File #: 8612-14    Version: Name:
Type: Ordinance Status: Passed
File created: 9/25/2014 In control: Legal
On agenda: 10/13/2014 Final action: 10/15/2014
Title: Adopt Ordinance 8612-14 on second reading, amending the Money Purchase Pension Plan to comply with the Internal Revenue Code, and codifying the amended Second Restatement of the Money Purchase Pension Plan.
Attachments: 1. 8612-14.pdf, 2. 8612-14 Ex A.pdf
SUBJECT/RECOMMENDATION:
Title
Adopt Ordinance 8612-14 on second reading, amending the Money Purchase Pension Plan to comply with the Internal Revenue Code, and codifying the amended Second Restatement of the Money Purchase Pension Plan.
Body
SUMMARY:  
The City of Clearwater Money Purchase Plan was established effective August 28, 1997 and restated November 20, 2008.  The plan must be amended to comply with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).  The amendment will amend Section 6.5. Limitations on Contributions of the Plan by amending Section 6.5(b) and deleting Section 6.5(c).
This amendment eliminates the requirement to dispose of excess annual additions to contributions.
The Money Purchase Pension Plan Second Restatement was approved by City Council on November 6, 2008, but was not codified.  The current Ordinance instructs Municode Corporation to codify the amended Second Restatement.