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

IBMIBM roofroof W-W-44NIvnwlvjgllro44NIvnwlvjgllro gigologigolo 51,51,11,11, 111111 ofof RIUMIJ1WRIUMIJ1W willswills ImposeImpose qq• •. .%% 77 KWWJKWWJ 99 istilainget SECTION 14. ROSTER OF RETIREES. The Secretary of the Board shall keep a record of all persons enjoying a pension under the provisions of this Ordinance in which it shall be noted the time when the pension is allowed and when the same shall cease to be paid. Additionally, the Secretary shall keep a record of all Members Page 20 of 53 Pages employed by the Municipality in such a manner as to show the name, address, date of employment and date such employment is terminated. SE - TIO r 15. BOARD ATTORNEY AND pRoFrSSff) N r c I — advisors as the board deerns necessary. SECTION 16 5. MAXIMUM PENSION. f. Basic fzitnftation: Subject to the adjustments f1creii1aftel set Iffirth, the- an otint of annnal 1& 11%W111%1i1L" 111COLL.S., PIyabfc with respect to a Nfember ander this Plan shaff not exceed the lesser of 90,000, or B. one- hundred percent ( 100%) of- the Member's average aggregate eompensation for the thTee consecutive calendar years during which he was NMI all 191VIRS11"" NUVA I M RVIVIN j j•• - vim I t1sol" ilft- Ilrox j •- - j - - j j / - • l 11" Iten - - - • - j - • - - • ; 4,% jLv"g8= V 1119AWakVIVIVIeve • • • • AKWORIF j j IF j ' - - - - - - - - - - - - - - - • Ii I • • • W, FORMOM t" 911511" 1111I rRWIRSLlft" IWO-Owl's L" 119101" a IF WP j • w-- j IRIVIP Ili / • - - - - •• j III 11MIN • • low • j j j j • • j • • • • • ' • • mw- j - • • • Page 21 of 53 Pages r- ss W.W.M.M.1111 IwoIwo 1.1. usus aa I w;w; ISIS ii ROMPROMROMPROM MM Wq.Wq.. . M-M-II FF pagepage 2222 ofof 5353 PagesPages  i •• Role • • 1••••• 1•• 1•• L•1•. 7 /C••••• llil lt• 1 RLWAW,• • I illl• 1+ • + 1•• 1'•1l I ItI•!! i • — - - -- — - _ _ - - - - lJ'• / II L'i ir7 \'LVIII[I iy\•Iil• Il) t71 liS• Ilr+llll'ifIIA•• PiflNrl• I i1• YrfIA [ ilia / l•It11 lK• l+f \• IIIN MoNdMiM 1. Basic Limitation. Notwithstanding any other provisions of this Plan to the contrary, the Member contributions paid to, and retirement benefits paid from, the Plan shall be limited to such extent as may be necessary to conform to the requirements of Code Section 415 for a qualified retirement plan Before January 1, 1995, a plan Member may not receive an annual benefit that exceeds the limits specified in Code Section 415( b), subject to the applicable adjustments in that section. On and after January 1, 1995, a plan Member may not receive an annual benefit that exceeds the dollar amount specified in Code Section 415 (b)( 1)( A) ($160, 000), subject to the applicable adjustments in Code Section 415( b) and subject to any additional limits that may be specified in this Plan. For purposes of this Section, " limitation year" shall be the calendar year. 2. Adjustments to Basic Limitation for Form of Benefit. If the form of benefit without regard to any benefit increase feature is not a straight life annuity, then the Code Section 415( b) limit applicable at the annuity starting date is reduced to an actuarially equivalent amount ( determined using the assumptions specified in Treasury Regulation Section 1. 415 (b)- 1 ( c)( 2)( ii)) that takes into account the death benefits under the form of benefit. 3. Benefits Not Taken into Account. For purposes of this Section, the following benefits shall not be taken into account in applying these limits:_ A. Anv ancillary benefit which is not directly related to retirement income benefits; B. Any other benefit not required under §415( b)( 2) of the Code and Regulations thereunder to be taken into account for purposes of the limitation of Code Section 415( b)( 1). Page 23 of 53 Pages  4. COLA Effect. Effective on and after January 1, 2003, for purposes ofapplying the limits under Code Section 415( b) ( the " Limit "),the following will apply: A. A Member's applicable limit will be applied to the Member's annual benefit in the Member's first calendar year of benefit payments without regard to any automatic cost of living adjustments; B. thereafter, in any subsequent calendar year, a Member's annual benefit, including any automatic cost of living increases, shall be tested under the then applicable benefit limit including any adjustment to the Code Section 415( b)( 1)( A) dollar limit under Code Section 415( d), and the regulations thereunder; but C. in no event shall a Member's benefit payable under the Plan in any calendar year be greater than the limit applicable at the annuity starting date, as increased in subsequent years pursuant to Code Section 415( d) and the regulations thereunder. Unless otherwise specified in the Plan, for purposes of applying the limits under Code Section 415( b), a Member's applicable limit will be applied taking into consideration cost of living increases as reauired by Section 415( b) of the Code and applicable Treasury Regulations. 5. Other Adjustments in Limitations. A. In the event the Member's retirement benefits become payable before age sixty -two ( 62), the limit prescribed by this Section shall be reduced in accordance with regulations issued by the Secretary of the Treasury pursuant to the provisions of Code Section 415( b) of the Code, so that such limit (as so reduced) equals an annual straight life benefit ( when such retirement income benefit begins) which is equivalent to a one hundred sixty thousand dollar ($ 160, 0.00) annual benefit beginning at age sixty -two ( 62). B. In the event the Member's benefit is based on at least fifteen ( 15) years of Credited Service as a full -time employee of the police or fire department of the City, the adjustments provided for in A. above shall not apply. C. The reductions provided for in A. above shall not be applicable to disability benefits pursuant to Section 8, or pre -retirement death benefits paid pursuant n- --- D. In the event the Member's retirement benefit becomes payable after age sixty- five (65), for purposes of determining whether this benefit meets the limit set forth in subsection 1 herein, such benefit shall be adjusted so that it is actuarially equivalent to the benefit beginning at age sixty -five ( 65). This adjustment shall be made in accordance with regulations promulgated by the Secretary of the Treasury or his delegate. Page 24 of53 Pages  6. Less than Ten 0 0) Years of Service. The maximum retirement benefits payable under this Section to any Member who has completed less than ten ( 10) years of Credited Service with the City shall be the amount determined under subsection 1 of this Section multiplied by a fraction, the numerator ofwhich is the number of the Member's years of Credited Service and the denominator of which is ten ( 10). The reduction provided by this subsection cannot reduce the maximum benefit below 10 %. The reduction provided for in this subsection shall not be applicable to disability benefits paid pursuant to Section