HomeMy Public PortalAbout2001-79 Approving the Reduction of the Village's Contribution to 401(a) PlanRESOLUTION NO. 2001-79
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, APPROVING
THE REDUCTION OF THE VILLAGE'S CONTRIBUTION
TO 401(a) PLAN NUMBER 109821 TO THREE PERCENT
(3%), BASED UPON THE FINAL ADOPTION OF THE
ORDINANCE AMENDING CHAPTER 23 "RETIREMENT"
OF THE VILLAGE CODE WHICH INCREASED THE
MONTHLY RETIREMENT BENEFIT FOR POLICE AND
FIRE EMPLOYEES TO THREE PERCENT OF AVERAGE
FINAL COMPENSATION FOR EACH YEAR OF CREDITED
SERVICE; DIRECTING THE VILLAGE MANAGER TO
TAKE APPROPRIATE STEPS TO IMPLEMENT THE
REDUCTION; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, on November 13, 2001, the Village Council adopted an ordinance on second
reading amending Chapter 23 "Retirement" of the Village Code (the "Ordinance"); and
WHEREAS, the Ordinance increased the monthly retirement benefit for police and fire
employees to three percent of average final compensation for each year of credited service; and
WHEREAS, in order to fund this increase in the monthly retirement benefit it is appropriate
to reduce the Village's contribution to the 401(a) plan for police and fire employees, plan number
109821, to four percent.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. Recitals Adopted. The recitals stated above are hereby confirmed and adopted.
Section 2. The Village Council of the Village of Key Biscayne, Florida, hereby approves the
reduction of the Village's contribution to the 401(a) plan for police and fire employees, plan number
109821, to three percent. The Village Manager is directed to take all appropriate steps to implement
this reduction.
Section 3. Effective Date. That this Resolution shall be effective immediately from and
after adoption hereof.
PASSED AND ADOPTED this 13th day of November , 2001.
MAYOR JOE I. RASCO
CONCHITA H. ALVAREZ, CMC, VILLAGE
APPROVED AS TO FORM AND LEGAL S
RICHARD JAY WEISS, VILLAGE ATTORNEY