HomeMy WebLinkAboutCity of Tamarac Ordinance O-1993-02630
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Temp. Ord. # 1656
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. O-93 - j2Z�
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TAMARAC,
FLORIDA, AMENDING ARTICLE III OF CHAPTER 16 OF THE CODE OF
ORDINANCES OF THE CITY OF TAMARAC PERTAINING TO THE CIIY'S
PENSION PLAN TO PROVIDE FOR A MODIFICATION OF BENEFIT
LEVELS. AND PROVIDING FOR AN INCREASE IN RATE OF EMPLOYEE
CONTRIBUTIONS; PROVIDING FOR CODIFICATION; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac Employees' Pension Trust Fund and Pension Plan provide
for pension benefits at stated levels; and
WHEREAS; the Pension Trust Fund's Board of Trustees and the City Council wish to
provide for a modification in the stated benefit levels to provide for an increase; and
WHEREAS, the Pension Board and the City Council have determined that the additional
cost of providing increased benefit levels should be bome by the participants; and
WHEREAS, the Pension Board and the City Council have determined that it is in the
public interest to adopt the following Ordinance; and
WHEREAS, the City Council has received and reviewed a statement of actuarial impact
concerning this change in benefits; and
WHEREAS, the following amendment has been approved by the Board of Trustees of the
City of Tamarac Pension Trust Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC,
FLORIDA:
SEC-TION 1; That the foregoing whereas clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this Ordinance upon
adoption hereof.
SECTION 2: That Article III, Section 16-233 of the Code of Ordinances of the
City of Tamarac is hereby amended as follows:
Benefit levels are:
( 1) For general employees, two (2) percent of average final compensation;
(2) For firefighters, three (3) percent of average final compensation fcr thg, first
fcompensation
r
sety_ige. and three (3) DerggD.Lgf ayerage fin I compensation for -each r of
service tbgreafter:
CODING: Words ift swuek thfaagh type are deletions from existing law;
Words in underscored type are additions.
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Temp. Ord. # 1656
(3) For police officers, two (2) percent of average final compensation;
(4) For employees who served in more than one (1) of the above classifications:
a. Voluntarily, the amount of pension benefit shall be calculated by
multiplying the vesting credits earned in each classification by the
benefit level for that classification.
b. Involuntarily due to transfer to another classification due to physical or
mental disability, or the elimination, transfer or merger of the city's
police or fire departments or the contracting out of the work performed
by any department, the benefit level shall be calculated by multiplying
the vesting credits earned for all years of service by the benefit level for
the original pretransfer classification, provided that service as a
firefighter, police officer and general employee shall be accounted for
separately and benefits shall be paid accordingly from the appropriate
accounts of the plan.
SECTION 2 That Article III, Section 16-133 of the Code of Ordinances of the
City of Tamarac is hereby amended as follows:
Sec. 16-133. Participant contributions.
a. All participants shall make regular contributions at the rate of five (5%)
percent of total cash remuneration paid for services rendered to the city,
which shall be deposited in the fund at least monthly. The city shall
assume and pay participant contributions in lieu of payroll deductions
from participants' earnings. No participant shall have the option of
choosing to receive the contributed amounts directly instead of having
them paid by the city directly to the plan. All such contributions by the
city shall be deemed and considered as a part of the participant's
accumulated contributions and subject to all provisions of this plan
pertaining to accumulated contributions of members. This city pickup of
contributions is the result of a five -percent reduction of each
participant's base pay and of base pay levels which occurred on October 1,
1986, and is intended to comply with section 414(h)(2) of the Internal
Revenue Code.
SECTION 3: Specific authority is hereby granted to codify this Ordinance.
SECTION4: All Ordinances or parts of Ordinances in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 5: If any provision of this Ordinance or the application thereof to any
person or circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this Ordinance that can be given affect without the invalid provision or
application, and to this end the provisions of this Ordinance are declared to be severable.
CODING: Words in sweek tlifeuo type are deletions from existing law;
Words in type are additions.
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SECTION 6: This Ordinance shall become effective immediately upon its
passage and adoption and shall apply only to all pension plan participants retiring on or after
the effective date hereof.
PASSED, FIRST READING this day of 1993.
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PASSED, SECOND READING this ? day of 1993.
H.L. B ER
MAYOR
ATTEST:
`CAROL A. EVANS
CITY CLERK
I HEREBY CERTIFY that I have
approved this • INANya"s
f n
r ITC
S. CRAFT
�CIIY ATTORNEY
RECORD OF COUNCIL VOTE
(PensionArtl I I Chap 1 6.ms) MAYOR
DIST 1:
DIST. 2:
DIST. 3:
DIST. 4:
CODING: Words ' type are deletions from existing law;
Words in u derscored type are additions.
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