HomeMy WebLinkAboutcocc_resolution_no_2024-02_20240820RESOLUTION NO. 2024-02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL,
FLORIDA; AMENDING THE DEFINED CONTRIBUTION RETIREMENT PLAN
FOR THE GENERAL EMPLOYEES OF THE CITY OF CAPE CANAVERAL,
FLORIDA; PROVIDING FOR THE REPEAL OF PRIOR INCONSISTENT
RESOLUTIONS, SEVERABILITY AND AN EFFECTIVE DATE.
WHEREAS, the City of Cape Canaveral established a Retirement Plan and Trust for the City
of Cape Canaveral's employees pursuant to Resolution No. 01-27; and
WHEREAS, the Retirement Plan and Trust agreement was executed on September 18,
2001; and
WHEREAS, the Plan and Trust authorizes the City Council to amend the Plan and Trust, in
whole or in part, either retroactively or prospectively, by delivering to the Trustee a written
amendment in accordance with the limitations set out in that section; and
WHEREAS, the City Council desires to amend the Plan and Trust to change the employer
non -elective contribution rate for all participating employees from 7% to 9%, and
WHEREAS, the City Council desires to amend the Plan and Trust to change the eligibility
period from the completion of one year of service as an otherwise Eligible Employee to the
completion of six months of service as an otherwise Eligible Employee; and
WHEREAS, the City Council finds that this Resolution is in the best interests of the citizens
of Cape Canaveral, and will promote the City's efforts to recruit and retain City employees.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CAPE CANAVERAL, BREVARD COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The foregoing recitals are hereby incorporated herein by this reference. The City
Council of Cape Canaveral, Florida, in its capacity as the Trustee of the Retirement Plan and Trust
for the employees of Cape Canaveral hereby approves the changes as set out forth below.
PARTICIPATING EMPLOYER CONTRIBUTIONS
A Participating Employer may make Non -elective Contributions and/or Matching Contributions
as specified below. Non -elective Contributions and Matching Contributions that are tied to
Payroll Periods (as defined in this Adoption Agreement) must be remitted to the Plan
Administrator no later than 15 business days after the Payroll Period. Annual Contributions must
be remitted to the Plan Administrator no later than 15 business days after the end of the Plan
Year. A Participating Employer may establish different classes of Employees for contribution
purposes in this Adoption Agreement. The Participating Employer hereby elects to make
Contributions as follows (choose one or both as applicable):
City of Cape Canaveral
Resolution No. 2024-02
Page 1 of 3
• Non -elective Contributions — Participating Employer Non -elective Contributions will be
made on the following basis (must specify):
9% employer contribution
® Matching Contributions
Matching Contributions are Participating Employer Contributions that may be made to match all
or a portion of a Participant's contribution to an eligible 457(b) deferred compensation plan
(Employee Basic Contributions).
If the Participating Employer provides Matching Contributions, the amount of Matching
Contributions made for a Participant each Plan Year will be (choose only one):
❑ 100% match, up to _% of such Participant's Employee Contributions.
ix 100% of the Participant's Employee Basic Contributions, which cannot exceed 3% of the
Participant's Compensation.
❑ Other formula (requires approval from the FMPTF)
A Participant becomes Vested in his or her Employer Non -elective Contributions Account and
Employer Matching Contributions Account according to:
❑ Immediate vesting
The schedule marked below:
Years of Vesting Service
1
2
3
4
5
6
7
8
9
10
0%
25%
50%
75%
100%
***
***
***
***
***
SERVICE CONDITION
An Employee is eligible if he or she has completed:
❑ No service requirement
❑ 3 Months of Service as an otherwise Eligible Employee
❑ 1 Year of Service as an otherwise Eligible Employee
® Other (must specify): 6 Months of Service as an otherwise Eligible Employee
Section 2. The City Council of Cape Canaveral hereby empowers the Mayor or City Manager
of the City of Cape Canaveral the authority to execute such documents and agreements as are
required to effectuate this amendment of the Plan.
City of Cape Canaveral
Resolution No. 2024-02
Page 2 of 3
Section 3. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of
resolutions in conflict herewith are herebyrepealed to the extent of the conflict.
Section 4. Severability. If any section, subsection, sentence, clause, phrase, word or portion
Of this. Resolution is for any reason held invalid . or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate,distinct and independent provision and such
holding shall not affect the validity of the remaining portion hereto.
Section 5. Effective Date. This Resolution shall .become effective October 13, 2024, after
adoption by the City Council of the City of Cape Canaveral, Florida.
.ADOPTED at a Regular Meeting of the City Council of the City of Cape Canaveral, Florida,
assembled this 20th day of August, 2024.
ATTEST:
PQE CANT 3
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SEAL e XI
Mia Goforth,
City Clerk
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/1/(40-%-€1-0-%:--
Wes Morrison, Mayor
Name FOR AGAINST
Kim Davis Motion
Kay Jackson x
Mickie Kellum x
Wes Morrison x
Don Willis Second
Approved as to legal form and sufficiency
For of Cape Canaveral only by:
Anthony A. Garganese, City Attorney
City of Cape Canaveral
Resolution No. 2024-02
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