Ordinance 3480 - Laserfiche WebLink

A .t • s t. Section 4: That all former employees of the City of Everett now on pension under provisions of Everett Employees ' retirement System and all employees receiving payments under such system shall continue to receive their pension or payment as pro- vided by Ordinance No. 3023 as if the same were not repealed and the City of Everett shall make provision for such payments out of assets now held by the Everett Employees ' retirement System or shall purchase out of said funds annuities from a reliable insurance company to provide for their payment. Section 5: The City Treasurer of the City of Everett is hereby directed to liquidate all assets now held in the Employees ' Retirement Fund representing the contributions of employees and to on or before the 1st day of ,i`�"• , 1955 return all funds contributed by city employees into said Employees ' Retirement Fund, less expenses and costs as provided by said system, to said city employees, or to deliver said funds to the Ivashington State Employees ' Retirement System and on account of such employee if so directed. The City Treasurer of the City of Everett is further directed to liquidate all assets of the Employees ' Retirement Fund and to pay out of such funds to the State Employees' Retirement Fund sums due the '=Washington State retirement System as provided by law. The balance of the funds left on hand after providing payment of pensions now oustanding, the return of employees ' funds and sums due the Yeashington State Employees ' Retirement Fund System shall be held by the Treasurer of the City of Everett until its distribution shall be directed by ordinance of the City of Everett. 400, M y • r Attest: s ti 4141 is l ! /City Clerk d / Passed: Aur, 24, 1954 Published: " 25, 1954