HomeMy WebLinkAboutCity of Tamarac Resolution R-2007-005Temp. Reso. #11122 — January 4, 2007
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2007-rj'j�
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO TERMINATE ICMA
RETIREMENT CORPORATION 401(A) MONEY PURCHASE
RETIREMENT PLANS 109525, 109597 and 109905 TO
ALLOW THOSE PARTICIPANTS WHO ELECTED TO
PARTICIPATE IN A DEFINED BENEFIT PLAN THE OPTION
TO CASH OUT OR ROLL OVER ALL OR A PORTION OF
THEIR REMAINING BALANCES IN THE PLAN; AMENDING
ICMA RETIREMENT CORPORATION 401(A) MONEY
PURCHASE RETIREMENT PLAN 109972 TO PROVIDE
BOTH 5% AND 10% CONTRIBUTION LEVELS FOR
EXECUTIVE, MANAGERIAL/PROFESSIONAL AND NON -
REPRESENTED ADMINISTRATIVE EMPLOYEES
EMPLOYED BY THE CITY IN A FULL TIME CAPACITY,
HIRED PRIOR TO OCTOBER 1, 2005 WHO DID NOT ELECT
TO PARTICIPATE IN THE DEFINED BENEFIT PLAN ;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City of Tamarac's goal to attract and retain qualified
employees led to the establishment of the City of Tamarac Elected and
Appointed Officers and Non -Represented Employees Retirement Plan as of
October 1, 2005; and
WHEREAS, employees who elected to participate in the City of Tamarac
Elected and Appointed Officers and Non -Represented Employees Retirement
Plan were able to use available funds from one of four available City -sponsored
ICMA 401(A) Money Purchase Retirement Plans to purchase past governmental
service; and
Temp. Reso. #11122 — January 4, 2007
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WHEREAS, terminating ICMA Money Purchase Retirement Plans 109525,
109597 and 109905 will allow active participants who elected to participate in the
Elected and Appointed Officers and Non -Represented Defined Benefit Pension
Plan as of October 1, 2005, the option to either cash out or roll over all or a
portion of their balances remaining in the plans; and
WHEREAS, amending ICMA Money Purchase Retirement Plan 109972
will allow for participant contribution levels, specifically either 5% or 10%, for
Executive, Managerial/Professional and Non -Represented Administrative
Employees who were hired prior to October 1, 2005 and did not elect to join a
defined benefit plan ; and
WHEREAS, the City Commission deems it to be in the best interest of the
citizens and residents of the City of Tamarac to terminate ICMA Money
Purchase Retirement Plans 109525, 109597 and 109905 and to amend ICMA
Money Purchase Retirement Plan 109972.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That the foregoing "WHEREAS" clauses are hereby
ratified and confirmed as being true and correct and are hereby made a specific
part of this Resolution.
SECTION 2: That the appropriate City officials are hereby
authorized to terminate ICMA Retirement System 401(A) Money Purchase
Retirement Plans 109525, 109597 and 109905 and require active participants
Temp. Reso. #11122 — January 4, 2007
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who are now members in a defined benefit plan the option to either cash out or
roll over all or a portion of their balances remaining in these plans to the City's
amended 401(a) Money Purchase Retirement Plan or other appropriate
investment vehicle selected by the participant.
SECTION 3: That the appropriate City officials are hereby authorized to
amend the ICMA Retirement System 401(a) Money Purchase Retirement Plan
109972 effective March 1, 2007 to allow for participant contribution levels,
either 5% or 10%, for Executive, Managerial/Professional and Non -
Represented Administrative Employees who were hired prior to October 1,
2005 and elected not to participate in a defined benefit plan.
SECTION 4: Any assets remaining that are allocated to active
participant accounts in Plans 109525, 109597 and 109905, if any, shall transfer
to ICMA Retirement Corporation's 401(A) Money Purchase Retirement Plan
109972 effective May 1, 2007. Excess plan assets and any assets not
allocated to participant accounts, if any, after all benefit commitments under the
Plan are satisfied shall revert to the City of Tamarac.
SECTION 5: That all resolutions or parts of resolutions in conflict
herewith are hereby repealed to the extent of such conflict.
SECTION 6: That if any clause, section, or other part or
application of this Resolution is held by any court of competent jurisdiction to be
unconstitutional or invalid, in part or application, it shall not affect the validity of
the remaining portions or applications of this Resolution.
SECTION 7:
upon adoption.
Temp. Reso. #11122 — January 4, 2007
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This Resolution shall become effective immediately
PASSED, ADOPTED AND APPROVED this 3,4 day of JOr) v Oyj , 2007.
ATTEST:
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
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I A ,
SAMUEL S. GOREN
CITY ATTORNEY
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BETH FLANSBAUM-TALABISCO
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR FLANSBAUM-TALABISCO?
DIST 1: V/M PORTNER AL��
DIST 2: COMM ATKINS-GRAD Akip
DIST 3: COMM. SULTANOF
DIST 4: COMM. DRESSLER {'.�
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