordinance No, 5331, April 7, 1986; Ordinance No, 5397, February 16, 1987; Ordinance No, 5398, February 16, 1987; Ordinance No, 5457, December 7~ 1987; Ordinance No, 5458, December 21, 1987; Ga, 1" 1988, p, 5224; Ga, 1" 1988, p,_ 5425; Ga, 1" 1988, p, 5428; Ga, 1" 1989, p, 5268; Ga, 1" 1990, p, 5386; Ordinance No, 5700, June 21, 1993; Ga, 1" 1994, p, 5276; Ordinance No, 5776, April 17, 1995) is hereby amended by substituting the IIAugusta-Richmond County Commission-Councilll for the "City Council of Augustall for each and every reference to the City Council of Augusta in said Act, Section 2, The City Council of Augusta 1949 General Retirement Fund (Ga, 1" 1949; p, 1070, as amended), is hereby restated and amended by changing the membership of the pension fund investment committee and the pension committee to be the members of the Augusta-Richmond County Commission-Council, so that Section III ot" said 1949 plan, as restated and amended, shall read as follows: Section III. Administration and -investment of general retirement fund; pension fund investment committee; applications for retirement (Jf return of contributions, The general retirement fund shall be kept in a separate account and a separate permanent record shall be kept by the comptroller of such fund and of the contributions of each employee thereto, No warrant shall be drawn upon such fund except as provided in this division~ The comptroller shall be the custodian of such fund and shall deposit the same in a bank or banks, and, pursuant to the direction of the pension fund investment committee, which committee shall consist of the members of the Augusta-Richmond County Commission-Council, shall invest and reinvest, . . from time to time, any portion thereof not immediately needed for the payment of pensions, in securities approved by law for the investment of trust funds; and, in such securities other than those specifically approved 'by law for the investment of trust funds, as the pension fund investment committee shall deem proper, from time to time; provided, however, that the amount of the pension fund which may be invested in such securities other than those specifically approved by law for the. investment of trust funds may not exceed fifty percent (50%) of the total amount of such fund then outstanding; and in addition thereto, the investment committee may invest such funds in bonds and debentures assumed. or guaranteed by any solvent corporation or institution existing under the laws of the United States of America, or any 2 .-:~ state thereof, provided such bonds or debentures are rated at the time of their purchase, by a nationally recognized securities rating seIVice, as AAA (Aaa), AA (Aa), or A (a) or in lieu thereof, provided such bonds or debentures are the type in which domestic life insurance companies are permitted to invest under the provisions of Section 33-11-20 of the Official Code of Georgia Annotated (Ga, Code Ann, S 56-1016), as amended, The amount of the . pension fund which may be invested in the bonds and debentures of anyone corporation may not exceed ten percent (10%) of the total amount of such fu~d then outstanding, Withdrawals from the fund shall be made only by vouchers signed by the comptroller or deputy comptroller and countersigned by the Mayor as the chief executive officer of Augusta-Richmond County, There shall be maintained in the office of the comptroller a record of the age, length of . seIVice and contributions of each employee, All applications for retirement or the return of contributions shall be made in writing on forms prescribed by the comptroller and filed in his office, In the case of an application for retirement for disability, the chief executive of Augusta-Richmond County as designated by the Augusta-Richmond County Commission-Council shall immediately designate a physician to examine the applicant and no such retirement shall be allowed unless the physician so appointed files with the Mayor as the chief executive of Augusta-Richmond County his affidavit that he has examined the applicant and found him totally and permanently incapable of pursuing any gainful occupation; provided, that the applicant if aggrieved by the decision of Augusta-Richmond County's physician may designate a physician on his own part who together with Augusta-Richmond County's physician shall designate a third physician and the decision of the majority of said three (3) physicians shall be final. All applications for retirement shall be acted upon by the pension committee consisting of the members of the Augusta-Richmond County Commission-Council. The Mayor of the Commission-Council shall be the secretary of the committee and shall keep a careful record of all its proceedings, Upon certification by the secretary that a majority of the pension committee have determined that the applicant is ,entitled to retirement on a pension ofa given amount, the comptroller shall include his name on the pension list and shall draw monthly vouchers for the payment of his pension, The Augusta-Richmond County Commission-Council may adopt further reasonable rules and regulations for the purpose of carrying out the provisions of this division, Section 3, The two paragraphs "Excluded Employees and Officers; Participating Employees; Retirement Fund Generally" of Section II of the City Council of Augusta 1949 3 " <, . '. . General Retirement Fund shall be restated in their entirety and shall read as follows: Excluded employees and officers; participating employees; retirement fund generally, There are excluded from the provisions of this division the employees of the University Hospital, the Recorder, the Assistant Recorder, employees of the Sinking Fund Commission, other officers elected by. vote of the electorate, and all other persons entering the selVice of the city as regular full- time employees on or after JanualY 1, 1987, All other persons entering the seIVice of the city as regular full-time employees, as distinguished from temporary, part-time, or casual employees, including employees of the Police and Fire Departments whose age at the time of their employment. does not exceed thirty-five (35) years, and hereinafter referred to as future employees, shall contribute to and participate in the benefits of a pension fund to be known as the general retirement fund, provided, however, that only those persons employed by the city as regular, full-time employees on or before December 31, 1986, shall be authorized to participate in this pension system, Section 4, This ordinance is adopted by the Augusta-Richmond County Commission Council pursuant to the provisions of O,C.G,A, S 36-35-3, providing for Home Rule for Municipalities and pursuant to the provisions of the Constitution of the State of Georgia. which provide for home rule by counties, Section 5, All laws or ordinances or parts of laws or ordinances in conflict with this ordinance are hereby repealed, Section 6, .This ordinance shall become effective. upon its being filed with the Secretary of State of Georgia and with the Clerk of Superior Court of Richmond County, Georgia, in accordance with all applicable law, , AD 0 P1;:ED, this 20th day of August, 1996 and this 3rd day of September, 1996, . . ;P15fi~.. pd County Commission-Council 4 ~~- - ",' . 4 .'_ .. .~ .~ I, the undersigned, LENA BONNER, CLERK, do hereby certify that the foregoing is a true and correct copy of an ordinance adopted by the said Augusta-Richmond County Commission-Council at two consecutive meetings, held, on the following dates, to-wit: August 20, 1996, and September 3, 1996, as the same appear on the minutes of said Commission-Council, This L day of September, 19~ I~ CI~ .-.~ "'" -