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Home My WebLink About1975-06-26 - Minutes - Archive• • • MINUTES OF SPECIAL MEETING OF THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS The Housing Authority of the City of Fayetteville, Arkansas met in Special Session at 8:30 o'clock a.m., Thursday, June 26, 1975, in the office of the Authority, N1 North School Avenue, Fayetteville, Arkansas. Mr. Gould, Chairman, called the meeting to order. On roll call the following members were present: Commissioners: Gould, Morgan, Taylor, Clinton, Underwood Commissioners Absent: None Others Present: Robert Dugan, Bromo Wilson, Delbert Allen, Pat Donat, Mayor Marion Orton, Frank Sharp, Tammi Reed The Chairman ordered that the following Waiver and Consent be spread upon the Minutes: V% VEWAIIVEROOFCNOTICE OF AND CONSENT TO SPECIAL MEETING We, the undersigned, do hereby accept notice of this SPECIAL MEETING, waiving any and all irregularities in the service of notice and do hereby consent and agree that the Commissioners of the Housing Authority of Fayetteville, Arkansas shall meet at their regular meeting place at 8:30 o'clock a.m., on the 26th day of June, 1975, for the following purposes: 1. Roll Call 2. Minutes of the May 21 Regular Meeting 3. Minutes of the June 4. Special Meeting 4. Minutes of the June 18 Regular Meeting 5. May Financial Statement 6. Discussion of timetable on new mall plan 7. Old business (Resolution Amending Retirement Plan) 8. Other Business /s/ J. W. Gould /s/ Phillip Taylor /s/ Roy Clinton /s/ Bill Underwood /s/ Sherman Morgan There being a quorum present, the following business was transacted: The Minutes of the May 21, 1975 Regular Meeting were approved by motion of Mr. Clinton, seconded by Mr. Morgan, and carried unanimously. The Minutes of the June 4, 1975 Special Meeting were approved by motion of Mr. Clinton, seconded by Mr. Morgan, and carried unanimously. The Minutes of the June 18, 1975 Regular Meeting were approved by motion of Mr. Underwood, seconded by Mr. Clinton, and carried unanimously. The May Financial Statement was approved by motion of Mr. Clinton, seconded by Mr. Underwood, and carried unanimously. There was a discussion of the progress on the new concept on the Square. The plan has been presented to our Commission, the City of Fayetteville Planning Commission, and the City Board of Directors. RESOLUTION NO. 189 RESOLUTION AUTHORIZING AMENDMENT TO RETIREMENT PLAN HUD has adopted new guidelines concerning the retirement plan. One change is that HUD now authorizes that the employer contribution may be raised to 7 1/2% Resolution No. 189 wassapproved by motion of Mr. Clinton, seconded by Mr. Underwood, and carried unanimously. Mr. Clinton suggested that the members of the Grievance Committee meet to discuss the Grievance Procedure. The Board suggested that a meeting be set within the near future. The Board then went into Executive Session. Mr. Dugan requested a six month leave of absence effective August 2, 1975. The Board agreed with this, with the stipulation that this leave could be termin- ated should the Board decide to fill the position before the end of the six month period. THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE, ARKANSAS ATTEST: lAUL r �� SECRETARY r Gack,,i6V CHAIRMAN • • • FrEs. /S9 RESOLUTION AUTHORIZING AMENDMENT "RESOLVED, that the Housing Authority of the City of Fayetteville Employees Retirement Plan be amended in the manner set out in the Amendment to the said plan, a copy of which is attached hereto and made a part of this re- solution." "RESOLVED, FURTHER, that the Executive Director of this Agency be authorized in its behalf to execute the Amendment to the Housing Authority of the City of Fayetteville Employees Retirement Plan, a copy of which is attached here- to, together with any and all other instruments of any kind or character and to take such further action as may be necessary to so amend said plan effec- tive as of August 1, 1975. * * * * * * * * * * * * * * * * * I, ROBERT L. buG-AW , Secretary of the Housing Authority of the City of Fayetteville, Arkansas, Fayetteville, Arkansas, do hereby certify that the above and foregoing is a true and correct copy as an ori- ginal resolution unanimously adopted by the Commissioners of said authority at their meeting held at FAYETTEVILtE , Arkansas, on this the r?cP day of ,/unle , A.D. , 19 75. (SEAL) C2U%i 1i Secetary "`Cc V • AMENDMENT TO THE HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE EMPLOYEES RETIREMENT PLAN WHEREAS, the Housing Authority of the City of Fayetteville, desires in confor- mity with the resolutionof its Commissioners to amend the trust agreement evi- dencing the Housing Authority of the City of Fayetteville Employees Retirement Plan to the extent and in the manner hereinafter set out; NOW, THEREFORE, for and in consideration of the premises, the said Housing Authority of the City of Fayetteville, acting herein through its Executive Dir- ector duly authorized and pursuant to the authority conferred upon him by the aforesaid resolution does hereby amend the trust agreement evidencing the Hous- ing Authority of the City of Fayetteville Employees Retirement Plan in the fol- lowing particulars: ITEM ONE Section 3.2 of Article 3 is hereby amended to read as follows: Section 3.2. Whenever a Participant shall remain in Service until Normal Re- tirement Date and shall actually retire he shall be entitled to receive from • the Trustees the benefits to which he is entitled hereunder and the Trustees shall release and deliver such benefits to the Participant. If a Participant shall with the approval of the Employer remain in Service after reaching Nor- mal Retirement Date contributions will be continued for Service rendered sub- sequent to such Normal Retirement Date, and upon actual retirement of the Par- ticipant or his prior death, the Trustees shall release the benefits to the Participant or his beneficiary, as the case may be, as prescribed by the terms of this trust agreement. ITEM TWO Section 8.2, 8.3 and 8.4 of Article 8 are amended by the substitution of the term "Service" for the term "Participation". ITEM THREE Section 8.5 of Article 8 is hereby amended to read 'as follows: Section 8.5. A Participant whose employment has been terminated prior to his Normal Retirement Date may elect at any time to receive in lieu of the paid- up benefits provided by his own contributions the cash surrender value of such paid-up benefits. A Participant whose employment has been terminated prior to his Normal Retirement Date may also elect at any time, to receive in lieu of the paid-up benefits provided by Employer contributions and in which the Parti- cipant has a vested interest under the provisions of this Article the cash sur- render value of such paid-up benefits. Any benefit to which the Participant is entitled and which are not cash surrendered by the Participant as permitted by this section shall be held in the form of paid-up coverage until such Partici- pant's Normal Retirement Date or death, whichever first occurs. ITEM FOUR Article 8 is hereby amended by the deletion of Section 8.6 and Section 8.7. ITEM FIVE Item 9 of the Instrument of Adoption is hereby amended to read as follows: 9. With respect to Section 3.7 and Section 6.1: Contributions for future service benefits: Employer contributions: 71% of Base Monthly Compensation (not to exceed the smaller of (1) the Participant's required contributions plus 2% and (2) 71% if in- surance is to be included under the plan, or 7% if only annuities are to be included). Participant's required contribution: 51% of Base Monthly Compensation (not to be less than 31%). The effective date of this amendment is August 1, 1975. EXECUTED by the Employer on this the ol(o day of tjUA/E , 19 75. HOUSING AUTHORITY OF THE CITY OF FAYETTEVILLE Exec tive rector ATTEST: lL) gAlL Secretar za-97 Accepted this the Co day of tJUiVF , 19 75 . .10•60A- p;u [ 4 t ki 1 i et, Trustees