HomeMy WebLinkAboutCity of Tamarac Ordinance O-2006-004Temp. Ord. #2107
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December 29, 2005
Rev. #1 December 29, 2005
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. O-2006- U q
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSIONS AND
RETIREMENT, ARTICLE VII - POLICE OFFICERS PENSION TRUST
FUND; PROVIDING FOR AN ANNUAL SUPPLEMENTAL RETIREMENT
BENEFIT TO BE FUNDED ONLY FROM THE ANNUAL RECEIPTS OF
ADDITIONAL PREMIUM TAX REVENUES MANDATED UNDER
CHAPTER 185; PROVIDING FOR A SAVINGS CLAUSE; PROVIDING
FOR SEVERABILITY; PROVIDING FOR CODIFICATION AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Section 185.35(1)(b), Florida Statutes mandates that, after all
minimum benefits are provided, "additional premium tax revenues" be used only to
provide extra benefits for the City's former police officers ; and
WHEREAS, the Board of Trustees of the Police Officers Pension Trust Fund in
order to comply with the aforementioned statute, recommends providing such extra
benefits in the form of an annual share of the additional premium tax revenue for
participants and their beneficiary survivors, to be funded each year only by additional
premium tax revenues and the Board of Trustees approved the proposed changes; and
WHEREAS, the City Commission has received and reviewed an actuarial impact
statement related to this change and attached as such; and
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 the Plan to reflect these
changes;
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Temp. Ord. #2107
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December 29, 2005
Rev. #1 December 29, 2005
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. Chapter 16, Pensions and Retirement, Article VII, Police Officer
Pension Plan, Division 4, Section 16-733, of the Tamarac Code is hereby amended by
adding the following subparagraph (e):
Sec. 16-733 Calculation of benefit amount.
e "Share lan'` There is hereby provided, in addition to all other
benefits provided in this Article an annual -supplemental retirement
benefit the amount of which shall be determined annually, based upon the
receipt by the Fund of an "additional premium tax revenues," as defined
in Paragraph 185.35 1 b Florida Statutes. By December Vt of each
year or, if the premium tax revenues are received after October 2n within
60 days after receipt of the premium tax revenues from the state
beginning in 2005 each actively employed Participant and Participant
receiving a retirement pension and each Beneficiary receiving a survivor
retirement benefit except disability benefit recipients and their survivors
shall be paid a supplemental retirement benefit_ determined as follows:
(1) Each actively employed Participant and each Partici ant
receiving a retirement benefit excluding -disabilily benefit
recipients, shall be entitled to one share for each vesting credit
earned;
(2) Each Beneficia survivor receiving a survivor retirement
benefit except survivors of disability benefit recipients, shall be
entitled to one-half share for each vesting credit earned by the
deceased Participant:
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December 29, 2005
Rev. #1 December 29, 2005
(3) If a Participant received a disability benefit and thereafter
converted to a normal retirement benefit upon reaching normal
retirement age pursuant to subsections 16-727 a 4 and b 3
then such Participant shall thereafter be entitled to one share for
each year of service as defined in section 16-636 shall not be
entitled to shares for the years during which the Partici ant
received disability benefits, and such Participant's Beneficiary
survivor, if any, shall not be entitled to any shares after such a
Participant's death;
(4) Fractional vesting credits shall entitle an eligible Partici ant to
the same fractional share and entitle_ an eligible Beneficiary_
survivor to one-half of the same fractional share;
(5) The number of shares and fractional shares to which each such
Participant and Beneficiary survivor is entitled shall be added
together. The total shares thus determined shall be divided into
the total amount of all "additional premium tax revenues"
received by the Fund during that calendar year (regardless of
the year to which the revenues relate). The resulting quotient
shall be the value of one share-,
(6) The amount to be paid to each such Participant and each such
Beneficia survivor will then be calculated by multiplying the
value of one 1 share by the total number of shares to which
each such Participant or Beneficia survivor is entitled.
Supplemental retirement benefit payments under this section may only be
aid to eligible members who have retired and commenced receipt of
normal retirement benefits. The pro rata allocation if any, for active)
employed participants who have not retired shall be held in trust by the
Pension Ian until the actively employed participant attains normal
retirement. After commencement of retirement benefits each eligible
member shall receive a lump sum balance of any accumulated pro rata
allocations and shall thereafter receive annual pro rata allocation.
Entitlement to payments due on December 1" of each year or within 60
days after receiving the remium tax revenues from the state if the are
received after October 2" that ear) shall be based upon a Participant or
Beneficia survivor's status on Se tember 30'n of that same year. If a
Participant entitled to a payment was alive on September 30t but dies
before the time the payment is made and has selected a ten year certain
or joint and survivor benefit option, then the Participant's payment shall be
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made to the survivor Beneficiary,• if the deceased Participant selected a
life annuity, if the Participant's survivor annuitant predeceased the
Partici ant or if a survivor Benefcia died between September 30t" and
the time when that ear's share -payment is made then the payment shall
be made to the designated beneficia or if none to the estate of the
deceased Participant or survivor Benefcia . The additional premium tax
revenues accrued and received as of October 31 2005 shall be paid out
on December 1 2005 based upon each Participant or Beneficia
survivor's status as of September 30t , 2005. This annual supplemental
retirement benefit gayment may be added to each eligible Participant and
Beneficia survivor's December monthly benefit payment or be paid
separately as the trustees may from time to time decide.
It is the intent of the Citv Commission that the initial payment under this
section shall be made based on each separate ear's accumulation and
the status of each eligible participant in those years. The crediting of
shares for each year shall be based on the excess premium taxes
received in that particular year and shall be payable only to persons who
were eliaible to receive a pavment in the particular year in which the taxes
were received.
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 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 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.
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Section 6. This Ordinance takes effect on October 1, 2005.
Temp. Ord. #2107
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December 29, 2005
December 29, 2005
PASSED, FIRST READING, this �_ day of j , 2006.
PASSED, SECOND READING, this %day of nv r , 2006.
jJ SCHREIBER, MAYOR
ATTEST:
9
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
ORDINANCE as to form.
4M,UEL S. GOREN
CITY ATTORNEY
G:\\TMPP\PLAN\SharePlanAmendment-14Dec2005
RECORD OF COMMISSION V TE: 1st Reading
MAYOR
SCHREIBER Itle-
DIST 1:
COMM. PORTNER
DIST 2:
V/M TALABISCO Ai P-
DIST 3:
COMM. SULTANOF
DIST 4:
COMM. ROBERTS
RECORD OF COMMISSION VOTE: 2nd Reading
MAYOR SCHREIBER Air
DIST 1: COMM. PORTNER _
DIST 2: V/M TALABISCO Ar
DIST 3: COMM. SULTANOF
DIST 4: COMM. ROBERTS
CODING: Words struekthmugh are deletions from existing law;
Words underscored are additions