12/30/2003 (2)
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. COMMISS'ION
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CITY COMMISSION SPECIAL MEETING
CITY OF CLEARWATER
December 30.2003
Present:' Brian J. Aungst
Hoyt P. Hamilton
William C. Jonson
Frank Hibbard
Mayor/Commiss ioner
Vice~Mayor/Commissioner
Commissioner
Commissioner
Also Present: William B. Horne II
Garry Brumback
Ralph Stone
Leslie Dougall~Sides
Mary K. Diana
. City Manager
Assistant City Manager
Assistant City Manager
Assistant City Attorney
Assistant City Clerk
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The Mayor called the meeting to order at 10:01 a.m. at City Hall. The purpose bf this
meeting was to consider the adoption of an emergency ordinance relating to the City's Money
Purchase Pension Plan. '
Pass and adopt on first and final readinq Emerqency Ordinance #7254-03 amendinq Article VII
of the City of Clearwater Money Purchase Pension Plan document. '
The City 401A Money Purchase Pension F:'lan (MPPP) must be amended to reflect
changes'to the regulations that govern the amount of plan benefits to be distributed to
participants. This amendment of the Plan reflects the final treasury regulations under the
Internal Revenue Code Section ,401 (A)(9) on required minimum distributions.
In general. these regulations govern the amount of benefits that must be distributed to
participants attaining their "required beginning date" on or after January 1, 2003. The "required
beginning date" is defined in the MPPP as the latter of (1) the year following the calendar year
in which the participant retires or (2) the year following the calendar year in which the
Participant attains age 70-1/2. ' , ,
Human Resources Director Joe Roseto said, if this ordinance, is not adopted before the
end of the year, the ,City's Money Purchase Pension Plan would be in plan document failure and
subject the City to substantial fines. He said a permanent ordinance will be brought forward
within 90 days. '
Commissioner Hibbard moved to amend Article VII of the City of Clearwater Money
Purchase Pension Plan document. T~e motion was duly seconded and carried unanimously.
Commission Special Meeting 2003-1,2-30 1
12/30/03
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Emergency Ordinance #7254-03 'was presented for first and final reading and re'ad by
title only. Commissioner Hamilton moved to pass Emergency Ordinance #7254-03 on first 'and
final reading. The motion was duly seconded and upon roll call, the vote was: '
JlAyes": Hamilton, Jonson, Hibbard, and Aungst.
.'Nays": None.'
,The meeting adjourned,at 10:05 a.m.
Chair,'
Mayor,:, ommissioner
Attest:
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Commission Specii:IIM,eeting 2003-12-30 ',2 '
12/30103
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