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Sperry approves defined-contribution retirement plan and joins Oklahoma Municipal Retirement Fund
Summary
The Sperry Board unanimously adopted Ordinance 2024-04 to establish a defined contribution retirement plan and approved Resolution 2024-07 to join the Oklahoma Municipal Retirement Fund; the board also authorized Town Administrator Rick Rumsey to act as the plan's authorized agent.
The Sperry Board of Trustees on Sept. 12 unanimously approved Ordinance 2024-04 to adopt an employee retirement system structured as a defined contribution plan for the Town of Sperry and the Sperry Utility Services Authority. Melody Anderson moved the ordinance and Debra Burch seconded; the minutes record a unanimous vote.
In a related action the board approved Resolution 2024-07 to adopt by reference the trust indenture titled "Oklahoma Municipal Retirement Fund" and authorized the mayor and clerk to execute the agreement to pool funds with other Oklahoma municipalities for administration, investment and management. The board also voted to establish the town’s defined contribution plan via the Oklahoma Municipal Retirement Fund master plan joinder and designated Town Administrator Rick Rumsey as an authorized agent for plan activities including contributions and payroll information.
The minutes record the approving motion as "MOTION WAS MADE BY MELODY ANDERSON AND SECOND BY DEBRA BURCH TO APPROVE ORDINANCE 2024-04, AN ORDINANCE ADOPTING AN EMPLOYEE RETIREMENT SYSTEM, DEFINED CONTRIBUTION PLAN FOR THE TOWN OF SPERRY AND SPERRY UTILITY SERVICES AUTHORITY; PROVIDING RETIREMENT BENEFITS FOR ELIGIBLE EMPLOYEES OF THE TOWN OF SPERRY AND SPERRY UTILITY SERVICES AUTHORITY." The resolution likewise passed unanimously as recorded.
The official actions direct town staff to execute the joinder agreement and to route retirement-plan administration communications through the designated authorized agent. The minutes do not include contribution rates, employee eligibility specifics or an implementation timeline; those details were not specified in the record.
