HomeMy WebLinkAboutCity of Tamarac Resolution R-77-042L
Proposed by:
Introduced by:
CITY OF TAMARAC, FLORIDA
RESOLUTION N0.�?- -I - 4 aa-v,
Temp. #717
A RESOLUTION AUTHORIZING AND DIRECTING
THE CITY ADMINISTRATIVE STAFF TO PREPARE
AND PRESENT FOR COUNCIL'S APPROVAL A
PLAN TRANSITION AND AMEND ITS PRESENT
RETIREMENT PROGRAM; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Tamarac has at the present
time a Money Purchase, Defined Contribution Plan established
initially: in June 1975 by the City Council for the purpose of
providing benefits to eligible City employees at time of
retirement, and
WHEREAS, the City's present Plan does not provide
definitely determinable benefits, payable for life upon the
retirement of employees, and the City desires to effect a
Plan transition and amend its present retirement program so
as to provide lifetime, definitely determinable benefits for
its employees eligible therefor, and
WHEREAS, Members of the City Council as well as
other officials and representatives of the City Administration
have examined and analyzed in detail the City's present Plan
as well as alternative plans.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF
THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That the City of Tamarac effect a
Plan transition and adopt an amending Ordinance to its present
-retirement program, said Ordinance to set forth in detail the
benefit and other required provisions* for a formal Pension
Plan paying definitely determinable benefits, for life, to
employees upon retirement.
4
SECTION 2:
That officials and representatives
of the City's administration take such steps as may be
necessary to implement and carry out the express intent
of this Resolution and including use and assistance as
may be necessary to write the required Ordinance and to
otherwise implement the intent of this Resolution.
SECTION 3:
That the specific provisions to be
set forth in said Ordinance and more particularly the provisions
as to the
benefit
formula
and retirement
ages for General
Employees,
Police
Officers
and.'Firemen,
the vesting schedule,
provisions as to death and disability benefits, if any, and
other substantive provisions be subject to further and final
approval of the City Council upon presentation to it of the
initial draft of the proposed Ordinance.
RFC'.TTnN 4-
That the resultant Plan costs
(required annual contributions from City and Employees)
considered for approval in conjunction with Council con-
sideration of the Proposed Ordinance.
PASSED, APPROVED AND ADOPTED thisl�day of
ATTEST
I hereby approve the form
and correctness of this
RESOLUTION
R-
,1977.
RECORDOF COUNCIL VOTE
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