8509-13ORDINANCE NO. 8509-13
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO THE CITY OF CLEARWATER
FIREFIGHTERS' SUPPLEMENTAL TRUST FUND,
AMENDING CODE OF ORDINANCES CHAPTER 2,
ADMINISTRATION, ARTICLE 5, EMPLOYEE BENEFITS,
DIVISION 4, FIREFIGHTERS PENSION PLANS,
SUBDIVISION III, SUPPLEMENTARY PENSION AND
RETIREMENT PLAN; AMENDING SECTION 2.447,
ALLOCATIONS OF CONTRIBUTIONS, TO PROVIDE FOR
THE METHOD AND TIMING OF ALLOCATION OF
INCOME DERIVED FROM REAL ESTATE; REPEALING
ALL ORDINANCES IN CONFLICT; PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1: Code of Ordinances Chapter 2, Administration, Article 5, Employee
Benefits, Division 4, Firefighters Pension Plans, Subdivision III, Supplementary Pension
and Retirement Plan, is hereby amended by amending Section 2.447, Allocations of
Contributions, subsection (3), Allocation of income, to read as follows:
(3) Allocation of income. The trust fund income, except that derived from real
estate, shall be allocated monthly during the plan year among the participants' accounts
based on the ratio between the account balance of each participant at the time of
allocation and the sum of the account balances of all participants at the time of
allocation. Trust fund income derived from real estate shall be allocated quarterly
based on the above ratio as of the close of the prior quarter. Income shall be allocated
to the accounts before the amount of any forfeiture is determined.
SECTION 2: All Ordinances or parts of Ordinances in conflict herewith be and
the same are hereby repealed.
SECTION 3: This Ordinance shall become effective upon its adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Approved as to form:
2\41-(
Robert J. S rette
Assistant ity Attorney
November 20, 2 01 3
December 5, 2013
George N. Cretekos
Mayor
Attest:
.� LILitelA u, (
Rosemarie Call
City Clerk