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HomeMy WebLinkAboutDocumentation_Pension General_Tab 19_05/03/2010 VILLAGE OF TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND STATEMENT OF POLICY REGARDING INTEREST ON REFUNDS OF CONTRIBUTIONS WHEREAS, Ordinance 10 -08 of the Code of Ordinances of the Village of Tequesta added a provision to the plan to allow interest to be paid on refunds of contributions; and WHEREAS, the Board of Trustees ( "Trustees ") of the Village of Tequesta General Employees Pension Trust Fund ( "Fund ") desire to adopt a Statement of Policy Regarding Calculation of Interest for Non - Vested Refunds of Contributions; NOW, THEREFORE, it is hereby resolved that the following Statement of Policy Regarding Calculation of Interest for Refunds of Contributions, ( "Policy ") is hereby adopted. 1. Interest on refunds of contributions will be paid at 3% per annum, compounding annually. 2. Interest is calculated based on the total amount of contributions before taxes or withholding. 3. Distributions will be made within 30 days of the Fund providing the Special Tax Notice to the member, or sooner if the Special Tax Notice is signed by the member and returned to the Pension Coordinator. The process for applying for a Refund of Contributions is as follows: • All applications for Refunds of Contributions shall be submitted to the Pension Administrator for review. Page 1 of 2 • The Pension Administrator shall review the Application for Refund of Contributions for eligibility or disqualification. • The Pension Administrator shall provide any questionable applications to the Fund's legal counsel for review for disqualification from a refund of contributions. • Applications submitted, that meet all criteria outlined in the plan document, shall be disbursed immediately on the signature of a Trustee and ratified at the next meeting of the Board.of Trustees. THIS STATEMENT OF POLICY ON CALCULATIONS OF REFUNDS OF CONTRIBUTIONS is adopted effective by the Trustees of the Village of Tequesta General Employees Pension Trust Fund on this day of 2010. TRUSTEES Witnessed by: BSJ /adt HATequesta GE 1012TOLICIMInt on Ref of Contrib.wpd Page 2 of 2