HomeMy WebLinkAboutResolution No. 1998-221
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RESOLUTION NO. 98-22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAPE CANAVERAL; AMENDING THE CITY OF CAPE
CANVERAL EMPLOYEES' PENSION PLAN; PROVIDING FOR
CONFLICTING RESOLUTIONS; AND PROVIDING AN
EFH! CTIVE DATE.
WHEREAS, the City council has, by adoption of Resolution No. 87 -71,
approved participation in the Florida Municipal Pension Trust Fund; and
WHEREAS, the City Council desires to amend the plan to allow for voluntary
employee 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 hereby approves
the changes to the plan document as set forth below:
4.01(a) Voluntary Employee Contributions.
A Participant may make Voluntary Employee Contributions to the plan not to
exceed 10% of compensation. Contributions are to be made by payroll deduction
on an after -tax basis. Elections to make contributions, discontinue contributions or
change the amount of contributions shall be in writing, signed by the participant,
on such form or forms as the Administrator shall provide, and submitted to the
Employer on or before the Anniversary Date preceding the Plan year in which the
contribution is to take effect, and shall apply to succeeding plan years until
changed by a subsequent election by the Employee. No elections or changes may
be made during the Plan year affecting that Plan Year. Each newly hired
employee shall become eligible to make a contribution on the date of entry into
the Plan. Upon termination of employment, the amount contributed by a
participant shall be distributed to that person or applied to that person's benefit as
provided in Article VI.
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 these amendments 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Resolution are hereby repealed.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 September 1, 1998.
City of Cape Canaveral
Resolution No. 98 -22
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PASSED AND RESOLVED this 111 day of September, 1998.
Ai°IEST:
Sand0. Sims, CITY CLERK'
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Rocky Randels, MAYOR
FOR
BURT BRUNS Absent
TONY IIERNANDEZ Second
BUZZ PETSOS Motion
ROCKY RANDELS X
JOY SALAMONE X
AGAINST