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

be used to reduce what would have otherwise been required City contributions. SECTION 6. NT-BENEFIT AMOUNTS AND ELIGIBILITY. 1. Normal Retirement Date. A Member' s Normal Retirement Date who retires after the effective date of this ordinance shall be the first day of the month coincident with, or next following, the attainment of age fifty -five 55) and the completion of ten ( 10) years of Credited Service or the completion of twenty -five (25) years of Credited Service regardless of age. A Member may retire on his Normal Retirement Date or on the first day of any month thereafter, and each Member shall become 100% vested in his accrued benefit on his Normal Retirement Date. 2. Normal Retirement Benefit tajA. A Member retiring hereunder on or after his Normal Retirement Date, and on or before January 1, 2000, shall receive a monthly benefit which shall commence on his Retirement Date and be continued thereafter during his lifetime, ceasing upon death, but with one -hundred twenty ( 120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal two and one -half percent (2. 50 %) of Average Final Compensation, for each year of Credited Service. Page 11 of 53 Pages  77 . Each person who meets the eligibility requirements in subsection ( 1), above, is one hundred percent ( 100 %) vested on January 1, 2000, and retires on or after that date, shall receive a monthly benefit which shall commence on his Retirement Date and be continued thereafter during his lifetime, ceasing upon death, but with one hundred twenty ( 120) monthly payments guaranteed in any event; and such person shall receive a retirement benefit commencing at normal retirement equal to two and three- fourths percent (2. 75 %) of average final compensation for each year of credited service, but no greater than one hundred percent ( 100 %) of average final compensation. fc)! . Each person who meets the eligibility requirements in subsection ( 1), above, and retires on or after January 1, 2000, but is not one hundred percent ( 100 %) vested on that date, and all future plan Members, shall receive a benefit commencing at normal retirement equal to two and three -fourths percent 2. 75 %) of average final compensation for each year of credited service, but no greater than one hundred percent ( 100 %) of average final compensation. 3. Early Retirement Date A Member may retire on his Early Retirement Date which shall be the first day of any month coincident with or next following the later of the attainment of age forty -five (45) and the completion of ten ( 10) years of Credited Service. 4. Early Retirement Benefit A Member retiring hereunder on his Early Retirement Date shall receive a monthly benefit calculated by determining his normal retirement benefit based upon his Credited Service to his normal retirement date, but reducing said amount by one -quarter percent (. 25 %) for each thirty 30) days that the early retirement date precedes the Member's normal retirement date. In no event may the early retirement benefit exceed one hundred percent (100 %) ofthe Member's Average Final Compensation. Cost of Living Adjustment Commencing on January 1, 1993 and each January 1 thereafter, each pension payable to all service retirees, who have attained fifty -eight ( 58) years of age, current and future, shall be increased by an amount equal to three percent (3 %). 60 Required Distribution Date. The Member's benefit under this Section must begin to be distributed to the Member no later than April 1 of the calendar year following the later of the calendar year in which the Member attains aae seventy and one -half ( 70V2) or the calendar year in which the Member terminates employment with the City. SECTION 7. PRE -RETIREMENT DEATH. 1. Service Incurred. The beneficiary of a deceased Member whose death was directly caused by the performance of his duty as a Firefighter shall receive the accrued benefit otherwise payable to the Member equal to the monthly amount which would have been payable had the deceased Member retired under early or normal retirement, or fifty percent ( 50 %) of the Member's Average Final Compensation, whichever is greater. Page 12 of53 Pages  2. Non- Service Incurred. A. Less Than Five ( 5) Years Credited Service. The beneficiary of a deceased Member whose death was not directly caused by the performance of his duty as a Firefighter who was not receiving monthly benefit payments, and who had not yet attained five ( 5) years of Credited Service, shall receive twenty percent ( 20 %) of Average Final Compensation or refund of one -hundred percent ( 100 %) of the Member's accumulated contributions. B. Five ( 5) or More Years Credited Service. The beneficiary of a deceased Member whose death was not directly caused by the performance of his duties as a Firefighter who was not receiving monthly benefit payments, and who had attained five ( 5) or more years of Credited Service, shall receive the greater of forty percent ( 40 %) of the Member' s Average Final Compensation or otherwise payable to the Member at early or normal retirement age, or a refund ofone -hundred percent ( 100 %) of the Member's accumulated contributions. Duration of Benefit. Any monthly benefit payable under this Section 7 shall terminate as follows: A. If the death of the Member is service -incurred and payable to the spouse, the benefit shall terminate upon his or her death. If the death of the Member is not service -incurred and payable to the spouse, the benefit shall terminate upon his or her death or remarriage. B. If payable to a child or children, upon attainment of age eighteen ( 18), or age twenty -three ( 23) if engaged in a full -time education. C. If 120 payments have not been made under this Section, then the difference between 120 payments and the number actually paid shall be paid to the Member's estate. SECTION 8. DISABILITY. 1. Disability Benefits On -Duty. Each Member in the Pension Plan and who shall have become totally and permanently disabled while an active Member of the Fort Walton Beach Fire Department to the extent that he is unable, by reason of a medically determinable physical or mental impairment, to render useful and efficient service as a Firefighter which disability was directly caused by the performance of his duty as a Firefighter, shall, upon establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to two and one -half percent (2. 50 %) of his Average Final Compensation multiplied by the total years of Credited Service, but in no event shall the minimum amount paid to the Member be less than fifty percent ( 50 %) of the Average Final Compensation of the Member. Any condition or impairment of health of a Member caused by tuberculosis, hypertension or heart disease shall be presumed to have been suffered in line of duty unless the contrary is shown by competent evidence, provided that such Member shall have successfully passed a physical examination upon entering into such service, including cardiogram, which examination Page 13 of53 Pages  failed to reveal any evidence of such condition; and provided further, that such presumption shall not apply to benefits payable or granted in a policy of life insurance or disability insurance. Disability Benefits Off D - uty. Each Member in the Pension Plan with ten ( 10) years or more Credited Service who shall have become totally and permanently disabled to the extent that he is unable, by reason of a medically determinable physical or mental impairment, to render useful and efficient service as a Firefighter wherein such disability is not directly caused by the performance of his duties as a Firefighter shall be entitled to a monthly pension equal to two and one -half percent (2. 50 %) of his Average Final Compensation multiplied by the total years of Credited Service, but in no event shall the amount paid to the Member be less than twenty -five percent ( 25 %) of his Average Final Compensation. 3. Conditions Disqualifying Disability Benefits. Each Member who is claiming disability benefits shall establish, to the satisfaction of the Board, that such disability was not occasioned primarily by: A. Excessive or habitual use of any drugs, narcotics or intoxicants. B. Injury or disease sustained while willfully and illegally participating in fights, riots or civil insurrections. C. Injury or disease sustained while committing a crime. D. Injury or disease sustained while serving in any branch of the Armed Forces. E. Injury or disease sustained after his employment as a Member with the City of Fort Walton Beach shall have terminated. Physical Examination Requirement. A Member shall not become eligible for disability benefits until and unless he undergoes a physical examination by a qualified physician or physicians and/ or surgeon or surgeons, who shall be selected by the Board for that purpose. Any Member receiving disability benefits under provisions of this Ordinance may be periodically re- examined by a qualified physician or physicians and/or surgeon or surgeons who shall be selected by the Board, to determine if such disability has ceased to exist. If,prior to the Member's normal retirement date, the Board finds that the retiree is no longer permanently and totally disabled, the Board shall recommend to the City that the Member be returned to the performance of duty as a Member. In the event the retiree is ordered to return and shall refuse to comply with the order within thirty (30) days from the issuance thereof, he shall forfeit his right to all benefits under this Plan. The cost ofthe physical examination and/ or re- examination of the Member claiming and/or receiving disability benefits shall be borne by the Board of this Pension Plan. All other reasonable costs as determined by the Board incident to the physical examination, such as but not limited to transportation, meals and hotel accommodations, shall be borne by the Board. Page 14 of 53 Pages