Fort Walton Beach Council agenda — 02-22-11 regular — reading text

taken or performed only after receipt by it from a Member, the City, or other of specific information, certification, direction or FL any entity, c instructions, the Board shall be free of liability in failing to take such action 0 or perform such duty or function until such information, certification, c direction or instruction has been received by it. as CL UL U. K. Any overpayments or underpayments from the Plan to a Member or beneficiary caused by errors of computation shall be adjusted with interest c a at a rate per annum approved by the Board. Overpayment shall be charged E M against payments next succeeding the correction. Underpayments shall be 0 made up from the Trust Fund. M C* L. The Board shall sustain no liability whatsoever for the sufficiency of the Plan T as to meet the payments and benefits herein provided for. c M. In any application to or proceeding or action in the courts, only the Board shall be a necessary party, and no Member or other person.having an interest 0 in the Plan shall be entitled to any notice or service of process. Any judgment entered in such a proceeding or action shall be conclusive upon all IT- It T persons. T ti N. Any of the foregoing powers and functions reposed in the Board may be M performed or carried out by the Board through duly authorized Agents, T provided that the Board at all times maintains continuous supervision over 0 the acts of any such Agent; provided further, that legal title to said Plan shall always remain in the Board of Trustees. a E SECTION 5. CONTRIBUTIONS. r v 1. Member Contributions. Q A. Amount. Members of the Pension Plan shall be required to make regular contributions to the Plan in the amount of six and six -tenths percent (6. 6 %) of his salary. Member contributions withheld by the City on behalf of the Member shall be deposited with the Board ofTrustees immediately following each pay period. The contributions made by each Member to the Plan shall be designated as Employer contributions pursuant to § 414( h) of the fnternzd Revenne eode of 1986, the Code. Such designation is contingent upon the contributions being excluded from the Members' gross income for Federal Page 10 of53 Pages  income Tax purposes. For all other purposes of the Plan, such contributions shall be considered to be Member contributions. B. Method. Such contributions shall be made by payroll deduction. C. Interest. Interest shall be credited to Member contributions at the rate of three percent (3 %) per annum. 2. State Contributions. Any monies received or receivable by reason of laws of the State of Florida, for the express purpose of funding and paying for retirement benefits for Firefighters of the City shall be deposited in the Trust Fund comprising part of this Plan immediately and under no circumstances more than five (5) days after receipt by the City. M a 3. City Contributions. 0 N So long as this Plan is in effect, the City shall make quarterly contributions to the v a Trust Fund in an amount equal to the diffen,1110, 111 Cach year, between the total aggregate Meti U. U. contribntions for the year, plml state coii iV11Z lui 'Sudl yuat, and the total cost f6r the year, the 1bUL' 0 required City contribution, as shown by the most recei applicable actuarial valuation of the Plan,, a determined in accordance with Part VII, of Chapter 112, Florida Statutes and the applicable E M regulations.The total cost for any year shall be defined as the total normal cost plus the additional 0 amount sufficient to amortize the unfunded past service liability over not more than a thirty (30) year ti period. M 00 as 4. Other. Private donations, gifts and contributions may be deposited to the Plan, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds L O arising from these sources may be used only for additional benefits for Members, as determined.by the Board, and may not be used to reduce what would have otherwise been required City contributions. v SECTION 6. BENEFIT AMOUNTS AND ELIGIBILITY. M CO P 1. Normal Retirement Date. O A Member' s Normal Retirement Date who retires after the effective date of this ordinance aD shall be the first day of the month coincident with, or next following, the attainment of age fifty -five E 55) and the completion of ten ( 10) years of Credited Service or the completion of twenty -five (25) s v years of Credited Service regardless of age. A Member may retire on his Normal Retirement Date M or on the first day of any month thereafter, and each Member shall become 100% vested in his Q accrued benefit on his Normal Retirement Date. 2. Normal Retirement Benefit A. 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 of53 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. fejC. 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 c commencing at normal retirement equal to two and three- fourths percent a 2. 75 %) of average final compensation for each year of credited service, but no greater than one hundred percent ( 100 %) of average final compensation. 0