HomeMy WebLinkAboutCity of Tamarac Ordinance O-1980-113YI
"Introduced by: Temp -W T-)
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO.
AN ORDINANCE AMENDING THE CITY OF TAMARAC RETIREMENT PLAN
FOR ITS EMPLOYEES AS SET FORTH IN ORDINANCE N0. 77-13 AS
AMENDED BY AMENDING SECTION V TO PROVIDE THAT CITY CON-
TRIBUTIONS SHALL BE DEPOSITED INTO THE FUND ON A QUARTERLY
BASIS, EMPLOYEE CONTRIBUTIONS SHALL BE DEPOSITED ON A
MONTHLY BASIS, AND ALL OTHER CONTRIBUI:DNS RECEIVED FOR
PLAN PURPOSES SHALL BE DEPOSITED WITHIN THIRTY (30) DAYS
AFTER RECEIVED AND PROVIDING FOR DEPOSITS AND INVESTMENTS
OF ALL PENSION MONIES RECEIVED,FROM WHATEVER SOURCE;
AMENDING SECTION XV PERTAINING TO THE ADMINISTRATIVE
BOARD BY ENUMERATING AMONG THEIR DUTIES ASSURING CON-
TRIBUTIONS FROM ALL SOURCES ARE PROPERLY DEPOSITED,
ASSURING ACTUARIAL REPORTS ARE PROPERLY FILED, HAVING
ACTUARIAL EVALUATIONS PERFORMED ON A REGULAR BASIS AND
HAVING SPECIAL ACTUARIAL WORK PERFORMED, MAINTAINING A
MINUTE BOOK AND RECORDS OF ITS PROCEEDINGS, PROVIDING FOR
ANNUAL REPORTS TO PARTICIPANTS, ESTABLISHING A CLAIMS AND
APPEAL PROCEDURE FOR PARTICIPANTS AND BENEFICIARIES UPON
DENIAL OF A CLAIM, DEFINING FIDUCIARIES AND SETTING FORTH
STANDARDS OF RESPONSIBILITY FOR FIDUCIARIES, AND PERMITTING
DELEGATION OF AUTHORITY BY THE ADMINISTRATIVE BOARD UNDER
CERTAIN CONDITIONS; PROVIDING REPEALER; PROVIDING FOR
SEVERABILITY OF INVALID PROVISIONS; AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: Section V of Ordinance No. 77-13, as subsequently
amended is hereby further amended by adding the words, numerals and punctuation
underscored, and by deleting the words, numerals and punctuation struck through
as follows:
SECTION V.
CONTRIBUTIONS:
t .
mwr' Ar Contributions;
Amount%
JMembers of the Retirement System shall make regular
contributions at a rate of one (it) percent of
earnings.
Interest:
Interest shall be credited annually to Member
Contributions at a rate of not less than three
(3E) percent.
Guaranteed Refund:
33 All benefits payable under this System are in lieu
34 of a refund of Accumulated Contributions. In any
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went, however, each Member shall be guaranteed
36 the payment of benefits on his behalf at least equal
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fn total amount to his Accumulated Contributions.
No refund of Member contributions may be made as
long as the Member remains a Member of the plan. If
the Member should terminate membership in the plan
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prior to payment of retirement benefits, his accu-
xtulated contributions will be returned to him. No
contribution shall be made by a Member after his
normal retirement date and/or after his employment
with the City is terminated for any reason whatever.
state Contributions:
Any monies received or receivable by reason of laws of the
State of Florida, for the express purpose of funding and paying
for retirement benefits for police Officers and Firefighters
of the City shall be deposited in the Trust Fund comprising part
Of this System. ,
Cit Contributions:
So long as this System is in effect, the City shall make an
annual contribution to the Trust Fund in an amount at least equal to
6.8% of covered Member payroll. The total cost for any year shall be
defined as the total of Normal Cost plus the additional amount suf-
ficient to amortire the Unfunded Accrued Past Service Liability over
a forty (40) year period commencing with the fiscal year in which the
Effective Date of this System occurs.
Other•
Private donations, gifts, and contributions may be deposited to
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the land, but such deposits must be accounted for separately and kept
on a segregated bookkeeping basis. Funds arising from these sources
may be used only for additional benefits for Members, as determined
by the Board, any may not be used to reduce what would have otherwise
been required City contributions.
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All Contibutions:
All contributions (City, Member, State) including funding from
other sources shall be held by or in custody of the Employer or any
other entity, including insurance carriers or trustees, for purpose of
funding pension benefits for members herein, shall be included in this
fund, including any interest gathered by these monies and shall be
transferred into this fund. The earnings on investments shall remain
in the fund and will be included in the annual review and evaluation.
(If the total amount in the fund exceeds the amount of the benefit pro-
gram, the benefit program may be increased, accordingly.)
All City, Member and State contributions as well as all other contributions
whatsoever which are intended for this Fundplus all earnings and increments
thereon shall be deposited into and held in the Trust Fund established as part
of this Plan• rovided however, the Administrative Board shall have the
authorit to, -delegate custodian and investment authority and power to an entit
or entities so designated by it in which event the responsibilities for
custodianship and/or investment, as the case ma be shall be reposed in an
such entity so designated.
City contributions shall be deposited into the Fund on a quarterly
basis• Em to ee contributions shall be deposited into the Fund on a monthly
basis and all other contributions received for Plan purposesL including
State refund monies, shall be deposited within thirty (30 days of receipt b
the city.
SECTION'2: Section XV of Ordinance No. 77-13, as subsequently amended, is
hereby further amended by adding the words, numerals and punctuation underscored,
and by deleting the words, numerals and punctuation struck through as follows:
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ADM'211STRATIVE BOARD:
The general administration and responsibility for the proper
operation of the retirement plan and for making effective the
provisions of this article are hereby vested in an Administrative
Board consisting of seven (7) persons as follows:
• One (1) Member representing the general employees
duly elected by the Membership.
• One (1) Police Officer duly elected by the Police
Members.
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. One (1) Firefighter duly elected by the Fire Members.
. one (1) Mayor.
One (1) City Manager or his Designee.
One (1) Director of Finance.
One (1) Chairraan.of the Charter Hoard.
The terms of office of each appointed Board member small
be three (3) years except that the initial terms of these appointed
Board Members shall be for the period to expire April 1, 1978
to conform with the City elections. The initial terms shall
commence immediately after the plan is accepted. Terms of office
of the City Manager and Director of Finance shall become effective
on adoption of the plan and shall continue just so long as the
individuals hold their designated positions. The terms of office
of the elected Board Members shall be for three (3) years but
the initial election shall be established so that the Member
representing the general employees shall be set to expire June,l,
1978 and one (1) Member of the Police and Fire shall be elected
for the term to expire June 1, 1979 and the other shall be for
the term expiring June 1, 1980. If an elected seat on the Board
is vacated for any reason an election to fill the vacated position
small be conducted as soon as practical after the vacancy occurs.
Tic replacement Member shall serve for the unexpired term of
the person replaced. Members of the Board shall serve without
compensation but they may be reimbursed from the expense fund
for any necessary expenses which they may actually expand throug`►
services on the Board. Each Board Member shall, within ten (10)
days after his appointment or election take an oath of office
before the City Clerk of the City so that so far as it develops
upon him he will diligently and honestly administer the affairs
,of the said Board and that he will not knowingly violate or
willingly permit to be violated any of the provisions of the
law applicable to the retirement system or the provisions of
the plan that has been established. Such oath shall be sub-
scribed to by the Members making it and certified by the City
Clerk and filed in her office. The Board shall organize itself,
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electing a Chairman, a Vice -Chairman and a Secretary. Each
Member shall be entitled to one (1) vote on the Board. A majority
vote of those.present, where a quorum is in attendance, shall
be necessary for a decision at any meeting of the Board. The
Chairman shall have the right to one (1) vote only. A quorum
shall consist of four (4) Members. Any Member who neglects
the duties of his office as determined by the Board may be
removed by a two-thirds vote of the Board. The duties and re-
sponsibilities of.the Board shall include, but not necessarily
be limited to the following:
. To construe the provisions of the system and determine
all questions arising thereunder.
To determine all questions relating to eligibility
and participation.
. To determine and oertify the amount of all retirement
allowances or other benefits hereunder and to provide
each Member with a certificate stating his approved
benefits as of the date of his retirement.
Have actuarial evaluations of the system performed as
deemed necessary and annually, unless there is a
specific reason for not requesting an annual evaluation
in which event the Trustees shall be so notified in
writing as to the reason the evaluation is not needed.
• Establish uniform rules and procedures to be followed
for Administrative purposes, benefit applications
and all matters required to properly administer the plan.
. To distribute at regular intervals to members information
concerning the -'Ian.
. To receive, process and approve all applications
for participation and benefits and to notify the
City Finance Department of approved benefit payments.
. To perform such duties as are specified in the plan.
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To review reports of the Trustee and Investment
Advisor, if any.
To submit copies of all annual reports to the City
Counci 1.
. To conduct meetings with the Trustees and/or Invest—
ment Advisor not less than once every three (3)
months of the year.
Perform any and all other duties as may, from time
to time, be assigned by the City Council and/or
as is determined by the Board and/or Trustees.
To maintain the Retirement Plan at all times in compliance with the
provisions of Florida law and including the foll2ting.
(1) Assure that Member contributions are deposited into the Trust Fund
at least monthly, City contributions at least quarterly and State
refund monies within 30 days of receipt by the City.
(2) Assure that all regular and special actuarial reports are filed
with the Florida Division of Retirement in Tallahassee, Florida,
within 60 days of receipt from the actuary.
(3) Have actuarial valuations performed on a regular basis. Have
special actuarial work performed in advance so as to determine
cost impact of any Plan changes or amendments prior to their
adoption and the last public hearing thereon. File any such
reports promptly with the Florida Division of Retirement.
(4) To maintain a minute book containing the minutes and records of
. the proceedings and meetings of the Board.
Annual Report to Participants
To direct staff to see that there shall be furnished to all Members
upon initial employment or participation, and thereafter on an annual
basis, a written Plan description which shall include a summary of
pertinent financial and actuarial information and a statement on the
financial solvency of the Plan and Fund.
. Claims Procedure for Participants and Beneficiaries Upon Denial of Claim,
4a) Provide to any member or Beneficiary whose application or claim for
benefits has been denied a written notice setting forth the specific
reasons for such denial the reasons therein to be clearly and
6.
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fully ex lained so as to afford such Member or Beneficiary a clear
understanding of the decision rendered.
b Provide to an Member or Beneficiary whose a lication or claim
for benefits has'been denied, the right to a re -hearing and a fair
and full review,by the Board regardinj the facts, circumstances and
information pertaining to the claim and the reasons for denial of
such claim.
Fiduciaries and Fiduciary responsibility
1. Fiduciar
A "fiduciary" shall be an person or entit who exercises an
discretionary authority or control regarding regular, o"oln-9 management
or administration of the Plan or Plan assets, and any person or entity
who renders or who has authority or responsibilitX to render invest-
ment advice.
2. Fiduciaries --Standards of Responsibilit
All fiduciaries shall discharge their duties with respect to the
Plan solely in the interest of Participants and Beneficiaries, and
more particularly as follows:
a. For the exclusive purpose of providing benefits to Partici ants
and their Beneficiaries, and defnyt
nq reasonable Plan administrative
expenses; and
b. 'With the care, skill, prudence, and diligence under the circum-
stances then prevailing that a prudent man actigi in a like
capacity and familiar with such matters would use in the conduct
of an enterprise of a like character and with like aims; and
c: By performing their duties in accordance with the documents and in-
struments settin forth and governing the Plan.
_ Delegation of Authority
The B04rd, in its discretion, ma appoint and delegate to other
ersons or entities such functions as Fund custodian or trustee, invest-
ment advisory or investment management functions, accounting, legal
and actuarial functions, and such other duties and functions as may
be deemed necessary by the Board to the overall administrative
requirements for the effective and proper_ operation of the Plan and
Trust Fund. In such event, and to the extent that such functions are
delegated, the responsibility for such duty or function so delegated
It
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shall be re osed upon such a ointee• provided, however that the Board
shall not be relieved of the responsibility for reviewing and
monitoring at regular, periodic intervals on a prudent basis the
"Ports rendered by and the acts of any such appointee.
SECTION 3: All ordinances or parts of ordinances in conflict herewith
are repealed to the extent of such conflict.
SECTION 4: Should any section or provision of this ordinance or any
portion hereof or any paragraph, sentence or word be declared by a Court of
competent jurisdiction to be invalid, such decision shall not affect the
validity of the remainder hereof as a whole or any part hereof other than the
part declared to be invalid.
SECTION 5: This ordinance shall become effective immediately upon
its passage.
PASSED FIRST READING thi say of �,1980
PASSED SECOND READING this
_Z?.�ay of 1980.
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A
ATTEST:
Y L RK
I HEREBY CERTIFY that I have approved
the form and correctness of this ?�AAYORt
ORDINANCE DISTRICT
DISTRICT
DISTRICT
CITY ATTORNEY
� DISTRICT
RECORD OF. COUNCIL VOTE-'.",.
W
Vb,