7036-02
ORDINANCE NO. 7036-02
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE CITY OF CLEARWATER MONEY
PURCHASE PENSION PLAN; AMENDING SECTION 2.492,
CODE OF ORDINANCES, AND SECTION 5.1 (a) OF THE
MONEY PURCHASE PLAN DOCUMENT TO PROVIDE AN
INCREASE IN THE AMOUNT OF EMPLOYER CONTRIBUTION
FOR THE POLICE CHIEF AND MANAGEMENT CONTRACT
EMPLOYEES AND ASSISTANT CITY ATTORNEYS;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has established the City of Clearwater Money Purchase
Pension Plan (the "Plan"), as subsequently amended; and
WHEREAS, the City is granted authority to amend the Plan; and
WHEREAS, the City has determined that it is in the best interest of participants to
further amend the Plan; now, therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
Section 1. Section 2.492, Code of Ordinances, is amended to read:
Sec. 2.492. 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
percent of compensation on behalf of the city manager and the city attorney; 14 ~ percent
of compensation on behalf of the chief of police; and eiqht ~ percent 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 two percent of compensation
and the chief of police shall contribute an amount equal to six (6) percent 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. Employee mandatory contributions to the plan shall be fully vested at all
times.
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Ordinance No. 7036-02
(c) Vestinq. Participants shall be immediately 100% vested in all
contributions made pursuant to this section.
Section 2. The City of Clearwater hereby adopts the First Amendment to the First
Restatement of the City of Clearwater Money Purchase Pension Plan (the "Plan") effective
October 1, 2002, substantially in the form attached hereto as Exhibit A and made a part
hereof.
Section 3. This ordinance shall take effect October 1, 2002.
PASSED ON FIRST READING
September 19, 2002
PASSED ON SECOND AND FINAL
READING AND ADOPTED
2002
Brian J.
Approved as to form:
Attest:
~LkA
Pamela K. Akin, City Attorney
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Ordinance No. 7036-02
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 c/-/h day of ()c_~.<:;ti."""'-_ ,
2002, but is effective for all purposes as of (.h~~~A.. I! ;;'j.)O.L , by the City of
Clearwater (the "City").
WITNESSETH:
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 hi-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. F or 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
::II"
By:
Brian Aung
Mayor-Commissioner
illiam B. Horne II
City Manager
lltl~ form:
Pamela K. Akin
City Attorney
Attest:
516004vl