§ 7-192. Contributions.

(a)

Amount of plan contribution. Each plan year the city shall contribute to the trust an amount equal to six hundred forty-eight dollars ($648.00) per plan participant.

(b)

Amount of supplemental contributions. Each plan year [the] city will set aside three hundred nineteen dollars ($319.00) per participant to assist participants in paying their personal income taxes as a result of their vested percentage in the plan. The following schedule depicts the amount of supplemental contribution for a plan participant with no past service credit:

Year	Supplemental Contribution Held by City	Supplemental Contribution Paid to Plan Participant
1	$319.00	$0.00
2	319.00	0.00
3	319.00	0.00
4	319.00	0.00
5	319.00	0.00
6	319.00	383.00
7	319.00	510.00
8	319.00	638.00
9	319.00	766.00
10	319.00	893.00
11—30	319.00	319.00

 

(c)

Due date of city plan and supplemental contributions. The city plan and supplemental contributions made by the city with respect to a plan year shall be paid to the trustees, and deposited into a separate city account, respectively, no later than the March 31 immediately following the last day of the plan year.

(d)

Forfeitures. Any forfeitures arising under this plan pursuant to section 7-193(b) shall be used to reduce the city's contributions.

(e)

Return of contributions. When all vested accrued benefits which have or may become payable pursuant to the terms of the plan have been distributed, any assets remaining in the trust fund shall be paid by the trustees to the city in accordance with paragraph 14 of the City of Coral Springs Volunteer Firefighters' Trust Agreement dated September 4, 1990, as amended (hereinafter the "trust agreement").

(f)

Grantor trust. Notwithstanding anything to the contrary in the plan or the trust agreement, the trust is intended to be a grantor trust with the result that the corpus and income of the trust be treated as assets and income of the city pursuant to Sections 671 through 679 of the Internal Revenue Code of 1986, as amended from time to time, and shall at all times be subject to the claims of creditors of the city.

(Ord. No. 94-131, § 1, 6-7-94; Ord. No. 95-039, § 1, 7-18-95)