HomeMy WebLinkAboutCity of Tamarac Ordinance O-1986-039Introduced by Temp #1275
REV. 6/11/86
REV. 6/24/86
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO 0-86-39 ,
AN EMERGENCY ORDINANCE OF THE CITY OF
TAMARAC AMENDING ORDINANCE NO. 0-86-34
ADOPTED BY THE CITY COUNCIL OF TAMARAC ON
JUNE 11, 1986 WHICH AMENDED SECTION 19-1.2
OF THE CODE OF ORDINANCES RELATING TO THE
CITY OF TAMARAC RETIREMENT PLAN; AMENDING
SECTION 1 OF ORDINANCE NO. 0-86-34 PERTAIN
ING TO MEMBER CONTRIBUTIONS; AMENDING
SECTION 2 OF ORDINANCE NO. 0-86-34 PERTAIN
ING TO CITY CONTRIBUTIONS; PROVIDING A
REPEALER; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CODIFICATION; AND PROVIDING
FQR AN EFFECTIVE
WHEREAS, the City Council of the City of Tamarac on June
11, 19.8-6 adopted Ordinance No. 0-86-34 pertaining to City of
Tamarac retirement plan; and
WHEREAS, it was requested by Staff at the June 11, 1986
meeting that changes be made to said Ordinance; and
WHEREAS, Staff has now determined that Ordinance No. 0-86-
34 needs to be amended on an emergency basis in order to avoid
the improper deduction of employee pension contribu-
tions; and
WHEREAS, the City Council of the City of Tamarac finds
this to be an emergency situation that needs immediate
consideration by the Council.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That Section 1 of Ordinance No. 0-86-34 as
adopted by the City Council, City of Tamarac, June ll, 1986, is
amended to read as follows:
A. Amount.
All current and future participants in the
Retirement Plan shall make regular contributions at a
rate of t of
earnings, and Fire Fighters and Police Officers shall
make contributions at a rate of five percent (5%) of
earnings. Member contributions shall be deposited in
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the fund on at least a monthly basis. <In> The City
f!
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agrees to assume and pay member contributions in
lieu of direct contributions by the members4,->.
subject to such agreement shall have the option of
choosing to receive the contributed amounts directly
instead of having them paid by the City directly to
the plan. All such contributions by the City shall
be deemed and considered as part of the Members
Accumulated Contributions and subject to all
provisions of this plan pertaining to Accumulated
Contributions of Members. The intent of this
language is to comply with Section 414(h)(2) of the
Internal Revenue Code. The City Manager shall (ewe
the City's Retirement rrc'cct e—be amended Lrrrt
wit i -the terms of this seetlen, shall), notify each
participant in the Retirement Plan of said Amendment
and shall file the required documentation with the
State Department of Administration, Division of
Retirement in Tallahassee consistent with the laws,
rules, and regulations as promulgated by said
department.
SECTION 2: That Section 2 of Ordinance No. 0--86-34
adopted by the City Council on June 11, 1986 is hereby amended
to read as follows:
3. City Contributions.
a. So long as this system is in effect, the City
shall make an annual contribution to the Trust Fund
'the aetuafla! study peffeEmed en the in an
amount determined by an a_qtuary to fund an on
sound basis and in compliance with anv applicable
federal and state requirements.
b. That, effective June 1, 1986, the City agrees to
pay the five percent (5%) employee contribution for
Police Officers and Fire Fighters into the City of
DO=
Tamarac Retirement Plan for all such participants of
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the Plan. The economic value of the City paying the
employee retirement contribution is equivalent to an
increase in base pay of five percent (5%), or
greater, due to the deferral of income taxes.
c. That effective June 1, 1986, the City will reduce
the amount of base pay which is distributed on a
current basis by five percent (5%) to Police Officers
and Fare Fighters participating in the Plan. Income
tax withholding will be reduced to cover the amount
of wages actually distributed or made available to
such employees.
d. That, for purposes of accruing pension benefits
and social security benefits, and for paying social
security taxes, and for all other purposes except
as specified in paragraph c. above, the amount of
employee contribution "picked -up" by the City will be
added to the amount distributed on a current basis in
order to determine total wages.
e. That, effective June 1, 1986, the City agrees to
pay the one percent (1%)
employee contribution into the City of Tamarac
Retirement Plan for all Employees of the City,<and>
other than Police Officers and Fire Fighters, who are
participants of such Plan. The economic value of the
City paying the employee retirement contribution is
equivalent to an increase in base pay of
(SH) one percent 1%or greater due to the
deferral of Income taxes.
f. That, effective June 1, 1986, the City will
reduce the amount of base pay which is distributed on
a current basis by one percent
_Lj_%Z to all Employees of the City, other than
Police Officers and Firefighters,who are partici-
pating in the Retirement Plan. Income tax with-
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holding will be reduced to cover the amount of
wages actually distributed or made available to such
employees.
g. That, for purposes of accruing Pension benefits
and Social Security benefits, and for paying Social
Security taxes,'and for all other purposes except as
specified in paragraph f. above, the amount of
employee contributions "picked -up" by the City will
be added to the amount distributed on a current basis
in order to determine total wages.
SECTIONA: All Ordinances or parts of Ordinance in
conflict herewith are hereby repealed to the extent of such
conflict.
SECTION_5: 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 whole or any part hereof, other than the
part declared to be invalid.
SECTION 6: Specific authority is hereby granted to codify
this ORDINANCE.
SECTION_7: This Ordinance shall become effective
immediately upon its final passage.
PASSED FIRST READING this
PASSED SECOND READING this Z�
ATTEST:
CITY CLER
I HEREBY CERTIFY that I have
approved the form and correct-
ness of this ORDINANCE.
CITY AT ORNE
1295693 286/p
RECORD OF COUNCIL VOTE
MAYOR: HART
DIST. 1: C/W MASSARO
DIST. 2: C/M STEIZER
4-
DIST. 3: C/M GOTTESMAN
DIST. 4: V/M STEIN
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