HomeMy WebLinkAboutCity of Tamarac Ordinance O-1980-029Cntroduced by: Temp. No. 661
Rev. .1/25/80
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO. AN ORDINANCE ORDINANCE AMENDING SECTION VIII OF THE _
"TAMARAC PENSION PLAN PERTAIPING TO TERMINATION
OF EMPLOYMENT, PROVIDING FOR SEVERABILITY;
PROVIDING REPEALER; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF`THE CITY OF TAMARAC, FLORI
SECTION 1: That Section VIII of the Tamarac Pension Plan
as enacted in Ordinance 77-13 as amended is amended by inserting the words
underscored and deleting the words struck through as follows:
TERMINATION OF EMPLOYMENT:
A member who has completed at least five or more years of service
with the Employer and who terminates service for any reason other than death,
disabili W or retirerment will retain a vested right under the plan. The member
will be entitled to receive at his otherwise Normal Retirement Date, his vested
right in the form of a retirement benefit as follows:
(1) The pension benefits accrued to his date of termination,
payable for the life of the Member and commencing upon the
Member's attainment of his Normal Retirement Age, provided
he does not elect to withdraw his Member contributions,or
in the discretion of the lMember, ,
(2) Refund of Accumulated Contributions, in which event no pension
shall be payable.
Regardless of the provisions of the Vesting provisions, any member
attaining Normal Retirement Age shall be fully vesting (100%) to retirement
benefits accrued to Normal Retirement Date or actual retirement date, if later.
The vested benefit for a Member shall be determined per the
following schedule:
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Percentage of Vested
Citv Contributions
25%
30%
35%
40%
45%
50%
60%
70%
80%
90%
100%
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SECTION 2: 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 3: All ordinances or parts of ordinances in conflict
herewith are repealed to the extent of such conflict.
SECTION 4: This ordinance shall become effective immediately
upon its final passage.
PASSED FIRST READING this day of 1960.
PASSED SECOND READING thisi3 day of 1980.
ATTEST:
CITY CLER
I HEREBY CERTIFY that I have approved
the form and correctness of this
Ordinance.
aa..&. &�.-
ICITY ATTORNEY
RECORD OF COUNCIL. VOTE
MAYOR;-490-Q- it
VISTPICT 1:
! .-T 2
ra... ,.'ir-1 3
)ISTRICT 4
art.