Ordinance No. 72-28 CITY JF TIGARD, OREGON
ORDINAYCE NO-72-
AN ORDINANCE APPROVING, RATIFYING, ADOPTING AND PLACING INTO
EFFECT THE PETIPI:MENT PLAN FOR EMPLOIEES OF THE CITY OF TIGARD,
PRESENTED BY TRAVELERS INSURANCE COMPANY, INCLUDING GROUP ANNUITY
CONTRACT GR-1692 AND AMENDMENTS TO DATE, PRESCRIBING RPL XTIVN DATE
AND DECLARING AN RMFRGFNCY.
THE CITY Or TIGARD ORDAINS AS FOLLOWS:
Section 1: The City Council finds that heretofore pursuant to reso-
lution of the Council, the Travelers Insurance Company
has formulated a Retirement Plan for the employees of the City, in-
cluding a Group Annuity Contract identified by No.GR-16g2 to be first
effective April 1, 1971, and the Council further finds that thereafter
certain amendments thereto have been formulated and said plan is in
condition for final adoption.
Section 2: The City Council does hereby approve the Retirement Plan
and Group Annuity Contract GR-1692 of Travelers Insurance
Company, a master COPY Of same being hereto attached and by reference
made a part hereof, and the Council further ratifies the same to-
gether with all amendments, to be effective as of Anril 1, 1971, and
said Plan shall be deemed to be in full force and effect.
Section 3 That the Payor and Recorder be, and they are hereby,
authorized and directed to execute for and on behalf of
the City, such documents as necessary to give said Plan and all
elements thereof legal binding effect.
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Section 4: Inasmuch as it is necessary for the peace, health and
safety of the people of the City of Tigard, in order
that the Retirement Plan for employees of the City be placed on a
sound legal .footing :with the least possible delay, an emergency is
hereby declared to exist, and this ordinance shall become effective
upon its passage by the Council and approval of the Mayor.
PASSED: By unanimous vote of all Council members present, after
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being read three times by number and title only,
this 2 h day of March, 1972•
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APPROVED: By the Mayor, this 27th -1 of March ,72.
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ORDINANCE No.72-, P
Retirement Plan
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