79-01 - Pension Trustees' c.
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RESOLUTION
A RESOLUTION OF THE. CITY COMMISSION Or' THE
CITY OF CLEARWATER ACTING AS TRUSTEES OF
THE CLEARWATER EMPLOYEES PENSION FUND
INCREASING THE CONTRIBUTIONS PAID BY PARTICI,-
PATING EMPLOYEES AND DIRECTING THE CITY
COMMISSION TO INCREASE THE CITY'S CONTIRUBTION
TO THE FUND IN ACCORDANCE WITH ORDINANCE
NO. 1832.
Trustees Resolution No. 79-1
WHEREAS, Ordinance No. 1832 amending certain provisions of the
City employees' pension plan has been adopted by the City Commission,
approved by voters in the December 12, 1978 referendum and is effective
on December 18, 1978; and
s
WHEREAS, Section 2-46 of Ordinance No. 1832 provides for increasing
contributions from salaries or wages of all employees participating in the
pension plan by an amount not to exceed an additional two par cent (2%)
of their current salaries or wages upon a finding by the Trustees of the
Pension Fund of the need for said additional contribution; and
WHEREAS, the Trustees of the Pension Fund are required to also
direct the City Commission similarly to increase the City's contribution by a
like amount; and
WHEREAS, the Employees' Pension Plan Actuarial Consultant has
advised the City of the need for additional contributions to fund the changes
approved by the City Commission and the voters and by letter -dated October
19, 1978, has estimated these requirements to be an increase in employees'
contributions of 330/6 and in the City's contribution of 37%;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
ACTING AS TRUSTEES OF THE CLEARWATER EMPLOYEES
PENSION FUND, I1-4 SESSION DULY AND REGULARLY
ASSEMBLED, AS FOLLOWS:
1. The Trustees in accordance with provisions of Section 2-46 of
Ordinance No. 1832 hereby find that an increase of two per cent (20/6) in
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employees' contributions is required to fund the additional benefits of the
Employeeg' Pension and hereby do increase said employees' contributions
from sax per cent (b%) to eight per cent (8%) of salaries and wages for all
employees participating in said Pension Plan, beginning the first pay period
subsequent to adoption of this Resolution.
Z. The Trustees hereby direct the City Commission to increase
the City's contributions by an amount not less than 3301a for the calendar year
1979, and to place said amount in the 1979/80 annual budget and to levy a
tax therefor.
3. This Resolution shall become effective immediately upon
adoption.
PASSED AND ADOPTED this 4th day of January, A. D. 1979.
Attest;
City Clerk ,
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