FIFTH AMENDMENT TO MONEY PURCHASE PENSION PLAN (ORDINANCE NO. 6677-01)
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\ FIFTH AMENDMENT TO THE ..
CITY OF CLEARWATER MONEY PURCHASE PENSION PLAN
This Fifth Amendment to the City of Clearwater Money Purchase Pension Plan is
made and entered into this 7~ day of ~ ' 2001, but is effective for all
purposes as of January 1, 2000, by the City of Clearw 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"), 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, paragraphs (a) and (b) of Section 1.6 of Article I of the Plan
are hereby deleted in their entirety, and the following paragraphs are substituted in lieu
thereof:
1.6 "Compensation" shall mean the regular salaries and wages, bonuses,
overtime pay, holiday time, accrued vacation, sick pay, and severance pay paid
by the Employer during the Plan Year reportable as W-2 wages for Federal
income tax withholding purposes, Employee contributions designated as
Employer contributions under Section 414(h) of the Code, and elective
contributions made during the Plan Year on behalf of a Participant to a plan
described in Section 125 or 457 of the Code, but shall not include any other type
of cash or non-cash remuneration, including, but not limited to disability
payments, amounts paid by the Employer to a plan described in Section 125 or
457 of the Code, credits or benefits under this Plan, any amount contributed to
any pension, employee welfare, life insurance or health insurance plan or
arrangement, or any other fringe benefits, welfare benefits, or deferred
compensation.
IN WITNESS WHEREOF, this Fifth Amendment has been entered into
and is effective as of the date first set forth above.
counterSigne~
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Brian Aungst' '
Mayor-Commissioner
By:
-LL
William B. Horne II
Interim City Manager
Approved as to form:
pifKo Akin
City Attorney
Attest:
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ORDINANCE NO. 6677-01
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE CITY OF CLEARWATER MONEY
PURCHASE PENSION PLAN; AMENDING SECTION 2.481,
CODE OF ORDINANCES, AND SECTION 1.6 OF THE MONEY
PURCHASE PLAN DOCUMENT TO INCLUDE SEVERANCE
PAY IN THE DEFINITION OF COMPENSATION UNDER THE
PLAN; 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 2.481, Code of Ordinances, is amended to read:
Sec. 2.481. Definitions.
Compensation shall mean
* * * * * *
fat For employees employes in :3 positioA other thaA lJity mana~er, the
regular salaries and wages, bonuses, overtime pay, holiday time, accrued
vacation.. aM sick pay and severance pay paid by the employer during the
plan year reportable as W-2 wages for federal income tax withholding
purposes, employee contributions designated as employer contributions
under Section 414(h) of the Code, and elective contributions made during
the plan year on behalf of a participant to a plan described in Section 125
or 457 of the Code, but shall not include any other type of cash or non-
cash remuneration, including, but not limited to disability payments,
amounts paid by the employer to a plan described in Section 125 or 457
of the Code, credits or benefits under this plan, any amount contributed to
any pension, employee welfare, life insurance or health insurance plan or
arrangement, or any other fringe benefits, welfare benefits, se'/er~nGe pay
or deferred compensation.
Ordinance No. 6677-01
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(b) ~~ ~ employee employed in the position of oity manager,
"oompensation" shall moan anFll:Jal base sal::1/1', as eleHned in the
employment agFeomont ben'o'oen tho Elity ana the sit}' manager.
Section 2. The City of Clearwater hereby adopts the Fifth Amendment to the City of
Clearwater Money Purchase Pension Plan (the "Plan") effective January 1, 2000,
substantially in the form attached hereto as Exhibit A and made a part hereof.
Section 3. This ordinance shall take effect retroactively to January 1, 2000.
PASSED ON FIRST READING January 18, 2001
PASSED ON SECOND AND FINAL
READING AND ADOPTED February 1, 2001
Approved as to form: Attest:
pat:!.. fAt". City Attorney
2 Ordinance No. 6677-01