HomeMy WebLinkAboutResolution 06-1994 . � .r �
RESOLUTION N0. 06-94
WHEREAS, the Brookings City Commission pursuant to Resolution No.
27-89 established a deferred compensation plan for the Brookinge
Volunteer Fire members, said Resolution being dated April 11, 1989;
and
WHEREAS, the Brookings City Commission by Ordinance No. 18-93
established a deferred compensation program for the volunteer
firefighters of the City of Brookings referred to as the "Brookinge
Volunteer Firefighters Deferred Compensation Plan", said ordinance
being adopted on August 3, 1993; and
WHEREAS, said ordinance further provided that the deferred
compensation plan shall be approved by resolution of the City
Commission, and that upon such approval the plan previously approved
by the City Commission pursuant to Resolution No. 27-89 was to be
terminated; notv therefore,
BE IT HEREBY RESOLVED by the Brookings City Commission that the
following deferred compensation plan is hereby approved:
HROOKIHGS VOLUNTEER FIREFIGHTERS DEFERRED COMPEASATIOK PLAH
Section 1 There is hereby created s Deferred Compensation Plan
for the Brookings Volunteer Firefighter's Assoc. Inc. , which fund
shall be administered by a seven member committee chaired by the
Chief and further comprised of the Department President,
Secretary, Department Treasurer, and three at large delegates
elected for one, two and three year terms, with subsequent
elections for a three year term. Any vacancies in the elected
positions shall be filled by popular vote at the next department
meeting for the unexpired term.
Section 2 To be eligible for distribution of funds a member must
have served five years in good standing. Participation in the
plan shall be at the option of each Volunteer Firefighter. There
shall be no maximum number of years a member may participate in
the program.
Section 3 The Deferred Compensation Plan shall initially be
financed by a transfer of the assets of the Deferred Compensation
Plan of the Brookings Volunteer Firefighters, Inc. , and
additional amounts may be appropriated annually by the City of
Brookings. Further, the Department will contribute fire
insurance premium tax proceeds to said plan.
Section 4 The plan will initially distribute funds of a rate of
100% of the full lisbility of 538. 00 per year of service rrhich
rate shall be reassessed annually by the Deferred Compensation
Committee.
a) Member benefits upon retirement shall be paid within
ninety days following retirement. In the event of a
member's death or disability, benefits will be paid within
sixty days.
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b) If a member resigns or retires from the department then
re-enters before December 31st of the same year and no
benefits have been paid, he is re-entered into the system as
if he had never left.
c> If a firefighter re-enters the system after being paid
benefits, he must either buy back his prior years of service
at the current rate or be eligible for no further
compensation.
d) The rate will be reassessed based upon one year, for
members in good standing for that year.
Section 5 All active members in good standing, at the date of
City Commission approval, shall be eligible for prior years of
service earned before the inception of this fund.
a) Former members who resigned prior to Commission approval
of this fund and subsequently re-enters shall not be
credited for prior years of service.
Section 6 From January 1, 1989, forward, a member must meet the
following standards to be credited for a year of service in the
Deferred Compensation Plan.
a) Training - Members must participate in 18 hours of
scheduled training which will be created at 2 hours for each
work night. Attending State Fire School may be substituted
for 4 hours of training and District School credited for 2
hours.
b) Fire Calls and Meetings - A member must attend one-half
or 50% of all Fire Calls and Meetings to be eligible for
Compensation Fund to be allotted. Any member who is dropped
from the Department because of not maintaining required
percentage of 50% will lose all retirement benefits.
c) Members on leave of absence for reasons other than
illness or disability, will receive no funding for the
period of the leave.
d) Appeals - Appeals by individual members to have the
above rules waived may appear before the Deferred
Compensation Committee which may waive these rules by
majority vote.
Section 7 Deferred Compensation Funds will be managed at the
discretion of the Deferred Compensation Committee.
Section 8 If for any reason this program is terminated all
appropriated funds from January 1 of the year the termination
occurs shall revert to the City of Brookings General Fund. All
appropriated funds allotted prior to January 1 of the year of
termination will be distributed to members based on account
balances. The five year eligibility rule will be waived in the
event of termination.
A DEFERRED COMPEHSATION COMMITTEE CLARIFICATION
(ADOPTED DECEKHER 18, 1990)
The administrative committee of the Deferred Compensation Fund
has accepted these guidelines by unanimous vote of the members
present, for use in future dietribution of funds upon a member's
separation:
100% of the firefighter's vested portion for full years of
serviae.
1/12 of veated portion for each month of service during year of
separation. This shall include funds invested prior to
separation.
The investment date of the deferred compensation funds shall be
deemed as the date of issusnce of the checks to be invested.
Date of separation shall be the date the resignation is accepted
by vote of the Brookings Volunteer Firefighter's Association,
Inc. , or the 65th birthday of the member, whichever aomes first.
Passed and approved this iith d of January, 1994.
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Finance Officer
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ORDINAHCE H0. 18-93
AH ORDIKAHCE ESTABLISHING A DEFERRED COMPENSATIOH PROGRAM FOR THE
VOLUHTEER FIREFIGriTERS OF THE CITY OF BROOKIHGS, � SOUTH DAKOTA.
BE IT ORDAIHED BY THE GOVERHIHG BCDY OF THE CITY OF BROOKIHGS,
SOUTH DAKOTA. AS F�LLOWS, TO-WIT:
I.
DEFERRED COMPENSA:'?OH PLAH
1. There is hereby established a �eferred Compensation program
for the Volunteer Firefighters of the C_ty of Brookings.
2. The Defer-ed Compensation procram for the Volunteer
Firefighters of t:e City of Brookings snall be referred to as the
Brookings Volunteer Firefighters Deferr=d Compensation Plan (the
"Plan" ) .
3. The Plan shall be approved by resolution of the City
Commission.
4. The Plan shall initially be f�nanced by a transfer of the
assets of the Deferred Compensation Plan of the Brookings Volunteer
Firefighter's Assaciation, Inc. to the Brookings Volunteer
Firefighters Deferred Campensation Plan.
5. Upon approval of the aforesaid Plan, the Deferred
Compensation Plan approved by the City Commisaion pursuant to
Resolution 27-89 shall be terminated.
II.
All ordinances in conflict herewit� are herQby repealed.
FIRST READIHG: July 27, 1993
SECOND READIHG: August 3, 1993
PUBLISHED: August 9, 1993
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