204916CouncII File No. 204918 —By Mrs. Donald
M. DeCourcy— Bernard T. Holland -
O)RIGINAL TO CITY CLERK Frank L. Loss- �everin A. Mortinson
CITY OF ST. j GeorgerJEVavoulisnmayton Rosen-:-
OFFICE OF THE Ceity of "sainBpaul ethat pia C f 4e
COUNCIL RESOLU
PRESENTED BY
COMMISSIONER —L� =
being duly advised in the premises,
N. hereby approves that certain proposed
resolution of Teachers' Retirement k ur
Association contemplating
ing for several by- arr: rte, ,
"�lawsNOf• skit �• — , .- —
_ Fur _ 4 .. a,
= �. :atr -tea
NO. 204916 �
RESOLVED, by the Council of the City of Saint Paul,
hat said Council, being duly advised in the premises, hereby
approves that certain proposed resolution of Teachers' Retirement
Fund 'Association contemplating and providing for several amendments
to the by -laws of said Teachers'- Retirement Fund Association and to
be submitted for adoption at the annual meeting of the members of
said Association on Thursday, January 18, 1962, a copy of said
proposed resolution being filed.herewith and by reference made
part and parcel of this resolution:'with the same intent, purpose
and effect as if said proposed resolution were fully set forth
herein verbatim, it appearing therefrom that the operative effect
of the adoption of said proposed resolution world amend said by -laws
so as to (1) change the language of the Savings Clause under the new
plan to leave out the dates of the increases in pension to members who
retired before January 1, 1955 and to make it apply to all the
increases without reference to the dates, (2) facilitate the payment
of sums not in excess of a total of $500.00 to the heirs of deceased
members whose estates are not probated, (3) increase the percentage
of investment in corporate bonds from 10% to 25% of portfolio and
(4) change the definition of average salary as used for retirement
purposes to eliminate the word "consecutive" where it interferes
with leaves of absence or re- appointment;
RESOLVED FURTHER, that the City Clerk be directed to
deliver a certified copy of this resolution to said Association.
NQV 2 4 19BA
COUNCILMEN Adopted by the Council 19—
Yeas Nays
DeCourcy
Approved 19—
Loss
In Favor
Mortinson
Peterson Mayor
Rosen Against
Mr. President, Vavoulis PLTO77 �TSMm
SM Qfil _ J
QUADRUPLICATE TO DEPARTMENT
CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
C UNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONI
O NCIL N�04916 ;
MSOLV'RD, by the Council of the City of Saint Paul,
that said Council, being dull advised In the premleee, hereby
approves that certain proposed resolution of Toaohers' Retirement �
Fund Aegooiation contemplating and providing for soveral amendments
to the by-laws of said Teachers' Retirement Fund Association and to �
bey submitted for adoptlon at the annum, meeting of the members of
said Aesodiation on Thursday, January 18, 1962, a oopy of said �
proposed resolution being filed herewith and by reference made
part and parcel of this resolution with the same intents purpose
And effect as if said proposed resolution were ruliy act forth
herein vorbatlm, it appearing therefrom that tho operative effodt
of the adoption of said proposed resolution w*14 amend said by-laws
so as to (1) ohange the language of the Sevi4a Clause under the now
plan to leave out the dates of the increases in pension to members who
retired before January 1, 1955 and to mate it apply to all the
increases without referenco to the dates, 2) facilitate the payment
of Mums not in excess of a total of $500.00 to the heirs of deceased �
members whose estates are not probated, (3) inoreano the percentage €
of investment In corporate bonds from 10% to 25% of portfolio and
(4) change the definition of average salary Ao used for retirement
purposes to eliminate the word "'consecutive" whore it Interferea
with leaves of absence or re-appointment;
RESOLVED PURTMs that the City Cleric be directed to
deliver a certified copy of this rosolution to said Association,
COUNCILMEN
Yeas Nays
DeCourcy
d
Loss
Mortinson
Peterson
Rosen
Mr. President, Vavoulis
am "I
NOV 2 4 1969
Adopted by the Council 19-
NOV 2 4 1861
Approved 19—
�—In Favor
Mayor
Against
E
PROPOSED AMENDMENTS TO THE BY—LAWS
Effective January 1, 1962
FOR I NFORMAL ' APPRO.VAL BY THE CITY COUNC I L
1 To change the language of the Savings Clause under the new.
plan to leave out the dates of the increases in pension to
members who retired before January 1, 1955 and to make it
apply to all the increases without reference to the dates.
II To facilitate the payment of sums not in excess of a total
of $500.00 to the heirs of deceased members whose estates
are not probated..
III To increase the percentage of investment in corporate bonds
from 10% to 25% of portfolio.
IV To'change the definition of average salary as used for
retirement purposes to eliminate the word "consecutive" r
where it interferes with leaves of absence or re— appointment.
7
.I�
1
RESOLUTION Pi OPOSING AM WENT
OF BYL0.1S
OF
TEACIMS' ?ZT:T RE ;lE�PT FL�'�J
ASSOCIATION
SLUF D , 'Tha
REO t 'the Board of Trustees of Teachers Reti - ent Fund
Association propose, and. it hereby does propose, to the members of the
Association that they adopt the ' follorring Resolution Amen _q'-ig, Bylaws of
Teachers' Retirement Fund A.ssoc_ation:
Resolution ArneLding Byl,a;ms
of
Teachers'•Retireent Fund Association
RESOLVED, that the Bylaws of Teachers' Retirement Fund • Association
be amended, effective January 1, 1962, in the folloviing 'respects, to writ:
I.
That Article IV, Section 3, paragraph -6, which now reads
"Paragraph o. Savi.Y; Provision. Reba: dl ess of other
provisions of these Bylaws, any member 10ho retires a: ter
December 31, 1954, on a len;;th.of service pension, on a limited
• .:;er°vice pension, or on a di_ —;ab li ty pension, shall receive a
cnsion not less than the'rnmci_rm -m amount payable to any member
rncc, retired before January 11 1955, for an equal period of
service, including any adjustment of the pension of such pre -
viously retired member becoming effective January 1; 1955, a2-.d
any adjustment of such pension beco.:x*_ng effective January 11
79581'1
Lar.ended so as to read:
"Paragraph 8. Saving Provision.. Regardless of other
provisions of these Bylaws, cs;y memi�ber who retires after
Decemcer 31, 1954, on a length of service pension, on a limited
Service pension, or on a disability pension, shall receive a
pension not less than the maximum amount payable to any member
who retired before January 11 1955, for an equal period of
service, including all increases of the pension of such pre-
viously retired member becoming effective after December 31,
1954. "
IT.
That there be added to Axticle T_kT, Section 3, immediately.follov:ing
Parragrap, 13 thereof, a new Paragraph 14 reading:
"Paragraph 14. Facility of Payment. In the event that
the amount p ;y:ble to the estate of a deceased member or other
decea:f.ed person does not exceed the -um of five hundred dollars,
suc . a ^:.giant _ma be paid, in tho discretion .of the Board, to o::e
or 3:,Da'e of such persons as appca , upon evidence satisfactory to
:�'re Bow d, to be the spouse, t e issue, t.�e parents, the siblings,
r_. _L1,e issue of siblings of the decedent, or to such other person
T:.V* appear to be equitably cntitl.ed. tc: sucli payment on account
having paid the expenses of 'last illness or of the
:n, of the decedent or othervrise.'
f•
'
RESOLUTION Pi OPOSING AM WENT
OF BYL0.1S
OF
TEACIMS' ?ZT:T RE ;lE�PT FL�'�J
ASSOCIATION
SLUF D , 'Tha
REO t 'the Board of Trustees of Teachers Reti - ent Fund
Association propose, and. it hereby does propose, to the members of the
Association that they adopt the ' follorring Resolution Amen _q'-ig, Bylaws of
Teachers' Retirement Fund A.ssoc_ation:
Resolution ArneLding Byl,a;ms
of
Teachers'•Retireent Fund Association
RESOLVED, that the Bylaws of Teachers' Retirement Fund • Association
be amended, effective January 1, 1962, in the folloviing 'respects, to writ:
I.
That Article IV, Section 3, paragraph -6, which now reads
"Paragraph o. Savi.Y; Provision. Reba: dl ess of other
provisions of these Bylaws, any member 10ho retires a: ter
December 31, 1954, on a len;;th.of service pension, on a limited
• .:;er°vice pension, or on a di_ —;ab li ty pension, shall receive a
cnsion not less than the'rnmci_rm -m amount payable to any member
rncc, retired before January 11 1955, for an equal period of
service, including any adjustment of the pension of such pre -
viously retired member becoming effective January 1; 1955, a2-.d
any adjustment of such pension beco.:x*_ng effective January 11
79581'1
Lar.ended so as to read:
"Paragraph 8. Saving Provision.. Regardless of other
provisions of these Bylaws, cs;y memi�ber who retires after
Decemcer 31, 1954, on a length of service pension, on a limited
Service pension, or on a disability pension, shall receive a
pension not less than the maximum amount payable to any member
who retired before January 11 1955, for an equal period of
service, including all increases of the pension of such pre-
viously retired member becoming effective after December 31,
1954. "
IT.
That there be added to Axticle T_kT, Section 3, immediately.follov:ing
Parragrap, 13 thereof, a new Paragraph 14 reading:
"Paragraph 14. Facility of Payment. In the event that
the amount p ;y:ble to the estate of a deceased member or other
decea:f.ed person does not exceed the -um of five hundred dollars,
suc . a ^:.giant _ma be paid, in tho discretion .of the Board, to o::e
or 3:,Da'e of such persons as appca , upon evidence satisfactory to
:�'re Bow d, to be the spouse, t e issue, t.�e parents, the siblings,
r_. _L1,e issue of siblings of the decedent, or to such other person
T:.V* appear to be equitably cntitl.ed. tc: sucli payment on account
having paid the expenses of 'last illness or of the
:n, of the decedent or othervrise.'
That the third paragraph of Article V, Section 2, which now reads:
"In addition, not more than ten'per cent of the fund
may be invested and reinvested in bonds o� corporations which,
at the time of such investment, are incorporated under the lays
of the United States., of any state thereof, or of the District
of Columbia; provided, however, that such bonds must have at
least an "A" rating by two leading security - rating companies;
and provided further, that such investment shall not be made
in more than twenty -five per cent of any one issue of such
bonds.,,
be amended so as to read:
"In addition, not more than twenty -five per-cent of
the fund may be invested and reinvested in bonds of corporations
which, at the time of such investment, are incorporated under
the laws of the United States, of any state thereof, or of the
District of Columbia; provided, however' that such bonds must
have at least an "A" rating by two leading security - rating com-
panies; and provided further, that such'investment shall not be
made in more than twenty -five per cent of any one issue of such
bonds.,,
IV.
That the definition of-the term "AVERAGE SALARY" contained in
Article 1X, Section 1, Paragraph 1, which now reads:
"AVERAGE SALARY - An amount equal to one -fifth of the sum of
that part not exceeding six hundred dollars of the monthly
salary paid to a member for teaching service for each of
the best fifty consecutive school months of the latest one
hundred consecutive school months for which a salary
deduction for dues Was made prior to his retirement;
provided, however, that for the purpose of the computation
required hereby, a member on sabbatical leave shall be
deemed to have been paid during such leave, a monthly
salary equal to that part not exceeding six hundred dollars
of his monthly salary for teaching service in effect imme-
diately preceding the sabbatical leave."
be, amended so as to read:
"AVERAGE SALARY - An amount equal to one -fifth of the sum of
that part not exceeding six hundred dollars of the monthly
salary'paid to a member for teaching service for each of
the best fifty school months of the latest one hundred
school months for which a salar -j deduction for dues was
made prior to his retirement; provided, however, that for
the purpose of the computation required hereby, a member
on sabbatical leave shall be deemed to have been paid
during such leave, a monthly salary equal to that part
not'exceeding six hundred dollars of his monthly salary
for teaching service in effect immediately preceding the
sabbatical leave."
2. ,
RESOLVED, that the foregoing proposed amendment be submitted for
adoption at'-'-he annual meeting of the members of the Association to be held
on Thursday, January 13, 1962, at 4;00 o'clock P. M. at 25 East 13£th Street,
Saint Paul, hUnnesota, and that due notice thereof be given to each member '
entitled to vote on the proposed amendment, and to each officer and trustee
regardless of his voting rights.
Fj
RESOLVED, that the foregoing proposed amendment be submitted for
adoption at'-'-he annual meeting of the members of the Association to be held
on Thursday, January 13, 1962, at 4;00 o'clock P. M. at 25 East 13£th Street,
Saint Paul, hUnnesota, and that due notice thereof be given to each member '
entitled to vote on the proposed amendment, and to each officer and trustee
regardless of his voting rights.
• .
PROPOSED AMENDMENTS TO THE BY —LAWS
Effective January 1, 1962
• I
FOR INFORMAL APPROVAL BY THE CITY COUNCIL
I To change the language of the Savings•C1•ause under the new
plan to leave out the dates of the increases in pension to
members who retired before January 1, 1955 and to make it
apply to all the increases without reference to the dates.
II To facilitate t'he payment of sums not in excess,of a total
of $500.00 to the heirs of deceased members whose estates
are not probated.
11.1 To increase the percentage of investment in corporate bonds
from 10% to 25% of portfolio.
IV To change t'he definition of average salary as used for
retirement purposes to eliminate the word "consecutive"
where it interferes with leaves of absence-or re— appointment.
,J
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1
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RESOLUTION PIROPOSING AMDr1 MIT
Ox BYLLIVS
OF
TEACHERS' tiETIR EINT FUND
ASSOCL4TION
FiLSOI,�TE'D, 'That the Board of Trustees - of Teachers' Retire*: ent - Fund
Association propose, nc it hereby does propose, to the members of the
Association that they -adopt the following Resolution Amendiig Bylaws of
Teachers' Retirement Fund Association:
Resolution Amending Bylaws
of
Teachers'-Retirement Fund Association
RESOLVED, that the Bylae:s of Teachers' Retirement Fund-Association
be amended, effective January 1, 1962, in the following respects, to brit:
I.
That Article IV, Section 3, Paragraph S, ' .which now reads:
"Paragraph S. Savi_g, Provision. • Regardless of other
provisions of these Bylati•,s, any member 11110 retires after
Lecomber 31, 1954, on • a • ler;;th• of service pension, on a l- mi.ted
service pension, or on a disability pension, shall receive a
pension not less than the maximi -im amount payable to any nember
vLho retired before January 1, 19551, for an-equal period of
service, including any adjustment of the pension of such pre -
viously retired member becoming effective January 1, 1955, and
lay -ad,justment of such pension becoming effective January 1,
2953.",
be amended so as to read:
• "Paragraph 8. Saving Provision. Regardless of other
provisions of these Bylaws, az� me*nber who retires after
Decerrioer 31, 1954, on a length of service pe =-ion, on a limited
--ervice pension, or on a di -sability pension, shall receive a
pension not less than the maximum. amount payable to any member
v,ho retired before January 1, 1955, for an equal period of
service, including all increases of the pension of such pre -
viously retired member becoming effective after December 31,
1954-11
II.
That there be added to Article nT, Section 3, immediately•folloaing
Paragraph 13 thereof, a new Paragraph 14 reading:
"Paragraph 14. Facility of Payment'. In the event that
the
an mt payable to the estate of a deceased member or other
deceased person does not exceed the sum-of five hundred dollars,
such ario-unt may be paid, in the discretion of the Board, to one
or more of such persons as appear, upon evidence satisfactory to
the Board, to be the spouse, the issue, the parents, the siblings,
or Zi.e issue of siblings of the decedent, or to such other person
a:, :,,ay appear to be equitably entitled to such payment on account
of his having paid the expenses of the last illness or of the
funeral of the decedent or othervrise."
B
a,
t
RESOLVED, that the foregoing p•oposed amendment be submitted for
edoption at.•the annual meeting of the meixbers of the Association to be held
on Thursday, January.18, 1962, at 4 :00 o'clock P..M. at 25 East a- fth Street,
Saint Paul, AUnnesota, and that due notice thereof be given to each member
entitled to vote on the proposed amendment, and to each officer and trustee
regardless of his voting rights. ;
1
r
1
PROPOSED AMENDMENTS TO THE BY —LAWS
Effective January 1, 1962
FOR INFORMAL APPROVAL BY THE CITY COUNCIL
I To change the language of the Savings Clause under the new
plan to leave out the dates of the increases in pension to t
members who retired before January 1, 1955 and to make it' s
apply to all the increases - without reference to the dates. r
f •
II To facilitate the payment of sums not. in excess of a total
of'$500.00 to the heirs of deceased members whose estates
are not probated:
III To increase the percentage of investment in corporate bonds
from 10% to 25% of portfolio. '
IV To change the definition of average salary as used for
retirement purposes to eliminate the word "consecutive"
where it interferes with leaves of absence or re— appointment.
' f
' 1
RESOLUTION PTOPOSING fiXENT."LEA'T
Or BY LAT.'S
OF
TEACHERS' ;ETI-I05 :IEN'T FUND-
ASSOCU-TION
RESOT ED, 'That the Board of Trustees of Teachers' Retirement 5uwd
Association_ propose, and-it hereby does propose, to the members of the
Associaz, ion that they adopt the'follorring Resolution Amending Bylaws of
Teachers' Retirement Fund Association;
Resolution ;Amending bylaws
• of
Teachers' Retirement Fund Association
RESOLVED, that the Byl:ar:s of Teachers' Retirement Fund-Association
be amended, effective January 1, 1962, in the following' respects, to tint:
I.
That Article IV, Section. 3, .Paragraph £, ' which now reads:
"Paragraph S. Saving Provision. Regardless of other
provisions of these Eylaus, any member Who retires after
bece:rber 31, 1954, on a length•of service pension, on a linited
service pension, or on a disability pension, shall receive a
pension not less thar: the -maximum, amount payable to any member
who retired before January 1, 1955, for an equal period of
service, including any adjustment of the pension of such pre -
viously retired member becoming effective January 11 1955, and
any adjustment of such pension becoming effective January 1,
1955.,'
be arf.ended so as to read:
a
"Paragraph 8. Saving Provision. Regardless of other
provisions of these Bylaws, mZ-r member who retires after
Z�cccmber 31, 1954, on a ler. -th of service pension, on a limited
:,ervice pension, or on a disability pension, shall receive a
pension not less than the maximum amount payable to any member
who,retired before 3anuary 1,•1955, for an equal period of
service, including all increases of the pension of such pre-
viously retired member becoming effective after December 31,
1954."
II.
That there be added to Article IV, Section 3, irmediately.follor:irg
Paragraph 13 thereof, a new Paragraph 14 reading: .
"Paragraph 14. Facility of Payment. In the event that
the amount, payable to the estate of a deceased member or other
deceased person does not exceed the sum of five hundred dollars,
such amount may be paid, in the discretion-of the Board, to one
or more of such persons as appear, upon evidence satisfactory to
-the Board, to be the spouse, the issue, the parents, the siblings,
or the issue of siblings of the decedent, or to such other person
as may'appear to be equitably entitled to, such payment on account
of hs having paid the expenses of the last illness or of the
funeral of the decedent or othervrise.'►
r
•JO
III.
That the third paragraph of Article V, Section 2, which now reads:
"In addition, not more than ten per cent of the fund
may be invested and reinvested in bonds of corporations which,
at the time of such investment, are incorporated under the laws
of the United States, of any state thereof, or of the District
of Columbia; provided, however, that such bonds must have at t
least an "A" rating by two leading security - rating companies;
and provided further, that such investment shall not be made
in more than twenty -five per cent of any one issue of such
bonds.,,
be amended so as to read:
"In addition, not more than twenty -five per cent of
the fund may be invested and reinvested in bonds of, corporations
which, at the time of such investment, are incorporated under
the lams of the United States, of any state thereof, or of the
District of Columbia; provided, however, that such bonds must
• have at least an "A" rating by two leading security - rating com-
panics; and provided further, that such'investment shall not be
made in more than twenty -five per cent of any orie issue of such
bonds."
N.
That the definition of-the term "AVERAGE SALP.RY" contained in
Article IX, Section 1, Paragraph 1, which now reads:
i
"AVERAGE SALARY - An amount equal to one -fifth of the sum of
that part not exceeding six hundred dollars of the monthly
salary paid to a member for teaching service for each of
the best fifty consecutive school months of the latest one
hundred consecutive school months for which a salary
deduction for dues Was made prior to-his retirement;
provided, hoviever, that for the purpose of the computation
required hereby, a member on sabbatical leave shall be
deemed to have been paid during such leave, a monthly
salary equal to that part not exceeding six hundred dollars
of his monthly salary for teaching service in effect imme-
diately preceding the sabbatical leave."
. be• amended• so as to read:
"AVERAGE SALPM - An amount equal to one -fifth of the sum of
that part not exceeding six hundred dollars of the monthly
salary'paid to a member for teaching service for each of
the best fifty school months of the latest one hundred
school months for which a salary deduction for dues was
made prior to his retirement; provided, however, that for
the purpose of the commutation required hereby, a member
on sabbatical leave shall be deemed to have been paid
during such leave, a monthly salary equal to that part
not'exeeeding six hundred dollars of his monthly salary
for teaching service in effect immediately preceding the
sabbatical leave."'
2.
b ,
RESOLVED, that the foregoing proposed amendment be suomitted for
adoption at•the annual meeting of the members of the Association to be held
on Thursday, January 13, 1962, at 4:00 o'clock P. M. at 25 East Fifth Street,
Saint Paul, Minnesota, and that due notice thereof be given to each member
entitled-to vote on the proposed amendment, and to each officer and trustee "
regardless of his voting rights.
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