HomeMy WebLinkAboutCity of Tamarac Ordinance O-1999-007Temp. Ord. #1847
March 3, 1999
Revision #1 March 19, 1999
Revision #2 March 19,1999
Page 1
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-99-0 q
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA; AMENDING CHAPTER
16, PENSIONS AND RETIREMENT, ARTICLE III,
PENSION PLAN, SECTION 16-198 REFUND OF
CONTRIBUTIONS, TO PROVIDE FOR THE PAYMENT
OF INTEREST ON ACCUMULATED EMPLOYEE
CONTRIBUTIONS TO THOSE PARTICIPANTS
WITHDRAWING SUCH CONTRIBUTIONS FROM THE
PLAN; PROVIDING FOR CODIFICATION; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City's Code does not currently provide for the payment of interest
on accumulated employee contributions when participants withdraw such contributions
from the plan; and
WHEREAS, it is the intent of the City to pay interest at a rate of five (5) percent
annually for such contributions when participant employees withdraw such contributions
in lieu of any other benefits from the plan; and
WHEREAS, the City Commission has received and reviewed the actuarial impact
statement concerning these changes prepared by, Gabriel, Roeder, Smith & Company, the
Pension Trust Fund's actuaries; and
WHEREAS, the City Commission of the City of Tamarac has deemed it to be in the
best interest of the citizens and residents of the City of Tamarac to amend the plan to
CODING: `Ne.rd-s- ", strwek thr4gw9l type are deletions from existing law;
Words in underscored type are additions.
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Temp. Ord. #1847
March 3, 1999
Revision #1 March 19, 1999
Revision #2 March 19,1999
Page 2
reflect these changes; and
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: Article III, Section 16-198 Refund of Contributions is hereby amended
as follows:
16-198 Refund of Contributions.
A participant who is not vested and suffers a
break in service shall receive a refund of the participants'
accumulated contributions plus interest at the rate of five_(5)
percent per annum.
A participant who is vested and suffers a break
in service may elect to receive a refund of the participant's
accumulated contributions plus interest in lieu of any other
benefits from this plan. If a participant accepts such a refund
of accumulated contributions plus interest, no other benefits
shall be due or payable from the plan to the participant.
SECTION 3: 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.
CODING: type are deletions from existing law;
Words in underscored type are additions.
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Temp. Ord. #1847
March 3, 1999
Revision #1 March 19, 1999
Revision #2 March 19,1999
Page 3
SECTION 4: 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.
SECTION 6: This Ordinance shall become effective October 1, 1998.
PASSED, FIRST READING this dT2�i-'day of , 1999.
PASSED, SECOND READING this/,V2�`day of '1999.
ATTEST:
CAROL GOLD MC/AAE
CITY CLERK
I HEREBY CERTIFY that I
hay,6Approved this
DINJANCEAs to form.
MITCVELL S. KRAI
CITY ATTORNEY
FV
SCHREIBER, MAYOR
DWI:
DWG
CW*
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CODING: VVGFdr, iR StFUEk thMU019 type are deletions from existing law;
Words in underscored type are additions.
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