HomeMy WebLinkAboutResolution 702 Money Purchase Plan
RESOLUTION NO. 702
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA
AUTHORIZING AND ADOPTING AN AMENDMENT TO THE MONEY
PURCHASE PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF
WINTER SPRINGS, FLORIDA, PROVIDING FOR SEVERABILITY;
CONFLICTS AND EFFECTIVE DATE.
WHEREAS, the City Commission deemed it to be in the
best interest of the City of Winter Springs, Florida, to amend
the Amended and Restated Money Purchase Pension Plan and Trust
for Employees of City of Winter Springs;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF WINTER SPRINGS, FLORIDA:
SECTION I: That the city commission hereby
authorizes the Money Purchase Plan and Trust be amended as
follows:
A. The City/Employer shall pay to the Trustee its
contribution to the Plan for each Plan Year in installments
equally divided among the employees pay periods, with all
contributions to be made within the time prescribed by
applicable law.
B. That the contribution of 4% of the annual
compensation of eligible employees presently made by the
City/Employer shall be increased to 6% effective October 1,
1992.
C.That any forfeitures resulting from the
termination of employment of unvested participants shall be
allocated to the accounts of the remaining participants
(instead of reverting to the City/Employer) .
Except as hereinabove authorized for amendment, the
Amended and Restated Money Purchase Pension Plan and Trust
shall remain unchanged and shall continue in full force and
effect.
SECTION II:
This resolution shall remain in force
and effect until supplemented, amended, repealed or otherwise
altered.
SECTION III:
All resolutions or parts of resolutions
in conflict with this resolution are hereby repealed.
SECTION IV:
This resolution shall take immediate
effect upon its passage and adoption.
Passed and adopted this 8th day
of February, 1993.
CITY OF WINTER SPRINGS, FLORIDA
(SEAL)
Philip A. Kulbres, Mayor
Attest:
Mary T. Norton
City Clerk
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