Form 12509 for Pompano Beach Florida 2018-2024

Form 12509 for Pompano Beach Florida: What You Should Know

These schedules are prepared under  Florida law to implement the provisions of the state's comprehensive plan of the Florida Retirement or, if the state fails to implement said plan, the  Federal Plans We understand that, as a result of the failure of the plan to comply with the provisions of federal law in this state relating to state retirement programs, the following state and local retirement funds with which the City of Pompano Beach has contracts for the payment, benefit amounts, or benefits to the City are jointly and severally liable to the City of Pompano Beach under the following conditions that arise from the failure to comply with the provisions of section 18(b) of the federal Employee Retirement Income Security Act of 1974, and title I (relating to the Employees Retirement Income Security Act of 1974). (a) The failure to obtain approval of the plan within six months prior to December 1, 1982. (b) The plan's failure to develop and implement effectively a method to distribute benefits to all required participants, with one or more participants' contributions being made exclusively with contributions from participating employees and with the plan's investment objective being the purchase of qualified retirement plan assets exclusively for one or more employees by a qualified mutual fund company which purchases the assets and holds them on behalf of a qualified pension plan. The failure to develop and implement a method to distribute benefits to required participants of the retirement plan prior to January 1, 1993. Under such circumstances, the retirement plan failed to comply with section 401(a)(9)” (d) The plan failure to file Forms 990-EZ, 990-T, 990-EIF, 990-NADJ, and 990-PF at any time during the period from January 1, 1992, through December 31, 1995. (e) The plan failure to file the required Form 990-EZ or 990-T for the year 1995. (f)(i) The failure to implement an alternative compensation adjustment method within 3 years of January 1, 1993, a method which requires the plan to adjust, on a per participant, aggregate, salary, bonus, benefit and annuity payments of such participant to a level equal to the employee's rate of compensation to each employee.

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