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