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

A Member shall not become eligible for disability benefits until and unless he ti undergoes a physical examination by a qualified physician or physicians and/ or surgeon or surgeons, M co who shall be selected by the Board for that purpose. T L O 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 E Member's normal retirement date, the Board finds that the retiree is no longer permanently and s v totally disabled, the Board shall recommend to the City that the Member be returned to the M performance of duty as a Member. In the event the retiree is ordered to return and shall refuse to Q 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 of the 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  If the Member recovers from disability and re- enters service as a Member with the City, his service shall be deemed to have been continuous, but the period beginning with the first month for which he received a disability retirement income payment and ending with the date he re- entered the service of the City shall not be considered as Credited Service for the purposes of the Plan. The Board shall have the power and authority to make the final decisions regarding all disability claims. 5. Disability Payments. The monthly benefit to which a Member is entitled in the event of his disability retirement shall be payable on the first day of the first month after the Board of Trustees determines c such entitlement. However, the monthly retirement income shall be payable as ofthe date the Board a determined such entitlement, and any portion due for a partial month shall be paid together with the first payment. The last payment shall be: 0 c A. If the Member recovers from the disability prior to his normal retirement as a fie, the payment due next preceding the date of such recovery, or UL U_ B, If the Member dies without recovering from his disability or attains h a normal retirement date while still disab the payment due next preceding E M his death or the 120th monthly payment, whichever is later. 0 ti A disability retiree may select, at any time prior to the date benefit payments begin, M co an optional form of benefit as described in Section 10, subsection 1. B., which shall be the actuarial equivalent of the normal form of disability benefit. c SECTION 9. VESTING. L O If a Member terminates his employment with the Fire Department, either voluntarily or by discharge, and is not eligible for any other benefits under this Plan, he shall be entitled to the r following: ti 1. If the Member has less than ten ( 10) years Credited Service upon termination, the CO) 00 Member shall be entitled to a refund of his accumulated contribution or he may leave it deposited with the Fund. O 2. If the Member has more than ten ( 10) years of Credited Service upon termination, a the Member shall be entitled to a monthly retirement benefit equal to two and one -half percent E 2. 50 %) of his Average Final Compensation for each year of Credited Service payable commencing t v at his otherwise Normal Retirement Date, or as reduced for Early Retirement as provided in Section 6 of this Ordinance, provided he does not elect to withdraw his accumulated contributions and a provided he survives to his normal retirement date. SECTION 10. OPTIONAL FORMS OF BENEFITS. 1. In lieu of the amount and form of retirement income payable in the event of normal or early retirement as specified herein, a Firefighter, upon written request to the Board of Trustees, may elect to receive a retirement income or benefit of equivalent actuarial value payable in accordance with one of the following options: Page 15 of 53 Pages  A. A retirement income of a monthly amount payable to the Firefighter for his lifetime only. B. A retirement income of a modified monthly amount, payable to the Firefighter during the lifetime of the Firefighter and following the death of the Firefighter, 100 %, 75 %, 66. 66% or 50% of such monthly amount payable to a joint pensioner for his lifetime. Except where the Retiree' s joint pensioner is his spouse, the payments to the ioint pensioner as a percentage of the payments to the Retiree shall not exceed the applicable percentage provided for in the applicable table in the Treasury regulations. ( See Q & A -2 of 1. 401( a)( 9) - 6) C. If a Member retires prior to the time at which social security benefits are C payable, he may elect to receive an increased retirement benefit until such M time as social security benefits shall be assumed to commence and a reduced FL benefit thereafter in order to provide, to as great an extent as possible, a more 0 level retirement allowance during the entire period of retirement. The amounts payable shall be as recommended by the actuaries for the system, as a based upon the social security law in effect at the time of the Member's UL retirement. LL a 2. The Member, upon electing any option of this Section, will designate the joint E pensioner or beneficiary ( or beneficiaries) to receive the benefit, if any, payable under the Plan in M 0 the event of the Member's death, and will have the power to change such designation from time to time. Such designation will name a joint pensioner or one or more primary beneficiaries where CO CO applicable. A Member may change his Beneficiary at any time. If a Member has elected an option with ajoint pensioner or beneficiary and the Member's retirement income benefits have commenced, as v the Member may thereafter change his designated joint pensioner or beneficiary, but only if the M Board consents to such change; provided however, in no event may a Member change his or her C F3 joint pensioner or designated beneficiary more than twice after retirement benefits have commenced. L O In the absence of proof of good health of the joint pensioner being replaced, the actuary will assume that the joint pensioner has deceased for purposes of calculating the new payment. 3. The consent of a Firefighter's joint pensioner or beneficiary to any such change shall v ti not be required. The rights of all previously -designated beneficiaries to receive benefits under the M CO Plan shall thereupon cease. T L 4. Upon change of a Member's beneficiary or joint pensioner in accordance with this O section, the Board shall adjust the Member's monthly benefit by application ofactuarial calculations C to insure that the benefit paid is the actuarial equivalent of the Member's then -current benefit. Any a> E such Member shall pay the actuarial recalculation expenses and shall make repayment of any s