Jackson County Missouri - File #: 3515

• File #: 3515
• Version: 0
• Name: Jackson County Employee's Pension Plan.
• Type: Ordinance
• Status: Passed
• File created: 7/12/2004
• In control: (R)Health and Justice Committee
• On agenda: 7/12/2004
• Final action: 7/26/2004
• Title: AN ORDINANCE amending sections 1503., 1511., 1520., and 1522., Jackson County Code, 1984, relating to the Jackson County Employees' Pension Plan.
• Sponsors: Scott Burnett
• Indexes: JACKSON COUNTY CODE, PENSION PLAN
• Related files: 5708

Date	Ver.	Action By	Action	Result
7/26/2004	0	County Legislature	Consent Agenda	Pass
7/26/2004	0	County Legislature	adopt	Pass
7/19/2004	0	(R)Health and Justice Committee
7/19/2004	0	County Legislature	Consent Agenda	Pass
7/19/2004	0	County Legislature	perfect	Pass
7/13/2004	0	County Legislature	Go To 1st Perfection	Pass
7/12/2004	0	County Legislature	assign to committee

IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI

Title
AN ORDINANCE amending sections 1503., 1511., 1520., and 1522., Jackson County
Code, 1984, relating to the Jackson County Employees' Pension Plan.

Intro
ORDINANCE # 3515, July 12, 2004
INTRODUCED BY Scott Burnett, County Legislator

Body
WHEREAS, certain technical amendments are necessary to conform the Jackson County Employees' Pension Plan (the "Plan") to the requirements of the Internal Revenue Code of 1986, as amended, in order to provide reliance on the determination letter issued by the Internal Revenue Service on April 5, 2004; and,

WHEREAS, the proposed amendments are in the best interests of the health, welfare and safety of the citizens of Jackson County; and,

WHEREAS, this ordinance ratifies the Executive Order of July 2, 2004, by which the County Executive previously adopted these amendments to the Plan on behalf of the County in order to meet certain time deadlines imposed by the Internal Revenue Service; therefore,

BE IT ORDAINED by the County Legislature of Jackson County, Missouri as follows:

Section A. Enacting Clause. Sections 1503., 1511., 1520., and 1522., Jackson County Code, 1984, are hereby amended to read as follows:

1503. Pension Plan, Definitions.
As used herein, the following words and phrases shall have the meanings specified below, unless a different meaning is plainly required by the context, viz.:


1503.1 Accrued Benefit.
The term "Accrued Benefit" shall mean the Monthly Pension Income that a Member has "accrued" as of any date payable in the basic form commencing on his Normal Retirement Date. The "Accrued Benefit" as of any date shall be equal to the amount calculated under section 1512., but only to the extent that the Member is Vested.

1503.2 Actuarial Equivalent.
The term "Actuarial Equivalent" shall mean a benefit of equivalent value, as certified by the Actuary, computed on the basis of the following actuarial assumptions.

Interest -...