Resolution 01-1025RESOLUTION NO. 01-1025
A RESOLUTION OF THE CITY OF LONGWOOD, FLORIDA,
COUNTY OF SEMINOLE; AMENDING THE ADOPTION AGREE-
MENT OF THE RETIREMENT PLAN AND TRUST FOR
GENERAL EMPLOYEES; PROVIDING FOR CONFLICTING
RESOLUTIONS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, in order to establish an alternative retirement plan and opt out
of the Florida Retirement System. the City Commission joined the Florida
Vunicipal Pension Trust Fund entl ,st.blished a Retirement Plan and Trust for
the General Employees of the City of Longwood pursuant to Resolution number
95-828: and
WHEREAS, the City Commission desires to a end the adoption
egreement of the Retirement Plan and Trust for General Employees in order to
provide improved benefits to those employees in the plan, and
WHEREAS, the Impmved benefits should provide for a better quality of III
for present and future employees of the plan when retldng from the City,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF LONGWOOD THAT:
SECTION 1, Articles III- IV and VI of the Adoption Agreement of the
Retirement Plan end Trust for General Employees is hereby amended as follows:
A. Article III, section 301, subsection B3, Conditions of Eligibility
Service requirements is NONE,
B. Article III, section 3 02. subsection 34, Effective Cate of
Participation is DATE OF HIRE.
C. Article IV, section 4.02, subsection C2. Formula for
Determining Employers Contribution and Allocation is 10 0 of
EACH PARTICIPANT'S COMPENSATION.
A. Article VI, seclioti 6 04, sub.11- E1, Vesting Schedule is.
0—less than l-year
0%
i yyear __
20/
wears
40%
3 vears
60°/
4 vears
80 %
5years
100%
SECTION 2. The Clty Commission of the City of Longwood hereby
authorizes the Mayor toe Acute such d..urn _ and agreements a
required to effectuate If—, arnenrlmc"ts [o il'ie Adopf- Agraernont of [he
Reliremenf Pia" and Ti,,,, for General Empby—
SECTION 3, AdF:esolufions or parts of Resolutions, i" confil.t with this
Ree.Il l.n are hereby repealed.
SECTION 4, This resolution shall become effe bve Odd-1. 2001.
ADOPTED THIS DAY O1 � 112001.
Paul L.vestrand. Mayor
Attest
G I line D. Z—Lill Cry Cleek
Approved as to form antl IP.gali`y for the use and reliance of the Ci(y of
I. ngw.od. Fl.rida..Hly
Rcha d S. fayl.r. Jr., CiIy Altprney
COMMISSION AGENDA
REGULAR ITEM I B
Fe--, 19 2001 C DENT
Meeting Autltorizalion
M OT I O NfRECO M M E NDAT I ON:
Clp� Ad`inNtr for recommends the City commission adopt Rtso10i— g1-1025
evding the Adoption Agrecmcut fir Ike Ralrement Plan nnd'f} for the
µen raI einpinv
EXPLANATION/BACKGROUND:
Ai tha F6,b vry 5, 2001 Clly Com ling, the City Adininisttator presented a
omprehcn tof re ended improv benefits m to Ore polieeand
e ual employees tvlto ere not notered under the Plofidv Retirement Syste,,,
The City Commission approved the cemmmended changes and app—d tho requested
nudtoriznuon to implement those changes.
Rosolution 01- 1025 those clivngesmlvtive to the Retirement Plan for genervl
omployees.vhich aa:
• Increvsing the wntnbwion mte from R°o io lOo
• Reducing the vesting period fiom 10 years to 5yenes
• Reducing theeligibility period from 90 days to NONE.
• Chunging the ellecti,e Uate oCpanicipetion to date oC hire_
'Chc efCeuive date of the vbovc chnngcs is October 1, 2001_
FUNDING:
The 512,688 cost lar the chrvnees in Resolution 01-1025 gill he fund, in the EY
200Irz002 budget.
IMPLEMENTATION:
Upon Adoption of I2csol,(- 01-1025
ATTACHMENTS:
Resolution 01-I025