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

I[ ilil l• l•i l•ii //lllIA1 /lIA1 llIA1 1!1![ [ ilfil• 1![ ilfil•ilfil• ii !!! i ii i PagePage 35 Page 3535 of ofof 53 5353 Pages PagesPages  a a a a w rwra . w w... i s i i . t i i i r i i s i " 011111111115 tM e i i ' i ' ply' i • i ILVI 3. The fund shall be distributed in accordance with the following procedures: A. The Board shall determine the date of distribution and the asset value required to fund all the nonforfeitable benefits after taking into account the expenses of such distribution. The Board shall inform the City if additional assets are required, in which event the City shall continue to financially support the Plan until all nonforfeitable benefits have been funded. B. The Board shall determine the method of distribution of the asset value whether distribution shall be by payment in cash, by the maintenance of another or substituted trust fund, by the purchase of insured annuities, or otherwise, for each Firefighter entitled to benefits under the plan as specified in subsection C. C. The Board shall distribute the asset value as of the date of termination in the manner set forth in this subsection, on the basis that the amount required to provide any given retirement income is the actuarially computed single -sum value of such retirement income, except that if the method of distribution determined under subsection B. involves the purchase of an insured annuity, the amount required to provide the given retirement income is the single premium payable for such annuity. The actuarial single -sum value may not be less than the Firefighter' s Accumulated Contributions to the Plan, with r- interest if provided by the Plan, less the value of any plan benefits previously M 00 paid to the Firefighter. L 0 O If there is asset value remaining after the full distribution specified in 4.; subsection C., and after the payment of any expenses incurred with such C a) distribution, such excess shall be returned to the City, less return to the State E of the State' s contributions, provided that, if the excess is less than the total s contributions made by the City and the State to date of termination of the Plan, such excess shall be divided proportionately to the total contributions Q made by the Citv and the State. E. The Board shall distribute, in accordance with subsection B., the amounts determined under subsection C. If. after twentv -four (24) months after the date the Plan terminated or the date the Board received written notice that the contributions thereunder were being permanently discontinued, the City or the Board of the Fund affected has not complied with all the provisions in this Section, the Florida Department of Management Services will effect the termination of the Fund in accordance with this Section. Page 36 of 53 Pages  SECTION M. DOMESTIC RELATIONS ORDERS; RETIREE DIRECTED PAYMENTS; EXEMPTION FROM EXECUTION, NON -ASSIGNABILITY. I. Domestic relations orders. A. Prior to the entry of any domestic relations order which affects or purports to affect the system's responsibility in connection with the payment of benefits of a retiree, the Member or retiree shall submit the proposed order to the board for review to determine whether the system may legally honor the order. B. If a domestic relations order is not submitted to the board for review prior to entry of the order, and the system is ordered to take action that it may not legally take, and the system expends administrative or legal fees in resolving the matter, the Member or retiree who submits such an order will be required to reimburse the system for its expenses in connection with the order. 2. Retiree directed payments. The board may, upon written request by a retiree or by a dependent, when authorized by a retiree or the retiree' s beneficiary, authorize the system to withhold from the monthly retirement payment those funds that are necessary to pay for the benefits being received through the city, to pay the certified bargaining agent of the city, to make payment to insurance companies for insurance premiums as permitted by Chapter 175, Florida Statutes, and to make any payments for child support or alimony. 3. Exemption from execution, non- assiMgbility. Except as otherwise provided by law, the pensions, annuities, or any other benefits accrued or accruing to any person under the provisions of this ordinance and the accumulated contributions and the cash securities in the Fund created under this ordinance are hereby exempted from any state, county or municipal tax and shall not be subject to execution, attachment, garnishment or any legal T process whatsoever and shall be unassignable. r v ti SECTION 2 21. - PENSION VALIDITY. M 00 r The Board of Trustees shall have the power to examine into the facts upon which any L O pension shall heretofore have been granted under any prior or existing law, or shall hereafter be 4i granted or obtained erroneously, fraudulently or illegally for any reason. Said Board is empowered C a) to purge the pension rolls of any person heretofore granted a pension under prior or existing law or E M under this ordinance if the same is found to be erroneous, fraudulent or illegal for any reason; and to reclassify any pensioner who has heretofore under any prior or existing law or who shall hereafter under this ordinance be erroneously, improperly or illegally classified. Q Page 37 of 53 Pages L% t f! I[ lrJ[, 97Mtl R\ Lal!• l• 1.1! fftf • 1! iiK fL11•) fl tfUl! f[• fA fnf/ t lall f [! I f[ ai! f l•lilffil hlq fl 19` l6fA9WON Wt.L vvaaYaav Ya Yavaav — vav