Chapter 2.39
EMPLOYEES’ RETIREMENT SYSTEM

Sections:

2.39.010    Adopted.

2.39.020    Effective date.

2.39.030    Federal law qualification.

2.39.040    Emergency.

2.39.010 Adopted.

The City Council hereby establishes the City of Woodinville Employees’ Retirement System as authorized by the Federal Social Security Act (Subchapter II, 42 USCA Section 401, et seq.) and other applicable Federal and State laws as is set forth more particularly in City of Woodinville Employees’ Benefit Plan and the City of Woodinville Employees’ Survivor and Disability Benefits Plan, dated March 31, 1993, given Clerk’s Receiving No. 122 and which is adopted herein by this reference. (Ord. 48 § 1, 1993)

2.39.020 Effective date.

This system shall be effective on March 31, 1993, and all acts and actions of employees and the City since that time in compliance with such plans are hereby ratified. (Ord. 48 § 2, 1993)

2.39.030 Federal law qualification.

These plans are specifically enacted with the intent that they qualify for approval under Section 401(a) of the Internal Revenue Code of 1986, as amended, and the trust is created with the intent that it qualifies for approval under Section 501 of the Internal Revenue Code of 1986, as amended. The survivor and disability benefits portion of the plan may be provided through a trust arrangement under Internal Revenue Code, Section 501(c) and (g) or via insurance policies as the plan committee of the retirement system so decides. (Ord. 48 § 3, 1993)

2.39.040 Emergency.

The City Council finds that the City of Woodinville will be incorporated on March 31, 1993. Failure to have the provisions contained in this chapter in existence as of the date of incorporation will mean that the subject matter of this chapter will not be in effect and thus will cause substantial detriment to the public health, safety and welfare. The City Council therefore declares that an emergency exists necessitating that this chapter be in full force in effect on March 31, 1993. This chapter or a summary thereof consisting of the title shall be published in the City’s official newspaper. (Ord. 48 § 4, 1993)