Fort Walton Beach Ordinance — 1837 - Restate Fire Fighters Pension Trust Fund — reading text

ING DATE ORDINANCE No. 1837 r AN ORDINANCE OF THE CITY OF FORT WALTON BEACH AMENDING THE CITY OF FORT WALTON BEACH MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND, ADOPTED BY ORDINANCE No. 1174, AS SUBSEQUENTLY AMENDED; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. 1. The City of Fort Walton Beach Firefighters are presently provided pension and certain other benefits under Ordinances of the City of Fort Walton Beach and; 2. The City Council desires to clarify and restate the provisions of the Firefighters' Retirement Plan to incorporate Federal law and the applicable provisions of Chapter 175, Florida Statutes; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: SECTION 1: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 2: All ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed. SECTION 3: This ordinance shall take effect immediately upon approval by Council and signature by the Mayor. Approved: Mayor: Mike Anderson, Mayor t t , elen Spencer, qty Clerk Reviewed and Approved as to Form: Hay rd Dykes, Atto Reviewed and Approved as to legal sufficiency: DISPOSITION FinG4 nCe-- V LOU w. ke.r H. Lee Dehner, Retirement Attorney C' . G 04-4 h rc - D-, Page I oJ' 53 Pages Eev Lam. Rne  CITY OF FORT WALTON BEACH MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND SECTION 1. DEFINITIONS. 1. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Accumulated Contributions means a Member's own contributions with interest at the rate of three percent (3 %) per annum. For those Members who purchase Credited Service with interest or at no cost to the Plan, any payment representing the amount attributable to Member contributions based on the applicable Member contribution rate, and any payment representing interest and any required actuarially calculated payments for the purchase ofsuch Credited Service, shall be included in Accumulated Contributions, without the crediting of interest of three percent ( 3 %) per annum. Act means the Employee Retirement Income Security Act of 1974 (P. h. 93- 406) as amended Departm 1.1- venne Service, as that Statute and thest - UIFEaluvr and the fnternal R% U-112t.1101ftas shall be- amei> Actuarial Equivalent means a benefit or amount of equal value, based upon the UPf984 6roup Mortality 9F RP 2000 Mortality Table and a six and one -half percent ( 6. 50 %) rate of interest. This rate of interest will be determined periodically by the Board. This definition may only be amended by the City pursuant to the recommendation of the Board using assumptions adopted by the Board with the advice of the plan' s actuary, such that actuarial assumptions are not subject to City discretion. Average Final Compensation shall mean one -twelfth ( 1/ 12) of the average salary ofthe five 5) best years of the last ten ( 10) years of credited service prior to retirement, termination, or death, or the career average as a full -time Firefighter, whichever is greater. A year shall be twelve ( 12) consecutive months. Beneficiary means the person or persons entitled to receive benefits hereunder at the death of a Member who has or have been designated in writing by the Member and filed with the Board. If no such designation is in effect, or if no person so designated is living, at the time of death of the Member, the beneficiary shall be the estate of the Member. Board means the Board of Trustees, which shall administer and manage the Plan herein provided and serve as Trustees of the Fund. Child means natural or legally adopted children of a Member. City means City of Fort Walton Beach, Florida. Code means the Internal Revenue Code of 1986, as amended from time to time, and any subsequent laws. Credited Service means the total number of years and fractional parts of years of service as a Firefighter and making with Member contributions, when required, omitting intervening years or fractional parts of years when such Firefighter may Member was not be employed by the City as a Firefighter. except as provided in Section 23. A Member may voluntarily leave his Accumulated Page 2 of53 Pages Contributions in the Fund for a period of five (5) years after leaving the employ of the City pending the possibility of being reemployed as a Firefighter, without losing credit for the time that he was a Member of the Plan. If a vested Member leaves the employ of the City, the Accumulated Contributions will be returned only upon written request. If a former Member who is not vested is not reemployed as a Firefighter with the City within five (5) years, his Accumulated Contributions, if one -thousand dollars ($ 1, 000. 00) or less, shall be returned. If a Member who is not vested is not reemployed within five (5) years, his Accumulated Contributions, if more than one -thousand dollars 1, 000. 00), will be returned only upon the written request of the Member and upon completion of a written election to receive a cash lump sum or to rollover the lump sum amount on forms designed by the Board. Upon return of a Member' s Accumulated Contributions, all rights and benefits under the Plan are forfeited and terminated. Upon any reemployment, a Member shall not receive credit for the years and fractional parts of years of service for which Accumulated Contributions were w_ithdrawn from the Fund, unless the Member repays into the Fund the withdrawn contributions, with interest as determined by the Board, within ninety ( 90) days after reemployment. The years or fractional parts of a year that a Member performs " Qualified Military Service" consisting of voluntary or involuntary "service in the uniformed services" as defined in the Uniformed Services Employment and Reemployment Rights Act (USERRA) ( P. L. 103 -353), after separation from employment as a Firefighter with the City to perform training or service, shall be added to his years of Credited Service for all purposes, including vesting, provided that: A. The Member is entitled to reemployment under the provisions of USERRA. B. The Member returns to his employment as a Firefighter within one ( 1) year from the earlier of the date of his military discharge or his release from active service, unless otherwise required by USERRA. C. The maximum credit for military service pursuant to this paragraph shall be five ( 5) years. D. This paragraph is intended to satisfy the minimum requirements ofUSERRA. To the extent that this paragraph does not meet the minimum standards of USERRA, as it may be amended from time to time, the minimum standards shall apply. In the event a Member dies on or after January 1, 2007, while performing USERRA Qualified Military Service, the beneficiaries of the Member are entitled to any benefits ( other than benefit accruals relating to the period of qualified military service) as if the Member had resumed nrnvv sm ori* ^" A + 1k__ A; oA - U; 1^ ervm_]^^ oA Firefighter means any person employed solely in the Fire Department of the City who is certified as a Firefighter as a condition of employment in accordance with the provisions of §633. 35 Florida Statutes, and whose duty it is to extinguish fires, to protect life and to protect property. The term includes all certified, supervisory, and command personnel whose duties include, in whole or in part, the supervision, training,,guidance, and management responsibilities offull -time firefighters, part -time firefighters, or auxiliary firefighters but does not include part -time firefighters or auxiliary firefighters. Member means an actively employed Firefighter who fulfills the prescribed participation requirements. Page 3 of 53 Pages  Plan means the City of Fort Walton Beach Municipal Firefighters' Pension Trust Fund as contained herein and all amendments thereto. Salary means the total cash compensation for services rendered to the City as a Firefighter, reportable on the Member's W -2, including amounts " picked up" by the City pursuant to § 414( h) of the Code of and any other tax deferred, tax exempt or tax exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding unused accumulated sick leave pay and vacation pay received as a lump sum payment upon termination of employment. Compensation in excess of the limitations set forth in Section 401( a)( 17) of the Code as of the first day of the Plan Year shall be disregarded for any purpose, including employee contributions or any benefit calculations. The annual compensation of each Member taken into account in determining benefits or employee contributions for any Plan Year beginning on or after January 1, 2002, may not exceed $ 200, 000, as adjusted for cost-of-living increases in accordance with Code Section 401( a)( 17)( B).Compensation means compensation during the fiscal year. The cost -of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. If the determination period consists of fewer than 12 months, the annual compensation limit is an amount equal to the otherwise applicable annual