HomeMy WebLinkAboutCity of Tamarac Ordinance O-1984-057Introduced by: Temp. Ord. #1126
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CITY OF TAMARAC, FLORIDA
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ORDINANCE NO. 0-84- S__�
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AN ORDINANCE AMENDING THE "RETIREMENT PLAN
FOR THE EMPLOYEES, CITY OF TAMARAC, FLORIDA';
PROVIDING A SAVINGS CLAUSE; PROVIDING FOR
CODIFICATION; REPEALING ALL ORDINANCES IN
C9NFLlCT� �� QVIDI�iC_�1 FFECTIVE DATE-
WHEREAS,the City Council of the City of Tamarac,
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Florida, upon extensive examination of the City's Pension
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Plan, is desirous of amending and codifying said Plan known
as "Retirement Plan for the Employees, City of Tamarac,
Florida", in order to improve the employees' Pension Plan;
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and
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WHEREAS, the City Council of the City of Tamarac,
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Florida further desires to preserve all benefits accrued to
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date and effect a prompt and orderly transition of all assets
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to the amended Plan and all assets whatsoever of the City
employees under the existing plan; and
WHEREAS, the Pension Board has reviewed this ordi--
nance and recommends its adoption.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
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OF THE CITY OF TAMARAC, FLORIDA:
$ECT20— That Section 19-1.2 of the Tamarac
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City Code is hereby created to provide as follows:
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"Sec. 19-1.2. Retirement Plan for the Employees of
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the City of Tamarac, Florida.
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A. Legi5l ti_t_e_The City of Tamarac,
,p_e.c1Lr__tion.
in recognition of the need to provide a
retirement program for the benefit of City
employees, has established a plan to be known
as "Retirement Plan for the Employees of the
City of Tamarac, Florida." The provisions of
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the plan as provided herein may be amended from
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time to time to assure conformance with the
requirements of any State and/or Federal laws
Rev. 6/28/84
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and to preserve and maintain the interests of
the participants in the plan.
B. ��?DQ_ pose. This Plan shall be known as
the "Employees Retirement Plan for the City of
Tamarac, Florida." The purpose of this Plan is
to provide eligible employees with retirement
benefits.
C. Wherever used herein, the
following words and phrases shall have the
meanings set forth below unless a different
meaning is plainly required by the context.
"CITY" shall mean the City of Tamarac, Florida,
a municipal corporation.
1. "Employer" shall mean the City of Tamarac,
Florida.
2. "Employee" shall mean a full-time per-
manent Employee whose customary employment
is at least forty hours per week and
twelve months per year.
3. "General Employee" shall mean any person
other than a Police Officer or Firefighter
who is employed on a full time basis on or
after June 1, 1975.
4. "Police Officer" shall. mean any person
employed by the City on a permanent basis
on or after June 1, 1975, and who is
classified by the City as a zy=__an_d
certified Police Officer.
5. "Firefighter" shall mean any person em-
ployed by the City on a permanent basis on
or after June 1, 1975, and who is classi-
fied by the City as a certifie Fire--
fighter.
6. "Member" shall mean a General full time
Employee, Police Officer or Firefighter
who fulfills the prescribed participation
requirements of the Plan. Volunteer
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Employees shall be excluded from
membership in the Plan. Also excluded are
employees engaged directly by the City
Council or persons employed by the City on
a contractual basis.
7. "Service" shall mean continuous uninter-
rupted employment as a full-time Employee
since the first day of hire. Persons em-
ployed full-time and whose wages and
fringe benefits are subsidized or paid by
sources other than the City of Tamarac
shall be given credit for service at the
time that they are transitioned into
Employer paid permanent service employment
provided that.compensation for retirement
benefits is funded by such sources.
Breaks in service or continuity of employ-
ment for reasons other than military
service, illness or total and permanent
disability shall be considered as a ter-
mination of employment and the individual
considered as a rehired Employee if and
when he or she returns to work.
8. "Plan" shall mean the provisions of the
"Retirement Plan for the Employees, City
of Tamarac, Florida" as set forth in this
section or any subsequent amendment to
this section of the Code.
9. "Continuous Service" shall mean years and
completed months of service, subject to
"7" above. There shall be no benefit
accrual for service performed after the
normal retirement date.
10. "Effective date" shall mean June 1, 1975,
the effective date of this Plan.
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11. "Plan year" shall mean the twelve-month
period beginning on each October 1.
12. "Retirement date" shall mean an Employee's
normal retirement date unless an early
retirement date or a deferred retirement
date has been duly elected in which case
the term "retirement date" shall mean the
Employee's actual retirement date.
13. "Fund" shall mean Trust Fund created as
part of the Plan and into which shall be
deposited the contributions and earnings
for purposes of systematically funding
plan benefits. Deposits shall be made in
legal Reserve Life Insurance Companies
licensed to conduct business in the State
of Florida and who issue policies and/or
contracts for the purpose of providing
insured retirement benefits or any Bank,
Savings and Loan Association or other
financial institution duly licensed and
approved by an agency of the State of
Florida to provide retirement benefits for
municipal Employees.
14. "Earnings" shall mean the Employee's basic
rate of monthly compensation excluding
bonuses, overtime pay and other special
compensation as in effect at the time of
the beginning of each accrual computation
period established by the Employer.
15. "Trustee" shall mean the City Manager, the
Mayor and one fully qualified Employee of
the City of Tamarac, Florida, which
Employee shall be designated as set forth
herein. The said Trustees shall be
charged with the administration of the
Fund. The Employee member shall be
appointed by a majority of the City
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Council and shall serve for a period of
five (5) years unless the said Employee
terminates from the Plan in which event a
successor shall be named by the City
Council for the unexpired term of the
appointment. The said Employee shall have
the right to be re -appointed. In order to
conform with the effective date of the
Plan, the first term of appointment shall
expire June 1, 1980.
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The masculine pronoun whenever used shall
include the feminine.
17.
"Average monthly earnings" shall mean one
twelfth (1/12) of arithmetic average of
annual earnings for the highest five (5)
years preceding actual retirement or
termimination of a covered Employee.
Earnings after normal retirement date
shall not be used in computing the average
monthly earnings.
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"Administrative Board" shall mean the
administrative body which shall supervise
and manage the plan as herein provided.
19.
Fiduciaries and Fiduciary responsibility.
A "fiduciary" shall be any person or
entity who exercises any discretionary
authority or control regarding regular,
ongoing management or administration of
the Plan or Plan assets, and any person or
entity who renders or who has authority or
responsibility to render investment ad-
vice.
D. Memberzhiz)_.
Each Employee, in the active
service
of the Employer as of June 1, 1975,
shall
become a Member of the plan as of June 1,
1975.
Each other Employee shall become a
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E.
Member of the plan on the first day of the
month next following the attainment of age 18
and the completion of one (1) year of service.
No employee engaged directly by the City
Council or employed on a contractual basis,
may, however, be included as a member of this
Plan. Any person covered by the Plan on
2/13/80, the effective date of this ordinance, --
shall have the option of electing to continue
or discontinue participation; such election
shall be irrevocable. Rehired Employees,
regardless of the period of previous employment
with the City shall be considered as new Em-
ployees. Employees may be required to complete
an application form if so requested by the
Trustees.
1 • Tmal--R��€I��s€. The normal
retirement date for each Member of the
Plan shall be the first day of the month
coinciding with or next following the
Member's sixty-fifth birthday except for
Police Officers (as defined in Chapter
185, Florida Statutes) and Firefighters
(as defined in Chapter 175, Florida Stat-
utes) who are Members of this plan. The
normal retirement date for member Police
Officers covered by Chapter 185, Florida
Statutes, shall be the first day of the
month coinciding with or following their
fifty-seventh birthday. The normal
retirement date for Firefighters covered
by Chapter 175, Florida Statutes shall be
the first day of the month coinciding with
or next following their fifty-fifth
birthday.
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2 • F� —� � x II� L� Qcaip.. A Member other
than a Police Officer as covered by
Chapter 185, Florida Statutes, or a Fire-
fighter as covered by Chapter 175, Florida
Statutes, who has completed ten (10) years
of service with the Employer may elect to
retire on the first day of any month
coinciding with or next following the
Member's fifty-fifth birthday. A Police
Officer or a Firefighter covered by
Chapters 175 and 185 respectively who has
completed ten (10) years of service with
the Employer may elect to retire on the
first day of any month coinciding with or
next following the Member's fiftieth
birthday. The benefits payable to the
Member who elects early retirement shall
be reduced one fifteenth (1/15) for each
of the first five (5) years and one
thirtieth (1/30) for each of the next five
(5) years by which the starting date of
the benefit precedes the normal Retirement
Date for such Member (i.e. General
Employee, Police Officer or Firefighter).
3 • NQI.Ms�pe.fit: All Normal and
Early Retirement benefits shall be payable
for life and cease upon death, unless
prior to retirement the Member had select-
ed an optional form of benefit payment.
4. I?.QA participant
remaining in the employ of the employer
after his/her normal retirement date shall
have the right to receive benefits com-
mencing at his/her deferred retirement
date, but in no event shall the commence-
ment of benefits be deferred beyond the
participants actual retirement date.
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There shall be no benefit accrual with
respect to salary earned or service per-
formed after the normal retirement date.
There shall be no employee contribution to
the Plan after the normal retirement date.
Benefits payable by reason of the deferred
retirement shall be paid commencing no
later than the first day of the month
following actual retirement. Benefits
shall be in the normal form, unless prior
to retirement the Member has selected an
optional form of benefit payment.
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1. MgmJ22tsjbUtjons :
a. Lmottnt. Members of the Retirement
System shall make regular contribu-
tions at a rate of one percent (1%)
of earnings, except that Firefighters
shall make contributions at the rate
of five percent (5%) of earnings and
Police Officers shall make contribu-
tions at the rate of five percent (5%)
of earnings.
b. In-terest. Interest shall be credited
annually to Member Contributions at a
rate provided by resolution of the
City Council but not less than five
percent (5%).
c• R-ef_P . All benefits
payable under this System are in lieu
of a refund of Accumulated Contribu-
tions. No refund of Member contribu-
tions may be made as long as the
Member remains a Member of the plan.
If the Member should terminate member-
ship in the plan prior to payment of
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retirement benefits, his accumulated
contributions will be returned to him.
No contribution shall be made by a
Member after his normal retirement
date and/or after his employment with
the City is terminated for any reason
whatever.
2. St-at.g— gntr, blat, Qns. Any monies
received or receivable by reason of laws
of the State of Florida, for the express
purpose of funding and paying for retire-
ment benefits for Police Officers and
Firefighters of the City shall be deposit-
ed in the Trust Fund comprising part of
this System.
3. City Cont112utIDns. So long as this
System is in effect, the City shall make
an annual contribution to the Trust Fund
in an amount at least equal to six and
eight -tenths percent (6.8%) of covered
Member payroll. The total cost for any
year shall be defined as the total of
Normal Cost plus the additional amount
sufficient to amortize the Unfunded
Accrued Past Service Liability over a
forty (40) year period commencing with the
fiscal year in which the Effective Date of
this System occurs.
4. Private donations, gifts, and
contributions may be deposited to the
Fund, but such deposits must be accounted
for separately and kept on a segregated
bookkeeping basis. Funds arising from
these sources may be used only for addi-
tional benefits for Members, as determined
by the Board, and may not be used to
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reduce what would have otherwise been
required City contributions.
A11 C=XIb_qIiQr4. All contributions
(City, Member, State) including funding
from other sources shall be held by or in
custody of the Employer or any other en-
tity, including insurance carriers or
trustees, for purposes of funding pension
benefits for members herein, shall be
included in this fund, including any
interest gathered by these monies and
shall be transferred into this fund. The
earnings on investments shall remain in
the fund and will be included in the
annual review and evaluation. (If the
total amount in the fund exceeds the
amount of the benefit program, the benefit
program may be increased, accordingly.)
All City, Member and State contributions,
as well as all other contributions whatso-
ever which are intended for this Fund,
plus all earnings and increments thereon
shall. be deposited into and held in the
Trust Fund established as part of this
Plan; provided, however, the Administra-
tive Board shall have the authority to
delegate custodian and investment author-
ity and power to any entity or entities so
designated by it, in which event the
responsibilities for custodianship and/or
investment, as the case may be, shall be
reposed in any such entity so designated.
City contributions shall be deposited into
the Fund on a quarterly basis; Employee
contributions shall be deposited into the
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Fund on a monthly basis, and all other
contributions received for Plan purposes,
including State refund monies, shall be
deposited within thirty (30) days of
receipt by the City.
6. fDjfgt.Ures. To the extent that it is not
required for the funding of any vested or
retirement benefits, monies remaining in
the Fund which had previously been
contributed in order to fund such benefits
shall serve only to reduce current and
future contributions under this Plan.
There shall be no reversion of any assets
whatsoever to the Employer except as
provided in Sections N.
G. Retirement benefits under
the plan shall be payable commencing on the
Member's actual retirement date, unless
otherwise designated in writing by the Member
and approved by the Administration Board.
1. isgm�t�f-_D.QDefIt, - The monthly
retirement benefit shall be equal to one
and one-fourth percent (1 1/4%) of Average
Monthly Earnings for general employees,
one and three-quarter percent (1 3/4%) of
average monthly earnings for Police
Officer and two and one-half percent
(2 1/2%) of average monthly earnings for
Firefighters as average monthly earnings
defined herein times years and fully
completed months. of Continuous Service,
commencing on his Normal, Deferred or
Early Retirement Date and continued
thereafter during his lifetime unless
prior to retirement the Flember had
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selected an optional form of benefit
payment. There shall be no change in
benefit amounts except by Amendment to the
Ordinance establishing this Flan and
following appropriate actuarial evaluation
of the Plan.
2. Barmy RetiremeD�g� The retirement
for a member who elects to retire at the
Early Retirement Date shall be reduced as
hereinbefore provided and the monthly
amount equal to his Normal Retirement
Benefit multiplied by the appropriate
percentage in accordance with the
following schedule:
SCHFDVkj_ Q R,DY PPTIRJUBUT T.
Number of Whole Years Between Early
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100.00
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93.33
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86.67
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80.00
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73.33
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66.67
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63.33
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60.00
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56.67
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53.33
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50.00
Straight lines interpolation of these
percentages will be employed where frac-
tional whole years prior to Normal
Retiremment Date are involved.
For a Participant with ten or more years
of service, in no event shall his annual
retirement benefit exceed the 1jeaser of
$75,000.00 or 100% of the average compen-
sation for his three (3) consecutive
highest paid years, or such other limits
as may be prescribed under the Internal
Revenue Code and Regulations thereunder.
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'Annual retirement benefit' shall be
deemed an amount provided by Employer
contributions in the form of a straight
life annuity without ancillary benefits.
For a Participant with less than ten years
of service, the maximum benefit otherwise
allowable shall be computed by multiplying
the otherwise allowable benefit by a
fraction, the numerator of which is the
Participant's Service with the Employer
and the Denominator of which is ten.
For purpose of applying the above limita-
tions any and all of the defined benefit
plans of the- City of Tamarac, now in
existence or hereafter adopted, shall be
considered as a single defined benefit
plan, so that such limitations shall not
be considered as applying to each such
plan(s) separately.
H. E-etirgM n Options. Each member entitled to a
normal, early, deferred or vested retirement
benefit shall have the right not more than 3
years nor less than <2 years> -91 days prior to
normal retirement date to elect to have his
benefit payable under any one of the options
hereinafter set forth in lieu of the benefits
otherwise provided herein, and to revoke any
such elections and make a new election at any
time prior to <two years> U_days before normal
retirement date. The value of the optional
benefits shall be least actuarily equivalent to
the value of the benefits otherwise payable,
and the present value of payments to the
retiring member must be at least equal to 50%
of the total present value of payments to the
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retiring member and his beneficiary. The
member shall make such a election by written
request to the board, such request being
retained in the board's file. Mg_Qp-ti-QB.5 are:
OPTION 1 Joint and Last Survivor Option.
The Member may elect to receive a benefit
during his lifetime and have such benefit
(or a designated fraction thereof) con-
tinued after his death to and during the
lifetime of his Spouse or a relative other
than his Spouse. The election of Option 1
shall be null and void if the designated
Beneficiary dies before the Member's
benefit payments commence.
OPTION 2 - 10 Years Certain and Life
Thereafter.
The Member may elect to receive a benefit
with 120 monthly payments guaranteed. If,
after payments commence, the Member should
die before said 120 monthly payments are
made, payments are then continued to his
designated Beneficiary until 120 payments
in all have been made, at which time bene-
fits cease. After expiration of the 120
monthly payments guaranteed, should the
retired Member be then alive, payments
shall be continued during his remaining
lifetime.
Option 3 - Other.
In lieu of the other optional forms enu-
merated in this Section, benefits may be
paid in any form.approved by the Board so
long as actuarial equivalence with the
benefits otherwise payable is maintained.
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I. TQjMj' Dion of Em,ploymelat . A member who has
completed at least five or more years of
service with the Employer and who terminates
service for any reason other than death,
disability or retirement will retain a vested
right under the plan. The member will be
entitled to receive at his otherwise regular
Normal Retirement Date, his vested right in the
form of a retirement benefit, as follows:
1. The pension benefits accrued to his date
of termination, payable for the life of
the Member, and commencing upon the
Member's attainment of his otherwise
Normal Retirement Age, provided he does
not elect to withdraw his Member contribu-
tions, in the discretion of the Member;
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2. Refund of Accumulated Contributions, in
which event no pension benefit shall be
payable.
Regardless of the provisions of the Vesting
provisions, any Member attaining Normal
Retirement Age shall be fully vested (100%) to
retirement benefits accrued to Normal
Retirement Date or actual retirement date, if
later.
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The vested benefit for a Member shall be
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determined per the following schedule:
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Percentage of Vested
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5 25%
6 30%
7 35%
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8 40%
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9 45%
10 50%
11 60%
12 70%
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13 80%
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14 90%
3.5
15 100%
J. T""f In the event the
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Member terminates employment and at such time
he has a fully vested interest in the plan, he
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may, in lieu of having such vested interest
retained for him in the City of Tamarac's
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Pension Plan elect to request the transfer of
such vested interest to another Pension Program
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that has been fully approved by the Federal
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Governmment and which plan contains provisions
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authorizing such transfer.
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This request shall be made to the Adminis-
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trative Board, which will be charged with the
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responsibility of checking the Plan to which
the Member's vested interest is to be transfer-
red to determine whether the Plan is fully
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qualified. In any event the decision of the
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Administrative Board regarding right of
transfer shall be final.
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The amount and value of the vested interest
shall be determined by the Administrative
Board, based upon actuarial determination and
such.t-ransfer, if any, will forever release the
City of Tamarac's Pension Plan and the City of
Tamarac itself from any further obligation or
responsibility to such individual Member.
K. Pre-Re-tiremgnt Dg_ath Benefits. If a member
dies before his retirement date, the value of
the Member's contributions will be distributed
in a single lump sum to the designated Bene-
ficiary.
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L. pisab�j�y^,�Qne�it:
1. ftrvice_�;QDDQ.Q1_ad: Any member, regard-
less of period of service, who receives a
medically, substantiated service connected
injury, disease or disability as deter-
mined by the Administrative Board, which
injury, disease or disability permanently
incapacitates him, physically or mentally
from his regular and continuous duty or
any other duty available within any of the
City's departments shall receive in equal
monthly installments an amount equal to
20% of earnings in effect at the date of
injury. The benefit shall commence on the
date that the disability begins and shall
be payable until death, recovery, or such
Member's regular retirement date, which-
ever occurs first. Commencing with the
normal retirement date, the benefit pay-
able shall be the regular normal
retirement benefit, computed as though the
Member had remained in active service
until his normal retirement date; average
monthly earnings shall be based upon
actual earnings during the preceding
disability. In the event of recovery
prior to the otherwise normal retirement
date, credit for service during the period
of disability shall be granted for the
purpose of subsequent retirement benefits.
2. Nons Any Member with two
years of service in the Flan who receives
a nonservice incurred injury, illness,
disease or disability, and which illness,
injury, disease or disability, permanently
incapacitates him physically or mentally
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from his regular and continuous duty or
any other gainful employment 5bLIJ receive
from the fund in equal monthly
installlments an amount equal to twenty
(20%) percent of his earnings at such
time, the amount payable from the fund
shall be in addition to other benefits
payable. Such benefit shall be payable
until normal retirement age at which tire
such member shall be paid an amount based
upon actual earnings during the years
preceding the date of disability. The
disability benefit shall commence after
ninety (90) calendar days subsequent to
the date of disability and shall be
payable for life only and cease upon the
death of such disabled Member.
3. q.-p,eCia 1--1�i1iy_f�a.��ar�����i].;
i. '"p-Befit. Upon the application of a
Member or of the head of his department,
any Member who is not eligible for a
regular normal retirement and who becomes
totally and permanently incapacitated for
duty as the result of a condition or
impairment of health caused by tubercu-
losis, hypertension, or heart disease,
which condition is not shown to be the
result of any accident or condition of
employment so as to qualify under the
service connected disability paragraph
above, it shall be presumed to have been
incurred in line of duty, unless a phys-
ical examination upon entering service
revealed that such condition existed at
that time, may be retired by the Adminis-
trative Board, providing that after a
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medical examination of such Member, the
Administrative Board finds that such
Member is totally incapacitated for fur-
ther performance of duty, that such
incapacity is likely to be permanent and
that such Member should be retired on a
service incurred disability benefit.
4. Epeci_aj__Djzabj_Utv Provision. The
Administrative Board may from time to time
provide for the appointment of physicians
who shall arrange for and pass upon all
medical examinations required under the
provisions of this article, shall invest-
igate all essential statements or certifi-
cates made by or on behalf of a Member in
connection with an application for disa-
bility or retirement and shall report in
writing to the Administrative Board its
conclusions and recommendations upon all
matters referred to it. The payment for
such services shall be determined by the
Administrative Board.
5 • 12g t eID l' QI7__s3D�__3 11
The status of each service and nonservice
incurred disability shall be determined
initially and reviewed periodically pur-
suant to uniform procedures established by
the Board; the Board shall take into full
consideration the report of the <Medical
Board> nhvsicign as regards all
disability cases. Determination of the
existence or non-existence of disability
shall be made in all cases by the Board,
acting pursuant to uniform and non.
discriminatory rules and the medical and
other relevant evidence presented. In any
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event the Board decision shall be final
2
and binding on all persons whomsoever.
2
6. pj��ilitvEX� No member shall be
3
granted a disability pension upon a
4
showing to the satisfaction on the Board:
a. That the disability resulted from a
self-inflicted wound, injury or
'
ailment; or
8
b. That the disability resulted from the
9
use of narcotics, drugs or alcoholic
40
beverages; or
c. That the disability resulted from a
12
Member's participation or involvement
23
in riots, insurrection or unlawful
14
assembly; or
25
d. That the disability resulted from a
Member's participation or involvement
in the commission of a crime or
19
unlawful act.
7. Refovery_ FroD_P!._a_ab1J1,Z. The status of
20
each service and nonservice incurred
21
disability shall be determined initially
and reviewed periodically as determined by
Z3
the Board, pursuant to uniform procedures
24
established by the Board. In the event a
25
Member who has retired on a pension on
26
account of permanent incapacity regains
�7
his full health and is shown to be physi-
cally able to perform his duties in the
29
case of service connected disability,
�D
and/or any other employment in the case of
nonservice connected disability, the Board
shall require the said Member to resume
33
his position in the respective department
34
and discontinue the pension, provided
35
however, that, if such Member shall have
36
been retired for nonservice connected
21
2
2
3
4
8�
9
12
1.3
24
15
9
20
23
24
25
26
29
So
71
33
34
35
36
disability, and shall after resuming his
portion pay into the fund an amount equal
to the aggregate contributions plus inter-
est at a rate to be determined by the
Administrative Board (computed upon his
annual earnings at the time of his dis-
ability retirement) he would have been
required to make hereunder, as determined
by the Board, during the period of his
disability retirement had he not been
retired, such Member shall receive credit-
able service for the period of such dis-
ability retirement, as well as for the
period of continuous service prior to the
date of disability.
M . Dej1kf 1.c1=.X .
1. A Member may designate a Beneficiary on a
form prescribed by the Administrative
Board (with the right to change such
designation) to receive payments, if any,
to which the Member may be entitled under
this plan. However, such Beneficiary must
be named prior to the time when the Member
would be entitled to receive benefits.
wbo j_s a minor_.Qi_.uDdtx__LnyQfbt-r_legal
of__dgsjanation
or
Qis�iy� dr
22
r v,
3
4
If no _-eJ. DD—.is made1,_Pavme1�
"_C�hene£iciary
quch
9
y „j
gnij n,s 4fh2_p1AD,-J;-Q4YiJe__for anv
3""
trii -t or ±.bex ..pec�eci_d zp -.5!JUQn--Qf—tba
�fTblf��ilfy��f_ the
14
b�1� _ se z-e__ pDn--_ - T)roper
s fr i�a Q i. _ in _ �f��fg
any-benefjQjarv..
N. �gpg�Q_ovisons: No sum payable with
respect to a Member may be assigned, commuted
9
or encumbered by the payee, and, to the extent
20
permitted by law, no such sum shall in any way
2:
be subject to any legal process or subject the
same to the payment of any claim against such
23
payee. Membership in the plan gives no right
24
or claim to a benefit beyond that expressly
25
provided by the plan. All rights and claims
26
are limited as set forth in the plan and are
further limited to the extent of the funds
available thereunder. Each Member entitled to
29
benefits under the plan shall furnish to the
Administrative Board such evidence, data or
information as the Board considers necessary or
desirable in order to properly administer the
33
plan. If any information has been mis-stated
34
on which a benefit under this plan with respect
15
to a Member was based, such benefit shall not
36
be invalidated but the amount of the benefit
23
1
2
3
4
c;
9
20
21,
23
24
25
26
7
33
34
35
36
shall be adjusted to the proper amount as
determined on the basis of the correct infor-
mation. Overpayments, if any, with interest as
determined by the Board shall be charged
against any payments accruing with respect to
the person. In the event the age mis-statement
would be younger, the plan does not provide for
increased benefits due to such age mis-state-
ment. The Board reserves the right to require
proof of the age of any person entitled to a
benefit under this plan. At the time of
retirement, each Member who retires shall
receive a certification outlining the amount of
the benefits payable and the conditions of
payment. This will be provided by the Admin-
istrative Board. If monthly payments would
provide less than $60.00 per year the Board may
direct that a single sum payment, in an amount
actuarially equivalent to the value of the
annuity be paid to the person. If the Board is
unable to authorize any payments to any person
entitled to payments under this plan because
the identity or whereabouts of such person is
unknown and if, more than six years after or
during which such payments are payable, a
notice is mailed by certified mail to the last
known address of such person as shown on record
and within three (3) months of such mailing
such person has not made claim for such
payments, the Board may direct that such
payment and all remaining payments, otherwise
due to such person be cancelled. Any
forfeiture under this plan shall be used to
reduce the Employer contributions and/or
Administrative costs and not to be used to
increase the benefits for any member of the
24
plan prior to the time when the plan may be
2
terminated or contributions by the Employer
2
discontinued. The provisions of the contract
3
shall govern with respect to all rights and
4
obligations of the Carrier.
0 • hg--FIL .. The
right is reserved by the Board and the City
Council of Tamarac to modify or amend this plan
8
from time to time to any extent that it may
9
deem advisable including, but without limiting
the generality of the foregoing, any amendment
deemed necessary to insure the continued quali-
12
fication of this plan under the provisions of
23
the Internal Revenue Code. No amendment shall
14
have the effect of reverting in the Employer
15
the whole or any part of the assets of this
plan or of diverting any part of the assets of
this plan to purposes other than for the ex-
19
clusive benefit of the Members and their bene-
ficiaries at any time prior to the satisfaction
20
of all the liabilities under this plan with
respect to such persons. In the event of the
termination of this plan, or in the event the
suspension or discontinuance of Employer con-
24
tributions leads to the termination of this
25
plan, no Employer contributions shall be made
26
for the period following the date of such
27
termination and no employees shall thereafter
28
become Members in this plan. Upon termination
29
of this plan each member will be entitled to
receive his proportionate share of the amount
j
that has been credited to him and based on all
other provisions of the plan, including the
33
right of vesting. In the event the plan is
34
terminated, the value of the benefit may be
35
withdrawn in a single sum amount upon the
election of the Member, or if not withdrawn in
25
2
2
3
4
I
e
9
12
33
24
1rl
9
20
21
23
24
25
26
27
28 '
29
Jrd
L'.
33
34
I5
36
a single sum amount it may be applied under and
in accordance with the provisions of the con-
tract to provide a monthly payment to each
member if he is entitled thereto under
Section G of this plan. However, in the event
the plan is terminated there shall be no joint
annuitant named to receive the benefits of the
Member as previously provided in the plan.
P. Bdminl.1Y�_Qs�s1
1. Composition. The general administration
and responsibility for the proper operation
of the retirement plan and for making
effective the provisions of this article
are hereby vested in Administrative Board
consisting of eight (8) voting members and
three (3) alternate members as follows:
One (1) Member and one (1) alternate Member
representing the general employees duly
elected by the Membership.
One (1) Police Officer and one (1)
alternate Police Officer duly elected by
the Police Members.
One (1) Firefighter and one (1) alternate
Firefighter duly elected by the Fire
Members.
One (1) Mayor.
One (1) City Manager or his Designee.
One (1) Director of Finance.
One (1) Member designated by the Charter
Board.
One (1) Trustee.
The alternate members may vote in the
absence of the regular member. The
alternate member shall be elected for the
same term as the regular member.
2. Terms of Office. The terms of office of
26
1
2
3
4
12
13
14
15
8
9
20
71,
,Li
24
25
26
27
28
29
Jrd
�l
33
34
35
each appointed Board member shall be three
(3) years except that the initial terms of
these appointed Board Members shall be for
the period to expire April 1, 1978 to
conform with the City elections. The
initial terms shall commence immediately
after the plan is accepted. Terms of
office of the City Manager and Director of
Finance shall become effective on adoption
of the plan and shall continue just so long
as the individuals hold their designated
positions. The terms of office of the
elected Board Members shall be for three
(3) years but the initial election shall be
established so that the Member representing
the general employees shall be set to
expire June 1, 1978 and one (1) Member of
the Police and Fire shall be elected for
the term to expire June 1, 1979 and the
other shall be for the term expiring June
1, 1980. If an elected seat on the Board
is vacated for any reason an election to
fill the vacated position shall be
conducted as soon as practical after the
vacancy occurs. The replacement Member
shall serve for the unexpired term of the
person replaced. Members of the Board
shall serve without compensation but they
may be reimbursed from the expense fund for
any necessary expenses which they may
actually expend through services on the
Board. Each Board Member shall, within ten
(10) days after his appointment or election
take an oath of office before the City
Clerk of the City that so far as it
develops upon him he will diligently and
honestly administer the affairs of the said
27
2
2
3
4
e
9
12
13
14
15
IL
20
71
23
24
25
26
29
�d
33
34
i5
36
Board and that he will not knowingly
violate or willingly permit to be violated
any of the provisions of the law applicable
to the retirement system or the provisions
of the plan that has been established.
Such oath shall be subscribed to by the
Members making it and certified by the City
Clerk and filed in her office.
3. Voting Procedures. The Board shall
organize itself, electing a Chairman, a
Vice -Chairman and a Secretary. Each Member
shall be entitled to one (1) vote on the
Board. A majority vote of those present,
where a quorum is in attendance, shall be
necessary for a,decision at any meeting of
the Board. The Chairman shall have the
right to one (1) vote only. A quorum shall
consist of four (4) Members. Any Member
who neglects the duties of his office as
determined by the Board may be removed by a
two-thirds vote of the Board.
4. Duties and Responsibilities. The duties
and responsibilities of the Board shall
include, but not necessarily be limited to
the following:
a. To construe the provisions of the
system and determine all questions
arising thereunder, and maintain the
plan at all times in compliance with
Florida law.
b. To determine all questions relating to
eligibility and participation.
C. To determine and certify the amount of
all retirement allowances or other
benefits hereunder and to provide each
Member with a certificate stating his
04-11
approved benefits as of the date of his
1
retirement.
2
d.
Have actuarial evaluations of the
3
system performed as deemed necessary
and annually, unless there is a
specific reason for not requesting an
annual evaluation in which event the
x
Trustees shall be so notified in
8
writing as to the reason the evaluation
9
is not needed.
e.
Establish uniform rules and procedures
to be followed for Administrative
purposes, benefit applications and all
23
matters required to properly administer
24
the plan.
25
f.
To distribute at regular intervals to
members information concerning the
plan.
g.
To receive, process and approve all
9
applications for participation and
20
benefits and to notify the City Finance
21
Department of approved benefit
payments.
23
h.
To perform such duties as are specified
24
in the plan.
25
i.
To review reports of the Trustee and
26
Investment Advisor, if any.
j.
To submit copies of all annual reports
to the City Council.
29
k.
To conduct meetings with the Trustees
and/or Investment Advisor not less than
once every three (3) months of the
year.
33
1.
Perform any and all other duties as
34
may, from time to time, be assigned by
�5
the City Council and/or as is
29
2
2
3
4
1.
8
9
�w
12
13
14
15
9
20
24
25
26
27
28
29
SD
I� 1
33
34
IS
36
determined by the Board and/or
Trustees.
m. Assure that Member contributions are
deposited into the Trust Fund at least
monthly, City contributions at least
quarterly and State refund monies
within 30 days of receipt by the City.
n. Assure that all regular and special
actuarial reports are filed with the
Florida Division of Retirement in
Tallahassee, Florida, within 60 days of
receipt from the actuary.
o. Have actuarial valuations performed on
a regular basis. Have special
actuarial work performed in advance so
as to determine cost impact of any Plan
changes or amendments prior to their
adoption and the last public hearing
thereon. File any such reports
promptly with the Florida Division of
Retirement.
p. To maintain a minute book containing
the minutes and records of the
proceedings and meetings of the Board.
q. Annual Report to Participants. To
direct staff to see that there shall be
furnished to all Members upon initial
employment or participation, and
thereafter on an annual basis, a
written Plan description which shall
include a summary of pertinent finan-
cial and actuarial information and a
statement on the financial solvency of
the Plan and Fund.
r. Claims Procedure for Participants and
Beneficiaries Upon Denial. of Claim.
1) Provide to any member or Benefi-
30
1
2
2
3
4
8
9
.12
13
14
15
9
20
.,,
21
24
25
26
717
28
I
29
3rd.
33
34
3%
ciary whose application or claim
for benefits has been denied a
written notice setting forth the
specific reasons for such denial,
the reasons therein to be clearly
and fully explained so as to afford
such Member or Beneficiary a clear
understanding of the decision
rendered.
2) Provide to any Member or
Beneficiary whose application or
claim for benefits has been denied,
the right to a re --hearing and a
fair and full review by the Board
regarding the facts, circumstances
and information pertaining to the
claim and the reasons for denial of
such claim.
5. Fiduciaries --Standards of Responsibility.
All fiduciaries shall discharge their
duties with respect to the Plan solely in
the interest of Participants and
Beneficiaries, and more particularly as
follows;
a. For the exclusive purpose of providing
benefits to Participants and their
Beneficiaries, and defraying reasonable
Plan administrative expenses; and
b. With the care, skill, prudence, and
diligence under the circumstances then
prevailing that a prudent man acting in
a like capacity and familiar with such
matters would use in the conduct of an
enterprise of a like character and with
like aims; and
31
1
2
3
4
8
9
12
13
14
1.5
9
20
21,
2:i
24
25
26
2,
26
29
16
33
34
35
36
c. By performing their duties in accor-
dance with the documents and instru-
ments setting forth and governing the
Plan.
6. Delegation of Authority. The Board, in its
descretion, may appoint and delegate to
other persons or entities such functions as
Fund custodian or trustee, investment
advisory or investment management func
tions, accounting, legal and actuarial
functions, and such other duties and
functions as may be deemed necessary by the
Board to the overall administrative
requirements for the effective and proper
operation of the Plan and Trust Fund. In
such event, and to the extent that such
functions are delegated, the responsibility
for such duty or function so delegated
shall be reposed upon such appointee;
provided, however, that the Board shall not
be relieved of the responsibility for
reviewing and monitoring at regular,
periodic intervals, on a prudent basis, the
reports rendered by and the acts of any
such appointee.
Q. 5EYE BJL,=: Should any section or provisions
of this Plan or any portion hereof or any
paragraph, sentence, or word be declared by a
Court of competent jurisdiction to be invalid,
such decision shall not affect the validity of
the remainder hereof as a whole or any part
hereof other than the part declared to be
invalid."
,5_E_C.1T1Q Z: Specific authority is hereby granted to
codify this ordinance.
MOTION 3: All ordinances or parts of ordinances
32
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2
3
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9
20
23
24
25
26
77
z
29
JD
I
33
34
3S
in conflict herewith are repealed to the extent of such
conflict.
SB.CTIQN_ A.: This ordinance shall become effective
upon adoption or as quickly thereafter as provided by law.
PASSED FIRST READING THIS 1L�day of , 1984.
PASSED SECOND READING THIS day of _____', 1984.
K
2WA--
.!
ATTEST:
CITY CLERK
I HEREBY CERTIFY that I have approved
the form and correctness of this
1027DO40584/t
RECORD OF COUNCIL VOTE
MAYOR:
KRAVITZ,�
DISTRICT4:
V/M STEIN „ „Q*FG�
DISTRICTS:
C/M STELZER
DISTRICT2:
C/N1 MUNITZ
DISTRICTI:
C/M
33