6379-99
I';' ORDINANCES it
---) ORDINANCE N0.6379-99
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE CITY OF CLEARWATER MONEY
PURCHASE PENSION PLAN; AMENDING SECTION 2.492,
CODE OF ORDINANCES AND AMENDING SECTION 5.1 OF
MONEY PURCHASE PLAN DOCUMENT TO PROVIDE FOR A
MANDATORY CONTRIBUTION TO THE PLAN BY THE CITY
MANAGER, THE CITY ATTORNEY AND THE CHIEF OF
POLICE; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has established the City of Clearwater Money Purchase
Pension Plan (the "Plan"), which was subsequently amended by a First Amendment; 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
amend the Plan; now, therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF CLEARWATER, FLORIDA:
Section 1. Section 2.492, Code of Ordinances, is hereby amended as follows:
.. is
Sec. 2.492. ontributions.
dal 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
percent of compensation on behalf of the city manager and the city attorney; 12 percent of
compensation on behalf of the chief of police; and 6 percent 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) Enaployee MandatoN Contributions. For each plan year, the city manager
and the ci attorney shall contribute an amount equal to 2 er cent of compensation and
the chief of police shall contribute an amount equal to 6 per cent of compensation bi-
weekly to the trust. The mandatory contributions made by employees under the plan shall
be designated as em to er 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, Em to ee mandato
contributions to the plan shall be fully vested at all times.
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Ordinance 6379-99
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Section 2. The City of Clearwater hereby adopts the Second Amendment to the
City of Clearwater Money Purchase Pension Plan (the "Plan") effective June 1, 1999,
substantially in the form attached hereto as Exhibit A and made a part hereof.
Section 3. This ordinance shall take effect immediately upon adoption.
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PASSED ON FIRST READING May 6, 1999
PASSED ON SECOND AND FINAL
READING AND ADOPTED May 20, 1999
Brian J. Aungst, 06yor-bommissYoner
Approved as to form: Attest:
Pamela K. Akin, City Attorney udeau, -1-1 Cynt46 t?Go City Clerk
V
SECOND AMENDMENT TO THE
CITY OF CLEARWATER MONEY PURCHASE PENSION PLAN
This Second Amendment to the City of Clearwater Money Purchase Pension Plan
is made and entered into this day of , 1999, but Is effective for
all purposes as of June 1, 1999, by the City of Clearwater (the "City").
WITNESSETH:
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 biweekly 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.
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EXHIBIT A
E
e .
SECOND AMENDMENT Page 2
CITY OF CLEARWATER
r' MONEY PURCHASE PENSION PLAN
IN WITNESS WHEREOF, this Second Amendment has been entered into and is
effective as of the date first set forth above.
Countersigned: CITY OF CLEARWATER, FLORIDA
By:
Brian Aungst, Mayor-Commissioner Michael J. Roberto, City Manager
Appr ed as #o : Attest:
City'Attomey Cynthia E. Goudeau, City Clerk
Pamela K. Arkin,
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