HomeMy WebLinkAboutResolution 441 Pension Plan
RESOLUTION NO. 441
A RESOLUTION OF THE CITY OF WINTER SPRINGS,
FLORIDA, ADOPTING THE FIRST AMENDMENT TO
THE PENSION PLAN AND TRUST FOR EMPLOYEES
OF CITY OF WINTER SPRINGS, FLORIDA.
WHEREAS, the City Commission of the City of Winter Springs,
Florida, previously adopted a pension plan and trust for the
employees of the City of Winter Springs, Florida, and
WHEREAS, the City of Winter Springs, Florida, previously
entered into an agreement with ECS, Inc., a Florida corporation
for the administration of the pension plan and trust, and
WHEREAS, the City of Winter Springs has been advised by
Internal Revenue Service that certain revisions to its
pension plan and trust were a necessary condition for qualifi-
cation of the pension plan and trust.
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COMMISSION OF WINTER SPRINGS, FLORIDA:
SECTION I - That the City Commission of the City of Winter
Springs, Florida, hereby adopts the First Amendment to Pension Plan
and Trust for Employees of City of Winter Springs, a copy of which
is attached hereto and incorporated herein.
SECTION II- That the Mayor and City Manager of the City of
Winter Springs, Florida are hereby directed to execute the First
Amendment to Pension Plan and Trust for Employees of City of
Winter Springs, on behalf of the City.
SECTION III - This resolution shall remain in force until
supplemented, amended, repealed or otherwise altered.
SECTION IV - All resolutions or parts of resolutions in
conflict with this resolution are hereby repealed.
SECTION V -This resolution shall take immediate effect
upon its passage and approval.
PASSED and ADOPTED this 28th day of February,1984.
CITY OF WINTER SPRINGS, FLORIDA
John V. Torcaso
Mayor
ATTEST
By Mary T. Norton
City Clerk
i v v• r v- • r y .' J
ti.
FIRST AMENDMENT TO
PENSION PLAN AND TRUST
FOR EMPLOYEES OF
CITY OF WINTER SPRINGS
THE CITY OF WINTER SPRINGS, a municipality incorporated
under the laws of the State of Florida, hereinafter called the
"City ", the Board of Trustees of the City, as duly appointed by
the City Commission, hereinafter called the "Trustee ", and ECS,
INC., a Florida corporation engaged in the business of admin-
istering retirement plans, hereinafter called the "Professional
Administrator ", hereby agree and consent this l fA day of
February, 1984, to amend the Pension Plan and Trust entered into
by and between the parties hereto effective October 1, 1982, this
First Amendment to also be effective October 1, 1982, as follows:
1. Article II, Section 3 is amended by deleting the
last paragraph and substituting the following in lieu thereof:
"If the amount to be added to a Partici-
pant's account during a Plan year would exceed
the above limitation on annual additions, the
excess amount shall be held unallocated in a
suspense account for the Plan year and then
reallocated in the next Plan year to all
Participants in the Plan. Such excess amounts
shall be used to reduce the City's contribu-
tions for the next Plan year (and succeeding
Plan years, as necessary) for all Participants
in the Plan. No excess amounts shall be
distributed to Participants or former
Participants."
2. Article II, Section 4 is amended by deleting the
last paragraph and substituting the following in lieu thereof:
"If an employee of the City is a
Participant in this Plan (which is a qualified
defined contribution pension plan) and is or
at any time was a participant in a qualified
defined benefit pension plan maintained by the
City, the sum of the Participant's defined
contribution plan fraction and his defined
benefit plan fraction shall not exceed 1.0 for
any Plan year. For purposes of this Section
4, the term 'defined contribution plan
fraction' for any Plan year shall mean a frac-
tion the numerator of which is the sum of the
annual additions for the current Plan year and
all prior Plan years and the denominator of
which is the sum of the defined contribution
increments determined each year, which are the
lesser of (i) 1.25 multiplied by the dollar
limitation currently in effect under Section
415(c) of the Internal Revenue Code, or (ii)
1.4 multiplied by twenty -five percent (25 %) of
the Participant's compensation. The term
'defined benefit plan fraction' for any Plan
year shall mean a fraction the numerator of
which is the projected annual benefit payable
under the Plan and the denominator of which is
the lesser of (i) 1.25 multiplied by the
dollar limitation currently in effect under
Section 415(b) of the Internal Revenue Code,
or (ii) 1.4 multiplied by one hundred percent
(100 %) of the Participant's average compen-
sation for his highest three (3) years."
3. Article II, Section 7 is deleted and the following
is substituted in lieu thereof:
"7. 'Annual Compensation' Defined: The
annual compensation of a Participant is the
total compensation for the period of his par-
ticipation during any Plan year, including
overtime pay, incentive pay and bonuses but
excluding payments made to or for such
Participant for travel and per diem expenses
and for health, hospitalization, sick leave or
retirement benefits."
4. Article V, Section 3 is amended by deleting the
first sentence and substituting the following in lieu thereof:
"3. Form of Distribution of Account.
That portion of his account to which a Parti-
cipant is entitled shall be disbursed to him
(or, in the event of his death, to his bene-
ficiary) by the Trustee in cash, in one lump
sum payment or in periodic payments consisting
of monthly, quarterly, semi - annual or annual
installments over a period not to exceed
twenty (20) years."
5. Article V, Section 3 is further amended by adding
the following to the second paragraph:
"or
(c) The tenth (10th) anniversary of the
Participant's participation in the Plan."
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6. Article VII, Section 1, Paragraph D(ii) is amended
by adding the following:
"In no event, however, shall distribution be
made in the form of a life annuity."
Except as hereinabove modified and amended, the Pension
Plan and Trust shall remain unchanged and shall continue in full
force and effect.
Signed, sealed and delivered
in the presence of: CITY OF INTE• SPR GS
U6 /
Richard Rozansk i , Ci y Manager
7oA,g P .. (CORPORATE SEAL)
As to City
TRUSTEE:
BOARD OF TRUSTEES OF THE CITY OF
WINTER SPRINGS
UV(I/Lft B 1 V
Joh' V. Torcaso, Mayor
As to‘Trustee
PROFESSIONAL ADMINISTRATOR:
ESC, INC.
a 7 2 By: 1 ►' A .
p erry R. Wood' President
t nte.IA:2 (CORPORATE SEAL)
As to Professional
Administrator
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