HomeMy WebLinkAboutORD 7155 ADDENDUM TO GMEB SYSTEM DEFINED BENEFILT PLAN ADOPTION AGREEMENT
ORDINANCE II 7155
TEMPORARY ADDENDUM TO THE
GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM
DEFINED BENEFIT PLAN ADOPTION AGREEMENT
This is a Temporary Addendum to the amended Adoption Agreement for
AU2usta-Richmond County that was previously approved June 16,2009. This
Temporary Addendum modifies the Adoption Agreement in the following
ways:
1. Addition of a new Department or a new class of Eligible Employees (for
amendment of Adoption Agreement only - see pages 4 and 5 of Adoption
Agreement):
N/A
2. Discontinuance of participation in the Plan by one or more Departments
or classes of Employees (for amendment of Adoption Agreement only - see
page 5 of Adoption Agreement):
N/A
3. Special eligibility service requirement for Regular Employees (see page
5 of Adoption Agreement regarding Waiting Period):
N/A
4. Credited Past Service under the Plan for newly eligible classes of
employees (see page 8 of Adoption Agreement regarding Past Credited
Service):
N/A
5. One-time or ad-hoc cost-of-living adjustments (see Article VI, Section
5( d) of Master Plan regarding Cost of Living Adjustment):
N/A
6. Alternative early retirement actuarial reduction table for one or more
classes of Eligible Employees (see Article VI, Section 2 of Master Plan
regarding Early Retirement Benefit):
N/A
ENRIP Addendum
(December, 2009)
1
7. Other:
(a) One-Time Enhanced Normal Retirement Incentive Proe:ram (EN RIP)
An enhanced normal retirement benefit will be made available on a one-time basis to
certain eligible Participants under the GMEBS Defined Benefit Retirement Plan for
Augusta-Richmond County (hereinafter "this Plan"), in accordance with and subject
to the following requirements:
(1) Elie:ibilitv for Enhanced Normal Retirement Benefit. A Participant under this Plan
is eligible to elect to retire with the enhanced normal retirement benefit offered under
this Section 7(a) if the Participant meets the minimum age and Credited Service
requirements to qualify for a normal retirement benefit or an alternative normal
retirement benefit available to the class of Participants to which he/she belongs under
this Plan (see pp. 18-20 of Adoption Agreement for description of normal and
alternative normal retirement eligibility requirements). Provided, however, that the
Augusta-Richmond County Administrator may disapprove or delay an eligible
Participant's retirement under the enhanced normal retirement program (ENRIP), as
provided under subsection (6) below. If the Augusta-Richmond County Administrator
disapproves a Participant's retirement under the ENRIP, then the Participant will not
be eligible to participate under the ENRIP or to receive the enhanced normal
retirement benefits described in subsection (2) below, notwithstanding his/her election.
If the Augusta-Richmond County Administrator accepts the Participant's election but
delays the Participant's retirement in accordance with subsection (6) below, then the
Participant's eligibility to participate under the ENRIP will be determined in
accordance with provisions of subsection (6). Elected or appointed members of the
Governing Authority and former Employees are not eligible to participate in the
ENRIP.
(2) Description of Enhanced Normal Retirement Benefit. Subject to the applicable
limitations of Section 415 of the Internal Revenue Code and Article XI of the GMEBS
Master Plan, the enhanced normal retirement benefit payable to a Participant who is
eligible and retires pursuant to this Section 7(a) shall be computed as provided under
Article VI, Section 1 of the GMEBS Master Plan without actuarial reduction for the
Participant's age. Said monthly retirement benefit shall be computed based upon the
Participant's Total Credited Service (Service creditable under the Plan for purposes of
determining the benefit amount payable) and his/her Final Average Earnings under
the Plan as of the date of his/her termination of employment from Augusta-Richmond
County. Said monthly retirement benefit shall be calculated based upon the 1.65%
formula that otherwise takes effect under the Plan with respect to certain Participants
employed on or after January 1, 2010, notwithstanding the fact that the Participant
may retire under this Section 7(a) prior to January 1, 2010. However, if the
Participant was a Participant in the GMEBS plan prior to January 1, 2008, then the
ENRIP benefit will be determined based upon the formula that results in the highest
benefit amount for the Participant, the GMEBS Plan split formula in effect
immediately prior to January 1, 2008 or the 1.65% formula. Eligible Participants who
retire in accordance with this Section 7(a) will also receive an additional one (1) year
ENRIP Addendum
(December, 2009)
2
of Credited Service solely for purposes of computing the amount of the monthly
retirement benefit payable hereunder. In addition, solely for purposes of computing
the amount of their monthly normal retirement benefit payable hereunder, said
Participants will also receive up to six (6) months of Credited Service for all of their
unused accrued sick leave for which they are not paid. Each twenty (20) days of
unused accrued sick leave will count as one (1) month of Credited Service. Partial
months will not be counted. Credit for unused accrued sick leave will be computed by
Augusta-Richmond County and reported to GMEBS on applicable forms provided for
such purpose.
(3) Forms Required for Election; Window Period for Election. In order to effect an
election to retire under the ENRIP, eligible Participants must complete and submit to
the Augusta-Richmond County Human Resources Director between 9 a.m.,
Wednesday, December 2, 2009 and 4:00 p.m. Friday, January 15, 2010 any and all
form(s) required by Augusta-Richmond County for such purpose, including a
properly completed ENRIP election form and release form. Participants must also
submit a properly completed GMEBS retirement application in order to retire under
the ENRIP. If a Participant does not submit the required election and release forms to
the Human Resources Director within the above window period, he or she will not be
permitted to retire under the ENRIP, even if he/she is otherwise eligible to participate
in the ENRIP. Participants cannot make an election to retire under this Section 7(a)
after they have terminated employment with Augusta-Richmond County.
(4) 7-Dav Revocation Period. A Participant who makes an election in accordance with
subsection (3) above may revoke his/her election by providing a written, signed notice
of his/her revocation to the Human Resources Director within seven (7) days after the
date he/she submits his/her properly completed election form(s) to the Human
Resources Director. If the Participant does not revoke his/her election within the 7-
day revocation period in accordance with this subsection (4), then the Participant's
election will become irrevocable when the revocation period ends (but see subsection
(6) below concerning necessity for approval of the Participant's election by the
Augusta-Richmond County Administrator).
(5) Resi2nation Effective Date; Effective Retirement Date. Except as otherwise
provided in subsection (6) below, eligible Participants who elect to participate in the
ENRIP will, as a condition for receipt of enhanced normal retirement benefits
hereunder, be required to resign from their employment with Augusta-Richmond
County no earlier than the day after their 7-day revocation period ends and no later
than January 29, 2010. Except as provided in subsection (6) below, the effective
retirement date for Participants who retire under the ENRIP will be the first day of
the month after their resignation date and after GMEBS has received all necessary
documentation to permit commencement of retirement benefits. Except as provided in
subsection (6) below, monthly retirement benefits for said Participants will commence
as of their effective Retirement date and shall be paid on the first day of each
succeeding month thereafter for as long as the Participant remains eligible to receive
such benefits. However, if a Participant dies before his or her effective Retirement
ENRIP Addendum
(December, 2009)
3
date, then Participant's election to participate under the ENRIP will be null and void,
nothwithstanding any provisions herein to the contrary.
(6) Administrator's Authority to Approve/Disapprove Election or Delav Retirement
under ENRIP. The Augusta-Richmond County Administrator has the authority to
approve or disapprove elections filed by Participants who are eligible under the
ENRIP based upon the Administrator's evaluation of the criticality of affected
positions and projected savings associated with employee resignations from said
positions. The Administrator will indicate his approval or disapproval of a
Participant's election in a space provided on the Participant's election form(s). If the
Augusta-Richmond County Administrator does not indicate his approval or
disapproval of the eligible Participant's election on the Participant's election form
within seven (7) days after the Human Resources Director receives the Participant's
completed election form(s), then the Administrator will be deemed to have approved
the Participant's election. The Augusta-Richmond County Administrator also has the
authority to approve a Participant's election, contingent upon the Participant's
continued employment with Augusta-Richmond County for a period of time to be
designated by the Administrator on the election form (not to exceed 1 year from the
date of the Participant's election), if the Administrator determines that such a delay is
necessary in order to allow sufficient time to recruit and/or fully train a replacement
for the Participant. The Administrator will indicate his contingent approval of a
Participant's election and the Participant's delayed termination date in a space
provided on the Participant's election form(s). If the Administrator does not indicate
his contingent approval and a delayed termination date for the Participant on the
Participant's election form within seven (7) days after the Human Resources Director
receives the Participant's completed election form(s), then the Administrator will be
deemed to have approved the Participant's election without a delayed termination
date. If the Administrator approves a Participant's election contingent upon the
Participant's continued employment with Augusta-Richmond County for a designated
period of time, and if the Participant's employment terminates for any reason prior to
the end of such period, then the Participant will not be eligible to receive the ENRIP
benefits provided herein, notwithstanding the Participant's election, unless the
Administrator approves the Participant's resignation as of an earlier date.
(7) Voluntary Election. An eligible Participant's election to participate under the
ENRIP shall be completely voluntary. Eligible Participants are permitted but not
required to participate, in accordance with and subject to the requirements of this
Section 7(a).
8. The rights and obligations under this Plan with respect to Participants
whose employment with Augusta-Richmond County was terminated for any
reason whatsoever prior to the effective date of this Temporary Addendum
are fixed and shall be governed by the terms of the Plan as existed and were in
effect at the time of such termination.
ENRIP Addendum
(December, 2009)
4
9. The effective date of this Temporary Addendum is the date of adoption of
by the Augusta-Richmond County Commission (see below).
10. This Temporary Addendum shall be repealed as of June 30, 2011.
However, such repeal shall in no way invalidate any payments made pursuant
to this Temporary Addendum.
11. This Temporary Addendum shall supplement and shall not repeal the
regular Addendum to the Adoption Agreement that was approved by the
Augusta-Richmond County Commission on June 8, 2009.
The terms of the foregoing Temporary Addendum to the Adoption Agreement
were approved by the Augusta-Richmond County Commission on the 1st
day of December , 2009.
Waive 2nd reading
Attest:
AUGUSTA-RICHMOND COUNTY
I
U2J:>(. ~
ayor
~~D4
(SEAL)
~~<~
Attor
ENRIP Addendum
(December, 2009)
5
. ,
The terms of the foregoing Temporary Addendum are approved by the Board
of Trustees of the Georgia Municipal Employees Benefit System.
IN WITNESS WHEREOF, the Board of Trustees of the Georgia Municipal
Employees Benefit System has caused its Seal and the siV~res of its duly
aut orized officers to be affixed this' day of
, , 2 OJ[).
Board of Trustees
Georgia Municipal Employees
Benefit System
(SEAL)
( J ~ '~.L
\,~ \.,r~ ~~~
~,
Se ' etary
Publish in the Augusta chronicle December 11, 2009
ENRIP Addendum
(December, 2009)
6