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ORDINANCE NO. 1745
AN ORDINANCE OF THE CITY OF FORT WALTON
BEACH, FLORIDA; AMENDING CHAPTER 17 OF THE
CITY OF FORT WALTON BEACH CODE OF
ORDINANCES, ARTICLE IV, POLICE OFFICERS'
RETIREMENT FUND; AMENDING SECTION 17- 42,
SOURCE OF FUNDS; EMPLOYEE CONTRIBUTIONS;
EMPLOYER CONTRIBUTIONS; CHAPTER 185, FLORIDA
STATUTES, DISTRIBUTION; AMENDING SECTION 17- 46,
PERSONS ENTITLED TO BENEFITS; CALCULATION OF
BENEFITS; NORMAL RETIREMENT; PROVIDING FOR
SEVERABILITY OF PROVISIONS; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON
BEACH, FLORIDA;
SECTION 1: That Chapter 17 of the City of Fort Walton Beach Code of Ordinances,
Article IV, Police Officers' Retirement Fund, is hereby amended by amending Section 17- 42,
Source of funds; employee contributions; employer contributions; Chapter 185, Florida Statutes,
distribution, to read as follows:
SECTION 17- 42. SOURCE OF FUNDS; EMPLOYEE CONTRIBUTIONS;
EMPLOYER CONTRIBUTIONS; CHAPTER 185. FLORIDA STATUTES.
DISTRIBUTION
The pension fund shall consist of monies derived as follows:
Each member of this plan shall contribute, on a monthly basis, five percent ( 5%), except as
provided for in Section 17- 46 ( 1)(
b), of compensation as defined in this article, and the same
shall be deducted from said compensation as defined in this article, and such percentage of
compensation by the finance director before the same is paid, and such percentage of
compensation so deducted shall be paid into this fund immediately but, under no circumstances,
later than five ( 5) days after the date of receipt.
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SECTION 2: That Chapter 17 of the City of Fort Walton Beach Code of Ordinances,
Article IV, Police Officers' Retirement Fund, is hereby amended by amending Section 17- 46
1)(b), Persons entitled to benefits; calculation of benefits; normal retirement, to read as follows:
SECTION 17- 46. PERSONS ENTITLED TO BENEFITS; CALCULATION OF
BENEFITS; NORMAL RETIREMENT
1 )(b) F or those who retire after April 5, 1999, a normal retirement benefit will be
payable starting on the first month following the normal retirement date, equal to
two and three- fourths percent ( 2. 75%) of final average compensation multiplied
by years of credited service, up to a maximum of seventy- five percent ( 75%) of
final average compensation. An employee shall--flet contribute one- half of one
percent (. 5%) of compensation as defined in this article to the plan after accruing
the maximum benefit percentage, and the period of final average compensation
shall be those years immediately prior to the actual retirement date.
SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.
SECTION 4: That this Ordinance shall take effect immediately upon approval by
Council and signature by the Mayor.
ADOPTED BY THE CITY OF FT. W ALTON BEACH, FLORIDA ON THE ~ DAY OF
SEPTEMBER, 2007
Adopted:
I!
dw~
Mike Anderson
Mayor
ATTEST: Reviewed and approved as to Form and
Legal Sufficiency:
f~ V
Helen Spencer
City Clerk
aU,
James W. Linn, Pension Attorney
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