HomeMy WebLinkAbout1996 10 14 Regular Item H
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COMMISSION AGENDA
ITEM H
REGULAR X
CONSENT
INFORMATIONAL
October 14. 1996
Meeting
REQUEST: The General Services Department requests that the City Commission ratify the
Third, Fourth, Fifth, Sixth, and Seventh Amendments to the City of Winter Springs
Money Purchase Pension Plan, in accordance with Section 14-51 (b), Code of
Ordinances of the City of Winter Springs, Florida, by Resolution No. 798.
PURPOSE:
The purpose of this Agenda Item is to allow the City Commission to ratify the
Third, Fourth, Fifth, Sixth, and Seventh Amendments to the City of Winter Springs
Money Purchase Pension Plan, in accordance with Section 14-51 (b), Code of
Ordinances of the City of Winter Springs, Florida, by Resolution No. 798.
CONSIDERATIONS:
Amendments Third through Seven have previously been approved by the City
Commission and Board of Trustees of the City of Winter Springs, but needs to be
ratified by resolution, in accordance with Section 14-51 (b), Code of Ordinances of
the City of Winter Springs, Florida.
ISSUES:
All issues have previously been addressed by the City Commission.
IMPLEMENTATION SCHEDULE:
That Resolution No. 798 be retroactive to August 8, 1994, (date that the Third
Amendment was executed), to cover amendments Third through Seven.
October 14, 1996
AGENDA ITEM H
Page 2
RECOMMENDATION:
That Resolution No. 798 be approved by the City Commission, ratifying
amendments Third through Seven, of the Money Purchase Pension Plan and Trust
for employees of the City of Winter Springs.
ATTACHMENTS:
1. Amendment To The Amended and Restated Money Purchase Pension Plan
and Trust for Employees of the City of Winter Springs,
(Third Amendment), dated August 8, 1994.
2. Fourth Amendment To Amended and Restated Money Purchase Pension
Plan and Trust for Employees of the City of Winter Springs, dated
February 27, 1995.
3. Fifth Amendment To the Amended and Restated Money Purchase Pension
Plan and Trust for Employees of the City of Winter Springs - dated
February 2, 1996.
4. Sixth Amendment To the Amended and Restated Money Purchase Pension
Plan and Trust for Employees of the City of Winter Springs - dated
October 30, 1995.
5. Seventh Amendment To the Amended and Restated Money Purchase
Pension Plan and Trust for Employees of the City of Winter Springs-
dated April 2, 1996.
6. Resolution 797 - dated September 9, 1996
7. Resolution No. 798.
COMMISSION ACTION:
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.... ':.' .'. A~~i~NT . . .. . '1\\~~:~~:::IJW~fll'
AMENDED AND RES'TATED MONEY-PURCHASE PENSro"N p~lN ' - -lL
AND TRUST FOR EMPLOYEES OF THE CITY OF \VINTER SPRINGS ..,~ :::.' (::,!,
CITY vf "":~n=:1: SPi@G.S
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WHEREAS, the City of Winter Springs, a municipality incorporated under the laws of ,p;:;:~
the State of Florida (the "Employer"), has established and maintains the Amended and Restated pI-
Money Purchase Pension Plan and Trust for employees of the City of Winter Springs (the
"Plan"); and
WHEREAS, pursuant to Section 9.0 I of the Plan, the Employer has reserved the right to
amend the Plan at any time; and
WHEREAS, it is deemed appropriate to clarify the terms of the Plan in certain respects.
NOW, THEREFORE, IN CONSIDERATION OF THE PRElv1ISES, Section 1.05 of the
Plan is hereby amended by the addition of the following paragraph immediately following
subparagraph (b) and preceding the final paragraph thereof, reading as follows:
"For purposes of this Section 1.05, a Former Participant who, at the time
of his termination of employment with the' Employer, had either no Employer
Contribution Account under the Plan or no Vested Interest under the Plan, shall
be deemed to have received an involuntary Cash Out as described in subparagraph
(a) of this Section 1.05."
IN WITNESS WHEREOF, the Employer has caused this Amendment to the Amended and
Restated Money Purchase Pension Plan and Trust for Employees of the City of Winter Springs
to be executed by its duly authorized representative this a. day of Au\:. . 1994.
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CITY OF WINTER SPRINGS, FLORIDA
By:
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Its: MAYOR
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FOURTH ~lENDMENT TO
AMENDED AND RESTATED MONEY PURCHASE PENSION
PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER SPRINGS
THE CITY OF WINTER SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this
day of July, 1995, to amend the ~oney Purchase Pension plan
and Trust entered into by and between the parties hereto and first
effective on October 1, 1982 I then amended and restated in its
entirety as of October 1, 1984, amended as of March I 1993,
amended again as of August 8, 1994 and this Fourth Amendment to be
effective as of October 1, 1994, as follows:
1. Article I, Section 1.36 is amended by substituting a
new definition as follows:
"Valuation Dates" means the last day of the sixth month
of the Plan Year and the last day of the Plan Year as defined in
Section 1.25."
2. Article iI, Section 2.04 is amended to read as follows:
" An Employee who terminates employment with the
Employer by reason of death, Total and Permanent Disability or
attainment of of his Retirement Date or actual Retirement (whichever
is later) shall cease to be a Participant in this Plan as of the
last day of the Plan Year in which such death, disability or
retirement occurs. An Employee whose employment with the Employer
terminates for any other reason shall cease to be a Participant in
this Plan as of the first day following the next Valuation Date in
the Plan Year in which such termination occurs."
3. Article VI, Section 6.04 (a) is amended by deleting
the words "preceding Anniversary Date" and substituting words. lithe
next Valuation Date ,. .
4. Article IV, Section 4.01 (d) is amended by deleting
the words "Valuation Date" and substituting the words "Anniversary
Date" .
5. This Amendment incorporates the changes approved by
the City commission at their meeting of February 27,1995.
" The remaining Forfeitures shall be allocated
to each Participant's Employer Contribution
Account in the same proportion that his total
Compensation and Earned income for the Plan
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Year ,bears to the total compensation and Earned
Inco'me of all Participants for such year."
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
in the presence of
AS TO THE EMPLOYER:
(Seal)
CITY OF WINTER SPRINGS
By:
Title:
AS TO TEE TRUSTEE:
(Seal)
BOARD OF TRUSTEES
By:
Title:
CcnM '-an7-a??-R?R?
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FIFTH AMENDMENT TO
THE AMENDED AND RESTATED MONEY PURCHASE
PENSION PLAN AND TRUST FOR EMPLOYEES OF THE
CITY OF WINTER SPRINGS, FLORIDA
THE CITY OF WINTER SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this ____
day of October, 1995, to amend the Money Purchase Pension Plan and
Trust entered into by and between the parties hereto and first
effective on October 1, 1982, then amended and restated in its
entirety as of October 1, 1984, amended as of October 1, 1984,
amended again as of October 1, 1992, amended again as of August 8,
1994 and as of October 1, 1994 and now amended by this Fif.th
Amendment to be effective as of October 1, 1995, as follows:
1. Article VI, section 6.01 shall be amended to read:
6.01 Determination of Benefits Upon Retirement. If a
Participant terminates' his employment with the Employer
upon or after attaining his Retirement Date (as defined
in Section 1.29), such Participant shall be distributed
his or her vested benefits on a fully vested basis in
accordance with the provisions of Section 6.05 herein.
In addition amounts shall be credited to such
Participant's Employer contribution Account as of the
first day of the Valuation Date preceding the
Participant's retirement date which shall also be
distributed to the Participant by the Trustee, to the
extent vested,in accordance with the provisions of
Section 6.05 herein. The Participant shall have the
election of taking the current vested benefit in
accordance with Section 6.05 and receiving any residual
contributions following the next Valuation Date or may
elect to wait to receive the entire distribution in
accordance with Section 6.05 as of the first day of the
Valuation Date immediately following the Participant's
retirement date. A Participant who continues in the
employ of the Employer after his of her Retirement Date
shall remain a Participant in this Plan until his or her
actual retirement date at which time his or her vested
benefits will be distributed in accordance with the
provisions of Section 6.05 herein with benefits accruing
as earned through the next succeeding Valuation Date
following the date on which termination or retirement
actually occurs.
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Except as bereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed., sealed e.nd delivered
in presence of:
AS TO THE EMPLOYER:
(SEAL)
CITY OF WIN~ER SPRINGS
By: ;f~w /}11~
Title: C/T'j MAitM -
Date: f)-()..- q(p
AS TO THE TRUSTEE:
BOARD OF TRUSTEES
B'(' a1/~.Al(~~~
T.l.tle: ~-t/L-;~ -
Date: :?...-c;-'j.c..
(SEAL)
L:\WP51\TOM\WSPENSAM
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SIXTH AMENDMENT TO
THE AMENDED AND RESTATED MONEY PURCHASE
PENSION PLAN AND' TRUST FOR EMPLOYEES OF THE
CITY OF WINTER SPRINGS, FLORIDA
THE CITY OF WINT~R SPRINGS, FLORIDA, a municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this 3o'~
day of October, 1995, to amend the Money Purchase Pension Plan and
Trust entered into by and between the parties hereto and first
effective on October 1, 1982, then amended and restated in its
entirety as 'of October L, 1984, amended as of March _, 1993,
amended again as of August 8, 1994, as of October 1, 1994, amended
again as of October 1, 1995, as follows:
1. Article IV, Section 4.01 shall be amended to read:
4.01 Allocation of Contributions, Earninqs and
Forfeitures. (a) The Trustee shall establish and
maintain an Employer Contribution Account in the name of
each Participant, to which shall be credited as of each
Valuation Date all ~ounts allocated to the Participants
as hereinafter set forth.
(e) As of each Valuation Date, any amounts
which become Forfeitures since the last Valuation Date shall
first be used, to the extent required, to restore amounts
forfeited by Participants, if any, pursuant to Section
6.04(e). The remaininq Forfeitures shall be allocated to each
Participant's Emplover Contribution Account in the same
proportion that his total Compensation and Earned Income for
the Plan Year bears to the total compensation and Earned
Income of all Participants for such year.
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
in the presence of:
AS TO TEE EMPLOYER:
(SEAL)
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em OF WilnER SPRtfid
PE~SONNa
AS TO THE TRUSTEE:
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BOARD OF TRUSTEES
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SEVENTH AMENDMENT TO
THE AMENDED AND RESTATED MONEY PURCHASE
PENSION PLAN AND TRUST FOR EMPLOYEES OF THE
CITY OF WINTER SPRINGS, FLORIDA
THE CITY OF WINTER SPRINGS, FLORIDA, ~ municipality
incorporated under the laws of the State of Florida, as Employer,
and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS AMENDED AND
RESTATED MONEY PURCHASE PENSION PLAN AND TRUST, duly appointed by
the City Commission, as Trustee, hereby agree and consent this
day of January, 1996, to amend the Money Purchase Pension Plan and
Trust entered into by and between the parties hereto and- first
effective on October 1, 1982, then amended and restated in its
entirety as of October 1, 1984, amended as of October 1, 1984,
amended again as of October 1, 1992, as of August 8, 1994, as of
October 1, 1994 and as of October 1, 1995 and now amended by this
Seventh Amendment to be effective as of January 1, 19~6, as
follows:
1. Article VI, Section 6.05 shall be amended to read:
6.05 Distribution of Benefits Upon Nondeath Termination
of Emplovment ._
(f) Notwithstanding anything to the contrary
contained herein, the payment of benefits under this
Section 6.05 must begin within sixty (60) days after the
end of the Plan Year or after the relevant Valuation Date
following:
(i) The Participant's attainment of his
Retirement Date or the date of actual retirement
(whichever is later);. or
(ii) The Participant's
employment with the Employer.
termination
of
If the amount of the payment required to commence on
a date determined under this Sectlon 6.05(f) cannot be
ascertained by such date, or if it is not possible to
make the payment on that date because the Administrator
has been unable to locate the Participant after making
reasonable efforts to do so, a payment retroactive to
such date may be made no later than sixty (60) days after
the earliest date on which the amount of the payment can
be ascertained or the date on which the Participant is
located, whichever is applicable.
J '.
Except as hereinabove modified and amended, the Amended and
Restated Money Purchase Pension Plan and Trust shall remain
unchanged and shall continue in full force and effect.
Signed, sealed and delivered
in the presence of:
AS TO THE EMPLOYER:
I'f\~~~~
( SEA"L)
CITY OF WINTER SPRINGS
By: K~IJ ~/~
Title: (l_i"t~ MAtJAb-G~ /
Date: Y-:4. 9~
AS TO THE TRUSTEE:
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BOAHD OF TRUSTEES
(SEAL)
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Title: - - - _~
Date: :350
L:\WP51\TOM\WSPENSAM
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RESOLUTION NO. ...1ZL
A RESOLUTION OF TI:IE CITY OF WINTER SPRINGS, FLORIDA, ADOPTING
1HE EIGHIB AivIENDMENT TO 1RE CITY OF WINTER SPR..m"GS' AivIENDED
Al'ID RESTATED MONEY PURCHASE PENSION PLAi~ FOR TIrE EiYlPLO"YEES
OF THE CITY OF WiNTER SPRINGS, FLORIDA AS ATTACHED HERETO,
SEVERABILITY, CONFLICTS AL'ID EFFECTIVE DATE, OCTOBER 1,1996,
WHEREAS, on April 30, 1996, the City Commission adopted an amended Employees' Pension
Plan providing for:
a) Increasing the employer's contribution from six percent to seven percent of gross
pay for Fiscal Year 1997;
b) Participants contributing one percent of gross pay for Fiscal year 1997;
WHEREAS, the City Commission appropriates in Fiscal Year 1997, $243,120 in the General
Fund and $60,780 in the Enterprise Funds, to pay for this amendment, effective October 1, 1996 and;
WHEREAS, Section 14-51(b) of the Code of Ordinances of the City ofWmter Springs requires
the Pension Plan to be amended by Resolution of the City Commission;
WHEREAS, the provisions of the Eighth Amendment are attached hereto;
NOW, TIfEREFORE, BE IT RESOLVED BY TIffi CITY COl\1MISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA THAT TIIE EIGHTII Al'vIENDlYfENT TO
THE PENSION PLAL~ AS ATTACHED HERETO IS:
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PASSEDANDADOPTEDTHIS 9- DAY OF ..d-,~ ,1996
I
C TY OF WINTER SPRINGS, FLORIDA
ATTEST:
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'u SEP 1 0 1996 .
CITY Of WI tHE~ SPRli'iG:i
PERSONNEL
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RESOLUTION NO. 798
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA,
RA TIFYING AMENDMENTS 3, 4, 5, 6, AND 7 TO THE AMENDED AND
REST A TED MONEY PURCHASE PENSION PLAN FOR THE EMPLOYEES
OF THE CITY OF WINTER SPRINGS, FLORIDA, AS A TT ACHED HERETO;
PROVIDING FOR SEVERABILITY, CONFLICTS, AND EFFECTIVE DATES.
WHEREAS, on March 25, '1996 the City Commission adopted the 7th Amendment; and
WHEREAS, on October 30,1995 the 6th Amendment was executed, and requires ratification by the
City Commission; and
WHEREAS, on February 26, 1996 the City Commission adopted the 5th Amendment; and
WHEREAS, on February 27, 1995 the City Commission adopted the 4th Amendment; and
WHEREAS, on August 8, 1994 the City Commission adopted the 3rd Amendment; and
WHEREAS, all provisions of Amendments 3-7 are attached hereto; and
WHEREAS, section 14-51 (b) Code of Ordinances of the City of Winter Springs requires the Pension
Plan to be amended by Resolution of the City Commission, effective on their respective adoption dates listed above.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF WINTER SPRINGS, FLORIDA:
SECTION I: That the 3rd, 4th, 5th, 6th, and 7th Amendments to the Amended and Restated Pension
Plan are ratified by the City Commission with the effective dates set forth in the Amendments.
SECTION II: This resolution shall remain in force and effect until supplemented, amended, and
repealed or otherwise altered.
SECTION III: All resolutions or parts of resolutions in conflict with this resolution are hereby
repealed.
PASSED AND ADOPTED THIS
DA Y OF
,1996.
CITY OF WINTER SPRINGS
JOHN F. BUSH, MAYOR
ATTEST:
CITY CLERK
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