File #: 8650-14    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 11/18/2014 In control: Human Resources
On agenda: 12/1/2014 Final action: 12/4/2014
Title: Amend Chapter 2, Article V, Division 6, Section 2.506 of the City of Clearwater Code of Ordinance and Section 8.3 of the City of Clearwater Money Purchase Plan complying with the Internal Revenue Code and pass Ordinance 8650-14 on first reading.
Attachments: 1. 8650-14.pdf, 2. 8650-15 Ex A.pdf
SUBJECT/RECOMMENDATION:
Title
Amend Chapter 2, Article V, Division 6, Section 2.506 of the City of Clearwater Code of Ordinance and Section 8.3 of the City of Clearwater Money Purchase Plan complying with the Internal Revenue Code and pass Ordinance 8650-14 on first reading.
 
Body
SUMMARY:  
 
The ordinance amends Section 8.3, Lump Sum Payments, requiring the Plan Administrator to make a lump sum payment for contributions exceeding $1000 to an individual retirement plan of a designated trustee if the distributee has failed to make an election after termination of employment.