SECOND AMENDMENT TO THE CITY OF CLEARWATER MONEY PURCHASE PENSION PLAN
".. ~~
- I
I
SECOND AMENDMENT TO THE
CITY OF CLEARWATER MONEY PURCHASE PENSION PLAN
This Second Amendment to the City of learwater Money Purchase Pension Plan
is made and entered into this ~ F d- day of ,1999, but is effective for
all purposes as of June 1, 1999, by the City of Clearwa er (the "City").
WIT N E SSE T H:
WHEREAS, the City has previously adopted the City of Clearwater Money
Purchase Pension Plan (the "Plan"), which was amended by a First Amendment effective
August 1, 1998; 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, the Plan is hereby amended as follows:
Section 5.1 of Article V is hereby deleted in its entirety, and the following is
substituted in lieu thereof:
5.1 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; 12% of
Compensation on behalf of the Chief of Police; and 6% 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. Employee mandatory contributions to the Plan
shall be fully vested at all times.
O(~- -.~ )-,--
!- -- "'- \-
'\
/
,., Ii""
I
I
SECOND AMENDMENT
CITY OF CLEARWATER
MONEY PURCHASE PENSION PLAN
Page 2
IN WITNESS WHEREOF, this Second Amendment has been entered into and is
effective as of the date first set forth above.
Countersigned:
i~ 4.-- ~~
Brian Aungst, Mayor-Coitmissioner
CITY OF CLEARWATER, FLORIDA
By: J-
Michael J..Roberto, City Manager
Attest:
(!&~