HomeMy WebLinkAboutCity of Tamarac Ordinance O-1975-046i
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 544(0
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AN ORDINANCE ESTABLISHING THE
CITY OF TAMARAC A DEFERRED COM-
PENSATION PLAN, PROVIDING FOR THE
CITY MANAGER TO ACT ON BEHALF OF
THE CITY OF TAMARAC, REPEALING
ALL ORDINANCES IN CONFLICT, PRO-
VIDING A SAVINGS CLAUSE, PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac, Florida has in
its employ certain personnel, and
WHEREAS, said employees are and will be render-
ing valuable services to the City of Tamarac, and
WHEREAS, the City of Tamarac has considered
the establishment of a Deferred Compensation Plan for
the said employees made available to the City of Tamarac,
Florida and to said employees by the Equitable Life
Assurance Company, and
WHEREAS, said employees often are unable to acquire
retirement security under other existing and available re-
tirement plans due to the contingencies of employment
mobility, and
WHEREAS, the City of Tamarac, Florida, receives
benefits under said plans by being able to assure reasonable
retirement security to said employees, by being more able
to attract competent personnel to its service, and by in-
creasing its flexibility in personnel management through
elimination of the need for continued employment for the
sole purpose of allowing an employee to qualify for retire-
ment benefits, and
WHEREAS, Chapter 75-295 of the Florida Statutes
permits a municipality to adopt a Deferred Compensation
Plan effective July 1, 1975, and
WHEREAS, the City Council of the City of Tamarac,
Florida deems it to be in the best interest of the citizens
of the City of Tamarac to adopt a Deferred Compensation
Plan.
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC,
FLORIDA:
SECTION 1: That the City of Tamarac, Florida
establish a Deferred Compensation Plan including legisla-
tive officials and hereby authorizes its Mayor to execute
the Deferred Compensation Plan with the Equitable Life
Assurance Company, said Plan being attached hereto as
Appendix "A".
SECTION
2: That the City Manager
of the City of
Tamarac, Florida
may, on behalf of the City
of Tamarac,
Florida, execute all joinder agreements with
and officers,
its employees
which are
and other eligible
officials
necessary for said persons participation in
the City of
Tamarac Deferred
Compensation Plan, a copy
of said Joinder
Agreement is attached hereto as Appendix "B".
SECTION 3: That the required Joinder Agreement
for a designated official eligible for participation in
said Deferred Compensation Plan shall be executed by the
Mayor of the City of Tamarac, Florida.
SECTION 4: Should any section or provision of
this Ordinance or any portion hereof or 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 any part hereof other than the part declared to be
invalid.
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SECTION 5: All Ordinances or parts of Ordinances,
all section of the Tamarac City Code or parts thereof in
conflict herewith be and the same are hereby repealed.
SECTION 6: This Ordinance shall become effective
immediately upon its final passage.
PASSED FIRST READING thisI-Lvday of M6J'e1M 1n1X, 1975.
PASSED SECOND READING this0 day of &-r,1975.
PASSED THIRD READING this�mmday of (r,1975.
ATTEST:
CI Y CLERK
I HEREBY CERTIFY that I have
approved the form and correctness
of this Ordinance.
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DEFERRED COMPENSATION PLAN
The City of Tamarac Deferred Compensation Agreement is in accordance
with Ch. 75-295 F.S. which authorizes the adoption of a plan as its
agreement with participating employees and the employees shall
participate in the plan through the Joinder Agreement, which by its
terms incorporates all of the provisions of the plan. A copy of the
plan will be provided to each employee subsequent to execution of
the Joinder Agreement.
This plan may be amended.from time to time for purposes of assuring
its conformance to the requirements of any applicable State and
Federal laws and regulations and to preserve the tax-exempt status
of the Plan.
Section 1. PURPOSE - The primary purpose of this plan is to attract
and hold certain key individuals by permitting them to
voluntarily participate in a plan which will provide
for monthly payments on retirement, as well as death
benefits in the event of death before retirement.
Section 2. DEFINITIONS - For the purposes of this plan, certain
words or phrases used herein will have the following
meanings:
a. "Compensation" shall mean any payments for normal
or contracted services rendered by the participant
to the organization.
b. "Deferred Compensation" shall mean the amount of
compensation not yet earned, which the participant and
the organization mutually agree shall be deferred in
accordance with the provisions of this plan.
C. "Retirement" shall mean a retirement from service
with the organization which may be any age beyond and
including 55.
d. "Organization" shall mean City of Tamarac.
e. "Participant" shall mean any employee who fulfills
the eligibility and enrollment requirements of this
plan.
f. "Plan" shall mean the City of Tamarac Deferred
Compensation Plan.
g. "Termination of Services" shall mean the severance
of the participant's contract or employment with the
organization prior to retirement.
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APPENDIX "A"
Section 3. ADMINISTRATION - This plan shall be administered by the
employer.
Section 4. PARTICIPATION IN THE PLAN
a. Eligibility - Any employee, elected officials, or
independently contracted person whom the organization
designates as eligible to participate.
b. Enrollment in the Plan:
.(1) An initial enrollment period will be held from
November 15, 1975 to December 31, 1975 for eligible
persons who agree to defer compensation not yet earned.
(2) Open enrollment periods will be held for those
Employees who desire to participate in the Plan and did
not enroll at the time the Plan was implemented. This
open enrollment period will be from December 1 until
December 31 and June 1 until June 30. All completed
forms, including but not limited to the signed Agree-
ment and Authorization to Deduct from earnings, must be
received by the Employer on or before January 1 and July
l prior to enrollment periods.
(3) There is no maximum or minimum "contribution"
under this plan.
(4) Contributions may be terminated and funds in the
account "frozen" subject to a waiting period of six
months.
Section 5. BENEFITS UNDER PLAN
a. The plan provides for alternative types of payment as
follows:
(1) Deferred compensation payments (or cash value
equivalent where paid in other than the normal form of
annuity), payable on the happening of any of the following
events:
a. retirement of a participant;
b. withdrawal from plan;
c. termination of services of a participant.
(2) Death benefits (or cash value equivalent when
paid in other than the normal form of 120 months certain),
payable when a participant dies before deferred
compensation payments start.
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b. The organization and the eligible person will execute an
agreement in writing, confirming their assumptions of the
obligations set forth in this plan, and the amounts of
compensation to be deferred.
The factors in determining the amounts°of deferred compensation
payments and death benefits are the amount of deferred
compensation, the age at the time compensation is deferred,
and the age at the time of retirement, termination, or
death. For the purpose of computation of the amounts of
benefits hereunder, the participant's age at the time any
compensation is deferred will be that of the participant's
birthday nearest to the date of commencement of the agreement
to defer compensation.
The deferred compensation payments and the death benefits
with respect to the participant or beneficiary for which
such payments are being determined will be an amount equal
to the amount payable under a fixed or variable life
insurance policy or annuity contract purchased by the organi-
zation on the life of the participant with a premium equal
to the amount of compensation that had been deferred.
c. (1) Subject to the provisions hereof, the organization
agrees to pay deferred compensation payments at the request
of the employee in accordance with the terms of the employee's
contract.
(2) If a participant has qualified to receive deferred
compensation payments and such particpant dies before receipt
of all 120 monthly payments, the organization agrees to
continue to pay such monthly payments for the balance of the
120-month period to the particpant's designated beneficiary
or the participant's estate.
(3) A participant may designate one or more beneficiaries
and may name contingent beneficiaries to whom the benefits will
be payable upon death of any designated beneficiary. The
participant will also have the right to change his designation
of beneficiaries.
(4) In the event that a particpant's beneficiaries die
before all monthly benefit payments become payable to such
beneficiaries, whether under 5 c (2) or 5 c (3) above, then
the computed value (at a rate of interest decided upon by
the organization) of such monthly benefits will be paid by
the organization to the estate of the last surviving beneficiary.
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(5) In the event of a participant's retirement,
termination of services, or death so as to require payment of
benefits under this plan; the organization may elect to
honor a request from the participant (or in the case of his
death, his beneficiary) to substitute the transfer and assign-
ment of any or all life insurance policies or annuity
contracts which the organization may have acquired in
connection with such participant's participation in the plan,
to the said participant (or in the case of his death, his
beneficiary) provided the organization has actually acquired
such policies or contracts. By such action, all obligations
to the organization for the payment of benefits under this
plan to such participant or beneficiary will cease, terminate,
and expire.
Section 6. WITHDRAWALS - A participant may apply for withdrawal
of funds from the plan prior to retirement or other termination
of the participant's services with the organization. If
such application for withdrawal is requested, the withdrawal
will be effective as specified in the participant's applica-
tion or the date of approval of the committee. Upon
approval of the Committee, it shall treat each such participant
who withdraws his funds as if he had terminated his services.
An employee will not be eligible to rejoin the plan until
six months after the date of withdrawal.
Section i. LEAVE OF ABSENCE - If a participant is on approved leave
without compensation, he may remain in the plan.
Section 8. AMENDMENT OR TERMINATION OF PLAN - The organization may
at any time terminate this plan. Upon such termination, the
participants in the plan will be deemed to have withdrawn from
the plan as of the date of such termination, the participant's
full compensation on a non --deferred basis will be thereupon
restored, and the organization agrees to pay participants the
amount of money determined as if the participant had
terminated his service, the payment to be made in a lump sum
or in five substantially -equal annual installments,
commencing on the effective date of such termination, or to
be postponed until the participant's retirement, termination
or services, or death, in the sole discretion of the
organization.
The organization may also amend the provisions of this plan
at any time; provided, however, that no amendment shall
affect the rights of participants or their beneficiaries 'to
the receipt of payment of benefits, to the extent of any
compensation deferred at the time of the amendment as
adjusted for investment experience hereunder prior to and
subsequent to the amendment.
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Section 9. INVESTMENT - The organization may invest the funds and
assets of the deferred compensation of a participant by the
purchase and payment of premiums of a fixed or variable life
insurance policy or annuity contract or a combination of
both on the life of the participant from any life under-
writer duly licensed in the State of Florida, who re-
presents an insurance company licensed to contract business
in the State of Florida. Any such fixed or variable life
insurance policy or annuity contract purchased shall designate
the organization as owner and beneficiary. The participant
agrees to sign any documents necessary to the issuance of
such fixed or variable life insurance policy or annuity
contract as required by the insurance company and to submit
to any physical or medical examination and furnish other
evidence of insurability as required by the insurance
company issuing life insurance. In no event shall the premium
or deposit for the life insurance policy or annuity contract
exceed the amount deferred by the participant nor be less
than the minimum amount of the premium or deposit required
by the insurance company selected.
Section 10. NON -ASSIGNABILITY CLAUSE - Neither the participant, nor
any beneficiary or other designee, shall have any right to
sell, assign, transfer, encumber, or otherwise convey any
right to receive any payments under the plan; nor shall any
payments be subject to attachment, garnishment or execution,
or be transferable by operation of law in the event of
bankruptcy or insolvency, except to the extent otherwise
provided by law.
Section 11. PROHIBITION AGAINST FUNDING -, Reference to any insurance
policy or annuity contract in this plan is merely for
illustrative purposes and nothing in this plan shall be
construed to give the participant or any beneficiary or other
designee any right, title, interest, or claim in or to any
specific asset, fund, reserve, accounts, deposits, insurance
policy, or annuity contract of any kind owned by the organiza-
tion. Such assets, funds, reserve, accounts, deposits,
insurance policy, or annuity contract of any kind shall belong
to the organization and be subject to the rights of its
creditors or assigns, and shall not be held under any
trust for the benefit of the participant or any beneficiary
or other designee or held in any way as collateral security
for the fulfilling of the obligations of the organization
under the plan.
IN WITNESS WHEREOF, the organization has caused this plan to
be signed by its director o rincipal officer, and attested
on the &6 0c� day of i C___ _, 19
_ ATTEST: GANIZA I
� lirtrY By
- D'ry ��-�'�/� Title
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Fill out and sic:n original and three copies
Original and one copy to Finance
One copy for personnel file
One copy for Employee.
JOINDER AGREEMENT
TO THE CITY OF TAMARAC, FLORIDA
DEFERRED COMPENSATION PLAN
To: The City of Tamarac
heck appropriate item
NEW AGREEMENT (or Account): The undersigned hereby acknowledges receipt of and
agrees to the terms and conditions of the CITY OF TAMARAC DEFERRED COMPENSATION
PLAN, as amended, and hereby applies for participation in said plan as indicated
below.
AMENDMENT OF EXISTING AGREEMENT (or change in Account): The undersigned hereby
requests that the following amendment be made to the Joinder Agreement which
provided for my participation in the CITY OF TAMARAC DEFERRED COMPENSATION PLAN
as amended.
PERSONAL INFORMATION:
Mr.
Employee's Mrs.
Name Miss
Ms.
First Mi
Residence
Street
,Job Title
Social Security Number
e Last
City State
M
_.._. —F Birth
Mo. Day
Year
1p
__ __..-------------.._..___________..__..___-
DEDUCTION AUTHORIZATION AND DESIGNATION OF DEFERRED COMPENSATION:
Beginning I wish to participate in the deferred compensation
plan to the extent ofper pay period ($ per annum).
I request that the total amounts of deferred compensation be applied to the available in-
vestment funds in the following percentages:
Life Insurance %
Variable Fund %
Fixed Income Fund %
Total 100 %
I understand that the designation of deferred compensation may not be changed without a
proper amendment to this agreement and that any changes may be made only twice a year at
designated periods.
DESIGNATION OF BENEFICIARIES:
I wish to designate the following beneficiary (or beneficiaries) in accordance with
Irovisions of the plan: (show name, relation, and address). (If more than, onr, show share.)
I acknowledge receipt of a copy of the deferred comeensation plan and can i
reviewed and understand all of the terms and conditions thereof,
Signed:
Witness Home Address:
Dated:
ppraved
APPENDIX "B"