HomeMy WebLinkAboutCity of Tamarac Ordinance O-2017-004C
Temp Ord. #2357
April 5, 2017
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2017- O LI
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSION AND
RETIREMENT, ARTICLE IX, ELECTED AND APPOINTED OFFICERS
AND NON -REPRESENTED EMPLOYEES RETIREMENT PLAN,
PROVIDING FOR ELIGIBILITY OF CERTAIN MEMBERS OF THE
ELECTED AND APPOINTED OFFICERS AND NON -REPRESENTED
EMPLOYEES RETIREMENT PLAN TO PARTICIPATE IN THE
EMPLOYEES PENSION PLAN DROP; PROVIDING FOR A SAVINGS
CLAUSE; PROVIDING FOR SEVERABILITY; PROVIDING FOR
CODIFICATION AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac recognizes the importance of retaining its most
qualified and exemplary employees; and
WHEREAS, the City of Tamarac wishes to allow its most tenured employees
who have dedicated their lives to public service and have successfully promoted
through the ranks the most favorable retirement benefits that they have earned and are
available; and
WHEREAS, the City Commission has received, reviewed and considered an
actuarial impact statement stating that the amendments do not have an actuarial impact
on the Retirement Plan, provided for herein and attached as Exhibit A.
NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of
Tamarac, Florida:
CODING: Words in stFUsk thpough type are deletions from existing law;
Words in underscored type are additions
Temp Ord. #2357
April 5, 2017
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Section 1: That the foregoing whereas clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Ordinance upon adoption hereof.
Section 2: That Section 16-905 of Chapter 16, Article IX, of the City of
Tamarac Code of Ordinances, be and is hereby amended to read as follows:
Sec. 16-905. - Service retirement benefits; cost of living adjustment; disability
retirement; DROP option.
(h) The normal form of retirement shall be a ten (10) year certain and life thereafter
benefit.
The optional forms of benefit shall be as follows:
(5) Deferred Retirement Option Plan (DROP). A DROP, as defined in Section 16-
223 of the Tamarac City Code, is established and administered by the Board of
Trustees of the City of Tamarac Employees' Pension Plan. Members of the
Elected and Appointed Officers and Non -Represented Employees Retirement
Plan may make a one-time irrevocable election, in writing, to opt out of the
Retirement Plan and enroll in the Tamarac Employees' Pension Plan solely for
purposes of immediately entering the DROP. Members who make such an
election shall immediately cease to accrue any service credit in both pension
plans and will have their final benefit fixed as of the effective date of
commencement of DROP participation. Members who elect to enter the
Employees' Retirement Plan DROP must satisfy the conditions articulated in
Section 16-223(3)(a) of the Tamarac City Code and have achieved Normal
Retirement Age as defined in Section 16-219, prior to transfer and acceptance
in the Tamarac Employees' Pension Plan DROP.
Section 3: It is the intention of the City Commission and it is hereby ordained
that the provisions of this Ordinance shall become and be made part of the Code of
Ordinances of the City of Tamarac, Florida, and that the Sections of this Ordinance may
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Words in underscored type are additions
J
Temp Ord. #2357
April 5, 2017
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be renumbered or relettered, and the word "Ordinance" may be changed to "Section",
"Article" or such other word or phrase in order to accomplish such intention.
Section 4: All Ordinances or parts of Ordinances in conflict herewith are
hereby repealed to the extent of such conflict.
Section 5: If any provision of this Ordinance or the application thereof to any
person or circumstances 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 6: This Ordinance shall become effective upon adoption, nunc pro
tunc to April 1, 2017, upon satisfaction of each of the two following requirements set
forth below having been achieved prior to second reading:
1) City Commission received and has accepted a report establishing the
actuarial soundness of these amendments in a letter of opinion from the
Plan Actuary that the amendment has no actuarial impact; and
2) the Ordinance and impact statement have been sent to the State of
Florida Division of Retirement.
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Words in underscored type are additions
Temp Ord. #2357
April 5, 2017
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PASSED, FIRST READING this / day of G'L'�-�-1 .)2017.
r�
PASSED, SECOND READING this 016 day of , 2017.
ATTEST:
IN
PATRICIA TEUFEL, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
ORDINANCE as to form
0,-,SAMUEL S. GOREN
CITY ATTORNEY
4►iuia_
WAIRW15RESSLER,MAYOR
RECORD OF COMMISSION VOTE: 1st Reading
MAYOR DRESSLER
DIST 1: COMM. BOLTON
DIST 2: COMM. GOMEZ�
DIST 3: COMM. FISHMAN o
DIST 4: VICE MAYOR PLACKO
RECORD OF COMMISSION VOTE: 2nd Reading
MAYOR DRESSLER
DIST 1:
COMM. BOLTON
DIST 2:
COMM. GOMEZ
DIST 3: COMM. FISHMAN -�
DIST 4: VICE MAYOR PLACKO ���✓
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Words in underscored type are additions
1
EXHIBIT A
Trustees of the City of Tamarac
Employees Retirement Plan
c/o Ms. Maria Swanson
Director of Personnel
City of Tamarac
7525 N.W. 88th Avenue
Tamarac, FL 33321-2401
Pose OFFIG BOX 8883LI3
ATLANTA, GEORGIA 3o356-o3y3
IELPHON1 R0.392.0980
tA(SIMILE n0.392.1193
Elected and Appointed Officers and Non -Represented
Re: City of Tamarac Elected and Appointed Officers and Non -Represented Employees
Retirement Plan
Ladies and Gentlemen:
In response to your request, I have reviewed proposed Temporary Ordinance No. 2357. This
ordinance allows qualifying members of the Elected and Appointed Officers and Non -
Represented Employees Retirement Plan to participate in the Deferred Retirement Option Plan
(DROP) established and administered by the City of Tamarac Employees' Pension Plan.
Because we already assume that employees will choose to retire no later than their normal
retirement age, by giving transferred employees the opportunity to enter the DROP upon
attainment of normal retirement age. the ordinance does not change the cost of the plan.
Because the proposed ordinance does not provide increased benefits, I have determined that the
changes made by this ordinance will have no actuarial impact on subject plan.
If you have any questions. please do not hesitate to call. me.
Sincerely.
Charles T. Carr
Consulting Actuary
OUR OFFI(E IS INAARD AT 52A iopFNA BOULEVARD, OOSRTDN, GFORGIA 3050