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HomeMy WebLinkAboutCity of Tamarac Ordinance O-1987-0371 2 2 9 30 22 13 14 25 16 17 20 3] 22 23 Ba 2S 26 27 28 39 '10 a 32 33 94 15 36 Introduced by: 1'�� Temp. Ord. 41336 CITY OF TAMARAC:, FLORIDA ORDINANCE NO. 0-87-_2LZW AN ORDINANCE REPEALING ARTICLE I OF CHAPTER 19 OF THE CODE OF ORDINANCES OF THE CITY OF TAMARAC PERTAINING TO THE CITY'S PENSION PLAN ADOPTING A NEW PENSION PLAN AND THEREBY CREATING A NEW ARTICLE I OF CHAPTER 19 OF THE CODE OF ORDINANCES PROVIDING THAT THE PRIOR PENSION PLAN SHALL APPLY TO ALL PERSONS CURRENTLY RECEIVING BENEFITS THEREUNDER PROVIDING FOR TIE CREATION OF THE CITY OF TAMARAC EMPLOYEES PENSION TRUST FUND AND A BOARD OF TRUSTEES TO HOLD AND ADMINISTER SAME, THE METHOD FOR APPOINTING SAID TRUSTEES AND THEIR POWERS, METHODS OF COLLECTING MONEY FOR SAID TRUST FUNDS, THE POWERS AND DUTII S OF SAID TRUSTEES, THE METHOD FOR RESOLVING CONTROVERSIES AND DISPUTES AND FOR TERMINATING SAID TRUST, ESTABLISHING THE CITY OF TAMARAC EMPLOYEES PENSION PLAN AND SETTING FORTH THE REQUIREMENTS FOR PARTICIPATION IN SAID PLAN AND EARNING VESTING -AND BENEFIT CREDITS IN SAID PLAN, PROVIDING FOR PENSION BENEFITS, EARLY RETIREMENT BENEFITS, DISABILITY BENEFITS, AND RETURN OF CONTRIBUTIONS AND PROVIDING THE ELIGIBILITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENEFI'..'S, PROVIDING, FOR THE PAYMENT OR SUSPENSION OF BENEFITS FROM EMPLOYMENT AFTER RETIREMENT, SPOUSES PRE -RETIREMENT SURVIVOR BENEFITS, AND LUMP SUM PAYMENT'S OF BENEFITS, AND PROVIDING THE ADMINISTRATION AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER PROVIDING FOR SEVERABILITY AND PROVIDING AN EFFECTIVE DATE. WHEREAS, a public hearing has been held pursuant to Chapter 166, Florida Statutes and WHEREAS, the City Council of the City of Tamarac determines that it is in the public interest to adopt the following "Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That existing Article I of Chapter-19 of the Code of Ordinances of the City of Tamarac (Sections 19-1 through 19-1.3), entitled, Personnel_ (In General), pertaining to pensions, is hereby repealed in its entirety, but shall apply to all persons presently receiving benefit, pursuant to existing Article I of Chapter 19. SECTION 2: That a new Article I of Chapter 1.9 of the Code of Ordinances of the City of Tamarac is hereby created to read as follows: 2 2 a PART I DECLF,RATION OF TRUST CITY OF TAM.ARAC EMPLOYEES' PENSION TRUST FUND I 9 20 u 22 F �] 24 U 26 17 9 20 2A WT1 271 0 w 9 23 34 35 36 CITY OF TAMARAC EMPLOYEES' PENSION PLAN TABLE OF CONTENTS PART I - DECLARATION OF TRUST SECTION 1 - DEFINITIONS PAGE Section 1.1 City ...................................... l Section 1.2 Participant ............................... 1 Section 1.3 Beneficiary ............................... 1. Section 1.4 Trustees .................................. 1 Section1.5 Trust Fund ................................ 1 Section 1.6 Declaration of Trust ...................... 1 Section 1.7 Pension Plan .............................. 1 Section 1.8 Cont.ributions ........................ 1 Section 1.9 Consultant..................6............. I Section 1.10 Administrator .............................. 1 Section 1.11 Custodian......... 6....................... 1 Section 1.12 Named Fiduciary ..........................,. 2 SECTION 2 -- CREATION AND PURPOSES OF FUND Section 2.1 Creation ................................. 3 . Section 2.2 Effective Date.......... 6................. 3 SECTION 3 - BOARD OF TRUSTEES Section 3.1 Number, Appointment, Term ................. 4 Section 3.2 Resignation and removal .................. 5 Section 3.3 Successor Trustees, Assumption of Office.. 5 Section 3.4 Acceptan,°e of the Trust by Trustees......,, 5 Section 3.5 Limitation of Liability of Trustees....... 5 Section 3.6 Office of the Fund ........................ 5 Section 3.7 Officers .................................. 5 Section. 3.8 Power to Act in Case of Vacancy........... 5 Section 3.9 Meetings Notices ......................... 5 Section 3.10 Attendance at Meetings Minutes............ 6 Section 3.11 Quorum Voting Action Without Meeting..., 6 Section 3.12 Removal of Trustees ....................... 6 SECTION 4 - CONTRIBUTIONS AND COLLECTIONS -Section 4.1 Employer Contributions .................... 7 Section 4.2 Receipt of Payment and Other .Property of Section 4.3 Trust ..................................... Collection and Enforcement of Payments.... 7 7 SECTION 5 -- POWERS .AND DUTIES OF TRUSTEES Section 5.1 Conduct of Trust Business .................. 8 Section 5.2 Use of Fund for Expenses ................... 8 Section 5.3 Use of Fund to Provide Benefits............ 8 Section 5.4 Investments... .......................... 8 Section 5.5 Deposits and Disbursements ................. 9 Section 5.6 Allocation and Delegation of Non -Investment Responsibilities............ 9 Section 5.7 Committees of the Board of Trustees........ 9 Section 5.8 By --Laws, Riles and Regulations ............. 9 Section 5.9 Addi4i nal Authority ....................... 9 Section 5.10 Bonds... ................... 1;) Section 5.11 Insurance .................................. 10 Section 5.12 Information to Participants an,i Beneficiaries .............................. 10 i 1 2 1 5 10 31 32 23 14 i5 16 27 9 so 21 23 23 24 25 26 27 25 29 23 34 ]5 36 Section 5.13 Accountants and Actuaries ................. 10 Section 5.14 Trustee Reimbursement ...................... 10 Section 5.15 Reports.................................... 10 Section 5.16 Records of Trustees' Transactions. 10 Section 5.17 Construction and Determination by Trustees. 11 Section 5.18 Liability... .............................. 11 Section 5.19 Reliance on Written Instruments...,.,,. . 11 Section 5.20 Discharge of Liability.................... 12 Section 5.21 Establishment of Plan ...................... 12 Section 5.22 Amen&-ient of Plan .......................... 13 SECTION 6 - CONTROVERSIES AND DISPUTES Section 661 Submission .o Trustees ..................... 14 Section 6.2 Settling Disputes....... 6.................. 14 -SECTION 7 - BENKFICIAI. RIGHTS Section 7.1 No Right, Title or Interest of the City of Section 7.2 Tamarac ................................... Limitation Upon Beneficial Fights 15 ofEmployees .............................. 15 SECTION 8 - TERMINATION OF TRUST Section 8.1 Conditions of Termination..: ............. 16 Section 8.2 Procedures in Event of Termination......... 16 SECTION 9 - MISCELLLANEOUS Section 9.1 Law App_ic:able.......... 6.................,. 17 Section 9.2 Savings Clause 17 Section 9.3 ......................... Reciprocity Agreements ...................... 17 Section 9.4 Judicial Settlements .... 6............... 17 Section 9.5 Withholding Payment. ......................... 17 Section 9.6 Qualifications of Trust Personnel......., ... 17 Section 9.7 Vesting of Rights .................. 17 Section 9.8 Gender Section 9.9 ............... ...................... Amendment to Declaration .................... 17 18 SUB --PART I - DEFINITIONS Section 1-1 Section 1-2 Section 173 Section 1-4 Section 1-5 Section 1-6 Section 1-7 Section 1-8 Section 1-9 Section 1-10 Section 1-11 Section 1-12 Section 1-13 Section 1-14 Section 1-15 Section 1-16 Section 1-17 PART II SECTION I -- DEFINITIONS Actuarial Equivalent ........................ Average Final Compensation .................. Board of Trustees ........................... City........................................ Covered Employment .......................... Domestic Relations Order .................... Fire Fighters ............................. General Employee .......................... Married ...................................... Maternity or Paternity Leave..,., Pension ..................................... Pension Plan ................................ Plan Year ................................... Police Officer .............................. Retirement .................................. Service .................................... Vested ....................................... ii 19 19 ]9 20 20 20 20 20 20 20 21 21 21 21 22 22 22 2 3 20 21 22 33 14 35 16 17 71,j 20 21 22 23 24 2.S 26 27 22 29 10 32 33 34 3S l 36 SUB -PART II - CREDITED SERVICE SECTION 2 - PARTICIPA` 10N IN THE PENSION FLAN Section 2-1 Participation ...........................�... SECTION 3 - VESTSNG CREDITS Section 3-1 Vesting Schedules........... Section 3-2 Vestin3 Credits Section 3-3 ............................. Changes in Vesting Schedule................ Section 3-4 Vesting of Benefits ......................... SECTION 4 - BENEFIT CREDITS Section 4-1 Break in Service......... Section 4-2 Loss of Credi.ts Section 4-3 ............................ ................. Refund of Contributions Section 4-4 ... Re -Entry into the Pension Plan .............. SUB -PART III_- PENSION BENEFITS SECTION 5 - PENSION BENEFITS 23 24 24 24 24 25 25 25 25 Section 5-1 Right to Pension Benefits... ................ 27 Section 5-2 Early Retirement Age .............. 27 Section 5-3 Early Retirement Benefit........ .......... ... 27 Section 5-4 Normal Retirement Age ....................... 27 Section 5-5 Normal retirement Benefit ................... 27 SECTION 6 - FORMS OF BENEFIT PAYMENTS Section 6-1 Forms of Benefit Payments ................... 27 Section 6-2 Standard Benefits Section 6-3 Optional .................. Benefits 28 Section 6-4 Election ............ ............ of Optional Benefits ............... 28 28 Section.6-5 Revocation of Election ............. L9 Section 6-6 Notice of Forais of Pension Benefits......... 29 SECTION 7 - FORDS OF BENEFIT PAYMENTS Section 7-1 Rights to Disability Benefits ............... 30 Section 7-2 Amount of Disability Benefits ............... 31 Section 7-3 Disability Exclusion .................... 33 -Section 7-4 Determination of Disabiliti................. 34 SECTION 8 - PAY ENT OF BENEFITS • Section a-1 Payment of Benefits ......................... 36 SECTION 9 - BENEFIT LEVEL Section 9-1 Calculation of Benefit Amount ................ 37 Section 9--2 Benefit Level ...................... 37 Section 9-3 Maximum Benefit Amount ....................... 37 SECTION 10 - P1 PLOYMENT AFTER RETIREMENT Sectionl0-1 Suspension of Benefits ..................... 39 Section 10-2 Notice of Re -Employment and Re --Retirement:... 39 Section 10-3 Advance Determination of Prohibited Work.... 39 Section 10-4 Resumption of Benefits ...................... 39 5 # 20 21 22 24 35 16 27 F111 22 23 26 25 26 $7 a# 29 33 34 35 36 SECTION 11 - SPOUSE'S PRE-RETIREIENT SURVIVOR BENEFITS Serr i onl l -1 Forms of Spouse's Survivor Benefit Payments..... 41 Section 11-2 Standard Spouse's Survivor Benefits ............. 41 Section 11--3 Spousal Consent...... ............................ 41 SUB -PART IV - LUMP SUM DISTRIBUTIONS SECTION 12 - LUMP SUM PAYMENTS Section 12-1 Involuntary Lump Sum Distributions .............. 43 Section 12-2 Interest Assumption ............................ 43 SUB -PART V -- ADMINISTRATIOA AND OPERATION OF THE PLAN SECTION 13 - ADMINISTRATION Section 13-1 Board of Trustees ................................ 44 Section 13-2 Claims for Benefits ...................... 44 Section 13-3 .r . Multiple Claims Prohibited.......... 45 Section 13-4 .... Notification of Mailing Address................ • 45 Section 13-5 Benefits Payable to Minors and Incompetents__ 45 SECTION 14 - CLAINS NOTICES AND INQUIRIES Section 14-1 Claims, Notices and Inquiries ................... 47 Section 14-2 Response to Claims and Inquiries.. 47 Section 14-3 Denial of Benefits. ...................`....... 47 Section 14-4 Claims Review Procedure .............. .� 47 Section 14-5 Exhaustion ..... of Claims Review Procedure........... 49 SECTION 15 -- FUNDING Section 15-1 Funding ......................................... 50 Section 15-2 Participant Contributions........... 50 Section 15-3 ... State Contributions .......................... 50 Section-15-4 City Contributions .............................. 51 Section 15-5 Basis of Payments from the Pension Plan......... 51 SECTION 16 -- EFFECT OF DOMESTIC RELATIONS ORDERS ON PAYMENT OF BENEFITS -1 Assignment of Benefits Upon Divorce............ 52 Section 16-2 Filing of Claims ............................. 52 -Section 16-3 Alternate Payee .... ............................ 52 Section 16-4 Notice of Receipt of Claim ...................... 52 Section 16-5 Designation of Representative ................... 52 Section 16-6 Payment of Benefits Pending Trustees' Decision.. 53 Section 16-7 Qualified Domestic Relations Orders............ 53 Section 16-8 Payment of Benefits After Trustees' Decision.... 53 Section 16-9 18 Month Limitation ............................. 54 Section 16--10 Interpleader..................................... 54 SECTION 17 -- KISCELLANEOUS Section 17-1 Construction ..................................... 55 Section 17-2 Standard of Proof..... Section 17-3 ......................... Benefits Not Assa.gnable......................... 55 55 Section17-4 Forfeitures Section 17-5 ..................................... Merger 55 Section 17-6 ............. .... ....................... Termination of Pension Plan, .... * ............... 56 56 Section 17-7 Incorpc,ation by Reference .................... 56 Section 17-8 „ Amendme,it of Pension Plan ....................... 56 iv 1 A 9 10 .0 22 13 14 3S 16 27 n, Fill 21 22 23 24 25 26 27 29 33 34 35 36 CITY OF TAMARAC ENPLOYiEES PENSION TRUST FUIM"D PART I -- DECLARATION OF TRUST STt(" rTnN I DEFINITIONS Section 1.1 qjy. The term "City" as used herein shall mean the City of Tamarac, a Florida municipal corporation. Section _1.2Participant. The term "Participant" shall mean any pensioner or beneficiary receiving or entitled to receive benefits, any person with vested benefits, and any Employee who accrues or retains credited service, in accordance with the provisions of the plan established pursuant to this Declaration of Trust. Section 1.3 Beneficiary. The term "Beneficiary" shall mean a person designated by a participant or by the terms of the Pension Plan created pursuant to this Declaration of Trust, who is or may become entitled to a benefit, thereunder. Section 1.4 Trustees. The term "Trustees" as used herein shall mean the Trustees designated in this Declaration of Trust, together with their successors, designated and appointed in accordance with the terms of this Declaration of Trust. Section 1.5 Trust Fund. "Trust", "Trust Fund" and "Fund" as used herein shall mea the entire trust estate of CITY OF TAMARAC EMPLOYEES' PENSION TRUST FUND as it may, from time to time be constituted, including, but not limited to, all fends received in the form of contributions, together with all contracts (including dividends, interest, refunds, and ether sums payable to the Trustees on account of such contracts), all investments made and held by the Trustees, all income, increments, earning, and profits• therefrom, and any and all other property or funds received and held by the Trustees by reason of their acceptance of this Declaration of Trust. Section 1.6 Declaration of Trust. The term "Declaration of. Trust" as used herein shall mean Chapter ,I of this ordinance including all amendments and modifications as may from time to time be made. Section 1.7 Pension Plan. The term "Pension shall mean the payment ordinance. the plan, program, inethod, rules, and of benefits from the Trust Fund which Plan" or "Plan" procedures for is part of this Section 1.8 Contributions. The term "contributions" shall. mean the payments required of the City of Tamarac and the State of Florida for this Fund, or payments made by or on behalf of participants or their beneficiaries. Section 1.9 Consultant. The term "consultant" as used herein shall mean any person or entity who, for compensation, advises, represents, or provides other assistance to the Trustees concerning the establishment, or operation of the Plan as defined in Section 1.10. Section 1.10 Aduinistrator. The term "Administrator" as used herein shall mean th, Board of Trustees as defined in Section 1.6 herein. Section 1.11 Custodian. The term "custodian" as used herein shall mean one who is officially entrusted with guarding and keeping records and documents of this Trust Fund. 1 1 2 S Section 1.12 Named F'iduciar_y. The term "named fiduciary" as used herein shall mean the Board of Trustees as defined in Section 1.4 herein. • 2 1 =I 4 5 CREATION AND PURPOSES OF FUND Section 2.1 Creati.on. The Trust. Fund is created, established and maintained, and the Trustees agree to receive, hold and administer the Plan, for the purpose of providing such benefits as now are, or hereafter may be authorized or permitted by law for participants and their beneficiaries and in accordance with the provisions set forth herein and in the ?pension Plan. Section 2.2 Effective Date. This Ordinance and Declaration of Trust shall be in full force and effect as of January 1, 1987. r 3 1 2 3 4 30 11 22 13 34 is 26 17 EMI No u 33 34 35 36 4VI MTnit 7 BOARD OF TRUSTEES Section 3.1 Number, Ao_intment, _ 'Perm. (a) The Plan shall be adminstered by seven (7) Trustees and seven (7) alternate trustees. ( 1 ) One trustee and one alternate shall be elected by the supervisory, confidential and managerial employees of the City who participate in the Plan (2) One trustee and one alternate shall be elected by the Plan participants who are in the general employees bargaining unit (3) One trustee and one alternate shall be elected by the fire fighters employed by the City who participate in the Plan (4) One trustee and one alternate shall be elected by the police officers employed by the City who participate in the Plan (5) One trustee and, one alternate shall be appointed by the Mayor . (6) One trustee and one alternate shall be appointed by the City Manager and (7) One trustee and one alternate shall he appointed by the Finance Director. (8) The trustees and one alternate elected by employees must be Plan participants who are or were members of the employee group which elected thes:i. (9) The Mayor, City Manager and Finance Director may appoint• themselves as trustees or alternates. Should they appoint another person, that person must, at all times while serving as a trustee, be an employee, officer or a City Council member of the City of Tamarac. (.10) Alterate trustees shall, in the absence of the regularly appointed trustees, have all of the powers of trustees. -(b) Appointed trustees and alternates shall serve at the pleasure of the city official who appointed them.. (c) Elected trustees shall serve three years terms, commencing on June 1st of the year in which they are elected. The City Clerk shall conduct the elections by secret ballot d�jring April or May prior to the expiration of a trustee's term. The trus-tees in office on January 1, 1987 shall continue in office until the following dates: (1) Managerial, confidential and supervisory - May 31, 1988, after which a trustee shall be elected to a one year term (June 1, 1988 to May 31, 1989) after which a trustee shall be elected to a three year term commencing June 1, 1989 (2) General employees May 31, 1988 (3) Fire fighters and police officers - May 31, 1987 (d) A vacancy shall occur whenever a trustee resigns, is removed by the appointing official, is no 'Longer eligible or qualified to serve as a trustee, dies or becomes incapacitated. The: vacancy shall be filled in the same manner as was utilized to select the original trustee. Sucessors to elected trustees shall serve out the unexpired term of the prior trustee. 4 u u 33 14 25 16 17 K 2.1 23 23 24 25 26 27 3B 39 33 34 33 36 Section 3.2 Resignation and Removal, A Trustee may resign and become and remain fully discharged from all further duty or responsibility hereunder upon giving thirty (30) days' notice in writing to the remaining Tzustees and to the party by whom he was Appointed, or such shorter notice as the remaining Trustees may accept as sufficient. In the notice there shall be stated a date on which such resignation shall take effect and such resignation shall take effect on the date specified in the notice unless a Successor Trustee shall have been appointed at an earlier date, in which event such resignation shall take effect immediately upon the appointment of such successor Trustee. Section 3.3 Successor Trustees�Assumption_of._Of f ice. Any Successor Trustee shall immediately upon appointment or election and acceptance of the Trusteeship, become vested with all the property, rights, powers and duties of a Trustee hereunder with like effect as -if originally named a Trustee, without the necessity of any formal conveyance or other instrument of title. Section 3.4 Acceptance of the Trust by Trustees. A Trustee shall execute a written acceotance in a form satisfactory to the Trustees. By executing such written acceptance, a Trustee shall be deemed to have accepted the Trust created and established by this Declaration and to have consented to act as Trustee and to have agreed to administer the Trust Fund as provided herein. Such written acceptance shall be filed w*,ith the Secretary who shall notify the remaining Trustees of the receipt of such acceptance. Section 3.5 Limitation of Liability of� Trustees. No Successor Trustee shall in any way be liable or responsible for anything done or cominittecd in the administration of the Trust prior to the date of becoming a Trustee. No Trustee shall be liable for the acts or omissions of another Trustee to whom certain responsibilities, obligations or duties have been delegated pursuant to this Trust Declaration, nor shall any Trustee be liable for the acts or omission, of any investment manager,. attorney, agent, or assistant employed by them pursuant to this Agreement, if such person's performance was periodically reviewed by the Trustees who found such performance to be satisfactory. Section 3.6 Office of the Fund. The principal offices of the Trust Fund shall be located and maintained in 1Broward County, at Tamarac City ball, or at such other locations in the City of -Tamarac as the Trustees may determine. Section--3.7 Officers. The Trustees shall elect from among themselves a Chairman, a Vice -Chairman, and a Secretary for a term of one (1) year, or until his or their successors have been elected. The Secretary or such other person as the Trustees ir.ay designate, shall keep minutes and records of all meetings, proceedings and acts of the Trustees and shall, with reasonable promptness, send copies of such minutes and records to all Trustees, and legal counsel. The Chairman, and in his absence the Vice -Chairman, shall preside at all meetings of. the Trustees and shall be entitled to one vote on all matters. Section 3.8 Power to ActinCase of Vacancy. in case of death, resignation or refusal or inability to act of any one or more of the Trustees, the remaining Trustees shall have all the powers, rights, estates and interests of this Trust, and shall be charged with its duties, lrovided that, in such cases there shau be no change in t.h quorum or voting requirements established in Section 3.1 hereof. Section 3.9�Meeting_s Notices. The Trustees shall meet at such times as they deem it necessary to transact their business. The Chairman or the Secretary of the Board of Trustees may, and upon the written request of any two (2) Trustees shall, call a 2 3 i 3 J. ao u u v 31 1 17 1 211 22 23 24 25 25 2'f 2= 3• 35 35 meeting of the Trustees at any time by giving at least f ive ( 5 ) days' notice in writing, of the time and place thereof to the remaining Trustees. Section 3.10 Attendance at Meetings Minutes. Written .ainutes, a copy ofwhichshall, be furnished with reasonable promptness to each Trustee and legal counsel, shall be kept of all business transacted and of all matters upon which voting shall have occurred and the vote shall be recorded. Such minutes shall bear the signa-ure of the Secretary and shall be approved at the succeeding meeting. Section 3.11 Quorum _ Voting Actiony'ithout Meeting (a) A quorum of the Board of Trustees shall be at least four Trustees or alternate Trustees. (b) Any action taken by the Trustees, except as herein otherwise provided, shall be by affirmative vote of a'majority of the votes cast at a meeting. The Trustees must cast their votes in person. Section 3.12 Removal of Trustees. The Board of Trustees shall initiate action to cause the removal of any fellow Trustee who may be serving as a Trustee in violation of this Agreement or other applicable law. The vacancy or vacancies caused by such a removal shall be filled in accordance with Section 3.3 of this Article. N. 2 2 a 5 0 9 20 al 22 33 24 25 26 17 20 21 22 33 2s 25 26 27 29 V u 33' 34 35 36 CONTRIBUTIONS AND COLLL)CrIONS Section 4.1 FMplo P�Y r Contributions. ( a ) The City and participants sha11 make prompt contributions or payments to the Trust Fund in such amounts and under the terms as are provided for in this ordinance and as required by law. Such contributions or payments are absolute obligations to the Trust Fund, and such obligations shall not be subject to (by way of illustration and not limitation,) set --off or counterclaim which the City or any participant may have for erroneous contributions t7 any other Trust Funds, or for any other liability of any Employee, the City, the Trustees, or any other person. (b) Contributions to the Fund shall be paid to the Trust Fund or to such depository as the Trustees shall designate, only by check, bank draft, or money order, or its equivalent. Section 4. 2 Receipt of F`ayment and_ Other P )ert of Tr_ust . The Trustees or such other person or entity designate_or appointed by the Trustees in accordance with Section 5.8 of Article V are hereby designated as the eersons to receive the payments heretofore or hereafter made to the Trust Fund by the City and participants. The Trustees are hereby vested with all right, title and interest in and to such monies and all interest which may be accrued thereon, and are authorized to receive and be paid the same. Section 4.3 Collection and Enforcement of PAyments. The Trustees, or such committee of the Trustees as the Board of Trustees shall appoint, and when directed by such commmittee or by the Board of Trustees, shall have the power to demand, collect and receive City and participant payments and all other money and property to which the Trustees may be entitled, and shall hold the same until applied to the purposes provided in this Trust Agreement. They shall take such steps, including the institution and prosecution of, or the intervention in, such legal or administrative proceedings as the Trustees in their sole discretion determine to be in the best interest of the Trust Fund for the purpose of collecting such payments, money and property. 7 1 2 1 4 /I 20 31 12 23 14 15 16 17 .17 FE P11 22 23 24 25 26 27 29 33 24 35 36 SECTION 5 POWERS AND DUTIES OF TRUSTEES Section 5.1 Conduct of Trust Business. The Trustees shall have general supervision o. the operation of this Trust Fund and shall conduct the business and activities of the Trust Fund in accordance with this Trust Agreement and applicable law. The Trustees shall hold, manage and protect the Trust Fund and collect the income therefrom and contributions thereto. The Trustees may in the course of conducting the business of the Trust, execute all instruments in the name of the City of Tamarac Employees' Pension Trust Fund. Section 5.2 Use of Fend for Expenses. The Trustees shall have the power and authority to use and apply the Trust Fund to pay or provide for the payment of all reasonable and necessary expenses of administering the affairs of this Trust, including the employment of such administrative, legal, expert and clerical assistance, the purchase or lease of such materials, supplies and equipment and the performance of such other acts, as the Trustees, in their discretion, find necessary or appropriate in the performance of their duties. Section 5.3 Use of Fund to Provide Benefits. The Trustees shall have the power and authority touseand apply the Trust Fund to pay or provide for the payment of retirement End related benefits to eligible participants and beneficiaries in accordance with the terms, provisions and conditions of the Pension Plan. Section 5.4 Investments. (a) The Trustees shall have the power and authority, in their sole discretion, to invest and reinvest such funds as are not necessary for current expenditures or liquid reserves, as they may from time to time determine. These investment procedures are a variance of the investment procedures outlined in F.S. Sections 175.071(1)(b) and 165.06(l)(b), as such variance is permitted by said sections. The Trustees may sell, exchange or otherwise dispose of such investments at any time and, from time to time, as provided in Section 5.9 M. The Trustees shall have the authority, in respect to any stocks, bonds or other property, real or personal, held by them as Trustees, to exercise all such rights, powers and -privileges as might be lawfully exercised by any person owning similar stocks, bonds or other property in his own right. (b) Delegation and Alloc.ati_on of Investment Functions. (1) The Trustees are authorized, in their discretion to allocate such duties and responsibilities to invest and reinvest such Fund assets as they shall specify in such allocation to a committee or subcommittee of the Board of Trustees in accordance with Section 5.7, provided, however, that such action, shall. have been approved by a majority vote of the Trustees as provided in Section 3.12. (2) The Trustees shall have the power and authority tc appoint one or more investment managers who shall be responsible for the management, acquisition, disposition, investing and reinvesting of such of the assets of the Trust Fund as the Trustees shall specify. Any such appointment may be terminated by the Trustees upon -;ri.tten notice. The fees of such investment manage::, and its expk -ises to the extent permitted by law, shall be paid out of the Trust fund. The Trustees shall require that the Investment Manager acknowledge in writing that it is a fiduciary with respect to the Plan. R H 2' 3 3 20 31 12 33 31 ,15 26 37 9 20 21 22 23 26 2S 26 27 29 33 34 35 36 (3) In connection with any allocation or delegation of investment functions under paragraphs (1) and (2) of this subsection (b), the Trustees shall, from time to time, adopt appropriate investment policies or guidelines. Section 5.5 Deposits and Disbursements. All Trust monies not invested shall be deposited by the Trustees in such appropriate depository or depositories as the Trustees shall, from time to time, select, and any such deposit or deposits, or disbursement therefrom., shall be made in the name of the Trust in the manner designatf.d and authorized by the Trustees or by the Investment Manager appointed in accordance with Section 5.4(b)(2) of this Article. Section 5.6 Allocation and De1e_gation of No Responsibilities. The Trustees may, by resolution or by-law or by provisions of this Trust Agreement, allocate fiduciary responsibilities and various administrative duties to committees br subcommittees of the Board of Trustees. In addition, the Trustees may delegate such responsibilities and duties to other individuals as they may deem appropriate or necessary in their sole discretion, and consistent with state law provided, however, that such action shall have been approved by a majority vote of the Trustees, as provided in Section 3.12. Section 5.7 Committee of the Board of Trustees. Each committee or subcommittee shall consist of at least two Trustees. A quorum of a committee shall be at least two Trustees or alternate Trustees. Section 5.8 _By -Laws., _.Rules and Regulations. (a) The Trustees are hereby empowered and authorized to adopt by-laws and to promulgate any and all necessary rules and regulations which they deem necessary or desirable to facilitate the proper administration of the Trust Fund, provided the same are not inconsistent with the terms of this Trust Agreement. All by-laws, rules and regulations adopted by action of the Trustees shall be binding upon all parties hereto, all parties dealing with the Trust Fund and all persons claiming any benefits hereunder. (b) No by-law, regulation, rule, action or dct^_--_4:wtion made or adopted by the Trustees, shall in any manner, conflict or be inconsistent with any provision of this -Declaration, or with any applicable Federal, State or local law. Section 5.9 Additional Authority_. The Trustees are hereby empowered in addition to such other powers as are set forth herein or. conferred by law: (a) To enter into any and all contracts anti agreements for carrying out the terns of this Declaration and for the administration of the Trust Fund, and to do all acts as they, in their discretion, may deem necessary or advisable and such contracts and agreements and acts shall be binding and conclusive on the parties hereto and on the participants involved (b) To keep property and securities registered in the name of the Trustees or of the Fund (c) To establish and accumulate as part of the Trust Fund such reasonable reserve funds as the Trustees, in their sole discretion, deem necessary or desirable to carry out the purposes of such Trust Fund (d) To pay out of the Trust Fund all real and personal. property taxes, income taxes, and other taxes of any and all kinds levied or assessed under existing or future laws upon or in W, 1 3 4 • 9 20 22 32 13 24 1S ]16 17 9 ao 21 22 23 26 25 26 27 29 33 34 35 36 respect to the Trust Fund, or any money, property, or securities forming a part thereof (e) To do all acts, whether or not expressly authorized herein, which the Trustees may deem necessary or proper for the protection of the property held hereunder, and (f) To sell, exchange, lease, convey, mortage or dispose of any property, whether real or personal, forming a part of the Trust Fund upon such terms as they may deem proper and to execute and deliver at any time, any and all instruments of conveyance, lease, mortgage and transfer in connection therewith. Section 5.10 Bonds. The Trustees shall obtain from an authorized surety company such bonds as may be required by law or desired by the Trustees covering such persons and in such amounts (but not less then required by law) as the Trustees, in their discretion, may determine. The cost of premiums for such bonds shall be paid out of the Trust Fund. Section 5.11 Insurance. The Trustees may in their discretion obtain and maintain policies of insurance, to the extent permitted by law, to insure themselves, the Trust Fund as such, as well as Employees or agents of the. Trustees and of the Trust Fund, while engaged in business and related activities for and on behalf of the Trust Fund, (a) with respect to liability to others as a result of acts, errors or omissions of such Trustee or Trustees, Employees or agents, respectively, -nd (b) with respect to injuries received or propert} damage suffered by them. The cost of the p,:em.iums for such policies of insurance shall be paid out of the Trust Fund. Section 5.12 Information to Participants and Beneficiaries. The Trustees shall provide participants and beneficiaries such information as may be required by law. Section 5.13 Accountants and Actuaries. The Trustees shall engage one or more independent qualified public accountants and one or more enrolled actuaries to perform all services as may be required by applicable law and such other services as the Trustees may deem necessary. The costs incurred under this Section shall be paid out of the Trust Fund. Section 5.14 Trustee Reimbursement. The Trustees shall be entitled to reimbursement for the expenses properly and actually incurred in the performance of their duties with the Trust Fund and to per diem allowance in amounts Ystablished by the Board of Trustees, including, without limitation, for attendance at meetings and other functions of the: Board of Trustees, attendance at institutes, seminars, conferences or workshops for or on behalf of the Trust. Fund. A Trustee may be paid directly from the Fund by way of reimbursement for the amount of actual City wages that he has lost by reason of his performance of duties for the Trust Fund in accordance with any reasonable schedule for reimbursement which may be established by the Board of Trustees. Section 5.15 Reports. The Board of Trustees shall make reports to and file such information with appropriate public authorities as may be required by applicable law. Section 5.16 Records of Trustee_ Transactions. Tne Trustees shall keep true and accurate books of account wand a record of all of their transactions and meetings (including actions taken at such meetings and by informal action of the Trustees), which records and books shall be audited at least annually by a 10 I 2 3 4 5 �I e i] 10 11 32 13 14 25 16 27 9 20 21 12 23 24 25 26 37 23 w u 33 34 35 36 certified public accountant. A copy of each audit report shall be available for inspection by interested persons at Tamarac City Hall at reasonable times and after reasonable notice. Section 5.17 Construction and Determination by Trustees. Subject to the stated purposes of the Fund and the provisions of this Declaration, the Trustees shall have full and exclusive authority to determine all questions of coverage and eligibility, methods of providing or arranging for benefits and all other related matter,. They shall have full power to construe the provisions of this Declaration, the terms used herein and the by- laws and regulations issued thereunder. Any such determination and any such construction adopted by the Trustees in good faith shall be binding upon all of the parties hereto and the beneficiaries hereof. No questions or disputes arising under this Declaration shall be subject to the grievance or arbitration procedure established in any collective bargaining agreement between the City and any labor organization, provided however, that this clause shall not affect the rights and liabilities of any of the parties under any of such collective bargaining agreements. Section_5.18 Liability. The Trustees, to the extent permitted by applicable law, shall incur no liability in acting upon any instrument, application, notice, request, signed letter, telegram or other paper or document believed by thein to be genuine, to contain a true statement of facts, and to be signed by the proper person. Section 5.19 Reliance on Written Instruments. (a) By _Trust °es. Any Trustee, to the extent permittee by applicable law, may rely upon any instrument in writing purporting to have been approved by a majority vote of the Trustees and signed in accordance with Section 5.1 as conclusive evidence of the fact that a majority of the Trustees have taken the action stated to have been taken in such instrument. In any controversy, claim, demand, suit at law or rather proceeding between any participant or any other person and the Trustees, the Trustees shall be entitled to rely upon any facts appearing in the records of the Trustees, any instruments on file with the Trustees, or with the City, and any facts certified to the Trustees, by the City, and any facts which are of public record and any other evidence pertinent to the issue involved. (b) By Others. (1) No party dealing with the Trustees shall be obligated (A) To see the application to the stated Trust purposes of any funds or property of the Trust Fund or.' (B) To see that the terms of this Declaration have been complied with or (C) To inquire into the necessity or expediency of any act of the Trustees. (2) Every instrument executed by the Trustees shall be conclusive evidence in favor of every person relying thereon (A) That at the time of execution of said instrument the Trust b,as in full force and effect, (B) That the instrument was executed in accordance with the terms and conditions of this Declaration, and (C) That the signing Trustees were duly authorized and empowered to execute the instrument. 11 a 3 4 5 f :! �o u u u 14 is 16 17 21 22 23 34 25 36 27 20 29 33 34 35 36 (c) Reliance on Counsel's 0 inion. The Trustees may consult with legal counsel concerning any question which may arise with reference to the duties and powers or with reference to any other, matter pertaining to this Declaration or the 'Trust hereby established. The opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the Trustees hereunder in good faith in accordance with the opinion of such counsel. The Trustees shall not be liable therefore to the extent permitted oy applicablo law. Section 5.20 Discharge of Liability. The receipt by the Trustees of any mone; or property car cheeks (after such checks are honored at the bank and paid to the Trust Fund) shall discharge the person or persons paying or transferring the same to the extent of such payme,it or transfer. Section 5.21 Establishment of Plan. (a) The Trustees and the Tamarac City Council shall adopt a written Pension Plan wherein the Trustees, as named fiduciaries, shall have the authority to control and manage the operation and administration of the Plan. Such Plan shall provide for the payment of such retirement pension benefits, permanent disability pension benefits, death benefits, and related benefits, as are required by law or feasible. The Trustees may also enter into agreements with other Trustees of Pension -Plans which conform to the applicable sections of the then applicable Internal Revenue Code for purposes of tax deduction for the reciprocal recognition of service credits and payments of pension benefits based upon such service credits. The Trustees shall not be under any obligation to pay any :)ension if the payment of such pension will result in loss of the Trust Fund's tax exempt status under the then applicable Internal Revenue Code and any regulations or rulings issued thereto. (b) The Trustees and the City Council shall promulgate rules, regulations, and procedures for the operation of the Pension Plan, including, by way of illustration and not limitation: (1) conditions of eligibility for participants and beneficiaries (2) standards for vesting of benefits (3) a schedule of the type and amount of benefits to be paid (4) a procedure for the payment of benefits :.n the form of a, qualified joint and survivor annuity (5) procedures for claiming benefits aria for the distribution of benefits (6) a procedure for the separate accounting for the portion of each Employee's accrued benefit, if any, derived from Employee contributions (7) the establishment and maintenance of a funding standard policy (8) a procedure for establishing and carrying out a funding policy (9) any procedures for the allocation or responsibilities for the operation and administration of the Plan Plan. (10) the basis on which payments are made from the 12 3 2 3 4 5 0 0 9 10 22 32 23 14 is 26 27 20 21 22 13 24 33 34 26 36 Such Pension Plan shall at all times comply with all applicable laws. (c) The Trustees shall agree by a majority vote of their total number to the Plan which shall. then be submitted ::o the Tamarac City Council for enactment as an ordinance. This Plan and any amendments thereto, shall qualify under applicable provisions of the Internal Revenue Code. Section 5.22 Amendment of Plan. The Pension Plan may be amended by the Trustees at any time, provided that such amendments comply with the applicable sections of the then applicable Internal Revenue Code, all other applicable law, and the purposes as set forth in this Declaration and are approved by the Tamarac City Council. Additionally, and not by way of limitation, the Trustees and the City Council may amend the Pension Plan, in•the future, or retroactively where they deem it necessary, to maintain the continuation of the Trust Fund's tax dxempt status or to preserve compliance with the then applicable Internal Revenue Code, and all other applicable law. A copy of each amendment of the Pension Plan shall be adopted and filed by the Trustees as part of the records and minutes of the Trust Fund, and copies thereof shall be made available to the participants and their beneficiaries requesting such. 13 2 2 2 A a A 34 25 26 COWRO'VERSIRS AND DISPUTES Section_6.1 Submission to Trustees. All questions or controversies of whatever character, —arising in any manner or between any persons or entities in connection with the Trust Fund or the operation thereof, which are related to any claim for any benefit by any participant or any other person, shall, pursuant. to Rules and Regulations adopted by the Trustees, be submitted to the Trustees, a com miltee of the Trustees, or an arbitration beady if the Trustees so provide, and the decision of the Trustees, the committee or arbitration body shall be final and binding upon all persons dealing with the Tr�ist fund or Plan, or claiming benefits thereunder. Section 6.2• Settling Disputes. The Trustees may in their sole discretion compromise or settle any claim or controversy in such manner as they think best, and any majority deci"sion made by the Trustees in compromise or settlement of a claim or controversy, or any compromise or settlement entered into by the Trustees, shall be conclusive and binning on all parties involved in this Trust. 14 z 2 3 • 20 u 32 33 14 35 26 27 221 23 i i 24 2S i 26 27 28 29 33 34 35 36 SECTION 7 H)KNEFICIAL RIGHTS Section 7.1 No Ri ht 'Title or Interest of the City of Tamarac. The City of Tamarac, any participant or beneficiary shall not have any right, title or interest, in or to the Trust fund or any part thereof other than vesting under the Pension Plan and other than a pension or other benefit for which a participant or, beneficiary is entitled under the terns and conditions set forth rin the Pension Plin. There shall be no prorata or other distribution of any of the assets of the Trust Fund as a result of any group of Employees or participants and their beneficiaries, ceasing their participation in this Trust Fund for any purpose or reason, excEpt as required by law. Section 7.2•Limitation Uvon Beneficial Riahts of Emrilovees. (a) All benefits shall be free from the interference and control of any creditor, and no benefits shall be subject. to any assignment or other anticipation, nor to seizure or to sale under any legal, equitable or any other process. In the evert that any claim or benefit shall, because of any debt incurred by or resulting from any other claim or liability against any Employee, Participant, or Beneficiary, by reason of. any sale, assignment, trancfAr, encumbrance, anticipation, or other disposition made or attempted by said Participant, Beneficiary, or Employee, or by reason of any seizure or sale or attempted sale under any legal, equitable or other process, or in any suit or proceeding, become payable, or be liable to become payable, to any person other than the Participant or Beneficiary, no benefit shall be payable under the Pension Plan until such assignment, transfer, encumbrance, anticipation or other disposition, writ or legal process is cancelled or withdrawn in such a manner as shall be satisfactory to the Board of Trustees. Until so cancelled or withdrawn, the Board of Trustees shad have the right to use and apply the, benefits as the Board of Trustees may deem best f.:tr the support and maintenance of such Participant or Beneficiary. (b) This Section shall not apply to qualified domestic relations orders to the extent provided in the Pension Plan. 15 1 2 3 e u u 14 35 16 27 Fil 22 23) at 25 26 27 28. m u u u 35 36 TMNINATION OF TRUST Section 8.1 Conditions of Termination. This Trust Agreement shall cease and terminate upon the happening of any one or more of the following events: (a) In the event the Trust Fund shall, in the opinion of the Trustees, be inadeq.-ate to carry out the intent and purpose of this Trust Agreement, or be inadequate to meet the payments due or to become due under this Agreement and under the plan of benefits to participants and beneficiaries already drawing benefits (b) In the event there are no individuals living who can qualify as Employees hereunder. (c) In the event of termination as may be otherwise provided by law. Section 8.2 Procedure in Event of Termination. In the event of termination, the Trustees shall: (1) Make provision out of the Trust Fund for the payment of any and all obligations of the Trust, including expenses incurred up to the date of termination of the Trust and the -expenses incidental to such termination (2) Arrange for a final audit and report of their transactions and accounts, for the purpose of termination of their Trusteeship (3) File all notices or reports in connection therewith as may be required by applicable law (4) Distribute the remaining assets among the participants and beneficiaries of the Flan, in accordance with and other applicable law. 16 60 3 2 3 4 20 22 12 3.3 24 35 26 27 23 24 as 26 27 2* 22 33 34 35 36 SECTION 9 MISCEM,ANEovs Section 9.1 Law Applicable. This Trust is created and accepted in the State of Florida and all questions pertaining to the validity or construction of this Trust Agreement and of the acts and transactions of the parties hereto shall be determined in accordance with the laws of the State of Florida, except as to matters governed by Federal Law. Section 9.2 Say, i_ngsClause. Should any provision of this Agreement and Declaration of Trust be held to be unlawful, or unlawful as to any person or instance, such fact shall not adversely affect the othe.: provisions herein contained or the application of said provisions to any other person or instance, unless such illegality shall make impossible the functioning of this Fund. Section 9.3 Reci2rocity Agreements. The Trustees may, in their sole discretion, enter into such reciprocity agreement or agreements with other pension funds as they determine to be in the best interests of the Trust Fund, provided that any such reciprocity agreement or agreements shall not be inconsistent with the terms of this Trust Agreement. Section 9.4 Judicial Settlements_. The Trustees shall be entitled, at any time, to have a�judicial settlement of their accounts and to seek judicial protection by any action or proceeding they determine necessary and, further, to obtain a judicial determination or declaratory judgment as to any question of construction of this Trust Agreement or for instructions as to any action thereunder, and, further, as to any questions relating to the discharge of their duties and obligations under, or in connection with the administration of, this Trust and as to the distribution of assets belonging to the Trust. Any such determination, decision, or judgment shall be binding upon all parties to, or claiming under, this Trust Agreement. Section 9.5 Withholding Payment. In the event any questions or dispute shall arise as to the proper person or persons to whom any payments shall be made hereunder, the Trustees may withhold such payment until there shall have been made an adjudication of such question or dispute which, in the Trustees' sole judgment, is satisfactory to them, or until the Trustees shall have been -fully protected against loss by means of such indemnification agreement or bond as they, in their sole judgment, determine to be adequate. Section 9.6 Qualification of Trust Personnel. No person shall serve as a Trustee, administrative manager, custodian, investment manager, or consultant to the Trust Fundy or Plan or serve in any other capacity thereof whether as an agent, officer, or employee, unless such person is eligible for service in accordance with applicable law. Section 9.7 Vesting of Rights. No Participant, Beneficiary or Employee or other person shall have vested interest or right in the Trust Fund except as provided by the Trustees in conformance with the law. Section 9.8 Gender. Whenever any words are used in this Trust Agreement in the ma3culine gender, they shall also ne construed to includ'? the feminine or neuter gender in all situations where they would so apply and whenever any words are used in the singular, t;aey shall also be construed to include the plural, in all situations where they would so apply and wherever any words are used in the plural., they shall also be construed to include the singular. 17 Section 9.9 Am_Fndm_ent to Declaration. The provisions of this Declaration may be amended at any time by an instrument executed by a majority vote of the Trustees and enacted as an ordinance by the Tamarac City Council provided, however, in no event shall the Trust Fund be used for any purpose other than the purposes set forth in this Declaration, and for the purposes of paying the necessary expenses incurred in the administration of this Trust. 18 PART II PENSION FLAN SUB -PART I DEFINITIONS SECTION l DEFINITIONS Section 1-1 Actuarial Equivalence, or Actuarialy Equivalent Means that any benefit payable under the terms of this Plan in a form other that. the standard form of benefit for unmarried participants shall have the same actuarial present value on the date payment commences as such standard form of benefit. For the purposes of establishing the actuarial present_ value of any form of payment other than, a lump sum distribution, all. future payments shall be discounted for interest and mortality by using 7% interest and the 1971 Group Annuity Mortality Table for Males, with ages set ahead five years in the case of disability retirees. In the case of a lump sum distribution, the actuarial present value shall be determined on the basis of the same mortality rates as iust described and the Pension Benefit Guaranty Corporation's interest for terminating single employer plans, which rates are in effect (a) 90 days prior to the distribution date if distribution is made within six months o; the member's date of termination, or (b) 90 days prior to the distribution date if distribution is made later than six months after the member's date of termination. Section 1-2 Average Final Compensation The term "average final compensation" means one -twelfth of the average annual compensation of the five highest years of service prior to the employee's normal retirement elate or prior to the employee's voluntary discontinuance of participation in the Plan. Section 1-3 Board of Trustees, The term "Board of Trustees" shall mean the Trustees designated in this Ordinance, and any successor Trustees selected as provided therein acting in a group as the Administrator of this Pension Plan. W 1 Z 3 4 5 2.1 22 23 24 as 33 34 35 36 Section 1-4 City (a) The term "City" means the City of Tamarac, Florida, a municipal corporation. Section 1-5 Covered EmFloyment The term "covered employment" shall mean service for which an Employee is obl;gated to pay contributions to this Pension Plan. Section 1-6 Domestic Relations Order The term ."domestic relations order" means any judgment, 8ecree or order (including approval of a property settlement agreement) which relates to child support, alimony payments or marital property rights to a spouse (or former spouse), child, or other dependent of a Participant, made pursuant to a state domestic relations law. Section 1-7 Fire Fighter The term "fire righter" shall mean any person employed Ly the City who satisfies the definition of fire fighter in F.S. 175.032(l)(a). Section 1-8 General Employee The term "general. employee" shall mean any person employed by the City in covered employment other than a police officer, fire fighter, or elected official. Section 1-9 Married (a) The term "married" means a Participant who is married on the date of receipt of pension benefits. (b) Special- Rules - A Participant shall also be considered "married": (1) if the Participant dies before receipt of such benefits, but the Participant was married on the date of the Participant's death or (2) to the extent provided under a "qualified" domestic relations order. Section 1-10 Maternity -or Paternrn_ity Leave (a) The term "maternity or paternity leave" means a Participant's absence from work by reason of: (1) the pregnancy of the Participant or M 0 3 3 (b) (2) the birth of a child of the Participant or (3) the placement of a child with the Participant in connection with the adoption of such child by the Participant or (4) the caring for such child by the Participant for a period beginning immediately following such birth or placement. Leave - Solely for purposes of determining whether a break in service has occurred as provided in Section 4--1 (Breaks in Service), and not for purposes of vesting or benefit accrual, a Participant who is absent from work to covered employment due to maternity or paternity, leave shall be credited with the hours of service which otherwise would normally have been credited to the Participant but for such absence, not to exceed three months hours per Plan Year. (c) Credit- inq Period - The hours of service absent from work due to maternity or paternity leave shall be credited, solely for purposes c` excusing a break in service: (1) during the Plan Year in which the absence began if the crediting of those hours is necessary to prevent a break in service in that Plan Year, or, in all other eases (2) in the next following Plan Year. Section 1-11 Pension The term "pension" or "pension benefit" shall mean an early rp*_irement benefit, a normal retirement benefit or a -disability retiremen'-- benefit. Section 1-12 Pension Plan Thp term "Pension Plan" shall mean the City of Tamarac Employees' Pension Plan. Section 1-13 Plan Year The term "Plan Year." shall mean the 12 month period from October lst to the following September 30th. Section 1-14 Police Officer The term "police officer" shall mean any person employed by the City who satisf is the definition of police officer in F.S. 185.02 (1). 21 x 2 3 i e 24 1S 26 27 211 22 23 24 26 26 27 I 32 �T] 34 35 Section 1-15 Retirement The term "retirement" or "retired" shall mean the complete withdrawal of a Participant from any further employment as an employee, paid consultant or independent contractor of the City. Section 1-16 Service (a) The term "service" means years and completed months of continuous uninterrupted employment as a full-time employee of the City, commencing on the date of hire, for which a person is paid, or entitled to payment, by the City: (1) for the performance of duties or (2) for reasons other than the performance of duties, including vacations, holidays, temporary disability, illness, jury duty, military duty, administrative leave, paid leave or approved leave of absence (3) as the result of backpay being awarded, or agreed to, by the City (irrespective of mitigation of damages). (b) Non -Covered Employment -- A person who is paid, or entitled to payment, by the City shall also be credited with service for purposes of participation, vesting, and breaks in service (but not for benefit purposes) based upon service in nor, -- covered employment for the City, provided that the person worked for the City in covered employment immediately before or immediately after the non -covered employment, and further provided that no resignation, discharge or retirement occurred between the covered employment and the non -covered employment. (c) Determination of Amount of Service - The amount of service shall be ascertained from the most accurate records available, including records of hours, work shifts, days or weeks for which payment is made or owing, a, reported to the Board of Trustees. (d) Crediting -Period - Service shall be credited for each year for which duties were performed, or if no duties were performed, then dur ng the year for which the payment relates. Section 1--17 Vested The term "vested" shall meats a non -forfeitable right to a pension benefit under this Pension Plan. 36 M 2 2 3 e 5 0 20 u 22 23 24 125 26 li �I 30 21 22 23 2e as 26 27 28 29 %0 11 32 33 3• 35 36 SUB -PART II CREDITED SERVICE SECTION 2 PARTICIPATION IN THE PENSION FLAN Section 2-1 Participation (a) A person shall become a Participant on t1.e first day of service. Each full-time employee of the City shall be a participant in the -Ian except (1) employees engaged directly by the City Council shall not be eligible to be Participants in this Pension Plan and k2) any person covered by the Plan on February 13, 1980, may elect by September 30, 1987 to discontinue participation in the Plan such election shall be irrevocable, and (3) any person initially employed as or promoted to any of the following classifications shall elect to participate or not participate in the Plan: City Clerk,, Risk Manager, Chief Building Official, Assistant Building Official, Deputy City Engineer, Deputy Utility Engineer, Director of Community Development (Pl.ann r), Finance Director, Assistant Finance Director, Personnel Director, Public Works Director, and Utilities Director/City Engineer, such election shall be irrevocable for as long as the employee has such position. Should any Participant elect to discontinue participation in the Plan as permitted by ( 2 ) and (3) above, the Participant's entitlement to benefits hereunder shall. be governed by the Plan provisions in effect.at the time of such discontinuance. (b) A person shall remain a Participant until the earlier of: (1) terminating service prior to earning a vested benefit and prior to reaching normal retirement age (2) all benefits have been paid to the Participant or. (3) the person dies. 23 10 31 32 13 14 1S 16 17 20 21 22 23 24 23 26 17 28 21 Io 22 33 34 3S 34 SECTION 3 VESTING CREDITS Section 3-1_ Vesting Schedules (a) Early Retirement Benefit - A Participant shall have a 100% vested right to an early retirement benefit as defined in Section 5-3 upon earning 10 Vesting Credits. (b) Normal Retirement Benefit - A participant shall have a 100% vested right to a normal retirement benefit upon: (a) earning 5 Vesting Credits or (b) reaching normal retirement age or (c) the termination or partial termination of this Pension Plan (to the extent funded as of such date). Section 3-2 Vesting Credits A Participant shall earn one Vesting Credit for each year of service. A Participant may lose Vesting Credits as provided in Article 4 (Loss of Credits). The total number of Vesting Credits earned and re_ained shall determine whether a Part.icipanc has a vested right to a pension benefit. Section 3--3 Limitation on Changes in Vesting Schedules - No amendment shall reduce a Participant's vested right to a norms: retirement benefit at the time such amendment is adopted, or, it later, at the time such amendment is effective. Section 3-4 Vestin of Benefits No Participant.,, beneficiary or other person shall, have any vested right to a pension benefit unless the Partioiparit has met the requirements for vesting as provided in this Article. 24 2 2 2 3 F L . 10 11 22 D 24 U 16 27 SECTION 4 LOSS OF CREDITS Section 4-1 Breaks in Service (a) A break in service shall occur when a Participant is no longer employed by the City as a full --time employee. However, no Credits shall be lost except as provided in Section 4-2 (Loss of Credits). (b) A break in service shall not occur if the Participant is not employed due to the Participant; 46 (1) entering into the Armed Forces of the United States, provided the person returns to work in covered employment within 90 days of discharge, or within 90 days of discharge from a hospital, if the person was hospitalized at the time of separation from the Armed Forces or (2) becoming employed by the City in non - covered employment or (3) being absent from work due to maternity or pater ity leave as provided in Section 1-9 (Maternity or Paternity Leave), or due to unpaid leave of absence approved by the City or (4) becoming temporarily totally disabled or receiving a disability benefit fron the Plan. Section 4-2 Loss of Credits A Participant who is not vested shall lose all vesting credits earned to date if the Participant suffers a break in service before earning five vesting credits. Section 4-3 Refund of Contributions A Participant who is not vested and suffers a break in service shall receive a refund of the Participants' Accumulated Contributions. Section 4-4 Re -Entry Into The Pension Plan of Laid -Off Employees (a) A person who has been paid a refund of Accumulated Contributions after lay-off by the City and subsequently is re-- employed by the City and earns any Vesting Credits under the Pension Plan may r :pay to the Pension Plan the Accumulated Contributions previously received, plus interest on that amount 25 1 2 S 20 21 22 23 24 2s 26 27 21 110 9 3 34 as 36 at the actuarily assumed interest rate, compounded annually, or such other amount as prescribed in Section 411(c)(2)(d) of the Internal Revenue Code. (b) Upon repayment of the refunded Accumulated Contribution, plus interest, the Participant shall be credited with all Vesting Cr-adits previously lost and there shall be no reduction in the value of any subsequent benefit by the value of the Accumulated Contributi.,ns previously refunded. 26 SUB -PART III PENSION BENEFITS SECTION 5 PENSION BENEFITS Section 5-1 Right_to Pension Benefits A pension benefit shall be payable if the Participant: (1) has a vested right to a pension benefit and (2) has reached the applicable retirement age and (3) has retired and (4) has filed a claim for pension benefits. Section 5-2. Early Retirement A e The early retirement age shall be the first day of any month on which or after a Participant has earned ten vesting credits and has attained age: (a) 55 for general employees (b) 50 for police officers and fire fighters. Section 5-3 Ear).y Retirement Benefit The early retirement benefit shall be the benefit level provided in Article 9 (Benefit Level) reduced by one -fifteenth for each of the first five years and one --thirtieth for each of the next five years by which the Participant is younger than the normal retirement age for said Participant on the effective date of his early retirement. Section 5-4 Normal Retirement Ace The normal retirement age shall. be the first day of the month on after which the Participant attains: (a) age 62 for general employees (b) age 57 for police officers (c) age 55 fire fighters. Section 5-5 Normal Retirement Benefit The normal retirement benefit shall be the benefit level provided in Article 9 (Benefit Level). SECTION 6 FORMS OF BENEFIT PAYMENTS Section 6--1 Fo_. is of Benefit Payments A Participant who has a right to receive a pension benefit as provided in Section 5--1 (Right to Pension Benefits) shall automatically be paid the standard form of benefit payment 27 1 a 3 4 5 nI h� 221 33 34 35 36 unless a timely election is made to receive an optional form of benefit payment. Section 6-2 Standard Benefits (a) Married Partici ants - The standard pension benefit for married Participants shall be a joint and survivor annuity. This form of benefit shall provide monthly payments of a smaller amount for the life of the Participant, with monthly payments continuing thereafter for the life of the spouse. The monthly benefit payable .to the spouse shall be 50% of the monthly benefit Payable during the joint lives of the Participant and the spouse. If payment of a pension is to be made in the form of a 50% Joint and Survivor Pension, the Pension amount shall be adjusted so as to be actuarily equivalent to the standard benefit for an unmarried participant. (b) Unmarried Participants The standard pension benefit for Participants who are not married shall be a life annuity payable for the Participant's 1 ife and ceasing upon his death. Section 6-3 Optional Benefits (a) Sinqle Life Annuity - Any Participant may file an election to receive monthly payments for life. (b) Any other actuarily equivalent benefit approved by the Board. Section 6-4 Election of Optional Benefits (a) Manner of Electing Optional Benefits - Optional forms of benefit shall only be payments y payable if a timely election is made. Such election must be in writing, signed by the Participant, on a form provided by the Board of Trustees. (b) Consent _of Spouse -- The spouse of a married Participant must consent to any election to waive a joint and survivor annuity by signing the election before a notary public. The spouse's written ^onsent must acknowledge the effect of such a waiver. Consent of the spouse may not be required by the Board of Trustees, in its sole discretion, if there is nc spouse, or if the spouse cannot be located, or for such other circumstances as W. 2 2 3 4 3 e !1 13 34 35 16 11 `j2 221 23 24 25 26 27 28 33 34 35 36 may be approved by the Board. Any consent by a spouse (or not requiring consent as provided herein) shall be effective only with respect to such spouse. (c) Time Limits -- Any optional form of benefit payment must be elected prior to commencement of benefits from this Pension Plan. Section 6--5 Revocation of Election (a) Revocation by Pa_ticipant - An election of a standard or optional form• of benefit payment may be revoked at any time, but not later than ten days after receipt of the first payment of benefits from this Pension Plan. Such a revocation must be in writing, signed by the Participant. (b) Consent_of_Spouse - The spouse of a married Participant must consent to any revocation of a joint and survivor annuity in the same manner as provided in subsection (c) of Section 6-4 (Elect�on of Optional Benefits). (c) If an election is revoked, then the standard form of benefit payment shall be paid unless another election of an optional benefit payment is timely made as provided in Section 6- 4 (Election of Optional Benefits). Section 6-6 Notice of Forms of Pension Benefits (a) written notice of the availability of all forms of pension benefits shall be provided to all vested Participants on an annual basis. " (b) The notice shall contain a written explanation of: (1) the terms and conditions of the joint and survivor annuity and all other forms of benefits and ( 2 ) the Participant's right to make, and the effect of, an election to waive the joint and survivor annuity and ( 3 ) the right: of the Participant's spouse to consent to a waiver of the joint and survivor annuity and ( 4 ) the right to revoke, and the effect of a revocation of, an election to waive the joint nd survivor annuity and (5) the right to elect, and to revoke an election of, any other optional form of benefit payment. 29 2 2 3 4 3 1 !1 10 I u 32 13 11 is 16 27 I 221 22 23 24 23 26 27 39 30 32 33 34 35 SECTION 7 DISABILITY BENEFITS Section 7-1 Right to Disability -Benefits (a) Service -connected - A service -connected disability benefit shall be payable if a Participant: (1) has suffered a service --connected injury, illness, disease, of disability which permanently incapacitates the Participant, either mentally or physically, from his r..egular and continuous duty for the City, and (2,) has filed a claim for disablity benefits. - . b) PresumP it_ on (1) for all employees who were initially employed prior to the effective date of this Section, and were members of the previous Employees Retirement Plan for the City of Tamarac, Florida, any permanent disability, as described in Section (a)(l), above, which is the result of or caused by tuberculosis, hypertension or hear disease, or cancer for police and fir_ fighter employees only, shall be presumed to have been incurred in the line of duty ::o as to be service• -connected unless a physical examination of the participant conducted upon initial hiring by the City revealed that such condition existed at that time. ( 2 ) for all police and fire employees initially employed on or after the effective date of this Section, any permanent disability, as described in sectAon (a)(f), above, which is the result of or caused by tuberculosis, hypertension, cancer or. heart disease, shall be presumed to have been incurred in the line of duty so as to be service -connected unless a physical examination of the participant conducted upon initial hiring by the City revealed that such condition existed at that time. This Presumption does not apply to general employees initially hired on or after the effective dare of this Section. (c) Non -Service -Connected A non -service connected disablity benefit shall be payable if a participant; (1) has suffered a non -service -connected injury, illness, disease or disability which permanently 36 30 2 2 2 II ao n u v 31 35 16 17 221 221 22 24 25 26 27 2S 29 22 34 35 incapacitates the Participant, either mentally or physically, from his regular and continuous duty or any other gainful full- time employment, and (2) has not reached normal or early retirement age, and (3) h.i accrued at least two vesting credits, and (4) has filed a claim for disability benefits. Section 7--2 Amount o. Disability Benefits (a) Service --Connected - The monthly service -connected disability benefit shall be: • (1) The greater of the Participant's accrued retirement benefit, or (2) a monthly disability benefit equal to the monthly base wage rate paid by the City -for the Participant's last position and pay step at the time of disability minus any disability income benefits actually received by the Participant from the City's Long Term Disability Insurance Benefit. Plan, Social Security and Worker's Compensation, provided that the benefit paid by the Plan shall not exceed 66 2!3% of. the Participant's average monthly salary at the time of disability for general employees and 75% of the Part icipant's average monthly salary at the time of disability for police and fire employees. (3) The monthly service -connected disability benefit shall commence on the date of disability and continue until the. Participant reaches normal retirement age or, should - the Participant die before reaching normal retirement age, for at least ten years, with the balance payable to the Participant's beneficiary. (4) Upon reaching normal retirement age, the Participant's benefit shall be either a normal retirement benefit, with vestinu credits for each year of service --connected disability benefits and average annual compensation based upon the base wage rates paid by the City during the period of the participant's disability for the participant's last position and 26 step, or the benefit amount provided by subsection (a)(1) or (2), 31 3 Z 3 I 0 30 32 23 14 55 14 17 above, whichever is greater, continuing as provided by the retirement benefit option selected by the Participant. (b) Non -Service Connected - 2. But Less Than 10 Vestina Credits - The monthly non -service connected disability benefit for Participants with at least two but less than ter; vesting credits shall be (1) a monthly disabilitv benefit Pnua 1 rn rr,a monthly base wage rate paid by the City for the Participant's last position and pay step at the time of disability minus any disability income benefits actually received by the -Participant from the City's Long Term Disability Insurance Benefit Plan and Social Security, provided that the benefit paid by the Plan shall not exceed 20% of the Participant's average.monthly salary at the time of disability. (2) The monthly non -service -connected disability benefit shall. commer -�e on the date of disability and continue until the Participant dies or reaches normal, retirement age. (3) Upon reaching normal retirement age, the Participant's benefit shall be a normal retirement benefit, with vesting credits only for each year of service prior to the date of disability, continuing as provided by the retirement benefit option selected by the Participant. (c) Non -Service Connected 10 oz More Vesting Credits -• The monthly non -service connected disability benefit for Participants with at least ten vesting credits shall be (1) The greater of the Part.icipant'.s accrued retirement benefit, or (2) a monthly disability benefit equal to the monthly base wage rate paid by the City for the Participant's last position and pay step at the time of disability minus any disability income benefits actually received by the Participant from the City's Long Term Disability Insurance Benefit Plain and Social Security prov.,.ded that the benefit paid by the Plan shall not exceed 20% of the Participant's average monthly salary at the time of disability for general employees and 35% of the 32 2 2 3 4 3 r- la 31 12 13 24 23 16 17 20 21 22 23 24 2S 26 r 2, 39 N0 1 32 33 34 35 36 Participant's average monthly salary at the time of disability for police and fire employees. (3) The monthly non- service• -connected disability benefit shall commence on the date of disability and continue until the Participant reaches normal retirement age or, should the Participant die b-fore reaching normal retirement age, for at least ten years, with the balance payable to the Participant's beneficiary. (4) Upon reaching normal retirement aqe, the Participant's benefit shall be either a normal retirement benefit, with vesting credits for each year of service prior to the date of disability or the benefit amount provided by subsection (c)(1) or (2), above, whichever ,is greater, continuing as provided by the retirement benefit option selected by the Participant. (d) A Participa it's monthly disability benefit under this plan shall be increased in the event that the monthly base wage rate paid by the City for the Participant's last: position and pay step is increased while the Participant is receiving a disability benefit, provided that the total disability benefit paid by the plan shall never exceed the applicable maximum limits set forth above. Section 7-3 Determination of Disability (a) Initial Determination - The Hoard may consider reports of physicians, and Social Security, Worker's Compensation and Veterans Administration disability determinations in determining whether a Participant is disabled however, such reports and determinations shall not be binding upon the Board. The Board may also require the Participant to be examined, at the Plan's expense, by physicians and other medical, vocational and rehabilitation professionals selected by the Board whose reports may be considered by, but shall not be binding upon, the 33 1 2 3 4 3 1 I qM 11 ss 16 17 No 32 33 34 35 36 Board in determining disability. The Board shall determine eliglibility for disability benefits within 60 days after all required documentation and reports have been submitted to the Board. (b) Continuing Review - The Board shall review the status of each disability benefit recipient once each year and may, in its sole discretion, require recipients, as a condition of continued payment of disability benefits, to submit physician's reports, submit to examinations, at the Plan's expense, by physicians or other medical., vocational or rehabilitation professionals, or submit copies of their annual federal income tax returns to substantiate continued disability. Section 7-4 Recovery from Disability . (a) Recovery and Re -Employment by City -- If a service - connected disability benefit recipient recovers, the Board shall request the City to reinstate the Participant to his former position although the City is not required to do so, and, should the Participant resume or decline an offer of such employment with th-e City, the Participant's disability benefit will be discontinued. (b) Recovery from Non -Service Connected Disability and Re -Employment -- If a non -service connected disability recipient -recovers and obtains comparable gainful full-time employment (other than employment in a sheltered workshop, Goodwill Industries, or other employment program for the handicapped), or is offered comparable gainful full-time employment by the City, the Participant's disability benefit shall be discontinued. (c) Vesting Credit During Disability - A recipient of a service --connected disability benefit who has recovered and returned to work shall receive full vesting credit for all time during which the Part;-4ripant received a disability benefit. A recipient of a non-st..vice connected disability benefit who has recovered shall not suffer a break in service for the period of his disability however, in order to receive vesting credit for the period of disability, the Participant must be reinstated by 34 [.1 , �o 22 24 is 26 27 9 20 21 22 22 24 =5 26 2'7 35 25 I 1 32 32 34 35 36 the City of Tamarac and pay into the fund the amount of employee contributions which he would have made during his disability had he not been disabled, plus interest as determined by tt-e Board. 35 I [.1 a 20 u )2 33 14 33 14 17 SECTION 8 PAYMENT OF BENEFITS Section 8--1 Payment of Benefits (a) Frequency -of-Pavments - Pension benefits shall b, paid monthly. (b) First Payment - The first payment shall begin on the earlier of: (1) The first day of the month on which or after the Participant meets the requirements of Section 5--1 (Might to Pension Benefits). (2) April 1 of the calendar year following the year in which the Participant attains the age of 70 1/2, if he retired at an earlier age. (c) Last Payment - ( 1) Pension Benefits -- The last payment shall be the month coincident with the death of the Participant (or survivor, if applicable) or 1-ter, depending on the form of benefit selected. 36 10 31 22 ,3 24 35 26 27 20 2.1 22 23 24 as 26 27 28 29; I 10 u 33 34 35 36 SECTION 9 BRWEFIT LEVRL Section 9-1 Calculation of Benefit Amount (a) A Participant's monthly benefit level is the product of the Vesting Credits earned multiplied by t;ie monthly benefit level. provided in Section 9-2(a). (b) The actue' benefit amount is determined by making the adjustment, if any, for early retirement or late retirement and for the form of benefit which the Participant selects. Section 9-2• Benefit Level (a) For general employees: Two percent of average final compensation (b) For fire fighters: Three percent of average final. compensation (c) For police officers: Two percent of average final compensation (d) For employe s who served in more than one of the abovs- classifications: (i) voluntarily, the amount of pension benefit shall be calculated by multiplying the resting credits earned in each classification by the benefit level for that classification (ii) involuntarily due to transfer to another classification due to physical or mental disability, or }:he elimination, transfer or merger of the City's police or fire departments or the contracting out of the work performed by any department, the benefit level shall be calculated by multiplying the vesting credits earned for all years of service by the benefit level for the original pre -transfer classification. Section 9-3 Maximum Benefit Amount (a) A Participant may not receive a pension benefit which exceeds the lesser oi: (1) one hundred (100%) percent of the Participant's average compensation for the highest three 37 3 I 4 3 consecutive years as participant in the Pension Plan, offset by 100% of the Participants primary social security benefits if date of participation is on or after January 1, 1980 or (2) the maximum amount allowed under Section 415 of the In .ernal Revenue Code, which i.G incorporated herein by reference, or (b) This section shall not apply if: (1) the Participant's annual benefit under this Pension Plan and all other defined benefit plans of the Participant's Employer does not exceed $10,000 and (2) the Participant does not participate in a defined contribution plan maintained by the Employer and (3) the Participant has earned 10 Vesting Credits. 38 2 2 3 a �I 9 10 U 22 23 24 33 26 27 SECTION 1.0... EMPLOYNENT AFTER RETIREKKNT Section 10-1 Suspension of Benefits (a) The payment of pension benefits shall be suspended for each month a Parti,Li.pant works as an employee, consultant or ,independent contractor of the City of Tamarac. (b) The Board of Trustees may uniformly wAi vP tho provisions of this Section for such periods of time as it deems appropriate. Section 10--2 Notice of Re -Employment and Re -Retirement • (a) Retired Participants must notify the Board of Trustees upon returning to any type of work for the City of Tamarac within 30 days after starting work. Notice of re- employment shall be given on a form provided by the Board of Trustee-s. (b) A Participant must notify the Board of Trustees upon re -retirement if the Larticipant returns to work for the City of Tamarac after having a claim filed for pension benefits. Notice of re -retirement shall be given on a form provided by the Board of Trustees. Pension benefits shall be suspended until notice of re -retirement is given. Section 10-3 Advance Determination of Prohibited Work A Participant may request, in writing and on a form provided by the Board of Trustees, an advance determination whether certain work for the City is prohibited under this Pension Plan. A written determination shall be given to the Participant within 60 days of the request, unless special circumstances (such as a hearing) require additional time, not to exceed 120 days from receipt of the request. Section 10-4 Resumption of Benefits (a) Benefit payments shall resume effective by the first day of the month after receipt of the notice of re --retirement, or verification of retirement, from the Participant. (b) The Boar( of Trustees may deduct 15% of each month's benefit payment for benefits previously made which should have been suspended. The first three months are subject to offset 39 Z 3 4 i 10 22 23 14 1S 16 17 without limitation. The Board of Trustees shall notify the Participant of the amount subject to offset, the manner of offset, and the months of work involved. w 40 p 2 3 j i I io u GTE 21 1 22 23 2e 25 26 27 23 33 34 35 36 SECTION 11 PRE -RETIREMENT SURVIVOR BENEFITS Section 11-1 Pre -Retirement Death Benefits for Vested Participants Any participant whether or not still in active employment, who has a nonforfeitable (vested) right to any portion of the Accrued Benefit, and who dies prior to the commencement of benefits, shall have a survivor benefit payable on his behalf. The survivor benefit shall be payable to the Participant's spouse unless, with the spouse's consent as specified in Section 11-3, a different beneficiary is designated by the Participant. In the event that the deceased Participant is not married at the time of his/her death, the survivor benefit shall be paid to his designated beneficiary. The amount of the survivor benefit shall be equal to 50% of the.Actuarialy Equivalent single sum value of the Participant's vested Accrued Benefit- as of his date of death. If this single sum amount is less than $3, 500, it shall be paid in a lump sum to the spouse or designated beneficiary, as the case may be, as soon as is practicable following the Participant's death. If the single sum amount exceeds $3, 500, the benefit shall be paid in the form of an immediate monthly survivor annuity unless the Beneficiary and 'the Board agree to an alternative Actuarialy Equivalent form of benefit. Section 11-2 No Death Benefit Followinq Commen_cemept of Benefits -Except Per 02tions No death benefit shall be payable on behalf of any . Participant who dies following commencement of retirement benefits except that which is payable by reason of selection of a benefit form prior to retirement under which a death benefit is payable. Disability benefits are not considered retirement benefits. Section 11-73 Spousal Consent With respect to (leath benefits provided in this Section, at any time prior to the date of death, a Participant may file with the Board of Trustees his designation of a Beneficiary other than his spouse. Any such filing with the Board must be evidenced by 41 2 2 2 5I F- I 0 10 22 72 13 14 35 26 17. 'u spousal consent. The spousal consent shall be in writing by a Notary Public or a representative of the Employer, and such consent shall acknowledge the effect of the election. Spousal consent is not required if the Participant establishes to the satisfaction of an Employer representative that such consent cannot be obtained because there is no spouse or the spouse cannot be located. Neither the Plan, the board, nor a third party payor shall be liabl= by reason of payments made pursuant to a consent obtained by the Board acting in accordance with the provisions herein. 42 Fl 2 3 i Zd 22 ,3 24 1S 26 27 SUB -PART IV LUMP SUM DISTRIBUTIONS SECTION 12 _LUMP SUM PAYMENTS Section 12-1 Involuntary Lump Sum Distributions I£ the present value of a benefit is $3,500.00 or less and the payment of such benefit has not begun, the Board of Trustees may, in its sole disc-etion, pay the actuarial equivalent of such benefit in a lump sun, or in monthly installments, without the consent of the Participant Dr the Participant's spouse. Section 12--2 Interest Assumption • For purposes of computing the present value of a benefit payable under this Section the interest assumption to be used shall be the actuarily assumed interest rate adopted by the Board of Trustees. 43 1 2 3 3 1 �J ao v u 23 261 211 22 23 24 2S 26 27 33 34 35 36 SUB -PART V ADMINISTRATION AND OPERATION OF THE PENSION PLAN SECTION 13 ADMINISTRATION Section 13-1 Board of Trustees The Board of Trustees shall administer and control the operation of this Pension Plan in accordance with the provisions of this Pension P1�in; the Declaration of Trust and this Ordinance. The Board of Trustees, or any other person to whom the Board of Trustees may,illocate or delegate such authority, shall, from time.to time, establish rules for the interpretation, a*pplication and administration of the Pension Plan. In making any such determination or rule, the Board of Trustees shall pursue uniform policies and shall not unreasonably discriminate in favor of, or against, any person or group of persons. Section 13W-2 Claim for Benefits (a) Advance Claim Required - In order to receive a benefit under this Pension P1F-i, a claim for benefits must be submitted, in writing, and shall be made on a duly prescribed form containing the information required in this Section. A claim for benefits must be filed before any benefits are payable. After a Participant dies, a claim for survivor benefits, if applicable, must be filed within one year of the death of the Participant_. (b) Information_ Required - All Participants and beneficiaries shall furnish such information as the Board of Trustees considers necessary or desirable for the purposes of administering the Pension Plan. This shall include the expected date of retirement of the Participant, the marital status and proof of date of marriage of the Participant, proof of age of the Participant and any designated beneficiaries, and date and proof of death if a claim is f iled for a survivor annuity or a death benefit. If proof of age is not submitted as required, other information may be used as the Board of Trustees deems reliable. Any adjustment required by reason of lack of proof, or misstatement of age, ihill be made in such a manner as the Board of Trustees deem equitable. Benefits provided under this Pension Plan are conditioned upon the furnishing of such true and 44 1 7 3 4 3 a 24 u 16 17 F�M 22 23 26 25 26 27 28 29 33 u 35 36 complete information as may be needed. The Board of Trustees and any other persons involved in the administration of the Pension Plan shall be entitled to rely upon ary certification, statement or representation made by a Participant or beneficiary with respect to age, marital status, death of the Participant, or other facts require t i be determined under any of the provisions of the Pension Plan, and the Board of Trustees shall not be liable on account of the payment of any monies or the commission of any act or failure to act, in reliance thereon. Section 13-3 Multi.Ie__Claims Prohibited Once a claim for pension benefits has been approved by the Board of Trustees, no further claims for a pension benefit shall be permitted. Section 13--4 Notification of MailirLcL_Address (a) All Participants and beneficiaries shall file with the Board of Trustee ., from time to time, in writing, their mailing address and each change of address. Failure to submit such mailing address may result in the payment of benefits being delayed. (b) Any check representing payment hereunder, and any communication addressed to a Participant, beneficiary or other person, at the last address on the records of the Board of Trustees, shall be binding on such persons for all purpose: of this Pension Plan. (c) 1f the Board of 'trustees is in doubt whether payments are being received by the person entitled thereto, it .may notify such person, by certified mail at the last known address, that all payments of benefits shall be withheld until the Board of Trustees is provided such information as it deems necessary. Section 13-•5 Benefits Payable to Minors and lncom ems (a) whenever any person entitled to payments under this Pension Plan shall be a minor, under a legal disability, or, in the sole judgment of the Board of Trustees, be otherwise unable to care for their affairs in their own best interest and advantage (whether because of illness, accident, incapacity or 45 I S 20 11 ]2 23 26 25 26 27 other mental or physical condition), the Board of Trustees may direct that all or any portion of such payments be made in any of the following ways (unless a claim has been made by a legal guardian, tutor, conservator, committee or other duly appointed legal representative, in which event payment ,hall be made to such representative). (1) to the spouse, child, parent., or other blood relative, to be expended on behalf of the person (or on behalf of those dependents as to whom the person has the duty to support) or (2) to a recognized charity or governmental institution to be expended for the benefit of the beneficiary (or for the benefit of those dependents as to whom the person has the duty to support) or (3) to such other persons, organizations or institutions as the Board of Trustees deem appropriate to provide for the care and benefit of the person (or for the benefit of those dependents as to whom the person has the duty to support). (b) The decis an of the Hoard of. Trustees shall be f inal and binding upon all persons. After such decision, the Hoard of Trustees shall not be obliged to see to the proper application or expenditures of any payments so made. 46 2 2 3 4 5 1 33 i 32 24 17 20 21 22 23 2s 25 26 37 25 33 34 35 36 SECTION 14 - -CI.AIM: ,. NOVICES AND „INQUIRIES Section 14-1 Claims Notices and Inquiries All claims for benefits, elections for a specific form of benefit, notices of re-employment, notices of re -retirement, verifications of retirement, notices of mailing address, notices of appeal, and all c.her inquiries and matters concerning the Pension Plan shall be submitted to the Board of Trustees addressed as follows: Secretary City of Tamarac Employees' Pension Plan 5811 N.W. 88th Avenue Tamarac, Florida 33321 Section 14-2 Response to Claims and Inquiries All inquiries shall be answered promptly. The final decision for approval of benefits shall be made by the Board of Trustees. Section 14-3 De,.al of Benefits If any claim for benefits is denied, suspended, or terminated, in whole or in part, then the claimant shall be furnished with a notice of denial, suspension or termination no later than 30 days after the final decision has been made. 'rhe Notice shall be provided in writing, by certified mail, and shall set forth: (1) the specific reasons for the denial, suspension or termination of benefits and I (2) the specific references to the pertinent provisions of the Pension Plan upon which the action is based and a copy of the Pension Plan provisions shall be furnished with this Notice and (3) a description of any additional material or information necessary for the claimant to perfect the claim, along with an explanation of why such material or information is necessary and (4) an explanation of the Claims Review Procedure. Section 14-4 Claims Review Procedure (a) Requests for Review - If a claim for benefits is denied, suspended or terminated, in whole or in part, then the claimant may appeal to the Board of Trustees for a full and fair review. In order to file an appeal, a written Notice of Appeal 47 1 s 3 4 5 3.1 22 23 24 2S 26 27 33 34 35 36 must be submitted within 60 days after the notice of denial, suspension or termination is received by the claimant (or such later time as the Board of Trustees deems reasonable). The Notice of Appeal shall. briefly describe the grounds upon which the appeal is based on shall be signed by the claimant. The claimant shall be a lowed to review all pertinent documents during normal business hours, and shall be permitted to submit comments and a statement of issues for consideration by the Board of Trustees. (b) Representation -- A claimant may designate an attorney, or any other duly authorized per -,on, t^ act as his or her representative at any stage of the Claims Review Procedure. Any rights provided to the claimant during the Claims Review Procedure shall automatically extend to the representative designated by the claimant.. A designation of representative shall be signed by th, claimant and the representative, and shall be submitted in writing. (c) Claims Rev?ew Board -- The Board of Trustees shall rule on all appeals brought under. t;7is Section. A decision to grant or deny an appeal. shall be based solely on the record before the Board of Trustees, unless the Board of Trustees determines, in its sole discretion, that a hearing is necessary for the proper resolution of the appeal. The Board of Trustees shall decide, by majority vote, to grant or deny an appeal. The final decision shall be made by the Board of Trustees, in • a writing, and shall be made no later than 60 days after receipt of the Notice of Appeal, unless special circumstances (such as the need for a hearing) require an extension of time. In no event, however, should the decision of the Board of Trustees be made later than 120 days after receipt of the Notice of Appeal. If an appeal is denied, in whole or in part, then the decision shall set forth the specific reasons for the action, with specific references to those Pension Plan provisions upon which the decision is based. The claimant shall be promptly provided with a copy of this decision. The decision of the Board of Trustees !Il 2 2 3 shall be final and binding. Section 14-5 Exhaustion of Claims Review Procedure No action in law or in equity shall be brought to contest a denial, suspension or termination of benefits until the claimant has complied with the procedures provided in Section 15- 4 (Claims Review Pro;2dure), unless the Board of Trustees fail to render a decision within 120 days after receipt of the Notice of Appeal. In no case, however, shall any action be brought unless instituted within one year from the time the claimant received t*he Notice of denial, suspension or termination provided in Section 15--3 (Denial of Benefits). 49 2 2I 3 3 Ir. 10 32 33 34 16 27 SECTION 15 FUNDING Section 15-1 Fundin The Plan shall be funded by contributions from Participants, contributions from the City of Tamarac and the amount derived from the premium taxes provided in Florida Statutes Section 175.101 and 185.08 an other income sources as authorized by law. Section 15-2 Participant Contributions All Participants sha-1 make regular contributions at the rate of five percent of earnings which shall be deposited in the fund at least monthly. The City of Tamarac shall assume and pay Participant contributions in lieu of payroll deductions from Participants' earnings. No Participants shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the City directly to the Plan. Al? such contributions by the City shall be deemed and considered as a part of the Particip -it's Accumulated Contributions and subject to all provisions of this Plan pertaining to Accumulated Contributions of Members. This City "pick up" of contributions is the result of a 5% reduction of each Participant's base pay and of base pay levels which occurred on October 1, 1986 and is intended to comply with Section 414(h)(2) of the Internal Revenue Code. If a Participant has not made contributions for any period of covered service because the previous plan did not hermit contributions or benefit credits for service after normal retirement age, the Participant must pay re.t,roactive contributions for that period in order to receive vesting credit for that period. Such retroactive contributions shall be made over a period of time equal to the period of time for which contributions were not made unless the participant selects a shorter period. All retroactive contributions due must be paid in full prior to retirement. Section 15-3 Stace Contributions The Fund shall receive the premium taxes collected and disbursed by the Florida Insurance Commissioner and Treasurer 50 1 2 3 4� 5� 0 20 .0 32 33 14 is 16 17 pursuant to Sections 175.101, 175.121, 185.08 and 185.10, which mor4pq Shall be deposited into the Fund within five days of receipt. Section 15-4 City Contributions The City of Tamarac shall contribute to the plan on at least a quarterly basi- an amount which, together with the contributions derived from Participants and the amount derived from premium taxes and other income sources as authorized by law, will be sufficient to meet the normal cost of the Plan and to fund the actuarial deficiency over a period of not more than 30 years. Section 15-5 Basis of Payments from the Pension Plan All benefits and expenses shall be paid in accordance with the provisions of this Pension Plan and the Trust Agreement and consistent with Florida Statutes and the Internal Revenue Code. . 51 3 a 3 3 1 !J ao u u 23 II 25 16 19 F11 22 23 24 25 26 27 33 39 32 33 34 35 36 SECTION 16 EFFECT OF DOMESTIC RELATIONS ORDERS ON PAYMENT OF BENEFITS Section 16-1 Assignment of Benefits Upon Divorce The prohibition against assignment, alienation and transfer of benefi-s provided in Section 18-3 (Benefits Not Assignable) shall also apply to a domestic relations order, unless such order is det.irmined to be a "qualified" domestic relations order xs defined in the Internal Revenue Code. Section 16--2 Filing of Claims All claims for benefits under a domestic relations order shall be filed, in writing, with the Board of Trustees along with a copy of the domestic relations order. Section 16-3 Alternate Pavee The term "alternate payee" means any spouse, former spouse, child or o her dependent of a Participant who is recognized by a domestic relations order as having a right to all, or a portion of, a benefit payable under this Pension Plan with respect to the Participant. Section 16--4 Notice of Receipt of Claim (a) Within ?O days of receipt of a domestic relations order, the Board of Trustees will notify the Participant, the alternate payee(s) and their respective legal counsel of receipt of the domestic relations order. (b) At the same time, the Board of Trustees shall notify the Participant, the alternate payee(s) and their respective legal counsel of the procedures for determining whether the order is a "qualified" domestic relations order by providing a written copy of this Article. (c) Notice to the alternate payee(s) shall be given at their address as shown in the domestic relations order. Section 16-5 Designation of Representative TheThe Participa:t and the alternate payee(s) may designate an attorney or other representative to receive notices and communications from the Trust Fund instead of the Participant or 52 1 3 3 e 3 a� I U ]6 27► Fig x r �:] u 33 KM the alternate payee. This designation must_ be in writing and must be signed by the Participant or by the alternate payee. Section 16-6 payment of Benefits Pending Trustees' Decision Pending a decision by the Board of Trustees whether the domestic relations order is "qualified", any amount which would be payable to the a' ternate payee(s) if the domestic relations order was "qualified" shall be segregated in a separate, interest -bearing, escrow account. Section 16--7 Qualified Domestic Relations Orders • (a) Review By Legal Counsel - All domestic relations orders shall be immediately submitted to legal counsel for the Trust Fund. A legal opinion whether the order is a qualified domestic relations order within the meaning of and the Internal Revenue Code should be provided to the Board of Trustees within 60 days, if possible. (b) TrusteeL Decision -- The Board of Trustees shall decide whether an order is a "qualified" domestic relations order no later than 120 days after receipt of the order, unless circumstances require more time. Notice of the Trustees' decision shall be promptly provided. If the Trustees' decide that a domestic relations order is not "qualified", the Notice of denial of the claim shall be provided in the manner provided in Section 15-3 (Denial of Benefits). (c) Appeal of Trustees' Decision -- A parry map file an appeal of the Trustees' decision by filing a Notice of Appeal within 60' days after receipt of the Trustees' decision. The appeal shall be governed by the procedures provided in Sections 15-4 and 15-5 (Claims Review Procedure and Exhaustion of Claims Review Procedure). (d) Notices - The Board of Trustees shall notify both the Participant and the alternate payee(s), or their designated representative, of al.l Trustees' decisions under this Section. Section 16-8 Payment of Benefits After Trustees' Decision (a) All benefits placed in an escrow account pending the decision of the Board of Trustees shall be paid, with accrued 36 53 10 22 22 33 24 26 17 interest, to the person entitled to the benefits, as decided by the Board of Trustees. (b) The Board of Trustees may. in its RnlP disc-rptinn. continue to segregate benefits in a separate escrow account pending an appeal or the Trustees' decision under Section 15-4 (Claims Review Procedure). Section 16-9 18 Month Limitation (a) If the issue whether an order is a "qualified" domestic relations order cannot be finally resolved within 18 Months from receipt of the claim, then any benefits placed in escrow shall be paid, with accrued interest, to the person who would have been entitled to such amounts as if the order was not "qualified". (b) Any decision that an order is a "qualified" domestic relations order which is made more than 18 months after receipt of the claim shall b4- applied prospectively only. Section_16-1p_ Interpleader The Board of Trustees may file an interpleader action to assist in its determination whether an order is a "qualified"' domestic relations order. The professional fees and costs of an interpleader action may be deducted from the sums deposited with the Court. 54 3 2 9 5 I j �J �0 31 22 32 24 33 26 27 SECTION 17 KISCELLANHOOS Section 17-1 Construction The terms and conditions of this Pension Plan shall be construed subject to the purposes and provisions of the Ordinance and Declaration of Trust establishing the Plan, and subject to state law, the Intt,nal Revenue Code and all other applicable laws. Section 17-2 Standards of Proof The Board of Trustees shall be the sole judge of the standards of proof required in any case. In the application and interpretation of this Pension Plan, :.he decisions of the aboard of Trustees shall be final and binding on the Participants and beneficiaries, the City and all other persons. Section 17--3 Benefits Not Assignable (a) The right, of any person to any payment under this Pension Plan shall nit be subject to assignment, alienation c,r voluntary or involuntary transfer, and to the fullest extent permitted by law, shall not be subject to attachment, execution, garnishment, sequestration or other legal or equitable process. In the event any person attempts to assign, transfer or dispose of such right, or if an attempt is made to subject said right to such process, such assignment, transfer or disposition shall be -null and void. (b) This Section does not apply to "qualified" domestic relationq orders as provided in Article 17 (Effect of Domestic Relations Orders on Payment of Benefits). Section 17-4 Forfeitures Forfeitures and dividends shall not be used to .increase the benefits that any Participant would otherwise receive under the Pension Plan at: any time prior to the termination of the Pension Plan or the complete discontinuance of contributions to the Pension Plan, 1+it shall be ant4cipated in determining the costs under the Pension Plan. 55 2 2 2 4 5 10 I �1 22 13 24 u I j 26 27 17- 211 23 23 24 25 26 27 23' 34 35 36 Section 17-5 Merq er This Pension Plan shall not merge or consolidate with any other pension plan, nor transfer any assets or liabilities to any other pension plan, unless. each Participant in this Pension Plan will receive a benefit immediately after such merger, consolidation or transfer (if the Pension Plan then terminated) which is at least equal to the benefit the Participant was entitled to immediately before such merger, consolidation or transfer (if the -Pension Plan had terminated). Section 17-6 Termination of Pension Plan In the event of termination of the Pension Plan, the Board of Trustees shall follow the procedures contained in Florida Statutes, the Internal Revenue Code, and. all other applicable laws. Section 17-7 Incorporation_byReference This Pension ',lan is maintained for the exclusive purpose of providing benefits to Participants and beneficiaries, and is intended to satisfy all the requirements of Florida Statutes and the Internal Revenue Code. In the event any requirements of such laws have been omitted, they shall be deemed to be incorporated herein by reference. Section 17-8 Amendment of Pension Plan This Pension Plan may be amended at any time by majority vote of the Board of Trustees and the Tamarac City Council prospectively or retroactively, provided that such amendment, • complies with the Internal Revenue Code, Florida Statues, all other applicable laws, and the purposes as set forth in the Ordinance and Declaration of Trust. Additionally, and not by way of limitation, the Board of Trustees may amend this Pension Plan when it is deemed necessary to maintain its tax exempt status, or to preserve compliance with the Internal Revenue Code, Florida Statutes, and all other applicable laws. However, no amendment which recices the accrued benefits of any Participant shall take effect. 56 1 2 3 6 5 'I i 20 21 22 23 24 25 26 27 33 34 35 36 Section 3= Specific authority is hereby granted to codify this Ordinance. Section 4: If any provision of this Ordinance or the application thereof to any person or circumstance 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 5: This Ordinance shall become effective immediately upon adol:ion and passage. PASSED FIRST READING this � � ,?y ofA 1987. PASSED SECOND READING this e?y of t 1987. Y�; r EIN '---- -____- - Ck MAYOR ATTEST: CAROL E. BARBUTO CITY 'CLERK I HEREBY CERTIFY that I h e t7pproved this ORDINANCE to form. RICHARD DOODY�- CITY ATTORNEY ` ko YUR: HART E -- DIST. I C/M ROHR DIST. 2: C/M STELZER e- DIST. 3: C/M HOFFMAN DIST. 4: V/M STEIN U 57