HomeMy Public PortalAboutRES 86/01RESOLUTION NO. 86 -1
A RESOLUTION OF THE TOWN OF GULF STREAM, PALM
BEACH COUNT, FLORIDA, AMENDING THE PRESENT
PENSION PLAN OF THE TOWN AND BY PROVIDING FOR
A SEVEN (7%) CONTRIBUTION OF THE TOWN AS EMPLOYER
RATHER THAN (5%) BY THE EMPLOYER RESPECTIVELY AS
PREVIOUSLY PROVIDED.
WHEREAS, a meeting of the Town Commission of the
Town of Gulf Stream, Florida, was held on the 10th day of September, 1985
and
WHEREAS, there was presented to the Town Commission
the need to amend the IDS Prototype (Pension) Plan used by the Town for
the benefit of the employees of the Town.
NOW THEREFORE, be it resolved by the Town Commission of
the Town of Gulf Stream, Florida:
Section 1. SECTION III - CONTRIBUTIONS.
Paragraph 3.01 entitled "Employer Contributions" is
amended at subparagraph (1) to read as follows:
III. CONTRIBUTIONS.
Paragraph 3.01 Employer Contributions. For
each fiscal year of the employer beginning with
the year ending SEPTEMBER 30, 1986 the Employer
shall contribute to the Plan to be allocated to
the account of each Participant:
(1) An amount equal to seven (7%) of
compensation paid to each such Participant
for such year.
Section 2. All other portions of the IDS Prototype
(Pension) Plan shall remain intact and unchanged, the purpose of this
resolution being only to increase the participation of the employer from
Five (5%) to Seven (7%) for the fiscal year ending September 30, 1986, and
for each year of the employment thereafter as long as the IDS Prototype
(Pension) Plan is in existence or until further amended.
PASSED AND ADOPTED ON First READING
THIS 14th DAY OF February , A.D., 1986
(----ATTEST:
Town Clerk
�1 _-
Commissioner