23-1626 Amending Defined Contribution Retirement Plan for City Manager and Elected Officials RESOLUTION NO. 23-1626
A RESOLUTION OF THE CITY OF LONGWOOD, FLORIDA; AMENDING THE
DEFINED CONTRIBUTION RETIREMENT PLAN FOR THE CITY MANAGER AND
ELECTED OFFICIALS OF LONGWOOD, FLORIDA; PROVIDING FOR REPEAL OF
CONFLICTING RESOLUTIONS AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Longwood established a Florida Municipal Pension Trust Fund
(FMPTF) Defined Contribution Plan (Plan) for employees pursuant to Resolution No. 01-1038;
and
WHEREAS, the Trust Joinder Agreement to become a party to the FMPTF Master Trust
Agreement was executed on September 17, 2001; and
WHEREAS, the Plan and Trust authorizes the City Commission to amend the Plan and
Trust, in whole or in part, either retroactively or prospectively, by delivering to the Trustee a
written amendment in accordance with the limitations set out in that section; and
WHEREAS, the City Commission desires to amend the Plan and Trust to change the
mandatory employee contribution rate for the position of City Manager; and
WHEREAS, the City Commission desires to amend the vesting schedule for City of
Longwood Elected Officials and the position of City Manager from a 0% employee contribution
to a percentage amount approved by the City Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
LONGWOOD, FLORIDA, AS FOLLOWS:
SECTION I. The City Commission of Longwood, Florida, in its capacity as the Trustee
of the Retirement Plan and Trust for the employees of Longwood hereby approves the changes
as set out forth below, with additions to the Plan and Trust indicated by underlining
(underlining) and deletions by strike through (striclieR414-Fe-ugi+).
X Employee Contributions — Participating Employees are required to contribute to the
Plan on the following basis (must specify):
Percentage amount of mandatory employee contribution for employee with the title of
City Manager shall be approved by City Commission.
A Participant that is a City of Longwood Elected Official becomes Vested in his or her Employer
Non-elective Contributions Account and Employer Matching Contributions Account according
to:
Immediate vesting
Resolution No.23-1626
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® The schedule marked below:
Years of 1 2 3 4 5 6 7 8 9 10
Vesting
Service
25% 50% 75% 100% *** *** *** *** *** ***
A Participant with the title of City Manager becomes Vested in his or her Employer Non-elective
Contributions Account and Employer Matching Contributions Account according to:
The vesting schedule established in the City Commission approved written employment
agreement for his or her 401(a) Defined Contribution plan account for City of Longwood
Employer Non-elective Contributions Account and Employer Matching Contributions Account.
SECTION II. The City Commission of Longwood hereby empowers the City Manager or
his/her appointee of the City of Longwood the authority to execute such documents and
agreements as are required to effectuate this amendment of the Plan.
SECTION III. Conflicts.All Resolutions or parts of Resolutions, in conflict with this
Resolution are hereby repealed.
SECTION IV. Effective Date. This Resolution shall be effective February 20, 2023.
PASSED and ADOPTED this 20TH day of February 2023.
CITY OF LONGWOOD, FLORIDA
Matt Morgan, Mayor
ATTEST.
ichelle Longo, C, CRM, City Clerk
Approved a - . m and legality for the use and reliance of the City of Longwood, Florida,only.
4
Daniel W. Lair ity t•'ney
Resolution No.23-1626
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