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HomeMy WebLinkAboutCity of Tamarac Ordinance O-2019-014 Temp Ord. #2410 Page 1 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-2019- AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSIONS AND RETIREMENT, ARTICLE VI, PENSION PLAN; PROVIDING FOR A BACDROP AS AN OPTIONAL FORM OF BENEFIT PAYMENT; PROVIDING FOR A SAVINGS CLAUSE; PROVIDING FOR SEVERABILITY; PROVIDING FOR CODIFICATION AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Tamarac and Metro-Broward Professional Firefighters, Local 3080, International Association of Firefighters, have agreed through collective bargaining to provide a BACDROP as an optional form of benefit payment; and 111 WHEREAS, the City Commission has received, reviewed, and considered an actuarial impact statement describing the actuarial impact of the amendment provided herein; and WHEREAS, the City Commission of the City of Tamarac has deemed it to be in the best interest of the citizens of the City of Tamarac to amend the plan to reflect these changes. NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of Tamarac, Florida: CODING: Words in struck through type are deletions from existing law; Words in underscored type are additions. Temp. Ord. #2410 Page 2 Section 1: That the foregoing recitals 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 16-493 of Chapter 16, Article VI, Division 4, of the City of Tamarac Code of Ordinances is hereby amended by adding a subsection (4), as follows: (4) BACDROP. Effective January 1, 2019 eligible participants may elect a BACDROP benefit in accordance with this subsection (4). a. Eligibility of participant to participate in the BACDROP. Subiect to the limitations set forth in Paragraphs a, b, c, and d below, a participant who, in accordance with Subsection (3)(a) of this Section 16-493, is eligible to participate in, but has not yet elected to participate in the DROP, may elect in writing on a form approved by the Board, a retroactive retirement date to be referred to as the "BACDROP date". The date from which the retirement is retroactive is referred to as the "election effective date." With regard to elections filed on or after January 1, 2020, the election must be filed at least one hundred eighty (180) days prior to the election effective date. The election to participate in the BACDROP must be made simultaneously with DROP election. b. BACDROP date. A participant's BACDROP date shall be a date selected by the participant that is no earlier than (1) the participant's initial date of eligibility to enter the DROP in accordance with Subsection (3)(a) of this Section 16-493; and (2) the date that is thirty-six (36) months prior to the participant's election effective date, whichever is later. c. Maximum BACDROP period. An eligible participant may elect the BACDROP for a maximum period of thirty-six (36) months, provided that any combined BACDROP retroactive period and DROP participation period may not exceed sixty (60) months. Election of the BACDROP shall not extend any maximum DROP period provided in Subsection (3) of this Section 16-493. CODING: Words in dough type are deletions from existing law; Words in underscored type are additions. Temp. Ord. #2410 Page 3 d. Benefits payable under the BACDROP. A participant who elects the BACDROP shall be entitled to a monthly pension determined as of the participant's BACDROP date, plus a lump sum payable within 60 days of the participant's election effective date and calculated as of the participant's election effective date (or if earlier, the participant's DROP date) equal to the pension benefits the participant would have received had he/she retired on the BACDROP date, with interest at the rate in accordance with Section 16-493 (3)(q)(1) per annum. If the participant enters DROP as of the election effective date, the lump sum BACDROP payment shall be credited to the participant's DROP account. Otherwise, upon termination of the participant's city employment the participant may choose to have all or any part of the lump sum BACDROP payment rolled- over into an eligible retirement plan, or distributed directly to the participant, less applicable withholding taxes. Section 3: That Subparagraph 16-503(c)(2)c. of Chapter 16, Article VI, Division 4, of the City of Tamarac Code of Ordinances is hereby amended by adding the following underlined language: Section 16-503. — Calculation of benefit amount. (c) Cost of living adjustment benefit (2) c. For participants who retire on or after June 1, 2013, only the cost- of-living adjustment described in this subsection shall apply. As of each January 1, the retirement benefits only as provided under sections 16-497 and 16-504 of participants who retired at least five (5) years prior to such January 1 with normal service retirement, early service retirement, or disability retirement shall be increased by two and one-quarter(2.25) percent compounded annually. With regard to Participants who elect the BACDROP, the five (5) year period shall be determined as of the participant's Election Effective Date (not the BACDROP date). CODING: Words in struck through type are deletions from existing law; Words in underscored type are additions. Temp. Ord. #2410 Page 4 Section 4: 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 be renumbered or re-lettered, and the word "Ordinance" may be changed to "Section," "Article" or such other word or phrase in order to accomplish such intention. Section 5: All Ordinances or parts of Ordinances in conflict herewith are hereby repealed to the extent of such conflict. Section 6: 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 7: This Ordinance shall become effective on adoption, satisfaction of each of the following three requirements set forth below having been achieved prior to second reading: (a) The 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 (b) The Ordinance and impact statement have been sent to the State of Florida Division of Retirement; and CODING: Words in strusk-thcough type are deletions from existing law; Words in underscored type are additions. Temp. Ord. #2410 Page 5 (c) The International Association of Firefighters has accepted the changes proposed in this ordinance in writing. PASSED, FIRST READING this �l ,t day of �c'r-� , 2019. PASSED, SECOND READING this .x - day of , 2019. / 7-- 0\ MIC ELLE J. GOM MAYOR ATTEST: deasia, / PAT ICIA TEU DEL, MC CITY CLERK / RECORD OF COMMISSION VOTE: 1st Reading MAYOR GOMEZ DIST 1: COMM. BOLTON DIST 2: COMM. GELIN DIST 3: COMM. FISHMAN DIST 4 V/M PLACKO I HEREBY CERTIFY that I have approved this ORDINANCE as to form RECORD OF COMMISSION VOTE: 2nd Reading MAYOR GOMEZ DIST 1: COMM. BOLTON DIST 2: COMM. GELIN G � DIST 3: COMM. FISHMAN DIST 4 V/M PLACKO SAMUE S. GOREN CITY ATTORNEY CODING: Words in s#ruckF-through type are deletions from existing law; Words in underscored type are additions.