HomeMy Public PortalAboutORD 77/07ORDINANCE NO. 77-7
AN ORDINANCE OF THE TOWN OF GULF STREAM, PALM
BEACH COUNTY, FLORIDA, DETERMINING TO AND
ESTABLISHING A PENSION PLAN FOR ITS EMPLOYEES;
PROVIDING DEFINITIONS; PROVIDING FOR ELIGIBILITY,
CONTRIBUTIONS, VESTING AND EARLY RETIREMENT;
PROVIDING FOR A TRUST AND ITS TRUSTEES, TERMS
AND PROVISIONS AND ADOPTION; PROVIDING SEVERABILITY;
AND REPEALING ORDINANCES OR PARTS OF ORDINANCES
IN CONFLICT HEREWITH.
WHEREAS, the Town Commission of the Town of Gulf Stream
has determined that it is in the best interests of the Town to
establish a pension plan for the employees of the Town; and,
WHEREAS, in order to fully consider matters pertinent
to establishment of a pension plan, the Town Commission referred
the same to a committee which has fully considered the same and
reported back to the Town Commission recommending adoption of the
pension plan hereby established; and
WHEREAS, contributions of the Town of Gulf Stream set
forth herein were budgeted for the Town's 1977 -1978 fiscal year;
now therefore,
BE IT ORDAINED BY THE TOWN COMMISSION OF THE TOWN OF
GULF STREAM, FLORIDA.
SECTION 1. Determination of public interest. The Town
Commission of the Town of Gulf Stream, Florida, hereinafter called
the Town, hereby determines that it is in the public interest of
the Town and its inhabitants to adopt the within pension plan for
the Town's employees and to provide for a trust for the administra-
tion and implementation of the plan.
SECTION 2. Definitions, Definitions used in this
Ordinance are as follows:
A. Compensation. Compensation shall mean the total
amount of all payments made by the designated employer to an
employee for services rendered to the designated employer for the
year, excluding any and all commissions, overtime pay, bonuses,
director's fees, contributions by the designated employer under
the plan established by this Ordinance, and payments by the designa-
ted employer for group year and on each date which is the last day
s
JOHNSTON
3ASSER & RANOOLPH
310 OKEECHOBEE RD.
FST PALM BEACH, FLA.
33402
JOHNSTON
3ASSER & RANDOLPH
310 OKEECHOBEE RD.
EST PALM BEACH, FLA.
33402
of the month which is six (6) months prior to the month in which
the designated employer's fiscal year ends which occurs after the
original eligibility date. Employees of the designated employer
shall be entitled to participate in the plan hereby established on
the original or a succeeding eligibility date, as appropriate, pro-
vided they shall have completed one (1) year of service with the
designated employer preceeding such eligibility date and providing
they have attained the age of twenty -five (25) years.
SECTION 4. Contributions.
5.01 Designated employer contributions. For each fiscal
year of the designated employer beginning with the year ending
September 30, 1977, the designated employer shall contribute the
plan hereby established to be allocated to the account of each
employee who has met the eligibility requirements hereunder an
amount equal to four (47o) percent of compensation paid to each such
employee for such year.
5.02. Mandatory contributions. Mandatory contributions
by eligible employees, hereinafter called participants, shall be
required with respect to compensation earned after October 1, 1977,
or the first eligibility on which the participant meets all the
(requirements for eligibility, whichever comes later, in an amount
equal to four (47o) percent of his compensation for the then current
year.
5.03. Voluntary contributions. Voluntary contributions
shall not be permitted.
5.04. Investment of account. No participant shall have
any right to direct the investment of his account; rather, invest-
ment of each participant's account shall be administered by the
trustees under the trust.
SECTION 5. Vesting. A participant's mandatory contribu-
tions, as well as any roll -over from an individual retirement account
or annuity or from a qualified plan, shall be fully vested and non -
forfeitable. Vesting of a participant's interest in the accrued
benefit resulting from designated employer contributions shall be
in accordance with the vesting provisions based upon completion of
the indicated number of full fiscal years of service as an employee
of the Town as follows:
Years of Service
Vested Interest
1
10%
2
20%
3
30%
4
40%
5
50%
6
60%
7
70%
8
80%
9
90%
10
100%
Section 7. Trust. By resolution adopted by the Town Commission
in pursuance of this Ordinance, the Town Commission shall adopt a trust
which will establish the duties and responsibilities of the trustees designated
herein, which shall provide for the administration and implementation of the
plan via the trust and the investment of all contributions made in pursuance
of the plan established by this Ordinance. Once established, the trust
may be revised or amended in whole or in part by resolution. No resolution
adopted in pursuance of this Ordinance and no trust adopted by any resolution
hereunder shall be in derogation to the provisions of this Ordinance; rather,
they shall be dependent on this Ordinance and construed together with this
Ordinance.
Section 8. Severability. If any section, paragraph, clause, phrase
or term of this Ordinance be declared invalid, the same shall not operate to
invalidate any other provisions if the same be severable.
Section 9. All Ordinances or parts of Ordinances in conflict herewith
be and the same are hereby repealed.
PASSED AND ADOPTED ON
DECEMBER A.D., 1977.
TEST:
Town Clerk
% Town of Gulf Stream
JOHNSTON 246 Sea Road
SASSER & RANDOLPH Gulf Stream, Fla. 33444
310 OKEECHOBEE RD.
'EST PALM BEACH, FLA.
33402
SECOND READING THIS 9th DAY OF