194-Atlantic National Bank of Florida
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\\'\ 01 Sanford. F'lorzCt.
Ci P. o. Box 1718 - 32771 q
Telephone (305) 322-3161
April 16, 1982
Ms. Elizabeth A. Doran
Sales Coordinator
Atlantic National Bank
of Seminole
P. O. Box 1658
Sanford, FL 32771
Dear Ms. Doran:
Attached please find completed IRA payroll deduction plan agreement,
executed by the City Manager on April 8, 1982.
The City will implement the payroll deductions effective May 1, 1982,
and those deductions made during the month of May will be remitted
to your bank by June 10, 1982, and we will follow this schedule month-
ly thereafter. This monthly remittance will be submitted with a re-
port listing the individuals' names, IRA account numbers, and amounts
of contribution.
These deductions will be made from employees who are paid either on
the weekly or bi-weekly payroll, so consequently the amount accumula-
ted during each calendar month may vary from month to month, depending
on the number of pay periods in each month.
We understand your policy is to require the participants to contribute
at least $25.00 per month.
An employee must sign the initial agreement with you and execute the
proper payroll deduction authorization, which you will send to the
Finance Office of the City. This deduction then will be effective
the first pay period in the month following the month in which the
deduction was authorized.
"The Friendly City"
. .
Ms. Elizabeth A. Doran
page 2
April 16, 1982
Also, any authorized increase or decrease in the deductions will be
executed and filed with the payroll clerk of the City, and will be
effective with the first payroll in the month following the month in
which the change is authorized.
It will also be the policy of the City, that if an employee withdraws
from the payroll deduction plan, they will not be permitted to re-enter
the plan through payroll deductions, but will have to make any desired
contributions directly to your bank.
Thank you for your cooperation, and if this office can be of any as-
sistance, kindly let me know.
Yours very truly,
H. N. Tamm, Jr.
Finance Director
HNT:js
Enclosure
. .
TRA PAYROLL DEDUCTION PLAN AGREE~~NT
This agreement made
National Bank of Florida
City) ,
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this ~ day of /J , 1982 between Atlantic
(herein called Bank) and CITY OF SANFORD (herein called
WITNESSETH:
WHEREAS, City whishes to establish an Individual Retirement Account Payroll
Deduction Plan (herein called IRA Payroll Plan) for its employees;
WHEREAS, Bank wishes to accommodate City by providing the maintenance of an
IRA Payroll Plan and to establish separate IRAs for the employees of the City to
be accessed by payroll deduction on a voluntary basis to employees;
NOW THEREFORE, the parties mutually agree as follows:
1. That this IRA Payroll Deduction Plan Agreement will be executed prior to
the provision of services. Services will commence at the first deduction period
following completion of necessary documents by the City and its employees.
2. That City elects the following processing option:
City will offer one payroll deduction option to employees. A payroll deduction
file for the employees of the City will be established and maintained by Bank.
This information will be furnished to the Bank on a report form to be furnished
by Bank and said report must be received 2 days prior to the effective date of
the transactions. It is the responsibility of the City to advise Bank of any and
all changes in the established file. The City check, in an amount equal to the
total of employee deductions, must accompany the report.
3. That City elects the following deduction option: Monthly basis
Effective Date (if applicable)
May 1, 1982.
4. That Bank will distribute appropriate payroll deduction forms to City
employees and that April 23, 1982 will be set as the date for said forms
to be returned to City's Payroll Department for the initial plan implementation.
5. That employees of City desiring to use the IRA Payroll Plan must first
establish an IRA with Bank. The Bank will establish a separate IRA for each
employee of City.
6. That Bank will service each IRA in accordance with the Participation
Certificate, IRA Agreement and Disclosure Statement to be given to the account
holder when the account is established.
7. The City will furnish Bank with a Transmittal Sheet listing IRA recipient
employees' name, IRA account number, and amount to be deposited. Transmittal
Sheet will be submitted, with a check, on a monthly basis, to Bank.
8. That Bank will credit the accounts of employees of City pursuant to advice
received from the City in a timely manner; provided however, that a check in the
total amount of credits to be made is received with such advice.
9. That Bank will furnish to City a quarterly report of its employee's IRA
accounts.
. .
IN WITNESS WHEREOF, the Bank and City have signed and sealed this IRA Payroll
Deduction Plan Agreement thisC, ,.'-1, day of //,,' - , 1982.
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By:
ATLANTIC
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By:
OF SANFORD
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Atlantic Bank
Atlantic National Bank of Seminole, P.O. Box 1658, Sanford, Florida 32771, Telephone 305 322-6211
April 6. 1982
Mr. Steven Harriett
Assistant City Manager
City of Sanford
P.O. Box 1778
Sanford. FL 32771
Dear Steve:
Please find enclosed the IRA Payroll Deduction Plan Agreement with all
deletions and corrections made as we had discussed. As requested. item
dealing with distribution of IRA material (item #9 of original agreement)
has been completely deleted.
Please sign where indicated and return the agreement to Atlantic National
Bank. attention: E. A. Doran. Atlantic Bank appreciates the opportunity
to extend our banking services to your employees.
I would like to personally thank you. Steve. for your cooperation and
promptness in facilitating this arrangement between Atlantic and the
City of Sanford. If you have any questions regarding the enclosure or
the program, please contact my office.
Sincerely,
Enclsoure