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HomeMy WebLinkAboutResolution 2006-51RESOLUTION NO. 2006-51 A RESOLUTION OF THE CITY COUNCIL of THE CITY OF CAPE CANAVERAL, BREVARD COUNTY, FLORIDA; AMENDING THE RETIREMENT PLAN AND TRUST FOR THE EMPLOYEES OF THE CITY OF CAPE CANAVERAL; PROVIDING FOR CONFLICTING RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of cape Canaveral established a Retirement Plan and Trust for the Employees of the City of Cape Canaveral pursuant to Resolution number 200 1-27 and WHEREAS, the Retirement Plan and Trust agreement was executed on S��pternber � 8 20a and WHEREAS, Section 3.01 of 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 to allow for matching contributions. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL: SECTION 1. The City council of the City of Cape Canaveral, in its capacity as the Trustee of the Retirement Plan and Trust for the employees of the City of Cape Canaveral hereby approves the changes as set out forth below, with additions to the Plan and Trust indicated by underlining ( underlining) and deletions by strike through ( 1ZtriakQn thm Inh 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. The Participating Employer hereby elects to make Contributions as follows: NNon-ellective Contributions -- Participating Employer Non - elective Contributions will be made on the following basis: 7% of employee compensation. Matching contributions Matching Contributions are Participatinq Emp Contributions that mgy be made to match all or a ortion of a Participant's contribution to an ell ible 457 b deferred compensation plan. If the Participating Employer provides Match in Contributions the amount of Matchin Contributions made for a Participant each Plan Year will be up to 3% of such Participant's Employee Basic compensations. SECTION 2. The City Council of the City of Cape Canaveral hereby empowers the Mayor or its appointee of the City of cape Canaveral with the authority to execute such documents and agreements as are required to effectuate this amendment of the Plan. SECTION 3. All Resolutions or parts of resolutions, in conflict with this resolution are hereby repealed. SECTION 4. This Resolution shall be effective October 1, �, ADOPTED BY the City Council of the city of cape Canaveral, Brevard County, Florida, this 2nd day of January, 2007. C.� Rocky Randels, Mayor ATTEST: Susan tills, Qity, Appr d as to Form Anthony A. Garganese, City Attorney Name For Against Robert Hoog X Leo Nicholas X Buzz Petsos Motion Rocky Randels X Shannon Roberts Second RESOLUTION NO. 2006-51 ATTACHM ENT Florida Municipal Pension Trust Fund 457(b) Deferred Compensation Plan Adoption Agreement Please tell us about the Participating Employer: Name of Government Entity Address Address Cil y-State Zi Individual to Receive Plan Notices Title Telephone Fax e-mail .. .... Your Plan Administrator is: Florida League of Cities, Inc. 301 S. Bronough Street P.O. Box 1757 Tallahassee, Florida 32302 Phone: (850) 222-9684 Cit y of Cape Canaveral _..mm..m 105 Polk Avenue P. O. Box_�...��__-�__...................d___ �....._ 326 Canaveral, FL 32920 Cap! ........_��._.__��___ iknamfikftBennett Boucher ';U: City Manager 321-868-1230 .. �..�..........�..--�....... 321-868-1248 voucher -cape@ c . rr . com .._ — Fax: (850) 222-3806 Contact: Paul Shamoun, Retirement Services Manager, PTShamoun„flcities.com Plan Provisions The Participating Employer will use FMPTF's § 457(b) Deferred Compensation Plan. For any Plan choice that this Adoption Agreement fails to specify, the Participating Employer is deemed to have specified the first -displayed choice. Your Plan Year is: October 1 — September 30 Payroll Periods The payroll period of the Participating Employer is: weekly bi-weekly semi-monthly monthly other [specify]: © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. Who's eligible? Covered Departments A Participating Employer may cover all of its departments in the Plan or only those listed: RESOLUTION NO. 2006-51 ATTACHM ENT Florida Municipal Pension Trust Fund § 457(b) Deferred Compensation Plan Adoption Agreement All Departments ❑ Covered Departments (must specify) Any Employee from a covered department (and any natural person or independent contractor who is an elected or appointed official or officer) is eligible to make § 457(b) Plan deferrals from his or her wages or fees paid by the Participating Employer. An Employee is eligible to begin participation immediately upon enrollment into Plan by completing the required documents. Changing and Terminating this Adoption Agreement If a Participating Employer desires to amend any of its elections contained in this Adoption Agreement, the Participating Employer by official action must adopt an amendment to the Adoption Agreement or a new Adoption Agreement must be adopted and forwarded to the FMPTF for approval. This Adoption Agreement may be terminated only in accordance with the Plan. Adopting the Plan By signing below, the Participating Employer adopts the FMPTF 457(b) Deferred Compensation Plan ("Plan"). The Participating Employer acknowledges that it received a copy of the Plan. The Participating Employer shall receive copies of any Plan amendments made by the FMPTF. The Participating Employer's signer represents that he or she is a proper officer of and has authority to enter into this Adoption Agreement as an obligation of the Participating Employer. CITY OF CAPE CANAVERAL Date: April 26, 2006 Accepted for the: Florida Municipal Pension Trust Fund By the Administrator: Florida League of Cities, Inc Date: BY: A.dgeg&— Rocky Randels, Mayo