HomeMy WebLinkAboutResolution No. 1985-51 MICROFILMED AUG 87
RESOLUTION NO. 85-51
A RESOLUTION AUTHORIZING PENSION PLAN
CONTRIBUTIONS TO PENCOA FOR FISCAL YEAR
1985-86; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Mutual of New York Pension Plan was terminated
as a rolled-over account and is now in separate accounts, and
WHEREAS, the City' s PENCOA Plan has been filed to comply
with ERISA,
NOW, THERFORE, BE IT RESOLVED by the City Council of the
City of Cape canaveral, Florida, as follows :
SECTION 1 . The City Council authorizes Pension Plan
contributions to PENCOA for the current Fiscal Year 1985-86 at
the rate of 6% up to $12 , 000 annual income and an additional
5. 7% over $12, 000 annual income which will be funded in the same
manner as a fringe benefit for eligible City employees.
SECTION 2 . This Resolution shall become effective immediately
upon its adoption.
ADOPTED by the City Council of the City of Cape Canaveral,
Florida this 17th day of September 1985.
ayor
ATTEST:
NAME YE;
FiSCHETTL
MARCH;=i l III
NICWOLA� -_..._...-.,.
City Clerk (Deputy)
Approved as to Form:
Ci • ney