Fort Walton Beach Council agenda — 02-28-12 regular — reading text

1 3 2 1 0 0 2 0 6 45 - 49 0 0 1 0 0 0 1 0 0 1 0 3 50 - 54 0 0 0 0 1 1 1 1 1 5 55 - 59 0 0 0 0 0 0 1 0 0 0 0 0 0 60 - 64 0 0 0 0 0 0 0 0 0 0 0 65+ 0 0 0 0 0 0 0 12 1 1 4 1 43 Total 4 1 1 5 3 10  W VALUATION PARTICIPANT RECONCILIATION 1. Active lives a. Number in prior valuation 1011109 47 b. Terminations i. Vested ( partial or full) with deferred 2' benefits 2 ii. Non -vested or full lump sum distribution received c. Deaths I. Beneficiary receiving benefits ii. No future benefits payable 00 0 d. Disabled e. Retired I. Voluntary withdrawal 40 g. Continuing participants h. New entrants 394 i. Total active life participants in valuation 43 2. Non- Active lives ( including benef cianes receiv ing benefits) Service Retirees, Vested Receiving Receiving Benefits Benefits Death Receiving Disability Benefits Vested Deferred Total a Number prior 27 5 5 7 44 valuation 5 1 0 3 9 b. In c. Out 1 0 0 1 2 31 6 5 9 51 d. Number current valuation These Members are waiting for a refund of Member Contributions.  24 POLICE OFFICERS' PENSION PLAN Through Ordinance No. 1745) CREDITED SERVICE Years and fractional parts of years of service with the City as a Police Officer. Maximum years for benefit credit is 30 years. SALARY Total W -2 compensation. AVERAGE FINAL COMPENSATION Average of highest 5 years of Salary of the last 15. NORMAL RETIREMENT Eligibility Earlier of age 55 or the completion of 30 years of Credited Service. Members hired between ages 45 and 50 must work 10 years. Benefit Amount 2. 75% of Average Final Compensation times Credited Service ( max of 30 years). Maximum Benefit 75% of Average Final Compensation Form of Benefit Ten Year Certain Life Annuity EARLY RETIREMENT Eligibility Age 50 and 10 years of Credited Service, or completion of 25 years of Credited Service. Benefit Amount Computed as for Normal Retirement, reduced 6% for each year prior to Normal Retirement. DISABILITY Eligibility Total and permanent disability as determined by the Board of Trustees from date of hire service incurred or non -service accident) or after 2 years of service ( sickness). Benefit Amount Accrued benefit, but not less than 50% of current compensation ( service incurred) or 40% of current compensation ( non- service incurred or sickness).  W, COST -OF- LIVING ADJUSTMENT Each April 1, the benefit paid to service retirees Early, Normal, or Delayed) is adjusted in accordance with the CPI increase during the previous calendaryear (not to exceed 3 %). PRE -RETIREMENT DEATH Less Than 2 Years) Refund of Member contributions to designated benefciary. 2 or More Years) 50% of benefit payable of Normal Retirement based on current Compensation. VESTING ( TERMINATION) Less than 10 years of Refund of Member Contributions, Service with interest. 10 years or more Accrued benefit payable at otherwise Normal Retirement or Early ( reduced) Date. CONTRIBUTIONS Employee 5% of Salary until the 75% maximum accrual is attained, and 0. 5% thereafter. Premium Tax 0. 85% tax on premiums for property insurance. City Remaining amount necessary for payment of Normal ( current year's) Cost and amortization of the accrued past service liability over 40 years.  Fyx4mirmvn GOVERNMENTAL ACCOUNTING STANDARDS BOARD DISCLOSURE INFORMATION  zszs 000ee N a— V' cO N(° V mol 0w MrNt m z w CN a— 0;; ( mp N W N 0 0 0 00 N— ID I O[ VW CNgym° Oo000 Em° dO.° MYm0 Z cL_ 00000 NN pN o a NN( ON N N N N N NN i- U 00000 a N CO O O OO O w Qm 7Qm m a0 u o o Y 9 N O C oU C ov0mm j M rr oN uo tq a:.. n v,v,moW o 2 mn coin i° in n m o me m LL CWD 6n' mmm oaQ O o ZQ OQ CL U W O o` er 0 of O wQ m ci mm G c E N c E a a 0 W0 w Z COW h— a6 N> Y c Z> o cMO o 4 06 CD C5 CD CD O 0 a w N W R z m Q o m z n aL ze V MN W W OO dM ' N N N— LL Nip U aNaaN Q Q ry O J O N N J N EE Q L° L° O 0z 3Z m mmorno Wf° t{ N 3Z a0 c NN ZW NN N'