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Sperry approves townwide participation in OMRF 401A retirement plan
Summary
The Sperry Board of Trustees unanimously approved joining the Oklahoma Municipal Retirement Fund (OMRF) under a 401A account, setting employer and employee contributions at 3%, mandatory participation for full‑time staff after two months, five‑year full vesting and participant loan provisions.
The Town of Sperry Board of Trustees voted unanimously Aug. 29 to have the town and the Sperry Utility Services Authority join the Oklahoma Municipal Retirement Fund (OMRF) with a 401A account type. Trustee Debra Burch moved the measure and Vice Mayor Melody Anderson seconded; all four trustees voted yes.
The adopted terms set the employer contribution at 3% of an employee's regular pay (excluding overtime) and require employees to contribute at least 3% of regular pay. The motion as recorded specified that participation is mandatory for each full‑time employee beginning two months after employment, employees become 100% vested after five years, and participant loans and “other plan provisions” will be offered. "TO APPROVE THE TOWN OF SPERRY, TOGETHER WITH THE SPERRY UTILITY SERVICES AUTHORITY, JOINING THE OKLAHOMA MUNICIPAL RETIREMENT FUND (OMRF) WITH AN ACCOUNT TYPE OF 401A PLAN," the motion recorded in the minutes states.
The change affects town and authority payroll practices and sets the baseline retirement contribution and vesting schedule for full‑time employees. The vote was recorded as yes by Trustees Kelly Wensman, Robert Morton, Melody Anderson and Debra Burch. The minutes show the item was considered while the Sperry Utility Services Authority meeting was convened; that authority’s meeting was adjourned at 6:54 PM after the action.
