HomeMy WebLinkAboutResolution 2005-19 Employee Benefit Plan
RESOLUTION NUMBER 2005-19
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
WINTER SPRINGS, FLORIDA, AMENDING THE DEFINED BENEFIT
PLAN AND TRUST FOR EMPLOYEES OF THE CITY OF WINTER
SPRINGS; AMENDING ARTICLE V, SECTION 5.02, TO PROVIDE AN
INCREMENTAL BENEFIT MULTIPLIER INCREASE FOR SERVICE
PRIOR TO OCTOBER 1, 2000; AMENDING ARTICLE III, SECTION
3.01, INCREASING THE CITY'S CONTRIBUTIONS; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission approved certain changes to the City's retirement
program for employees on August 30, 2004; and
WHEREAS, the retirement changes approved by the City Commission require that the
Defined Benefit Plan and Trust for Employees of the City of Winter Springs be amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF WINTER SPRINGS, FLORIDA:
Section 1.
Article V, Section 5.02, of the Defined Benefit Plan and Trust for Employees of
the City of Winter Springs is hereby amended to read as follows:
(A) Normal Retirement Pension.
(1) Benefit Formula.
W A Participant's normal retirement pension equals 2% of the Participant's
Average Compensation multiplied by his Years of Accrual Service for service prior to
October 1, 2000, and 3% of the Participant's Average Compensation multiplied by his
Years of Accrual Service for service on and after October 1, 2000. Such pension will be
adjusted for any distribution in accordance with Section 8.05. The maximum number of
Years of Accrual Service taken into account in the normal retirement pension is 30,
counting forward from the date of initial participation to include any purchased past
servIce.
(b) Notwithstanding any provIsIon of subparagraph (a) to the contrary.
effective October 1, 2008, a Participant's normal retirement pension shall equal 3% of the
Participant's Average Compensation multiplied by his Years of Accrual Service for
service prior to October 1. 2000: provided that such multiplier shall increase by one-
fourth of one percent (,25%) each year beginning October 1, 2005. as follows:
Effective Date
Multiplier for Service
Prior to October 1. 2000
October 1. 2005
October 1, 2006
October 1. 2007
October 1. 2008
2.25%
2.50%
2.75%
3.00%
(c) A Participant's normal retirement pension shall be calculated by applying
the multiplier for service prior to October 1. 2000 that is in effect on the date of the
Participant's separation from service.
(2) Average Compensation, Average Compensation is the average of the Participant's
Plan Compensation for the Averaging Period in the Participant's Compensation History
which results in the highest Average Compensation, A Participant's Compensation
History is the Participant's entire period of employment with the Employer, The
Averaging Period is 3 consecutive Compensation periods (or the entire period of
employment, if shorter), A Compensation period is the 12-month period ending on the
last day of the Plan Year.
Section 2. Article III, Section 3.01, of the Defined Benefit Plan and Trust for Employees of
the City of Winter Springs is hereby amended to read as follows:
3.01 Amount.
(A) The Employer intends to make such contributions as are necessary to fund the Plan on a
sound actuarial basis, in accordance with applicable law. For the Plan Years beginning on the
following dates. employer contributions shall be as follows unless the plan actuary determines
that a different contribution is required:
October 1.2004:
October 1. 2005:
October 1, 2006:
October 1, 2007:
Nine and one-half percent (9.5%) of covered payroll.
Eleven percent (11 %) of covered payrolL
Eleven and one-half percent (11.5%) of covered payroll.
Twelve percent (12%) of covered payroll.
City of Winter Springs
Resolution Number 2005-19
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Section 3.
That this resolution shall supersede any and all conflicting provisions of any previously
adopted resolutions,
Section 4.
That should any section or provision of this resolution or any portion thereof, any
paragraph, sentence, or word be declared by a court of competent jurisdiction to be invalid, such
decision shall not affect the validity of the remainder hereof as a whole or part thereof other than
the part declared to be invalid.
Section 5.
That this resolution shall take effect upon adoption, except as otherwise specifically
provided herein.
PASSED and ADOPTED this 9th day of May 2005.
JOHN F. BUSH, MAYOR
ATTEST:
CITY CLERK
City of Winter Springs
Resolution Number 2005-19
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