Fort Walton Beach Ordinance — 2025--Police Pension Fund — reading text

READING ,} o, g ' lst 2nd 0 ORDINANCE 2025 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, AMENDING SECTION 2. 09. 03 OF THE POLICE OFFICERS' RETIREMENT CODE OF ORDINANCES, TITLED FUND; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA AS FOLLOWS: SECTION 1: That Section 2. 09. 03 of the Code of Ordinances, titled Police Officers' Pension Fund, is hereby amended to read as follows: fl Benefit Amounts and Eligibility. 1) Normal Retirement Age and Date. A member' s normal retirement age is the earlier of the attainment of age fifty-two ( 52) and the completion of ten ( 10) years of credited service or twenty-five ( 25) years of credited service, regardless of age. , "" "'' +'' " "''+'"" "+" mr a ^ . Each member shall become one hundred percent ( 100%) vested in his accrued benefit at normal retirement age. A member' s normal retirement date shall be the first day of the month coincident with or next following the date the member retires from the City after attaining normal retirement age. 2) Normal Retirement Benefit. A 4member retiring hereunder on or after his normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following his retirement and be continued thereafter during member' s lifetime, ceasing upon death, but with one hundred twenty ( 120) monthly payrnents guaranteed in any event. The monthly retirement benefit shall equal: a) For those members who retire on or before April 5, 1999, two and one- half percent ( 2. 5%) of average final compensation for each year of credited service, not to exceed thirty( 30) years of credited service. An employee shall not contribute to the plan after attaining thirty ( 30) years of credited service, and the period of average final compensation shall be those years immediately prior to the actual retirement date.  b) For those members who retire after ^, ' TOctober 1, a *' 2020, three percent ( 3%), applied retroactively,} o" f average final compensation for each year of credited service, up to a maximum of seventy- five percent ( 75%) of average final compensation. A member shall contribute one- half of one percent (. 5%) of compensation as defined in this section to the plan after accruing the maximum benefit percentage, and the period of average final compensation shall be those years immediately prior to the actual retirement date. 4) Early Retirement Benefit. A member retiring hereunder on his early retirement date may receive either a deferred or an immediate monthly retirement benefit payable in the same form as for normal retirement as follows: a) A deferred monthly retirement benefit which shall commence on what would have been his normal retirement date had he continued employment as a Police Officer and shall be continued on the first day of the month thereafter. The amount of each such deferred monthly retirement benefit shall be determined in the same manner as for retirement on his normal retirement date except that credited service and average final compensation shall be determined as of his early retirement date; or b) An immediate monthly retirement benefit which shall commence on his early retirement date and shall be continued on the first day of each month thereafter. The benefit payable shall be as determined in paragraph a. above, reduced by three percent ( 3%) s^ Tfor each year by which the commencement of benefits precedes the date which would have been the member' s normal retirement date had he continued employment as a Police Officer. SECTION 2: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Fort Walton Beach. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby.  SECTION 5: That this Ordinance shall become effective upon its adoption on second reading by City Council and signature by the Mayor. Adopted: '' F„; Toti chard A. Rynearson, ayor i m Attest: r _ pproved for form, leg ficiency ykes, Jr., ' y Att Ki . Barnes, City Clerk ; A a 1 Additions are underlined;  NORTHWEST fIORIDA DailYNews i1. dailynews.com Published Daily Fort Walton Beach, Florida Distributed in Okaloosa, Santa Rosa& Walton Counties City Hall, 107 Miracle than 2: 00 p. m., Tues- Strip Parkway SW, at day, June 9, 2020, to which time the City be read into the record STATE OF FLORIDA Council will consider during the meeting. its adoption into law. Please include name COLINTY OF OKALOOSA The ordinance in its and address with com- entirety may be in- ments. Per Resolution spected online at 2015- 13, public com- Before the undersigned autharized personally appeared Ashley www.fwb. org o at the ments will be limited to Davis, who on oath says that she is an employee of Gatehouse Office ot the City Clerk five( 5) minutes. during regular working Media Group, owner of the Northwest Florida Daily News, 8 hours. All interested any Person wno de- newspaper pubiished at Fort Walton Beach, in Okaloosa parties may appear at cides to appeal any de- daily tne meeting and be cis on made wim re- Count Y> Florida• that the attached co PY of advertisement, bein g neard w m respect to sPect to any matter this proposed Ordi- considered at such a nance 2025. hearing will need a rec- ORDINANCE 2025 ord of the proceedings, Legal# 00050036 AN ORDINANCE OF and for such purpose THE CITY COUNCIL may need to ensure OF THE CITY OF that a verbatim record FORT WALTON of the proceedings is