HomeMy WebLinkAboutR-89-55RESOLUTION NO. R-89-55
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, PERTAINING TO PENSIONS, DESIGNATING EMPLOYEES
ELIGIBLE FOR PARTICIPATION IN THE ICMA DEFERRED
COMPENSATION PLAN, DESIGNATING THE PERCENTAGE OF THE
EMPLOYEE'S SALARY TO BE PAID BY THE CITY AND THE
REQUIRED MATCH THEREOF; SETTING FORTH EXCEPTION;
PRECLUDING SUCH EMPLOYEES FROM RECEIVING AN EMPLOYER
CONTRIBUTION TO ANY OTHER CITY SUPPORTED RETIREMENT
PLAN, PERMITTING UNDESIGNATED EMPLOYEES TO PARTICIPATE
IN THE ICMA DEFERRED COMPENSATION PLAN WITHOUT CITY
CONTRIBUTION; PROVIDING FOR REPEAL OF RESOLUTIONS OR
PARTS OF RESOLUTIONS IN CONFLICT HEREWITH; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Sebastian, Florida, (employer) has
adopted Resolution R-88-41 entitled: A Resolution of the City of
Sebastian, Florida, establishing a deferred compensation plan to
be administered by the iCMA Retirement Corporation and appointing
the Finance Director as coordinator of the program; and
WHEREAS, the City Council wishes to make this plan available
to all employees.
NOW, THEREFORE, BE IT RESOLVED by The City Council of the
City of Sebastian, Indian River County, Florida as follows:
SECTION 1. Ail individuals employed by the City of
Sebastian sixty (60) days or more are eligible and may
participate in the ICMA Deferred Compensation Plan adopted by
Resolution No. R-88-41 dated May 25, 1988. The employer
contribution shall be 5% of the employee's wages or salary and
the employee contribution shall be 5% of the employee's wages or
salary except as noted herein. Employees in the plan prior to
October 1, 1989 are not required to match employer contributions.
Further, the employer or employee contributions for the position
of City Manager may be established by an employment agreement.
SECTION 2. Individuals who elect to participate in the ICMA
Deferred Compensation Plan shall not be eligible for any other
employer contribution to any other City retirement plan.
SECTION 3. Ail employees of the City of Sebastian, who are
in another City Retirement Plan in which the City contributes may
participate in the ICMA Deferred Compensation Plan on a voluntary
basis, without contribution from the employer.
SECTION 4. Resolutions or parts of Resolutions in conflict
herewith are hereby repealed.
SECTION 5. This Resolution shall be in full force and
effect on and after October 1, 1989.
CITY OF SEBASTIAN, FLORIDA
Richard B. Votapka, Mayor
Kathr~ M. O'Halloran, CMC/AME
City C~lerk
The foregoing Resolution was moved for adoption by
Councilman ~~~ The motion was seconded by
Councilman ~ ~ ~~ and, upon being put to a vote,
the vote was as follows:
Mayor Richard B. Votapka
Vice Mayor Robert McCarthy
Councilman Robert McCollum
Councilman Frank Oberbeck
Councilman Lloyd Rondeau
The Mayor thereupon declar~]d this Resolution duly passed and
adopted this ~~ day of ~~-~/~~/ , 1989.
_ ..~-I HEREBY CERTIFY that this resolution was passe~?by City
~,~.cil of the City of Sebastian, Florida, on the ~7~ day of
Kathry~, 'M.'O'Halloran, CMC/AME
City Clerk
ApproVed as~.~-~orm and Content:
C~'arl~s I. Na~h/
City Attorney
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