HomeMy WebLinkAboutCity of Tamarac Ordinance O-1998-004Temp. Ord.#1812
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ORDINANCE NO. 0-98-__
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, AMENDING CHAPTER
16, PENSIONS AND RETIREMENT, ARTICLE III,
PENSION PLAN, SECTION 16-233(3), BENEFIT
LEVEL,TO REFLECT AN INCREASED BENEFIT LEVEL
FOR FUTURE POLICE OFFICER RETIREES WHO ARE
CURRENTLY EMPLOYED BY THE BROWARD
SHERIFF'S OFFICE ; PROVIDING FOR CODIFICATION,
PROVIDING FOR REPEALER, PROVIDING FOR
SEVERABILITY, AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the Actuary, Gabriel, Roeder, Smith & Company, retained by the
City of Tamarac Employees Pension Trust Fund has advised that the benefit levels for
actively employed police officer pension plan participants can be increased by one
percent without increasing the contributions required from the currently employed police
officers who are participants in the Pension Trust Fund or the Broward Sheriff's Office;
and
WHEREAS, an increase in benefits is expected to decrease the incidence of
costly disability pensions; and
WHEREAS, the Actuary further advises that this increase in benefit is unlikely to
increase the cost to the City based on the assumptions that the pension fund will
continue to receive contributions from the Broward Sheriffs Office and the State
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Temp. Ord.#1812
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insurance proceeds under Chapter 185 and that the actuarial assumptions will be met
or surpassed; and
WHEREAS, the City Commission has received and reviewed the actuarial impact
statement concerning this benefit change prepared by Gabriel, Roeder, Smith &
Company, the Pension Trust Fund's actuaries; and
WHEREAS, the Board of Trustees of the City of Tamarac Employees Pension
Trust Fund has approved this ordinance; and
WHEREAS, the City Commission determines it is in the best interest of the
citizens and residents of Tamarac to amend the plan to reflect the increased benefit
levels to be paid to these actively employed police officers, who were formerly
employed by the City of Tamarac Police Department and remain employed by BSO
when they retire.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
Section 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(3) is hereby amended as follows:
(3) For police officers who retired or terminated
employment with the City or BSO before December 19 1997
two (2) percent of average final compensation; for police
officers who were employed by BSO as police officers as of
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December 19, 1997 three Q) percent of average final
compensation.
Section 3. That it is the intention of the City Commission and it is hereby
ordained that the provisions of this Ordinance shall become and be made a part of the
Code of Ordinances of the City of Tamarac, Florida, and that the Sections of this
Ordinance may be renumbered, relettered, and the word "Ordinance" may be changed
to "Section", "Article" or such other word or phrase in order to accomplish such
intention.
Section 4. That all Ordinances or parts of Ordinances, and all Resolutions or
parts of Resolutions in conflict herewith are hereby repealed to the extent of such
conflict.
Section 5. That 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.
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Words in underscored type are additions.