HomeMy Public PortalAboutRES 79/06RESOLUTION NO. 79-6
A RESOLUTION OF THE TOWN OF GULF STREAM, PALM
BEACH COUNTY, FLORIDA, AMENDING THE PRESENT
PENSION PLAN OF THE TOWN AND BY PROVIDING FOR
A FIVE (5%) PERCENT CONTRIBUTION OF THE EMPLOYEE
AND A FIVE (5%) PERCENT CONTRIBUTION OF THE TOWN
AS EMPLOYER RATHER THAN FOUR (4%) BY THE EMPLOYEE
AND THE EMPLOYER RESPECTIVELY AS PREVIOUSLY
PROVIDED.
WHEREAS, a meeting of the Town Commission of the Town of
if Stream, Florida, was held on the 9th day of November, 1979,
and
WHEREAS, there was presented to the Town Commission the
ed 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 30th, 1980,
the Employer shall contribute to the Plan
to be allocated to the account of each Parti-
cipant:
(1) An amount equal to 5% of compensation
paid to each such Participant for such
year.
Section 2. SECTION III - CONTRIBUTIONS.
Paragraph 3.03 entitled "Mandatory Contributions" is
amended to read as follows:
"III. CONTRIBUTIONS.
Paragraph 3.03 Mandatory Contributions. No
Mandatory contributions by Participants shall
be required unless the following is checked
and completed:
(X) Mandatory contributions by Partici-
pants (not to exceed 6% of his Compen-
sation) shall be required with respect
to Compensation earned after OCTOBER 1,
1977, or the first eligibility date on
which the Participant meets all the
requirements for eligibility, whichever
comes later, as follows:
An amount equal to 5% of his compen-
sation for the then current year
beginning with the year ending
SEPTEMBER 30th, 1980.
Section 3. 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 employee and the employer from 4% of any employee's
annual compensation to 5% for the fiscal year ending September
30th, 1980, and for each year of employment thereafter as long
as the IDS Prototype (Pension) Plan is in existence or until
further amended.
PASSED
AND
ADOPTED ON
First READING THIS 9th
DAY OF November
, A.D.,
1979.
L-, I-, Z E y -,- - �
—Maydr
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