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HomeMy WebLinkAboutOrdinance 697 Employee Pension Plan ORDINANCE NO. 697 AN ORDINANCE OF THE CITY OF WINTER SPRINGS, FLORIDA, ADOPTING AND APPROVING A DEFINED BENEFIT PENSION PLAN AND TRUST FOR EMPLOYEES OF THE CITY; PROVIDING FOR THE COST OF SUCH PLAN TO BE PAID BY THE CITY; APPOINTING THE BOARD OF TRUSTEES TO SERVE AS TRUSTEE AND RETIREMENT COMMITTEE OF SAID PLAN AND TO ADMINISTER SAID PLAN; AUTHORIZING THE EXECUTION OF THE DEFINED BENEFIT PENSION PLAN AND TRUST FOR EMPLOYEES OF THE CITY; AUTHORIZING THE EXECUTION OF THE RESTATED MONEY PURCHASE PENSION PLAN AND TRUST FOR THE EMPLOYEES OF THE CITY; APPOINTING THE BOARD OF TRUSTEES TO SERVE AS THE RETIREMENT COMMITTEE OF THE RESTATED MONEY PURCHASE PENSION PLAN AND TRUST FOR EMPLOYEES OF THE CITY; PROVIDING FOR CONFLICTS AND EFFECTIVE DATE. WHEREAS, the City of Winter Springs, Florida maintains a money purchase pension plan and trust ("a Defined Contribution Plan") for the City's employees and officials; and WHEREAS, the City Commission of the City of Winter Springs, Florida has determined it to be in the best interest of the City to provide a defined benefit pension plan and trust ("a Defined Benefit Plan") for the City's employees and officials; and WHEREAS, the two plans shall constitute an integrated retirement system for the City's employees and officials; and WHEREAS, the defined benefit pension plan and trust is to be funded exclusively by the City; and WHEREAS, to implement the defined benefit plan and trust, the City will enter into an agreement with the Board of Trustees to administer the plan; and WHEREAS, the City Commission of the City of Winter Springs, Florida has determined it to be in the best interest of the City to amend and restate the money purchase pension plan and trust to conform with the Tax Reform Act of 1986, as well as subsequent legislation. NOW, THEREFORE, THE CITY OF WINTER SPRINGS, FLORIDA, HEREBY ORDAINS: SECTION I - The City of Winter Springs does hereby elect to provide for its employees a defined benefit pension plan and trust, said plan and trust to be known as the Defined Benefit Pension Plan and trust for the Employees of the City of Winter Springs, Florida (the "Defined Benefit Plan"). The Plan shall be administered by the Board of Trustees. SECTION II - The City of Winter Springs does hereby approve and adopt the Defined Benefit Plan, a copy of which is attached hereto, and authorizes the Mayor and City Manager of the City to execute the Plan on behalf of the City. The Defined Benefit Plan may be amended from time to time by resolution of the City Commission. SECTION III - The cost of the Defined Benefit Plan shall be paid entirely by the City from the General Fund. SECTION IV - The Board of Trustees that serves as Trustee and administers the Money Purchase Pension Plan and Trust for the Employees of the Ci ty of Winter Springs, Florida (the "Money Purchase Plan") or ("Defined Contribution Plan") is hereby appointed to serve as Trustee and Retirement Committee of the Defined Benefit Plan. The Board of Trustees is hereby authorized to execute the Defined Benefit Plan along with the City of Winter Springs, Florida. The Board of Trustees shall administer the Defined Benefit Plan pursuant to the provisions contained therein. The provisions relating to the make-up, vacancies and successors of the Board of Trustees are determined pursuant to Ordinance No. 273. SECTION V - The City of Winter Springs shall be bound by the terms and conditions of the Defined Benefit Plan. SECTION VI - The City of Winter Springs does hereby approve and adopt the restatement of the Money Purchase Plan or Defined Contribution Plan, a copy of which is attached hereto, and authorizes the Mayor and City Manager of the City to execute the restated Money Purchase Plan on behalf of the City. SECTION VII - The Board of Trustees is hereby authorized to execute the restated Money Purchase Plan along with the City of Winter Springs, Florida. SECTION VIII - The Board of Trustees is hereby appointed to serve as the Retirement Committee of the Money Purchase Plan. SECTION IX - This Ordinance shall become effective immediately upon its final passage and adoption. PASSED AND ADOPTED this 23rd day of March, 1998. CITY OF WINTER SPRINGS, FLORIDA Paul P. Partyka, Mayor ATTEST: Margo M. Hopkins CITY CLERK FIRST READING: March 9, 1998 SECOND READING: March 23, 1998 POSTED: March 10, 1998