FIRST AMENDMENT TO THE FIRST RESTATEMENT OF MONEY PURCHASE PENSION PLAN
. ,
FIRST AMENDMENT TO THE FIRST RESTATEMENT OF
THE CITY OF CLEARWATER MONEY PURCHASE PENSION PLAN
This First Amendment to the First Restatement of the City of Clearwater Money
Purchase Pension Plan is made and entered into this 9*' day of Oc ~~ ,
2002, but is effective for all purposes as of O(~ I, 2-00 L , by the City of
Clearwater (the "City").
WIT N E SSE T H:
WHEREAS, the City has previously adopted the City of Clearwater Money
Purchase Pension Plan (the "Plan"), as subsequently amended; and
WHEREAS, pursuant to the terms of the Plan the City IS authorized and
empowered to amend the Plan; and
WHEREAS, the City deems it advisable and in the best interest of Participants to
amend the Plan.
NOW, THEREFORE, Section 5.1 of the Plan is amended to read as follows:
5.1 Employer Contributions.
(a) Employer Contributions. For each Plan Year, the Employer shall
contribute to the Trust on behalf of each Participant employed by the
Employer an amount equal to: 15% of Compensation on behalf of
the City Manager and the City Attorney; 14% of Compensation on
behalf of the Chief of Police; and 8% of Compensation on behalf of
Management Contract Employees (excluding the Chief of Police)
and Assistant City Attorneys. The Employer will make bi-weekly
contributions to the Trust throughout the Plan Year to meet its
funding obligations under the Plan.
(b) Employee Mandatory Contributions. For each Plan Year, the City
Manager and the City Attorney shall contribute an amount equal to
2% of compensation and the Chief of Police shall contribute an
amount equal to 6% of compensation bi-weekly to the Trust. The
mandatory contributions made by employees under the Plan shall be
designated as employer contributions pursuant to Section 414(h) of
the Code. Such designation is contingent upon the contributions
being excluded from the employees' gross income for federal income
tax purposes. For all other purposes of the Plan, such contributions
shall be considered employee contributions.
(c) Effective Date. This amended version of Section 5.1 is effective for
all purposes as of October 1, 2002.
(d) Participants shall be immediately 100% vested in all contributions
made pursuant to this Section 5.1.
IN WITNESS WHEREOF, this
and is effective as of the date first set forth above.
Amendment has been entered into
:1!
By:
Brian Aung
Mayor-Commissioner
illiam B. Home II
City Manager
Iltl to form:
Pamela K. Akin
City Attorney
Attest:
516004vl