HomeMy WebLinkAboutCity of Tamarac Ordinance O-2016-012Temp. Ord. # T02348
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2016-
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSIONS AND
RETIREMENT, ARTICLE VI, PENSION PLAN; PROVIDING FOR
IMPLEMENTATION OF DEFINED CONTRIBUTION PLAN
COMPONENT; PROVIDING FOR COMPLIANCE WITH SECTION
175.351, FLORIDA STATUTES; PROVIDING FOR A SAVINGS
CLAUSE; PROVIDING FOR SEVERABILITY; PROVIDING FOR
CODIFICATION AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac wishes to ensure that the City of Tamarac
Firefighters' Pension Plan complies with Chapter 175, Florida Statutes, as amended;
and
WHEREAS, the Florida Legislature amended Chapter 175, Florida Statutes, to
require plan sponsors of local law firefighter retirement plans to implement a defined
contribution plan component; and
WHEREAS, the City of Tamarac and Metro-Broward Professional Firefighters,
Local 3080, International Association of Firefighters, have recently ratified a new
collective bargaining agreement; and
WHEREAS, Chapter 175, Florida Statutes, as amended, requires a defined
contribution plan component be enacted upon the first collective bargaining agreement
entered into after July 1, 2015, despite such not being funded; and
WHEREAS, the City intends to determine the disposition of insurance premium
tax revenues through the process of collective bargaining and mutual consent rather
than through the default mechanism set forth in Section 175.351, Florida Statutes; and
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WHEREAS, the City Commission has received, reviewed, and considered an
actuarial impact statement describing the actuarial impact of the amendment provided
herein, attached as Exhibit I; 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.
NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of
Tamarac, Florida. -
Section 1: That the foregoing recitals 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 Section 16-412 of Chapter 16, Article VI, Division 1, of the City
of Tamarac Code of Ordinances is hereby amended as follows:
Sec. 16-517. p.eseFved. Defined Contribution Plan Component.
There is hereby created a defined contribution plan component that shall
operate as an element of the plan and exist in conjunction with the defined
benefit plan component that meets minimum benefits and minimum
standards within the meaning of Chapter 175, Florida Statutes. The
defined contribution plan component shall receive deposits if any, for the
purpose of providing benefits to firefighters. The retirement benefits of the
defined contribution plan component, if any, shall be provided through
individual member accounts in accordance with the applicable provisions
of the Internal Revenue Code and related regulations and are limited to
the contributions, if any, made into each member's account and the actual
accumulated earnings, net of expenses, earned on the member's account.
The defined contribution plan component shall be funded in accordance
with section 175.3510 ), Florida Statutes, provided that the deviation
therefrom shall be based on reaching mutual consent on an alternative
means of utilizing premium tax revenues, as provided for in section
175.351(1)(g), Florida Statutes. Mutual consent shall be defined as
ratification by both collective bargaining agents of a collective bargaining
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agreement in accordance with the Florida Division of Retirement's
regulations and administrative guidance.
Notwithstanding the foregoing establishment of a defined contribution plan
component, the City and the firefighters' collective bargaining
representative have reached mutual consent that all insurance premium
tax revenues received on and after October 1, 2015, shall be used in
accordance with Section 16-407 of the City Code. The funding and
structure of this defined contribution plan component may be modified only
by the mutual consent of the collective bargaining parties or by operation
of Section 175.351, Florida Statutes. The provisions of this component
governing earnings rates, distribution rules, and administration shall be
negotiated between the City and the members' collective bargaining
representative at the time Chapter 175 premium tax revenues are
assigned to this component.
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 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.
Section 6: This Ordinance shall become effective on adoption, satisfaction of
each of the following three requirements set forth below having been achieved prior to
second reading:
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(a) The City Commission received and has accepted a report establishing the
actuarial soundness of these amendments in a letter of opinion from the
Plan Actuary that the amendment has no actuarial impact, and
(b) The Ordinance and impact statement have been sent to the State of
Florida Division of Retirement-, and
(c) The International Association of Firefighters has accepted the changes
proposed in this ordinance in writing.
PASSED, FIRST READING this c2`l day of , 2016.
PASSED, SECOND READING this day of �� �Cti , 2016.
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�PATRICIA TEUFEL, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
ORDINANCE as to form
SAMUEL S. GOREN
CITY ATTORNEY
.� ►Jug �.
HARkY DRtSSLER
MAY09,
RECORD OF COMMISSION VOTE- 1st Reading
MAYOR DRESSLER
DIST 1: COMM. BUSHNELL
DIST 2: COMM. GOMEZ
DIST 3: VICE MAYOR GLASSER
DIST 4. COMM. PLACKO
RECORD OF COMMISSION VOTE- 2nd Reading
MAYOR DRESSLER
DIST 1: COMM. BUSHNELL c
DIST 2: COMM. GOMEZ
DIST 3- VICE MAYOR GLASSER v
DIST 4- COMM. PLACKO
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Words in underscored type are additions.
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