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Home My WebLink AboutCity of Tamarac Ordinance O-2004-006Temp. Ord. #2035 January 13, 2004 Revised February 3, 2004 Revised February 4, 2004 Page 1 of 4 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-2004-06 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AMENDING CHAPTER 16, PENSIONS AND RETIREMENT, ARTICLE Vill, POLICE OFFICER PENSION PLAN, SECTION 16-733 CALCULATION OF BENEFIT AMOUNT; PROVIDING FOR CLARIFICATION OF THE SUBSIDY BENEFIT OF $220.00 PER MONTH FOR PARTICIPANTS THAT RETIRE ON OR AFTER OCTOBER 1, 2002 IN ACCORDANCE WITH ORDINANCE 0-2003-21; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Legislature adopted amendments to Chapter 185 of the Florida Statutes that require specific limitations relating to the use of State contributions to Police Officers Pension Trust Funds; and WHEREAS, as a result of said amendments to Chapter 185, F.S. there were excess funds that could only be used to provide additional benefits for participants of the Police Officers Pension Trust Fund available; and WHEREAS, the Police Officers Pension Trust Fund approved the proposed changes on June 20, 2003; and WHEREAS, the City Commission had received and reviewed an actuarial impact statement related to this change; and WHEREAS, Ordinance 0-2003-21 (attached hereto as Exhibit A) approving such subsidy benefit contained language that required clarification in order to comply with the actuarial impact statement; and Coding: Words in StMek thmugh type are deletions from existing laws; Words in underscored type are additions. Temp. Ord. #2035 January 13, 2004 Revised February 3, 2004 Revised February 4, 2004 Page 2 of 4 WHEREAS, the City Manager and Director of Human Resources recommend approval of this amendment to the Police Officers Pension Trust Fund; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to amend Section 16-733 of the Tamarac Code of Ordinances to reflect these changes to the Police Officers Pension Trust Fund. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THAT: 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: Section 16-733, of the City of Tamarac Code of Ordinances, is hereby amended as follows: Section 16-733 Calculation of benefit amount. (d) Subsidy benefit. Each actively _employed participant who retires from the Broward Sheriffs Office on or after 10/01/02 shall be entitled to receive a subsidy benefit in the amount of two hundred twenty dollars ($220.00) per month. Such subsidy benefit shall be for ten (10) years certain and life thereafter as provided in section 16-722 herein unless the participant elects an optional benefit as provided in section 16-723 herein for such subsidy benefit. 1 1 Coding: Words in struck thFeugh type are deletions from existing laws; Words in underscored type are additions. Temp. Ord. #2035 January 13, 2004 Revised February 3, 2004 Revised February 4, 2004 Page 3 of 4 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 part of the Code of Ordinances of the City of Tamarac, Florida, and that the Sections of this Ordinance may be renumbered or 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: 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: If any provision of the Ordinance or the application thereof to any person or circumstances 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 StFU61i thmugh type are deletions from existing laws; Words in underscored type are additions. SECTION 6: October 1, 2002. Temp. Ord. #2035 January 13, 2004 Revised February 3, 2004 Revised February 4, 2004 Page 4 of 4 This Ordinance shall become effective, retroactively to PASSED, FIRST READING this 11thday of February, 2004. PASSED, SECOND READING this 25th day of February, 2004. J OE SCHREIBER, MAYOR ATTEST: RECORD OF COMMISSION VOTE: 1st Reading MARION SWENSON, CMC MAYOR SCHREIBER AYE CITY CLERK DIST 1: COMM. PORTNER _ AYE I HEREBY CERTIFY that I have approved this ORDINANCE as to form. DIST 2: COMM. FLANSBAUM-TALABISCO AYE DIST 3: COMM. SULTANOF AYE DIST 4: V/M ROBERTS AYE RECORD OF COMMISSION VOTE: 2nd Reading MAYOR SCHREIBER AYE DIST 1: COMM. PORTNER AYE DIST 2: COMM. FLANSBAUM-TALABISCO AYE DIST 3: COMM. SULTANOF AYE DIST 4: V/M ROBERTS AYE I-] El Coding: Words in strueugh, type are deletions from existing laws; Words in underscored type are additions. 1 EXHIBIT Temp. Ord. # 2021 August 18, 2003 Rev. #1 August 20, 2003 Page 1 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-2003-a.( AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSIONS AND RETIREMENT, ARTICLE VIII - POLICE OFFICER PENSION PLAN; PROVIDING FOR A SUBSIDY BENEFIT OF $220.00 PER MONTH FOR PARTICIPANTS WHO RETIRE ON OR AFTER 10/01/02, PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Legislature adopted amendments to Chapter 185 of the Florida Statutes that outline specific provisions for the use of State contributions to Police Officers Pension Trust Funds; and WHEREAS, the Police Officer Pension Trust Fund currently meets all minimum requirements as defined in said amendments to Chapter 185, and may only use existing reserve funds to provide additional benefits for participants of the Police Officers Pension Trust Fund; and WHEREAS, the City Commission has received and reviewed the actuarial impact statement concerning these changes prepared by Gabriel, Roeder, Smith and Company, the Police Officer Pension Trust Fund's actuaries attached hereto as Exhibit 1; and WHEREAS, the Police Officer Pension Trust Fund approved the proposed changes on June 20, 2003; and WHEREAS, the City Manager and Director of Human Resources recommend approval of this amendment to the Police Officer Pension Trust Fund; and Coding: Words in 6trurk-thF9W type are deletions from existing laws; Words in underscored type are additions. Temp. Ord. # 2021 August 18, 2003 Rev. #1 August 20, 2003 Page 2 WHEREAS, the City Commission of the City of Tamarac has deemed It to be in the best interest of the citizens of the City of Tamarac to amend Section 16-733 of the Tamarac Code of Ordinances to reflect these changes to the Police Officer 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. That Section16-733, of the City of Tamarac Code of Ordinances, is hereby amended as follows: Sec. 16-733 Calculation of benefit amount. LM Subsidy benefit. Each arti i ant who retires on or after 10I1/02 shall be entitled to receive a„ subsidy benefit in the amount of $220.00per month,, Such sebsidv benefit shall be for ten (10 ears certain and life thereafter as orrovided_in section 16-722 herein unless the participant it a elects an optional benef„ s provided in section 16,-723 herein for such supsidy benefit. 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 part of the Code Of Ordinances of the City of Tamarac, Florida, and that the Sections of this Ordinance may be renumbered or relettered, and the word "Ordinance" may be changed to "Section", "Article" or such other word or phrase in order to accomplish such intention. Coding: Words in S#Wsk thFOU type are deletions from existing laws; Words in underscored type are additions. L 1 1 J 1 Temp. Ord. # 2021 August 18, 2003 Rev. #1 August 20, 2003 Page 3 SECTION 4. 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_ 6. If any provision of this Ordinance or the application thereof to any person or circumstances 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. 2002. SECTION 6., This Ordinance shall become effective, retroactively to October 1, PASSED, FIRST READING this 27th day of August, 2003. PASSED, SECOND READING this 10'h day of September, 2003. ATTEST: MARION SWENSON, CMC CITY CLERK I HEREBY CERTIFY that I have approved this ORDINANCE as to form. MITCH LL S. KF CITY ATTORN JOE SCHREIBER, MAYOR RECORD OF COMMISSION VOTE: 1st Real MAYOR SCHREIBER _ „_- DIST 1: COMM. PORTNER DIST 2: COMM. FLANSBAUM-TALABISCO DIST 3: COMM. SULTANOF DIST 4: VIM ROBERTS RECORD OF COMMISSION VOTE: 2nd Reg MAYOR SCHREIBER DIST 1: COMM. PORTNER DIST 2: COMM. FLANSBAUM-TALABISCO DIST 3: COMM. SULTANOF DIST 4: VIM ROBERTS Coding: Words in ugh type are deletions from existing laws; Words in underscored type are additions. POLXCE OFFCRS �C MI RX O VALUATION RESULTS 0 MPARATiVE SU AS OF UC' 4BER 1, 2001 Valuation Impact Covered Group A. Number of Participants Actives Retirees, Disabilities, Beneficiaries 5 5 and Vested Terminations 40 40 Total Annual Covered Payroll $419 082 $419 082 Lont Range Cost B. Actuarial Present Value of Projected Benefits 10,624,372 10,749,613 C. Actuarial Present Value of Future Normal Costs 122,379 129,892 D. Actuarial Accrued Liability (AAL): B-C 10,501,993 10,619,721 E. Valuation Assets 9,338,629 9,338,629 F. Unfunded Actuarial Liability UAAL : D-E 1,163 364 1,281,092 Current Cost he G. Payment Required to Amortize UAAL 72,110 81,587 As % of Payroll 17.21 % 19.47% H. Employer Normal Cost (for current year, exclusive of funding toward UAAL) 70,974 73,019 As % of Payroll 16.94% 17,42% 1. Fiscal Year to which Contributions Apply 2002/03 2002/03 J. Total Required City and State Contributions if paid Monthly during the fiscal year in (I) above 148,885 160,874 As % of Payroll 35.53% 38.39% K. Estimate of Available State Premium Tax Refund 221,635 233,624 As % of Payroll 52.89% 55.75% L. Balance Required from CityBSO 0 0 As % of Payroll 0.0011/0 0.00010 POLICE OY+ DERWATION OF NORMAL ,,, ,- A� a1! OCTOBi�R 1 200Z Valuation lutgact A. Entry Age Normal Costs for Benefits 1. Service Retirement Benefits $24,532 $25,717 2. Vesting Benefits 3,064 3,532 3. Disability Benefits 4,333 4,725 4. Preredrement Death Benefits 704 704 5. Return of Contributions 43 � 3 6. Total 32,676 34,721 B. Normal Cost for Administrative Expense 45,438 45,438 C. Expected Member Contributions 7,140 7,140 D. Employer Normal Costs for Plan Year Beginning October l: (A) + (B) — (C) 70,974 73,019 I i1 1 F F�tESENT YaK7E43F PR ft1EF1'I1` A y A301T OMBO AZ - r ' Valuation impact A. Present Value of Future Salaries S 549,000 S 549,000 B. Present Value of Projected Benefits 1. Active Members a. Service Retirement Benefits 2,778,242 2,900,803 b. Vesting Benefits 25,920 26,785 c. Disability Benefits 32,548 34,363 d. Preretirement Death Benefits 12,735 12,735 e. Return of Contributions 0 0 f. Total 2,849,445 2,974,686 2. Inactive Members a. Service Retirees 4,258,392 4,258,392 b. Disability Retirees 2,923,772 2,923,772 c. Beneficiaries 173,865 173,865 d. Terminated Vested _418,899 418,821 e. Total 7,774,927 7,774,927 3. Grand Total 10,624,372 10,749,613 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY The Unfunded Actuarial Accrued Liability (UAAL) is being amortized as a level dollar amount over the number of years remaining in the amortization period. Details relating to the UAAL are as follows: A, UAAL Original Current Amortization Years Date Period Amount Remaining Amount Payment 10/1/00 Bases Combined 9 Years $ 110,547 7 $ (223,859) $ (39,564) 10/1/02 (Gain)/Loss 30 Years 1,349,769 30 1,349,769 108,659 2002 Amendment 30 Years 37,454 30 37,454 3,015 Proposed Ordinance 30 Years 117,728 30 117,728 9.477 Totals 1,281,092 81,587 B. Schedule Mustratingtine Eit ected AmOrtixatloki.of the VAAL SM Proiected UAAL 2002 $1,281,092 2003 1,292,466 2004 1,304,722 2005 1,317,928 2006 1,332,157 2011 1,333,091 2016 1,174,162 2021 943,333 2026 608,077 2031 121,151 2032 0 p-4 CITY OF TAMARAC POLICE OFFICERS' PENSION TRUST o FUND August 15, 2003 Ms. Dodi Cummings City of Tamarac 7525 NW 88'h Avenue Tamarac, FL 33321 Dear Ms. Cummings: RFiaEIVED HUMAN RN)OURCES 3810 Lave Duu cm4 suite 208 03 AUG 15 AN 11: 08 1AUdV W1, FL 33319 (954) 730-2068 (M) 452-2454 (954) 730-0738 Pax The Board of Trustees of the City of Tamarac Police - Micers Pension Trust Fund met on June 20, 2003. The Trustees approved the Ordinance for the Health � ubsidy that was provided by the Fund Attorney. If you have any questions regarding this matter, pleas: do not hesitate to contact this office. Sincerely, 91A& Pete Prior Fund Administrator PP/hl No Text