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Home My WebLink AboutCity of Tamarac Ordinance O-1997-024Temp. Ord. # 1810 Page 1 October 30, 1997 Revision #1 11/7/97 Revision #2 11 /24/97 Revision #3 11 /24/97 Revision #4 11/25/97 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-97-� AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AMENDING CHAPTER 10, ARTICLE III, OF THE TAMARAC CODE TO PROVIDE CERTAIN MEMBERS AN OPTION TO ADDITIONAL SERVICE AND/OR AGE CREDITS AND RETIRE AT A HIGHER BENEFIT RATE BASED ON A TEN POINT SELECTION PLAN; PROVIDING FOR CODIFICATION; PROVIDING FOR REPEALER; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Tamarac is considering a special early retirement program for its general employees; and WHEREAS, early retirement incentives relax some of the usual retirement criteria to allow employees an earlier retirement than would otherwise be possible, or offer an improvement in benefits to induce retirement among people who are already eligible but who would otherwise postpone their retirement in order to earn higher benefits; and WHEREAS, a successful early retirement program will permit a reallocation of resources and positions enabling the organization to operate more efficiently; and WHEREAS, an early retirement program provides a "win -win" opportunity to the employer and employee for assessing and effecting organizational change; and CODING: ` V9Fd^ in rtF "'L thF9U9" type are deletions from existing law; Words in underscored type are additions. Temp. Ord. # 1810 Page 2 October 30, 1997 Revision #1 11/7/97 Revision #2 11 /24/97 Revision #3 11 /24/97 Revision #4 11 /25197 WHEREAS, the City of Tamarac Pension Plan pursuant to the City Code, Chapter 16, pensions and retirement, provides for the method, rules and procedures for the payment of retirement pension benefits; and WHEREAS, the City Commission has received and reviewed an actuarial impact statement describing the actuarial impact of the augmented benefits and costs of the early retirement program from the pension trust fund's actuaries, Gabriel, Roeder, Smith and Company; and WHEREAS, the City has considered an analysis of costs compared to benefits of the early retirement program; and WHEREAS, the City has reviewed legal considerations including the Older Workers Benefit Protection Act and the waivers authorized therein in implementing an early retirement program; and WHEREAS, the City recognizes that the opportunity for augmented retirement benefits can only be offered for a limited amount of time and to a limited number of employees, based upon service with the City, in order to maximize the payroll savings to be realized through augmented early retirement benefits while preventing disruption to the essential services provided by the City; and CODING: WeFdr. OR StMek thFaugh type are deletions from existing law; Words in underscored type are additions. Temp. Ord. # 1810 Page 3 October 30, 1997 Revision #1 11/7/97 Revision #2 11/24/97 Revision #3 11 /24/97 Revision #4 11 /25/97 WHEREAS, the City Manager recommends approval of changes to the Tamarac Code providing special early retirement benefits to eligible general employees; and WHEREAS, the Board of Trustees for the retirement trust fund will consider approving the amendment herein ordained at its next regularly scheduled meeting, November 21, 1997; and WHEREAS, the City Commission of the City of Tamarac deems it to be in the best interest of the citizens and residents of the City of Tamarac to encourage eligible general employees to elect retirement by January 30, 1998 by augmenting the retirement benefit otherwise available under the employees' pension trust fund. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: 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: Chapter 16, Article III of the Code of Ordinances is amended by adding the following: CODING: kA.fArds iR Atp, irk thFeugh type are deletions from existing law; Words in underscored type are additions. Temp. Ord. # 1810 Page 4 October 30, 1997 Revision #1 11/7/97 Revision #2 11 /24/97 Revision #3 11/24/97 Revision #4 11 /25/97 Section 16 — 232. CALCULATION OF BENEFIT AMOUNT. (d)Special early retirement option. Notwithstanding any of the foregoing active general employee participants who, as of December 31, 1997, have attained age 50 and have 10 or more years of credited service or have reached age 57 and have 5 or more years of credited service, or have reached age 62 may apply to receive additional service and/or age credits to qualify for a normal retirement benefit and/or receive an augmented retirement benefit calculated in accordance with Section 16-232 hereof under the following terms and conditions: 1 Ten elective points shall be awarded to each eligible garticipant for selection of augmented retirement benefits. These include a. and b. below which may be aDplied in combination or in conjunction with other benefit categories offered by the City which are not pension related benefits): a. An elective point equivalent to one year of service credit up to a maximum use of 5 points. CODING: type are deletions from existing law; Words in underscored type are additions. Temp. Ord. # 1810 Page 5 October 30, 1997 Revision #1 11/7/97 Revision #2 11 /24/97 Revision #3 11 /24/97 Revision #4 11 /25/97 b. An elective point equivalent to one and one-half years of age credit up to a maximum use of 10 points. (2) As a condition of receiving the augmented retirement benefits provided for in Sec. 16-232 d 1 the participant shall make an irrevocable application to the trust fund for -regular retirement on the date to be designated by the City Manager which must be between December 15, 1997 and July 31, 1998, shall sign a waiver and release agreement, and shall retire on the date so designated unless the retirement date is extended by mutual agreement of the City Manacier and the participant. 3 The application must be received by the City Clerk not later than January 30, 1998. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: 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 CODING: type are deletions from existing law; Words in underscored type are additions. Temp. Ord. # 1810 Page 6 October 30, 1997 Revision #1 11/7/97 Revision #2 11 /24/97 Revision #3 11 /24/97 Revision #4 11 /25/97 1 application, and to this end the provisions of this Ordinance are declared to be severable. SECTION 5: This Ordinance shall become effective immediately upon its passage and adoption. PASSED, FIRST READING this /;Z. day of /li 1997. PASSED, SECOND READING this day of /U , 1997. ATTEST: `CAROL A. E ANS CITY CLERK I HEREBY CERTIFY that I have approved this ORDINANCE as to form. MIjCHELL S-KRA CITY ATTORNEY MAYO DIST 1: DIST 2: DIST 3: DIST 4: CODING: W9Fd6 IR 6tFUGIE thFOUgh type are deletions from existin Words in underscored type are additions. oL,, J E SCHREIBER, MAYOR R RECORD OF COMMIS 10 VOT SCHREIBER COMM. McKAYE eL V/M MISHKIN COMM. SULTANO COMM. ROBERTS li /T'7 p law: