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HomeMy WebLinkAbout1975-11-13 - Resolution No. 75-19• 0 RESOLUTION NO. 75-19 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT REGARDING TERMINATION OF RETIREMENT PROGRAM WITH NORTHWEST NATIONAL LIFE INSURANCE COMPANY AND TRANSFER OF ASSETS THEREOF TO PUBLIC EMPLOYEE'S RETIREMENT SYSTEM WHEREAS, the Yorba Linda County Water District has a retirement pension plan through the Southern California Mutual Water Companies Association with Northwest National Life Insurance Company, and WHEREAS, the Board of Directors of the Yorba Linda County Water District on October 9, 1975 adopted Resolution No. 75-15 "Resolution of Intention to Approve Contract Providing for Participation in Public Employees Retirement System; and WHEREAS, all employees of the Yorba Linda County Water District now under the Retirement Program with Northwest National Life Insurance Company voted by secret ballot on November 12, 1975 unanimously to become members of the Public Employee's Retirement System; and WHEREAS, the Contract between the Board of Administration of the Public Employee's Retirement System and the Board of Directors of the Yorba Linda County Water District require that "Assets heretofore accumulated with respect to mis- cellaneous members in the local system shall be transferred to the Public Employee's Retirement System on the effective date of this contract and applied against the liability for prior service incurred hereunder. That portion of the assets so transferred which represents the accumulated con- tributions (plus interest thereon) required of the employees under said local system will be credited to the individual membership account of each such employee under the Public Employee's Retirement System"; and WHEREAS, the Public Employee's Retirement System require that the transfer of assets be accompanied by an itemization showing each employee's name, social security number, and contribu- tion under the Northwest National Life Insurance Retirement Pension Plan and be certified by an officer of the District; and WHEREAS, December 1 of each year is the anniversary date of the North- west National Life Insurance Retirement Pension Plan NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors of the Yorba Linda County Water District does hereby authorize the termination of all coverage provided under the Retire- ment Pension Plan through the Southern California Mutual Water Companies Association with Northwest National Life Insurance Company effective December 1, 1975; and - I 9 6 BE IT FURTHER RESOLVED, that all assets and termination values of the "terminated retirement plan" with Northwest National Life Insurance Company be transferred to the State of California Public Employee's Retirement System with an itemization showing each employees name, social security number and contributions under the terminated plan, and BE IT FURTHER RESOLVED, that the Yorba Linda County Water District hereby request that Northwest National Life Insurance Company provide to Yorba Linda County Water District a full itemization of each participants contribution in the terminated plan. Adopted, signed and approved this 13th day of November 1975 by the following called vote: Ayes: Directors Clodt, Wagner, Knauft and Lindow Noes: None Absent: None Abstain: Director Korn. Yorba Linda County Water District President of the Board of Directors ATTEST: Yorba, inda County Water District Secretary Board of Directors SEAL 1 RESOLUTION NO. 75-19 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA COUNTY WATER DISTRICT REGARDING TERMINATION OF RETIREMENT PROGRAM WITH NORTHWEST NATIONAL LIFE INSURANCE COMPANY AND TRANSFER OF ASSETS THEREOF TO PUBLIC EMPLOYEE'S RETIREMENT SYSTEM WHEREAS, the Yorba Linda County Water District has a retirement pension plan through the Southern California Mutual Water Companies Association with Northwest National Life Insurance Company, and WHEREAS, the Board of Directors of the Yorba Linda County Water District on October 9, 1975 adopted Resolution No. 75-15 "Resolution of Intention to Approve Contract. Providing for Participation in Public Employees Retirement System; and WHEREAS, all employees of the Yorba Linda County Water District now under the Retirement Program with Northwest National Life Insurance Company voted by secret ballot on November 12, 1975 unanimously to become members of the Public Employee's Retirement System; and WHEREAS, the Contract between the Board of Administration of the Public Employee's Retirement System and the Board of Directors of the Yorba Linda County Water District require that "Assets heretofore accumulated with respect to mis- cellaneous members in the local system shall be transferred to the Public Employee's Retirement System on the effective date of this contract and applied against the liability for prior service incurred hereunder. That portion of the assets so transferred which represents the accumulated con- tributions (plus interest thereon) required of the employees under said local system will be credited to the individual membership account of each such employee under the Public Employee's Retirement System"; and WHEREAS, the Public Employee's Retirement System require that the transfer of assets be accompanied by an itemization showing each employee's name, social security number, and contribu- tion under the Northwest National Life Insurance Retirement Pension Plan and be certified by an officer of the District; and WHEREAS, December 1 of each year is the anniversary date of the North- west National Life Insurance Retirement Pension Plan NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors of the Yorba Linda County Water District does hereby authorize- the termination of all coverage provided under the Retire- ment Pension Plan through the Southern California Mutual Water Companies Association with Northwest National Life Insurance Company effective December 1, 1975; and BE IT FURTHER RESOLVED, that all assets and termination values of the "terminated retirement plan" with Northwest National Life Insurance Company be transferred to the State of California Public Employee's Retirement System with an itemization showing each employees name, social security number and contributions under the terminated plan, and BE IT FURTHER RESOLVED, that the Yorba Linda County Water District hereby request that Northwest National Life Insurance Company provide to Yorba Linda County Water District a full itemization of each participants contribution in the terminated plan. Adopted, signed and approved this 13th day of November 1975 by the following called vote: Ayes: Directors Clodt, Noes: None Absent: None Abstain: Director Korn. Wagner, Knauft and Lindow S/ Fred G. Clodt Yorba Linda County Water District President of the Board of Directors ATTEST: S/ Jean E. Mathews Yorba Linda County Water District Secretary Board of Directors ' SEAL STATE OF CALIFORNIA) COUNTY OF ORANGE ) ss I, Jean E. Mathews, Secretary of the'Board of Directors of the Yorba Linda County Water District, DO HEREBY CERTIFY THAT the above and foregoing is a full,-true and correct copy of RESOLUTION NO. 75-19 and that the same has not been amended or repealed. SEAL S~RETARY of tie Board of I~irectors of the Yorba Linda County Water District 1 DATED: