HomeMy WebLinkAboutCity of Tamarac Ordinance O-1978-022Introduced by: Q.Pc Temp. #528
CITY OF TAMARAC, FLORIDA
ORDINANCE NO._O— 7?2-
AN ORDINANCE AMENDING ORDINANCE 77-13
WHICH AMENDED THE "RETIREMENT PLAN FOR
THE EMPLOYEES, CITY OF TAMARAC, FLORIDA";
PROVIDING A SAVINGS CLAUSE; REPEALING ALL
ORDINANCES IN CONFLICT; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of 'Tamarac, Florida, adopted
a Retirement Plan, effective as of June 1, 1975, and
WHEREAS, the City Council amended said Retirement
Plan by Ordinance 77-13, and
WHEREAS, the City Council is desirous of amending
said Retirement Plan to conform with the Internal Revenue
Code and Regulations.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY
COUNCIL OF THE CITY OF TAMARAC:
SECTION 1: That Ordinance 77-13 is hereby
amended by adding to the last paragraph(s) of. Section VI of
the Plan the following:
"Limit on Annual Benefit
For a Participant with ten or more
years of service, in no event shall his annual
retirement benefit exceed the lesser of $75,000.00
or 1000 of the average compensation for his three
(3) consecutive highest paid years, or such other
limits as may be prescribed under the Internal
Revenue Code and Regulations thereunder. 'Annual
retirement benefit' shall be deemed an amount pro-
vided by Employer contributions in the form of a
straight life annuity without ancillary benefits.
For a Participant with less than ten
years of service, the maximum benefit otherwise
allowable shall be computed by multiplying the
otherwise allowable benefit by a fraction, the
numerator of which is the Participant's Service
with the Employer and the denominator of which is
ten.
For the purpose of applying the
above limitations any and all of the defined
benefit plans of the City of Tamarac, now in
existence or hereafter adopted, shall be con-
sidered as a single defined benefit plan, so
that such limitations shall not be considered
as applying to each such plan(s) separately."
SECTION 2: That Ordinance 77-13 is hereby
amended by adding to the last paragraph of Section V of the
Plan the following:
"Forfeitures
To the extent that it is not required
for the funding of any vested or retirement
benefits, monies remaining in the Fund which had
previously been contributed in order to fund such
benefits shall serve only to reduce current and
future contributions under this Plan. There shall
be no reversion of any assets whatsoever to the
Employer except as provided in Sections XIII."
SECTION 3: Should any section or provision of
this Ordinance or any portion thereof, 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.
SECTION 4: All Ordinances or parts of
Ordinances in conflict herewith are hereby repealed to the
extent of such conflict.
SECTION 5: This Ordinance shall become effective
immediately upon its final passage.
PASSED FIRST READING this_,12,day of 11978.
PASSED SECOND READING this2,L day of y ,1978.
VICE MAYOR
ATTEST:
a/a_,i -t.CITY CLERK
I HEREBY CERTIFY that I have
approved the form and correctness
ohis ORDiNNANCE
RECORD OF COUNCIL VOTE
MAYOR W. FALCKd44e 6LQP_
VIM H. MASSARO
C/N
C(M I. M. DISRALLLY
CJM M. KLIKA
IVA
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