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City of Tamarac Ordinance O-1987-037 (2)
GENERAL SUMMARY OF PROPOSED PENSION PLAN CITY OF TAMARAC, FLORIDA TEMPORARY ORDINANCE NO. 0-87-37 ORDINANCE 0-87-37 AS PROPOSED BY CITY COUNCIL HAS BEEN PROPOSED TO REPEAL ARTICLE 1 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 1 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 THE CREATION OF THE CITY OF TAMARAC EMPLOYEES PENSION TRUST FUND AND FOR 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 DUTIES 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, PRO- VIDING FOR PENSION BENEFITS, EARLY RETIREMENT BENEFITS, DISABILITY BENEFITS, AND RETURN OF CONTRIBUTIONS AND PROVIDING THE ELIGIBILITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENEFITS, PROVIDING FOR THE PAYMENT OR SUSPENSION OF BENEFITS FROM EMPLOYMENT AFTER RETIREMENT, SPOUSES PRE - RETIREMENT SURVIVOR BENEFITS, AND LUMP SUM PAYMENTS OF BENEFITS, AND PROVIDING THE ADMINISTRATION AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER PROVIDING FOR SEVER- ABILITY AND PROVIDING AN EFFECTIVE DATE. ANALYSIS OF COSTS: Changes to the Plan Include a service -connected disability benefit of seventy-five percent (75%) of salary for Police Officers and Firefighters at a cost of $35,835 per year for Police Officers and $2,874 per year for Firefighters. A service -connected disability of sixty-six and two-thirds percent (66-2/3%) of salary for General Em- ployees at a cost of $25.004 per year. Continuance of benefits accrual beyond Normal Retirement Age at a cost of $2,402 per year for General Employees, $16,463 per year for Police Officers, and S -0- for Firefighters. Five (5) year cliff vesting at a cost of $886 per year for General Employees, $135 per year for Police Officers and $275 per year for Firefighters. Lower the Normal Retirement Age to age 62 for General Em- ployees at a cost of $2,319 per year. The amount which will be added to the current annual City contribution Is $389 for General Employees, $30 for Police Officers and -0- for Firefighters. FUTURE BUDGETARY CONSEQUENCES The future budgetary consequences are Insignificant. As a percent of payroll the additional City contribution is 0.01% for General Employees, essentially 0 for Police Officers, and 0 for Fire- fighters. A public hearing on this Ordinance will be held during a Regular City Council meeting, Wednesday, December 23, 1987, at or after 10:00 a.m., and will be considered by the City Council In the order as It appears on the agenda. The Regular Meeting of the City Council will be held at City Hall, 5811 NW 88th Avenue, Tamarac, Florida 33321. Copies of this proposed Ordinance are available for viewing and purchase at the office of the City Clerk. Interested parties may appear to be heard with respect to this proposed Ordinance In Accordance with Florida Statutes *166.041. Pursuant to Section 286.0105, Florida Statutes if a person decides to appeal any decision made by the city Council with respect to any matter considered at such maetWo or hearing, he will need a record (f the proceedings and for such purpose, he may need to ensure that a verbatim record includes the testimony and evidence upon which the appeal is to be based Publish: Fort Lauderdale News/Sun Sentinel Wednesday, December 9, 1937 Carol E. Barbuto City Clerk ■,; ■' C I T Y O F T A M A R A C INTEROFFICE MEMORANDUM C/A NO. 8709-8006 TO: Larry Perretti, Personnel Director FROM: Richard M. Rednor, Acting City Attorney SUBJECT: PROPOSED PENSION ORDINANCE DATE: September 14, 1987 ------------------------------------------------------------- As per your request, I have reviewed the enclosed and must advise that I concur with the prior City Attorney's recommendation to you that same does not meet the require- ments of City Charter Section 12.02. Section 12.02 of the Code requires that, "the Council shall, when it proposes to adopt a retirement or pension plan for City employees, publish in one or more daily newspapers of general circulation in the City a eneral summar of the Plan and together with an analysis of cost and future bud etary conse uences; and a notice stating the time and lace for copies of the Plan are available for inspection b the public, and the time and place, not less than two (2) weeks after such publication, for a public hearing on the Plan." The notice which is required to be published by Section 12.02 would not include the proposed title of that ordinance adopted at the time the Pension Plan is adopted. Such title would, however, be published in the same manner as all ordinance titles are published, in a separate notice to the public. Any notice meeting Section 12.02 must at a minimum include the following: 1) A general summary of the Proposed Plan. 2) An analysis of costs of the Proposed Plan. 3) An analysis of future budgetary consequences of the Proposed Plan. 4) The time and place'in which copies of the Proposed Plan are available for inspection by the public. 5) The time and place, not less than two (2) weeks after publication, for a public hearing on the Plan. INTEROFFICE MEMORANDUM: 8709-8006 PROPOSED PENSION ORDINANCE September 14, 1987 Page 2 when your office has drafted a proposed notice as required by Code Section 12.02, please forward same to my office for legal review. Should you have any questions on this matter, please let our office know. RMR/ tm Attachment cc: John P. Kelly, City Manager Carol E. Sarbuto, City Clerk r -7777 .. T71 IZ }�LLwru�cnWcarrc�cacnc��l�-LLw 1 �Arxw F-O=pWZ=ZOZI-gw<Ot-+JO02.wOZ0.7 4- ' F-+ 1^-WUOi-QLLwQF-a:LLLLM IL T-E <Li, F- to r~ rp' rn a w �l -+OwQa . 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C 0 �•- a s ZLL �+JO Z�+F--OAF- WmWwU)Em"F- L-"w rnu+ccxx� .,w .at t <y A�OU)-AZr- mz WO}-Uh-WHEZ ;ZF•-J C rn -f m� v a m-,, w m CCU U' F- f-t W H Q t••t >- F-- LL 0 "H CC i7C CC W W Q Q m y. •,, eZ N U)1— ODW'--W©MWMa D (Lmw-zM-->Z>-Wtu- ww U p WCO =IA 04-N 4i U to LLW �. J 010 H'W? <UH-QOdUU4¢EF-QWCLUmuAWrCLOnWCA N CCU x =+ u a q pwr, D~ c4- L.L * -r, p (p U) ! w fAr•i w at r-, (� C p v c,. t- C rq m W D) mCC� E -P0 ww E 2D, sa ro m 0 W (a v 49 �+ W F- •, C I T Y O F T A M A R A C INTEROFFICE MEMORANDUM 8711-3409 TO: Richard L. Doody, City Attorney FROM: Larry Perretti, Personnel Director_�� SUBJECT: TEMPORARY ORDINANCE -- PENSION PLAN DATE: November 6, 1987 COPIES: Rick Rednor, John P. Kelly, Carol E. Barbuto After receiving the Information requested from Kruse, O'Connor & Ling, I am incorporating the Information Into the attached Temporary Ordi- nance meeting all of the Section 12.02 requirements as stated by Rick Rednor In his letter to me of September 14, 1987 which Is attached. If this meets with your approval, please submit to Carol Barbuto so the Ordinance can be advertised and then put on the Agenda. Both the Pension Board and the Council are anxious to resolve this Issue and correct the previous ordinance which was approved. LP/p Attachment y GENERAL SUMMARY OF PROPOSED PLAN CITY OF TAMARAC, FLORIDA TEMPORARY ORDINANCE NO. AN ORDINANCE REPEALING ORDINANCE 0-87-37 AS PROPOSED BY CITY COUNCIL HAS BEEN PROPOSED TO REPEAL ARTICLE 1 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 1 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 THE CREATION OF THE CITY OF TAMARAC EMPLOYEES PENSION TRUST FUND FOR A BOARD OF TRUSTEES TO HOLD AND ADMINISTER SAME, THE METHOD FOR APPOINTING SAID TRUSTEES AND THEIR POWERS, METHODS OF COL- LECTING MONEY FOR SAID TRUST FUNDS, THE POWERS AND DUTIES 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, PRO- VIDING FOR PENSION BENEFITS, EARLY RETIREMENT BENEFITS, DISABILITY BENEFITS, AND RETURN OF CONTRIBUTIONS AND PROVIDING THE ELIGIBILITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENEFITS, PROVIDING FOR THE PAYMENT OR SUSPENSION OF BENEFITS FROM EMPLOYMENT AFTER RETIREMENT, SPOUSES PRE -RETIREMENT SURVIVOR BENEFITS, AND LUMP SUM PAYMENTS OF BENEFITS, AND PROVIDING THE ADMINISTRATION AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER PROVIDING FOR SEVER - ABILITY AND PROVIDING AN EFFECTIVE DATE. ANALYSIS OF COSTS: Changes to the Plan Include a service -connected disability benefit of seventy-five percent (75%) of salary for Police Officers and Firefighters at a cost of $35,835 per year for Police Officers and $2,874 per year for Firefighters. A service -connected disability of sixty-six and two-thirds percent (66-2/3%) of salary for General Em- ployees at a cost of $25,004 per year. Continuance of benefits accrual beyond Normal Retirement Age at a cost of $2,402 per year for General Employees, $16,463 per year for Police Officers, and $ -0- for Firefighters. Five (5) year cliff vesting at a cost of $886 per year for General Employees, $135 per year for Police Officers and $275 per year for Firefighters. Lower the Normal Retirement Age to age 62 for General Em- ployees at a cost of $2,319 per year. The amount which will be added to the current annual City contribution is $389 for General Employees, $30 for Police Officers and $-0- for Firefighters. FUTURE BUDGETARY CONSEQUENCES The future budgetary percent of payroll the additional General Employees, essentially 0 fighters. consequences are Insignificant. As a City contribution is 0.01% for for Police Officers, and 0 for Fire - COPIES OF THE PROPOSED PLAN ARE AVAILABLE FOR INSPECTION BY THE PUBLIC IN THE CITY CLERK'S OFFICE, CITY OF TAMARAC, 5811 N.W. 88TH AVENUE, TAMARAC, FLORIDA 33321 BETWEEN THE HOURS OF 8:00 A.M. AND 5:00 P.M., MONDAY THROUGH FRIDAY. THIS NEW TEMPORARY ORDINANCE OF THE CITY OF TAMARAC WILL BE THE SUBJECT OF A PUBLIC HEARING TO BE HELD ON f AT , AT CITY HALL, CITY OF TAMARAC, 5811 N.W. 88TH ATAMARAC_ FLORIDA 33321 T A M A R A C C I T Y O F MEMORANDUM INTO/A NO E 87 09-8006 retti, Personnel Director T0: Larry perCity Attorney gichard M. Rednor, Acting FROM: Og�INANCE , SUBJECT PROPOSED PENSION -- - _ ATE: September 1�, 198? - -- -- -- r--� __� -_- d D - closed an - --_-_ ---- --~ ~ have reviewed the e e Attorney s nest, I not require - As per your request, concur with 'he not meet the must advise thato You that sa recommendation Charter Section 12.02."the Council City reVires that, ension Plan meats of the Code 12.02 of a retirementdaily newspapers Section proposes to adoptmore ar of the when it p dish in one or eneral s nd future Shall, employees. P in the City a of cost and for City circulation an anal -is the time b of general with statin ins ection 2) and to ether and a notice for two p_� cones uences; plan are avail�lless than on the bud etar ies of the lace, not hearin lace for co and the time and for a ublic the ublc, ublication, after such Section weeks be published by Plan." required to that ordinance which is roPosed title of Such title The notice the P plan is adopted* all would not include pension same manner s the 12.02 at the time ed in the tics to adopted be publish in a separate no s would, however, are published# ordinance title on 12.02 must at a minimum public- Section Any notice meeting he following include tthe Proposed plan. 1) A general summary of Prof osed plan. of costs of the ences of the 2) An analysis An budgetary consequ analysis of future 3) proposed Plan. of the Proposed Prop ublic - lace in which ct on by the P The time and P or inspection 4) availab (2) weeks le Plan are less than two on the and Place, not a Public hearing 51 The time for after publication, plan. Y r INTEROFFICE MEMORANDUM: 8709-8006 PROPOSED PENSION ORDINANCE September 14, 1987 Page 2 When your office has drafted a proposed notice as required by Code Section 12.02, please forward same to my office for legal review. Should you have any questions on this matter, please let our office know. RMR/ tm Attachment cc: John P. Kelly, City Manager Carol E. Barbuto, City Clerk CITY OF TAMARAC INTEROFFICE MEMORANDUM C/A NO. 8711-8428 TO: Larry Ferretti, Personnel Director FROM: Rich r "L.ody, City Attorney SUBJECT: ORDINANCE 0--87--37 CONCERNING CITY PENSION PLAN DATE: November 24, 1987 OF TAMARAC Pursuant to your request, I have reviewed the enclosed notice required by Section 12.02 of the City Charter. I have made a few minor modifications. Please be advised that it is anticipated that the existing notice problem concerning the adoption of Ordinance 0-87-37 will be solved by the City Council's re -adoption of Ordinance 0-87-37. While I believe that the enclosed notice provisions satisfy the City Charter requirements I have not as yet reviewed Ordinance 0-87-37 for content or form. I am oper- ating under the assumption that the Ordinance is satisfactory to both your department and the Pension Board since the Ordinance has already been before the City Council on May 27 and June 10th of 1987. If you believe this is any problem with Ordinance 0-•-87--37 as to form or content, please let me know. Thank you for your cooperation in this matter. / tm Encl. cc: John P. Kelly, City Manager -QEI�RAI. SUN■IM'� OF PROPOSED O�UG1111COCIC OSFOTAPARRA CITY AG, l W FLORIMDA f TEMPORARY ORDINANCE NO. 0-87-37 RNE°TY2oOSDBY INTER -OFFICE MEMORANDUM C :OUNCIL HAS BEEN PRO- ,0$Ep TO REPEAL ARTI- 'LE 1 OF CHAPTER 19 OF rHE COD•= OF ORDI- VANCES OF THE CITY OF rAMARAC PERTAINING TO O. rHE ITY'SINGEASIoN NEW Carol Barbuto, City Cleric PENSION PLAN AND ErE E4NAAc OFCHAP- Lillian Marcus, City Clerks Office rER 19 OF THE CODE OF ORDINANCES PROVIDING THAT N PLAN THE SHALLIOAPPLY ITO Dec. 9 ,198 7 . ALL PERSONS CURRENT- LY RECEIVING BENEFITS HOLD AND ADMINISTER SAME, THE METHOD F APPOINTING SAID TRUST- EES AND THEIR POWERS, METHO OF COLLECT- ING M(NEY FOR SAID TRUST FUNDS. THE POW- ERS AND DUTIES OF SAID TRUSTEES, THE METHOD FOR RESOLVING CON- TROVERSIES AND DIS- PUTES AND FOR TERI NATING SAID TRUST ESTABLISHING THE CITE OF TAMARAC EMPLOY- EES PENSION PLAN AND • Publication Cost -Fort Lauderdale News/Sun Sentinel CE: City Of Tamarac, Gen. Summary of Proposed Pension Plan. Temp. Ord.No. 0-87-37 Dates: 12/9/87 SETTING RE- QUIREMENTS TFOR PAR- $164.36 TICIPATION IN SAID PLAN AND EARNNG VESTING AND BENEFIT CREDITS IN SAID PLAN PRIDING FOR PEN$IbN BENEFITS EARLY RETIREMENT BENEFITS, DISA131LITY BENEFITS AND RETURN OF CONThIBUTIONS AND PROVIDING THE ELIGIBIL- ITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENE- FITS, PROVIDING FOR THE PAYMENT OR SUSPEN- SION OF BENEFITS FROM la Schiff V AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER ROVID- ING FOR SEVERjABILITY AND PROVIDING AN EF- FECTIVE DATE ANALYSIS OF COSTS: Changes to the plan In- clude a serAce-connected disabili benefit of sevanty- five (75%) of $wary for Po - Li Tian Marcus City Clerks Office Ilse Officers and Fir hters at ■cost of $35.83 per year for Police Officers and $2.874 per year for Firs - fighters. A service-oonnsd- ad disability of sixty-six and two-thirds percent (86-%%) of salary for General Em- ployaie at a coat of $25,004 PCtguanos of beMfffa accrual beyond Normal Re-' tirement Age at a cost of i $2,402 per year for General' Employees. $10 463 per year for Pol�hpff�Cws and 3-o- for Fl Five (5) year Cliff vestlre at a coat of SM per yew for General Employees. $135 Per for Police Of- ficers and $275 per yew for', Flrefighbws. Lower the Ncrmd Retire~ ment Age to age 62 for Gen- walEmployessataooatof OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS $2.319 The amount whpar year.ich wIp it.AN EQUAL OPPORTUNITY EMPLOYER added to the current annual City contribution If $389 for General Empbyass, $30 for Police Officers and 11-6. for Fir hteraRE. F UBUDGETARY CON5EOUENCE� The future buds consequences are In cant. As a percent of I the additional City coi tion is 0.01% for a Ern eyes, asMntio Police Officers. and Firefighters. A public hewhIC Ordinance will be Ing a Regular City C meeting Wadnedal cembw §3, 1987, et c 10:00 a.m., and w111 b sldwed by the City C In the order as It appa the agenda. The R, Meeting of the City C will ba held at CHy 5811 NW 88th Avelu marec, Florida 33321 Copies of this pro Ordinance we avallal dewing and purchase Klce of the City Cis ,eated parties may i be heard with real: s proposed Ordlns cgrdan a with F Rules j166.041. rsuan to Ss 6,0105, Florida Sig If a person decides al as t0 y dCounc�n wt act any matter t )d at such rteetl arinq he will need rd of the procandin such purpoes, h ed to enure thsl a 1 record ; is Ioit ny and ce Ich the a sod. ember INN GENERAL 9U11111M1f OF PROPOM 1 OF CHAPTER 19 C CODE OF ORD :ES OF THE CITY C THEREBY CREATING NEW ARTICLE 1 OF CH TER 19 OF THE CODE D AND FOI TRUSTEES EES AND THEIR POWERS, METHODS OF COLLECT- ING MONEY FOR SAID TRUST FUNDS, THE POW ERS AND DUTIES OF SAID TRUSTEES, THE METHOD FOR RESOLVING CON- TROVERSIES AND DIS- PUTES AND FOR TERMI- NATING SAID TRUST ESTABLISHING THE CKY OF TAMARAC EMPLOY- EES PENSION PLAN AND SETTING FORTH THE RE- QUIREMENTS FOR PAR- TICIPATION IN SAID PLAN AND EARNING VESTING AND BENEFIT CREDITS IN SAID PLAN PRO-VIDING FOR PENSION BENEFITS EARLY RETIREMENT BENEFITS, DISABILITY BENEFITS. AND RETURN THE ELIGIBIL- ETHODS FOR VOR BENEFITS, AND LUMP SUM PAYMENTS OF BENEFITS. AND PROVID- ING THE ADMINISTRATION AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER PROVID- ING FOR SEVER -ABILITY AND PROVIDING AN EF- FECTIVE DATE. ANALYSIS OF COSTS: Changes to the plan In- clude a sarvlce-oonnected disabilitybenefit of seventy- five (75`h) of salary for Po- lice Ofticas and Fl. .Qhtm at a coal of $35,835 per yew for Police Officers and $2 874 per year for Fire. :yyE10M A service -connect - ad disability of sixty -el- end two-thirds percent (88-i+i%) of salary for General Em- ployess at a we of $25,004 Cor I u. of tienal M accrual beyond Normal Re-; tirement Age at a Coil of r $2,402 per year for Gw wal' Employees, s, $16 463 per year for P01 Firefighters. end 3 -o- for Fir Five (5) year cili f vesting at a cost of $888 per year for General Employees, $135 per yew for Police Of- ficers and $275 per yew for FlreflghleM Lower the Normal Retire- ment Age to age 02 for Gen. eral Employers at a coat of $2,319 per year. The amount which will be added to the current annual City Contribution it SM for General EmpbyMet30 for Police Officers and III. for , Fire htera. F URE BUDGETARY CONSEOUENCES The future budgeter1r rAms"uenon we inarp�dlF cant. As a percent of the additional City coot bu-, tlon is 0.01% for General Employees. essentially 0 for Po11Ce Officers, and 0 for Firefighters. A public hheld t Ordinance willll be be heldaWhM dur- Ing a Regular City Council! meeting, Wednesday, De- cember 23, 1987, at or efler 10:00 a.m., and wall be ca► sidered by the City Council In the order as it appears on the agenda. The Regular Meeting of the City C0une11 Will be held at City Hall, 5811 NW Nth Avenue, Ta- marac. Florlde 33321, Copies of this proposed Ordinance are available for viewing and purchase at the office of the City Clark. In- terested parties may appear to be heard with respect to this proposed Ordinance In Accordance with Florida Statutes a 188.041. Pursuant to Section 286.0105. FkxMa StatubW If a person deckles to sip pclacIsIft IMeRy bre apriY to a1Y metier cauldr ered at such meating or heart rq he wall need a w card of the Proceedings aid for surJn purpose, he may need to ensure that a verbs- ' tlm reCprd t1W etea- tlmonY andupon.whkh theto be bslr GENERAL SUMMARY OF PROPOSED PENSION PLAN CITY OF TAMARAC, FLORIDA TEMPORARY ORDINANCE NO. 0-87-37 ORDINANCE 0-87-37 AS PROPOSED BY CITY COUNCIL HAS BEEN PROPOSED TO REPEAL ARTICLE 1 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 1 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 THE CREATION OF THE CITY OF TAMARAC EMPLOYEES PENSION TRUST FUND AND FOR 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 DUTIES 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. PRO- VIDING FOR PENSION BENEFITS, EARLY RETIREMENT BENEFITS. DISABILITY BENEFITS, AND RETURN OF CONTRIBUTIONS AND PROVIDING THE ELIGIBILITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENEFITS, PROVIDING FOR THE PAYMENT OR SUSPENSION OF BENEFITS FROM EMPLOYMENT AFTER RETIREMENT, SPOUSES PRE - RETIREMENT SURVIVOR BENEFITS, AND LUMP SUM PAYMENTS OF BENEFITS, AND PROVIDING THE ADMINISTRATION AND OPERATION OF THE PLAN PROVIDING FOR CODIFICATION PROVIDING FOR REPEALER PROVIDING FOR SEVER- ABILITY AND PROVIDING AN EFFECTIVE DATE. ANALYSIS OF COSTS: Changes to the Plan Include a service -connected disability benefit of seventy-five percent (75%) of salary for Police Officers and Firefighters at a cost of $35,835 per year for Police Officers and $2.874 per year for Firefighters. A service -connected disability of sixty-six and two-thirds percent (66-2/3%) of salary for General Em- ployees at a cost of $25,004 per year. Continuance of benefits accrual beyond Normal Retirement Age at a cost of $2,402 per year for General Employees. $16,463 per year for Police Officers, and S -0- for Firefighters. Five (5) year cliff vesting at a cost of $886 per year for General Employees, $135 per year for Police Officers and $275 per year for Firefighters. Lower the Normal Retirement Age to age 62 for General Em- ployees at a cost of $2,319 per year. The amount which will be added to the current annual City contribution Is $389 for General Employees. $30 for Police Officers and -0- for Firefighters. FUTURE BUDGETARY CONSEQUENCES The future budgetary consequences are Insignificant. As a percent of payroll the additional City contribution Is 0.01% for General Employees. essentially O for Police Officers, and 0 for Fire- fighters. A public hearing on this Ordinance will be held during a Regular City Council meeting, Wednesday. December 23, 1987, at or after 10:00 a.m., and will be considered by the City Council In the Order as It appears on the agenda. The Regular Meeting of the City Council will be held at City Hall, 6811 NW 88th Avenue. Tamarac, Florida 33321. Copies of this proposed Ordinance are available for viewing and purchase at the office of the City Clerk. Interested parties may appear to be heard with respect to this proposed Ordinance In Accordance with Florida Statutes e166.041. Pursuant toSection 286.0105, Florida Statutes If a person decides to appeal any decision made by the city Council with respect to any matter considered at such meeting or hearing, he will need a record crf the proceedings and for such purpose, he may need to ensure th_t t :w'batim record includes the testimony and evidence upon which the appeal is to be based Publish: Fort Lauderdale News/Sun Sentinel Wednesday, December 9, 1987 / Carol E. Barbuto City Clerk '�/G y SL 6UG�ARMAN & SUSSKIND Profcssional Association ATTORNEYS AT LAW Robert A .Sussman Howard S. Susskind August 18, 1987 Board of Trustees c/o Ruth Russo, Secretary City of Tamarac 5811 N.W. 88th Avenue Tamarac, Florida 33321 Dear Trustees: Enclosed for your consideration are the two amendments to the Pension Plan which we discussed at your July 23rd meeting. The Minimum Guaranteed Benefit would be added to Section 8-1 of the Plan. It provides that a Participant and his spouse and beneficiaries, regardless of what form of benefit is selected and regardless of how long they may live, will receive total benefits at least equal to the Participant's accumulated contributions. If a Participant and his spouse and beneficiary should both die before the total benefits they received equaled the contributions which had been made by the Participant, the difference would be paid in a lump sum to any designated beneficiary or to the Participant's estate. Amended Section 11-1 adds additional options for the pre - retirement death benefit for those vested Participants who die after reaching normal retirement age but before collecting a pension. Under the current Plan, if a vested Participant dies after reaching normal retirement age but before retiring (such as those Participants who have passed normal retirement age and are still working for the City), the spouse would only receive 50% of the value of the Participant's vested accrued benefit at the date of death. For many Participants, this benefit would be less than if they had retired at normal retirement age and not continued working and contributing to the Plan. Under the amendment, the deceased Participant's spouse will have three choices, depending upon which yields the greatest benefit. The spouse will still be eligible for the 50% joint and survivor benefit. However, the two alternate benefits may provide an even greater pension. The spouse may elect a 100% joint and survivor benefit, which is the amount that would have 5959 Blue Lagoon Drive, Suite 150 Miami, Florida 33126 (305) 264-2121 Broward 763-2566 Board of Trustees August 18, 1987 Page Two been paid to the Participant, and after his death, to the spouse without any reduction, had the Participant not died before retirement and had the Participant elected this option. (Obviously, this option pays a smaller Participant's benefit and is payable when the Participant elects a 50% joint and survivor option.) Alternately, the spouse and beneficiary may elect to receive the amount which the Participant would have received had he lived, retired, and elected the "ten year certain and life thereafter" benefit. The spouse and beneficiary will receive this benefit only for ten years, instead of for life. However, a spouse who is aged or infirmed at the time of the Participant's death and does not expect to live ten more years may elect this option to guarantee ten years of payments rather than a shorter spouse lifetime benefit. Should the Board approve these amendments at your August 27th meeting, they should then be sent to the actuary for an actuarial impact statement. After we receive the statement, the statement and the amendments should be forwarded to the City Council for consideration and public hearing. Prior to any public hearing, the City Council will have to advertise the proposed changes to the public and include in the advertisement the Finance Department's estimates of the impact of these amendments on the City's budget. Yours truly, RAS/cf AOBERTA. SUGARMAN enc. Introduced By: Temp. Ord. # CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-87- t AN ORDINANCE AMENDING ARTICLE I OF CHAPTER 19 OF THE CODE OF ORDINANCES OF THE CITY OF TAMARAC PERTAINING TO THE CITY'S PENSION PLAN BY ADDING A NEW SUBSECTION (d) TO SECTION 8-1- PROVIDING FOR A MINIMUM GUARANTEED BENEFIT IN THE AMOUNT OF A PARTICIPANT'S ACCUMULATED CONTRIBUTIONS AND AMENDING SECTION 11-1 TO PROVIDE THAT THE PRE -RETIREMENT DEATH BENEFIT FOR THE SURVIVOR OF VESTED PARTICIPANTS WHO DIE AFTER REACHING NORMAL RETIREMENT AGE BUT BEFORE THE COMMENCEMENT OF BENEFITS SHALL BE EITHER A 50% JOINT AND SURVIVOR ANNUITY, A 100% JOINT AND SURVIVOR ANNUITY, OR A TEN YEAR CERTAIN AND LIFE PENSION BENEFIT. 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, and WHEREAS, the following amendment has been approved by the Board of Trustees of the City of Tamarac Employees' Pension Trust Fund. 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 is hereby amended as follows: (a) A new subsection (d) is hereby added to Part II, Sub -Part III, Section 8-1, as hereinafter set forth; and (b) Section 11-1 of Sub -Part III of Part II is hereby repealed, but shall apply to all persons presently receiving benefits thereunder, and a new Section 11-1 is hereby created as shown hereafter. SECTION 2: Section 8-1 is hereby amended by adding the following: Section 8-1 (d) Minimum Guaranteed Benefits - Each Participant shall be guaranteed the payment of benefits on his behalf to the Participant, spouse and beneficiary at least equal in total amount to the Participant's total Accumulated Contributions. If the total benefits paid are less than the amount of the Participant's Accumulated Contributions, the difference shall be paid in a lump sum to the designated beneficiary or, if no beneficiary, to the Participant's estate. SECTION 3: That a new Section 11-1 is hereby created to read as follows: 1 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. (a) The amount of the survivor benefit for a Participant who dies before normal retirement age shall be equal to 50% of the Actuarially 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 Actuarially Equivalent form of benefit. (b) The amount of the survivor benefit for a Participant who dies after reaching normal retirement age shall be the greater of the benefit provided by Section 11-1(a), above, or (i) if the benefit is payable to the Participant's spouse, a 100% joint and survivor pension continuing for the life of the spouse in the amount which the Participant would have received had he retired on the date of his death (having received payment for all earned wages and unused accrued leave) having elected a 100% joint and survivor benefit, or 2 w (ii) if the benefit is payable to a different beneficiary or if the spouse so elects in lieu of any other benefit payable under this section, a ten year certain and life thereafter pension continuing for only ten years after the Participant's death in the amount which the Participant would have received had he retired on the date of his death (having received payment for all unearned wages and unused accrued leave) having elected a ten year certain and life thereafter benefit. 3 SECTION 3: Specific authority is hereby granted to codify this Ordinance. SECTION 4: If any provision of this Ordinance or the application there of 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 adoption and passage. n GE NERAL SUMMARY OF PROPOSED PLAN CITY OF TAMARAC, FLORIDA TEMPORARY ORDINANCE NO. ORDINANCE 0-87-37 AS PROPOSED BY CITY COUNCIL HAS BEEN PROPOSED TO REPEAL ARTICLE 1 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 1 OF CHAPTER 19 OF THE CODE L p�RSONSORDINANCES CURRENTLPROVIDING VINGTHAT BENEFTHE PTS TIOR HEREUNDER PENSION PLAN SHALL APPLY TO AL PROVIDING FOR THE CREATION OF THE RUSTEES TOTY OF HOLD TAMARAC '� TRUST FUND FOR A BOARD METHOD FOR APPOINTING SAID TRUSTEES AND THEIR POWERS, METHODS OF COL LECTiNG MONEY FOR SAID TRUST FUNDS, THE POWERS AND DUTIES 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, PRO- VIDING FOR PENSION BENEFITS, EARLY RETIREMENT BENEFITS, BENEFITS, AND RETURN OF CONTRIBUTIONS AND PROVIDING THE ELIGIBILITY AND METHODS FOR DETERMINING THE AMOUNTS OF SAID BENEFITS, PROVIDING FOR THE PAYMENT OR SUSPENSION OF BENEFITS FROM EMPLOYMENT AFTERSUMPRETIRESENT, SPOUSES PRE -RETIREMENT SURVIVOR BENEFITS, AND OF BENEFITS, AND PROIDING IFICATIONHPROVDIDINGSTFORION AND OPERATION OF THE PLAN PROVIDING FOR CODOD REPEALER PROVIDING FOR SEVER - ABILITY AND PROVIDING AN EFFECTIVE DATE. ANALYSIS OF COSTS: Changes to the Plan Include a servlcfronnectedOfdisability benefit of seventy-five percent (75%) of salaryo cers and Firefighters at a cast of $36,835 per year for Police Officers and $2,874 per year aFirefighters. (66-2/3%)vofesa�aryctfordlGeneralyEmf sixty-six and two-thirds ployees at a cost of $25,004 per year. Continuance orntuaeNomtemYnt Age at a cost of $2,402per Yeafor GeneraEmpayees$6I463peear for Police Officers, and $ -0- for Firefighters. Five (5) year cliff vesting at a cost of $886 per year for General Employees, $135 per year for Police Officers and $275 per year for Firefighters. Lower the Normal Retirement Age to age 62 for General Em- ployees at a cost of $2,319 per year. annual ity The amount $389forhich GenerallEmpeadded to thloyees, $30 for policetofficersCand contribution is $38 $-0- for Firefighters. The future budgetary percent of payroll the additional General Employees, essentially 0 fighters. consequences are Insignificant. City contribution is 0.01% for for Police Officers, and 0 for As a Flre- public hearing afe� these, Ordinancef will be h d jdyring a Regular City Council meeting, , 1987, at or after 10:00 A.M., .and will be considered by the City Council in the order as-t� appear - on the agenda. The Regular Meeting of the City Council will be held at City Hall, 1 NW 88 Avenue, Tamarac, Florida 33321� Copies of th#sW proposed Ordinancep are available for viewing and purchase at the office of the City Clerk., Interested parties may appear to be heard with respect to th0so proposed Ordinance#e in accordance with Florida Statutes#166,041. Pursuant toSecti 286./Flori Statutes._It a person deci s to appign made bythecityCouncil with re ct to any mred at such tin" rhearing, he I need a recoceedings an for pu►pose. h may need to enserbatim r8c din� _the testi yand evidence ue appeal is o to=:7 Carol E. Barbuto City Clerk Publish: Fort Lauderdale News/Sun Sentinel 'yr'j r/ Q 8 7- 3 7 DISTRIBL'TION LIST J o iea DEPARTMENT OR PERSON RECEIVED BY / iy 8 7 DAT 1 COUNCIL CITYATTORNEY '77_. 1 P nnR ENFORCEMENT IRENE MASTER FILE CITY MANAGER FINANCE DIRECTOR FINANCE- SUPV. ACCOUNTANT PURCHASING POLICE DEPARTMENT- CHIEF POLICE DEPARTMENT - JIM RECREATION DEPARTMENT PUBLIC WORKS DEPARTMENT FIRE DEPARTMENT TUW - ADMINISTRATION CODIFIER MAIL IMMEDIATELY)4.,ntc� ipal Code Corp.,PO 2235, Tallahassee 32304 a er Laslie n charge o upp) _ Robert Ussery (in charge of Codifica on) PERSONNEL it", wiLiVii RDWARD CTY.PLANNING COUNCIL WiI I J am Markham M & An&w m Ass , jt,-z i n5 S. Andrew Ave. , Ian. 307 5519 W. hdffab Rd. 7bmrac 33. PETITIONER OR APPLICANT CLERX'S PROJECT FILE COPIED DISTRIBUTED 210 nLj 5811 NORTHWEST 88TH AVENUE 0 TAMARAC, FLORIDA 33321 TELEPHONE (305) 722.5900 MAIL REPLY TO: P.O. BOX 25010 TAMARAC, FLORIDA 33320 January 6, 1988 COUNTY LIBRARIAN 100 South Andrews Avenue Fort Lauderdale,'Florida 33301 Attention: Enclosed please find your copy from the CITY OF TAMARAC, the following item(s) for your files: ORDINANCE NO'S: 0-87-37, 0-87-62, 0-87-63 If you have any questions, please do not hesitate to contact this office. Very truly yours, CITY OF TAMARAC Pat LaBello City Clerk's Office Enc. (0) AN EQUAL OPPORTUNITY EMPLOYER POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS 5811 NORTHWEST 88TH AVENUE 0 TAMARAC, FLORIDA 33321 TELEPHONE (305) 722.5900 MAIL REPLY TO: P.O. BOX 25010 TAMARAC. FLORIDA 33320 July 15, 1987 COUNTY LIBRARIAN 100 South Andrews Avenue Fort Lauderdale, Florida 33301 Attention: Enclosed please find your copy from the CITY OF TAMARAC, the following item(s) for your files: ORDINANCE NO. 0-87-37 If you have any questions, please do not hesitate to contact this office. Very truly yours, CITY OF TAMARAC p � �_ Pat LaBello City Clerk's Office Enc. (/ ) AN EQUAL OPPORTUNITY EMPLOYER POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS 5811 NORTHWEST 88TH AVENUE TAMARAC, FLORIDA 33321 TELEPHONE (305) 722-5900 MAIL REPLY TO: P.O. BOX 25010 TAMARAC, FLORIDA 33320 January 6, 1988 Robert Laslie - Supplements MUNICIPAL CODE CORPORATION P.O. Box 2235 Tallahassee, Florida 32304 Attention: Enclosed please find your copy from the CITY OF TAMARAC, the following item(s) for your files: ORDINANCES NO'S: 0-87-37, 0--87-62, 0--87-63 If you have any questions, please do not hesitate to contact this office. Very truly yours, CITY OF TAMARAC Pat LaSello City Clerk's Office Enc. (3) AN EQUAL OPPORTUNITY EMPLOYER POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS 5811 NORTHWEST 88TH AVENUE 0 TAMARAC, FLORIDA 33321 TELEPHONE (305) 722-5900 MAIL REPLY TO: P.O. BOX 25010 TAMARAC, FLORIDA 33320 January 6, 1988 Robert Ussery -- Codification MUNICIPAL CODE CORPORATION P.O. Box 2235 Tallahassee, Florida 32304 Attention: Enclosed please find your copy from the CITY OF TAMARAC, the following item(s) for your files: ORDINANCE NW,S: 0-87-37, 0-87-62, 0-87-63 If you have any questions, please do not hesitate to contact this office. Very truly yours, CITY OF TAMARAC Pat LaBello City Clerk's Office Enc. (,3) AN EQUAL OPPORTUNITY EMPLOYER POLICY OF NONDISCRIMINATION ON THE BASIS OF HANDICAPPED STATUS CITY OF TAMARAC INTEROFFICE MEMORANDUM C/A NO. 8712-8426 TO: o Hart and Members of Council FROM: Richar L. o dy, City Attorney SUBJECT: Agenda Item #23; Ordinance adopting the City of Tamarac Employees Pension Plan DATE: December 21, 1987 Agenda Item #23 is a Motion to adopt a Temporary Ordinance approving the City of Tamarac Employee's Pension Plan. As you are aware, this Ordinance was considered at the City Council meeting of June 10, 1987. Section 12.02 of the City of Tamarac Charter, however, provides that when the City Council proposes to adopt a Pension Plan for the City, a public notice of the City's intention to adopt the Plan shall be published in one or more daily newspapers. The Notice shall state the time and place where copies of the Pension Plan are available for inspection by the public, a general summary of the Plan and an analysis of its costs and future budgetary consequences. Apparently this provision was not complied with when the City first attempted to adopt the Pension Plan in June. On the advice of this Office, the subject Ordinance has been re -- advertised as required by Charter Section 12.02. Accord- ingly, the Ordinance which you will consider on December 23, 1987 is identical to the Ordinance that you considered in June. It is simply being re -adopted to conform to the Notice provisions outlined in the City Charter. If you have any questions please not hesitate to contact me. RD/rms Enclose cc: LCarol E. Barbuto, City Clerk John P. Kelly, City Manager 23. PUBLIC HEARING - MOTION TO ADOPT Temp. Ord. #1336 0-87-37 on second reading to adopt a new employee ITEM # REF. pension plan. DATE 3 TAPE SIDE # VOTE: DISTRICT 4 DISTRICT 3 DISTRICT 2 DISTRICT 1 MAYOR HART MOTION BY: SECONDED BY:� PRESENTED BY: ACTION REQUESTED: MAJOR SPEAKERS/PERTINENT DISCUSSION: