Ord 90-074
ORDINANCE NO.
90-74
AN ORDINANCE OF THE CITY OF FEDERAL WAY,
WASHINGTON, RELATING TO SOCIAL SECURITY,
ESTABLISHING THE CITY OF FEDERAL WAY EMPLOYEES'
RETIREMENT SYSTEM AS A SUBSTITUTE FOR SOCIAL
SECURITY AS AUTHORIZED BY THE FEDERAL SOCIAL
SECURITY ACT AND APPLICABLE STATE LAWS.
WHEREAS, under the Federal Social security Act (42 USCA,
§418(g)),
the
City Council
of
a
newly
incorporated
city
is
authorized to elect and establish an employee retirement system in
lieu of employee and employer contributions to the Federal Social
Security Program; and
WHEREAS, such a system can be established by creating a
Plan and a Trust to provide a defined contribution plan providing
retirement and other related benefits for the employees of the city
eligible to participate; and
WHEREAS, a Social Security alternative program provides
employees of the city of Federal Way with benefits that equal or
exceed the current or future social security benefits system; and
WHEREAS,
such a plan can be created to qualify for
approval under Sections 401 and 410 through 417 of the Internal
Revenue Code; and
WHEREAS, Council finds that it is in the interest of the
employees
of
the City to be under the city
of
Federal Way
Employees'
Retirement system as an alternative to the Social
Security program; NOW, THEREFORE,
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CØfC'f
THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON,
DOES HEREBY ORDAIN AS FOLLOWS:
Section 1.
The City Council hereby establishes the
City of Federal way Employees' Retirement System as authorized by
the Federal Social Security Act
(42
USCA,
§418(g»)
and other
applicable federal and state laws as is set forth more particularly
in "city of Federal Way Employees' Retirement System" attached
hereto and by this reference incorporated herein.
Section 2.
This system shall be effective on June 1,
1990, and all acts and actions of employees and the City since
that time in compliance with such plan are hereby ratified.
section 3.
This Plan is specifically enacted with the
intent that it qualify for approval under sections 40l and 410
through 4l7 of the Internal Revenue Code and the Trust is created
with the intent that it qualify for approval under §501 of the
Internal Revenue Code now or as hereinafter enacted.
section 4.
Should
any
section,
sentence,
clause,
phrase, or subsection of this ordinance or its application to a
specific
person
or
set
of
circumstances
be
declared
unconstitutional or invalid for any reason, such decision shall not
affect the validity or constitutionality of any other section,
sentence, clause or phrase of this ordinance or its application to
any other person or set of circumstances.
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Section 5.
Effective Date.
This ordinance shall
be effective five (5) days after passage and publication of an
approved summary consisting of the title to this ordinance.
PASSED by the city council of the City of Federal Way
this ~ day of September, 1990.
ÝdÞk &~)
MAYOR, DEBRA ERTEL
ATTEST:
SWANEY, CMC
FILED WITH THE CITY CLERK: September
PASSED BY THE CITY COUNCIL: October
PUBLISHED: October 5,1990
EFFECTIVE DATE: October 10,1990
ORDINANCE NO. 90-74
28,1990
2,1990
90L56
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