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Home My WebLink AboutR-1984-026 t f4 1, , n. ,. ,'9C'n4tf3LWMlxx;e'-d 1• . I RESOLUTION NO . 26-84 A RESOLUTION OF THE CITY OF DANIA, FLORIDA, APPROVING RIDER TO GENERAL EMPLOYEES GROUP ANNUITY CONTRACT NO. GR-11117 ISSUED BY THE TRAVELERS INSURANCE COMPANY; AND PROVIDING FOR AN EFFECTIVE DATE . i WHEREAS , the General Emplyees Pension Board has reviewed a rider to the Group Annuity Contract No. GR-11117 issued by The Travelers Insurance Company and has recommended that the City Commission accept the proposed rider. NOW, THEREFORE , BE IS RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA: Section J_. That that certain rider to the General Employees Group Annuity Contract No. GR-11117 , a copy of which I is attached hereto and made a part hereof as "Exhibit A", be I i and the same is hereby accepted and approved as Rider No. 1 to said contract. i i Section 2 . That this resolution shall be in force and take effect immediately upon its passage and adoption. PASSED and ADOPTED this loth day of July 1984 . MAYOR - COMMIS I ER ATTEST: "-3/ C Y CLER - AUDITOR APPROVED FOR FORM AND CORRECTNESS FRANK C. ADLER, City Attorney j t f I � i t 1 1K. la. r4 T4 S (1 y{ S FY`fi � ;YA r J i RIDER TO BE ATTACHED TO AND FORM A PART OF GROUP ANNUITY CONTRACT NO. GR-11117 ISSUED BY THE TRAVELERS INSURANCE COMPANY, HARTFORD, CONNECTICUT TO TRUSTEES OF THE PENSION PLAN FOR GENERAL EMPLOYEES OF THE CITY OF DANIA, FLORIDA It is hereby agreed that said Contract, as constituted at the effective date hereof, be and the same hereby is amended as follows : i I . Article II of said Contract is hereby amended by the ad- dition of the following Section E: "SECTION E - DEPOSIT ADMINISTRATION FUND RECORDS i i For the purpose of establishing and maintaining The Travelers ' guarantees pertaining to the payment of Retirement Annuities provided under this Contract, The Travelers shall maintain a set of Deposit Administration Fund records which segregates the Deposit Administration Fund into Two Parts, herein re- ferred to respectively as the 'Unrestricted part of the De- posit Administration Fund ' , and the 'Restricted Part of the :._ Deposit Administration Fund ' . a. The Restricted Part of the Deposit Administration Fund at any time prior to the application of the provisions of Article V, Section B, Paragraph 4 . hereof shall in- clude the amount of single premium as determined below which would be required at such time to actually pur- chase the Retirement Annuity payable hereunder. Each such determination of single premium with respect to a particular Retirement Annuity shall be made at the ap- plicable premium rate basis used to originally establish the Restricted Part of the Deposit Administration Fund with respect to such Retirement Annuity, determined in accordance with the following sentence, on the basis of the amount of such Retirement Annuity then in force here- under and (1) in the case of Form A Retirement Annuity which is then payable to the Employee or Survivor Annuitant, as the case may be, the Employee 's or the Survivor Annuitant 's sex and age (nearest birthday) at the date of such determination, GK-31067 Page 1 Rider No . 1 i r Jr J I (2) in the case of Form B Retirement Annuity which is then payable to an Employee, the Employee 's sex and age (nearest birthday) at the date of such determination and, if his Contingent Annuitant is then living, such Contingent Annuitant 's sex and age (nearest birthday) at the date of such deter- mination, and the percentage of such Retirement Annuity which is to be continued to the Contingent j Annuitant, j I (3) in the case of Form B Retirement Annuity which is then payable to a Contingent Annuitant, the Con- tingent Annuitant 's sex and age (nearest birthday) q at the date of such determination, (4) in the case of Form C Retirement Annuity which is then payable to an Employee, the Employee 's sex and age (nearest birthday) at the date of such determination and the then remaining balance of the guaranteed number of monthly Retirement Annuity payments, s (5) in the case of Form C Retirement Annuity which is then payable to a beneficiary, the then remaining balance of the guaranteed number of monthly Retire- ment Annuity payments, and i (6) in the case of Form D Retirement Annuity which is then payable to a Beneficiary Annuitant, the then remaining balance of the guaranteed number of y ,f monthly Retirement Annuity payments . The premium rate basis to be used from time to time here- under to determine the Restricted Part of the Deposit Ad- ministration Fund shall be determined by The Travelers . The Premium rate basis to be used from and after January 1, 1980, shall be One Hundred per centum of the appropriate premium rates set forth in Article VII hereof, which pre- mium rate basis shall be used hereunder until such time as The Travelers notifies the Contractholder that a different premium rate basis is to be used; provided, however, that The Travelers guarantees that; (i) the premium rate basis to be used from January 1 , 1980, through January 1, 1982, shall not be higher than One Hundred per centum of the appropriate premium rates set forth in Article VII hereof, and GK-31067 Page 2 �J I (ii) the premium rate basis to be used hereunder to redetermine the Restricted Part of the Deposit Administration Fund with respect to a particu- lar Retirement Annuity or to actually purchase such Retirement Annuity in the event of discon- tinuance of this Contract shall be the same premium rate basis used hereunder to originally establish the Restricted Part of the Deposit i Administration Fund with respect to that Re- j j tirement Annuity. f b. The Unrestricted Part of the Deposit Administration Fund at any time shall be equal to the excess of the amount of the Deposit Administration Fund over the amount of the Restricted Part of the Deposit Administration Fund . " III. Article V, Section A of said Contract is hereby amended by the deletion of Paragraph 3 . therefrom redesignated Para- j graph "3 " . Nothing herein contained shall be held to alter, vary or affect any of the terms, provisions or conditions of said Contract other than as above stated. This rider shall be effective as of January 1, 1980. Dated at Hartford, Connecticut, on this day, December 5 , 1983 . THE TRAVELERS INSURANCE COMPANY 1I.A By -I A*� c President By Contra Registrar TRUSTEES OF THE PENSION PLAN FOR GENERAL EMPLOYEES OF THE CITY OF DANIA FLORIDA� i B - - Official Title !i 7dF� k . GK-31067 Page 3 4 i x�y ,J