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Sperry adopts defined-contribution retirement plan with emergency clause
Summary
Trustees unanimously passed Ordinance No. 2024-05 establishing a defined-contribution employee retirement system for the Town of Sperry and the Sperry Utility Services Authority and approved an emergency clause to make it effective immediately.
The Board of Trustees approved Ordinance No. 2024-05 to adopt an employee retirement system, establishing a defined-contribution plan for eligible employees of the Town of Sperry and the Sperry Utility Services Authority. Trustee Melody Anderson moved to adopt the ordinance, with Trustee Kelly Wensman seconding; the board voted unanimously in favor.
Immediately afterward the board approved the ordinance's emergency clause. Mayor Robert Morton moved to approve the emergency clause and Trustee Debra Burch seconded; the emergency clause was approved unanimously, making the ordinance effective immediately as recorded in the minutes.
The ordinance text in the minutes lists sections including purpose, definitions, eligibility and participation, employer and employee contributions, administration, repealer and severability, and declares an emergency. The minutes do not record the contribution rates or effective implementation details; follow-up staff action will be required to implement plan administration.
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