HomeMy WebLinkAboutCity of Tamarac Ordinance O-1980-0813
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Introduced by:
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-?'Q-
Temp. # 662
Rev. 10/22/79
11/12/79
1/25/80
4/18/80
AN ORDINANCE AMENDING THE RETIREMENT PLAN FOR THE EMPLOYEES OF THE
CITY OF TAMARAC BY PROVIDING FOR DEFERRAL OF RETIREMENT, SETTING
FORTH CERTAIN RETIREMENT OPTIONS: PROVIDING A SAVINGS CLAUSE: RE-
PEALING ALL ORDINANCES IN CONFLICT HEREWITH: AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That Section II, the Definitions of "Continuous Service"
(i), "Retirement Date" (1) and "Average Monthly Earnings" (9), of the Retire-
ment Plan for the employees of the City of Tamarac, Florida, as set forth in
Ordinance No. 77-13 as amended is hereby amended by adding the words under-
scored and deleting the words struck through as follows:
SECTION II: DEFINITIONS:
(i) "Continuous Service" shall mean years and completed months of
service, subject to (g) above. There shall be no benefit accrual for service
performed after the normal retirement date._
(1) "Retirement Date" shall mean an Employee's normal retirement date
unless an early retirement date or a deferred retirement date has been duly
elected in which case the term "retirement date" shall mean the Employee's
actual ear}y retirement date.
(g) "Average monthly earnings" shall mean one twelfth (1/12) of arith-
metic average of annual earnings for the highest five (5) years preceding actual
retirement or termination of a covered Employee. Earnings after normal retire-
ment date shall not be used in computing the average monthly earnings.
SECTION 2: That Section IV, Retirement Dates, of the Retirement Plan
for the employees of the City of Tamarac, Florida, as set forth in Ordinance
No. 77-13 as amended is hereby amended by adding the words underscored and de -
feting the words struck through as follows:
t�-T nRi T I I
RETIREMENT DATES:
Normal Retirement Date:
The normal retirement date for each Member of the Plan shall be the
first day of the month coinciding with or next following the Member's sixty-
fifth birthday except for Police Officers (as defined in Chapter 135, Florida
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Statutes) and Firefighters. (as defined in Chapter 175, Florida Statutes) wh-o
are members of this plan. The normal retirement date for member Police Officers
and Firefighters covered by Chapters, 1$5,and 175, Florida Statutes shall be
the first day of the month coinciding with or next following their sixtieth
(60) birthday.
Early Retirement Date
em er w o as completed ten (10) years of service with the Employer
may elect to retire on the first day of any month coinciding with or next
following the Member's fifty-fifth (55) birthday. The benefits payable to the
Member who elects early retirement shall be reduced one -fifteenth (1/15)
for each of the first five (5) years and one -thirtieth (1/30) for each of the
next five (5) years by which the starting date of the benefit precedes the
normal Retirement Date for such Member (i.e. General Employee, Police Officer
or Firefighter).
Normal Form of Benefit:
All Normal and Early Retirement benefits shall be payable for life and
cease upon death, unless prior to retirement the Member had selected an Qpt4ew
pt�evdieg-fey-a-de}e-Aw�eatae-�e�e€} optional form of benefit payment.
Deferred Retirement Date:
A participant remaining in the employ of the employer after his/her
normal retirement date shall have the right to receive benefits commencin at
his/her deferred retirement date, but in no event shall the commencement of
benefits be deferred beyond the participants actual retirement date. There
shall be no benefit accrual with respect to salar earned or service performed
after the normal retirement date. There shall be no em to ee contribution to
the Plan after the normal retirement date. Benefits payable by reason of the
deferred retirement shall be paid commencing no later than the first day of
the month following actual retirement. Benefits shall be in the normal form,
unless prior to retirement the Member has selected an optional form of benefit
payment.
SECTION 3: Section VI of the Pension Plan shall be amended by adding
the words underscored and deleting the words struck through as follows:
RETIREMENT BENEFITS:
Retirement benefits under the plan shall be payable commencing
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the Member's actual retirement date, unles- othPrigise desiCnated in writing by
the Member and approved by the Administration Board.
Normal Retirement Benefit:
The monthly retirement benefit shall be equal to one and one-fourth
O k%) percent of Average Monthly Earnings as defined herein times years and
fully completed months of Continuous Service, commencing on his Normal, Deferred
or Early Retirement Date and continued thereafter during his lifetime unless
prior to retirement the Member had selected an optional form of benefit payment.
There shall be no change in benefit amounts except by Amendment to the Ordinance
establishing this Plan and following appropriate actuarial evaluation of the
Plan.
Early Retirement Benefit:
The retirement benefit for a member who elects to retire at the
Early Retirement Date shall be reduced as hereinbefore provided and the monthly
amount equal to his Normal Retirement Benefit multiplied by the appropriate
percentage in accordance with the following schedule:
SCHEDULE OF EARLY RETIREMENT FACTORS
Number of Whole Years Between Early
Retirement Date and Normal Retirement Date Percentage
0 100.00
1 93.33
2 86.67
3 80.00
4 73.33
5 66.67
6 63.33
7 60.00
8 56.67
9 53.33
10 50.00
Straight lines interpolation of these percentages will be employed where
fractional whole years prior to Normal Retirement Date are involved.
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SECTION 4: That Section VII, Retirement Options, of the Retirement
Plan for the employees of the City -of Tamarac, Florida, as set forth in
Ordinance No. 77-13 as amended is hereby amended by adding the words underscored
and deleting the words struck through as follows:
SECTION VII
RETIREMENT-OPT49NS
Jelet-Annaitantj
The-r�embe�°-shall-be-�err�itted-te-ease-a-feint-annuitant-�revided
the-desigeatien-is-rude-at-least-two-+ears-prier-te-the-date-ef-regular-er
earl+-retireffierti-and-further-preaided-that-the-member-furnishes-a-eertified
eepy-ef-tbe-aiinu4tant's-b4rth-eertl€ieafe-er-ether-aeeepfable-ev4deeee-e€-date
of-birth:--In-the-event-the-riember-names-a-joint-annuitant-the-bene€Its-payab4e
te-the-(ember-and-te-the-joint-annuitant-shall-be-determined-en-the-basis-e€
the-attained-age-ef-the-member-at-retirement-and-the-attained-age-ef-the-je4nt
afleaitant-at-the-time-the-member-retires.
RETIREMENT OPTIONS
Each member entitled to a normal early, deferred or vested retirement benefit
shall have the right not more than 3 ears nor less than 2 years prior to
normal retirement date to elect to have his benefit able under anY one of
the options hereinafter set forth in lieu of the benefits otherwise provided
herein and to revoke any such elections and make a new election at any time
prior to two ears before normal retirement date. The value of the o tional
benefits shall be a tea ria11 y a uivalent to the value of the benefits
otherwise payable, and the present value of payments to the retiring member
must be at least equal to 50% of the total resent value of payments to the
retiring member and his beneficiary. The member shall make such an election
by, written request to the board such request being retained in the board's file.
OPTION 1 - Joint and Last Survivor Option
The Member may elect to receive a benefit during his lifetime and
have such benefit or a designated -fraction thereof continued after
his death to and during the lifetime of his Spouse or a relative
other than his Spouse. The election of Option 1 shall be null and
void if the designated Beneficiary -dies before the Member's benefit
payment commence_
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OPTION 2 - 10 Years Certain and Life Thereafter
The Member may elect to receive a benefit with 120 monthly payments�
guaranteed. If, after payments commence the Member should die before
said 120 monthl a ments are made, payments are then continued to his
designated Beneficiary until 120 payments in all have been made at
which time benefits cease. After expiration of the 120 monthly payments
guaranteed, should the retired Member be then alive, a ments shall be
continued durin2 his.remaining lifetime.
OPTION 3 - Other
In lieu of the other optional forms enumerated in this Section, benefits
may be paid in any form approved by the Board so long as actuarial
equivalence with the benefits otherwise payable is maintained_.
SECTION 5: Those Members of the Plan who are beyond the normal retire-
ment date establ i shed i n thi s P1 an on July 23 , 19 80 , the effective date
of this Ordinance shall be entitled to benefits accrued to July 23 ,
19 80 , the effective date of this Ordinance.
SECTION 6: Should any section or provision of this Ordinance or any
portion thereof 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 de-
clared to be invalid.
SECTION 7: All ordinances or parts of ordinances in conflict herewith
are hereby repealed to the extent of such conflict.
SECTION 8: This ordinance shall become effective immediately upon its
final passage.
PASSED FIRST READING this 7day of 19
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PASSED SECOND READING this ?dayof ig
'*AKW
ATTEST:
CITY CLERK
I HEREBY CERTIFY that I have approved
the form and correctness of this
ORDINANCE
�&� W, rj4i�_
CITY ATTORNEY
ISO
RECORD OF COUNCIL VOTE
MAYOR:
DISTRICT
DIST t"�';CT
DISTRICT
DISTRICT