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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