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HomeMy WebLinkAboutCity of Tamarac Ordinance O-1998-004Temp. Ord.#1812 Page 1 Revision #1 11 /21 /97 Revision #2 12/02/97 Revision #3 12/19/97 Revision #4 01 /16/98 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 CODING: Words in struck thFOUgh type are deletions from existing law; Words in underscored type are additions. Temp. Ord.#1812 Page 2 Revision #1 11 /21 /97 Revision #2 12/02/97 Revision #3 12/19/97 Revision #4 01 /16/98 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 CODING: Words in r*wek thFewgh type are deletions from existing law; Words in underscored type are additions. 1 Temp. Ord.#1812 Page 3 Revision #1 11 /21 /97 Revision #2 12/02/97 Revision #3 12/19/97 Revision #4 01 /16/98 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. CODING: Words in StFUGk thrlgUgh type are deletions from existing law; Words in underscored type are additions. TM RC\O RDN\POBeneft. Ord DIST 2: V/M MISHKIN DIST 3: COMNI. Suer/-\NOI= DIST 4: —.90—k! H0BELRTS W171V CODING: Words in stFuGk thMugh type are deletions from existing law; Words in underscored type are additions.