Fort Walton Beach Council agenda — 03-25-08 workshop agenda — reading text

Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 974 Internal Revenue Code, an eligible deferred compensation plan described in section 457(b) of the 975 Code which is maintained by an eligible employer described in section 457( e)( 1)( A) of the Code 976 and which agrees to separately account for amounts transferred into such plan from this Plan, an 977 annuity contract described in section 403( b) of the Code, or a qualified trust described in section 978 401( a) of the Internal Revenue Code, that accepts the distributee' s eligible rollover distribution. 979 This definition shall also apply in the case of an eligible rollover distribution to the surviving 980 spouse. In 981 ( 4) A distributee includes an employee member or former employee member. 982 addition, the member' s or former member' s surviving spouse is a distributee with regard to the 983 interest of the spouse. 984 ( 5) A direct rollover is a payment by the Plan to the eligible retirement plan specified 985 by the distributee. 986 ( 6) Rollovers or Transfers into the Fund. On or after the effective date of this 987 ordinance, the fund will accept either a direct rollover of an eligible rollover distribution or a 38 member contribution of an eligible rollover distribution from an eligible plan under section 989 457( b) of the Code which is maintained by a state, political subdivision of a state, or any agency for the purpose of purchasing 990 or instrumentality of a state or political subdivision of a state, 991 credited service under the Plan pursuant to section 17- 13( 3). 992 993 994 995 996 997 998 999 1000 1001 1002 employees plan \plan rewrite - 10 08 02 \fwb gen pen plan - 9 -30 -02 revision final,doc 103 Docid: cAmy documents \worddocs \pension \general Page 34 .  t¢, zaarmr—+....« t.. lff lylR.+. j gno iLmsx PROPOSED ORDINANCE AMENDING THE CITY OF FORT WALTON BEACH GENERAL EMPLOYEES' RETIREMENT PLAN 3 EARLY RETIREMENT INCENTIVE) ORDINANCE NO. 1640 ANAN ORDINANCEORDINANCE OFOF THETHE CITYCITY OFOF FORTFORT WALTON WALTON BEACH,BEACH, FLORIDA,FLORIDA, RELATINGRELATING TOTO THETHE GENERALGENERAL EMPLOYEES'EMPLOYEES' RETIREMENTRETIREMENT PLAN;PLAN; CREATING CREATING AA NEWNEW SECTIONSECTION 1717- - 15.15. 66 TOTO PROVIDEPROVIDE ANAN EARLYEARLY RETIREMENTRETIREMENT INCENTIVEINCENTIVE FORFOR EMPLOYEES EMPLOYEES WHOWHO REACHREACH AGEAGE 5252 WITHWITH TWENTYTWENTY - - FIVEFIVE YEARSYEARS OFOF SERVICE;SERVICE; PROVIDING PROVIDING AA SEVER.SEVER.ABILITYABILITY CLAUSE;CLAUSE; REPEALINGREPEALING ALLALL ORDINANCESORDINANCES ININ CONFLICT CONFLICT HEREWITH;HEREWITH; ANDAND PROVIDING PROVIDING ANAN EFFECTIVE EFFECTIVE DATE.DATE. WHEREAS,WHEREAS, thethe CityCity CouncilCouncil ofof thethe CityCity ofof FortFort WaltonWalton BeachBeach createdcreated thethe GeneralGeneral Employees'Employees' RetirementRetirement PlanPlan inin 19661966 toto provideprovide retirementretirement benefitsbenefits forfor participatingparticipating employees employees ofof thethe CityCity ofof FortFort WaltonWalton Beach;Beach; andand WHEREAS,WHEREAS, thethe CityCity CouncilCouncil ofof thethe CityCity ofof FortFort WaltonWalton BeachBeach herebyhereby determinesdetermines itit advisable advisable andand appropriateappropriate toto amendamend thethe GeneralGeneral Employees'Employees' RetirementRetirement PlanPlan toto provideprovide forfor anan earlyearly retirement retirement incentiveincentive forfor certaincertain membersmembers ofof thethe GeneralGeneral Employees'Employees' RetirementRetirement Plan;Plan; NOW,NOW, THEREFORE,THEREFORE, BEBE ITIT ORDAINED ORDAINED BYBY THETHE CITYCITY COUNCIL COUNCIL OFOF THETHE CITYCITY OFOF FORTFORT WALTONWALTON BEACH,BEACH, FLORIDA:FLORIDA: SectionSection 1.1. AA newnew SectionSection 1717- - 15.15. 66 ofof thethe GeneralGeneral Employees'Employees' RetirementRetirement FundFund isis createdcreated asas follows:follows: SectionSection 1717- - 15.15. 66 20052005 EarlyEarly RetirementRetirement IncentiveIncentive NotwithstandinizNotwithstandiniz anyany otherother provision provision ofof thisthis planplan toto thethe contrary,contrary, anyany employeeemployee whowho asas ofof SeptemberSeptember 1,1, 20052005 hashas twentytwenty - - fivefive 25)25) oror moremore yearsyears ofof creditedcredited serviceservice underunder thethe planplan andand hashas attained attained aa gege 55 22 mm EE aa lectlect ff oo rr etireetire ii nn aa ccordanceccordance ww ithith tt hishis ss ectionection ww ithoutithout aa nyny ee arlyarly retirementretirement reductionreduction inin benefits.benefits. lele employeeemployee whowho electselects toto retireretire underunder thisthis sectionsection mustmust submitsubmit aa AnyAny eligibleeligible writtenwritten electionelection toto thethe PlanPlan Administrator Administrator onon aa formform providedprovided byby thethe CityCity withinwithin fifteenfifteen ( ( 15)15) calendarcalendar daysdays following following thethe adoptionadoption ofof thisthis ordinance.ordinance. AnAn employee'employee' ss writtenwritten electionelection toto retireretire underunder thisthis sectionsection shallshall bebe irrevocable.irrevocable. AnyAny suchsuch eligibleeligible employeeemployee whowho timelytimely submitssubmits aa writtenwritten election election pursuantpursuant toto thisthis sectionsection shallshall qualifyqualify forfor aa monthlymonthly retirementretirement benefitbenefit equalequal toto twotwo andand threethree - - fourthsfourths percent percent ( ( 2.2. 75%) 75%) ofof finalfinal averageaverage monthlymonthly earningsearnings forfor eacheach yearyear ofof creditedcredited serviceservice upup to a maximum of one hundred percent ( 100 %) of final average monthly earnings. An employee who timely submits a written election pursuant to this section may elect an alternate form of retirement income in accordance with Section 17 -15. 4. The actual retirement date of each eligible employee who timely submits a written election pursuant to this section shall be within twelve ( 12) months following the employee' s election, as determined by the City based on operational needs. Benefit payments shall begin on the first day of the month coincident with or next following the employee' s actual retirement date. Section 2. That all ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 3. That if any section, subsection, sentence, clause, phrase of this ordinance or Exhibit A, 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 4. That this Ordinance shall take effect immediately upon approval by Council and signature by the Mayor, except as otherwise specifically provided herein. Lvev- Reviewed and a proved as to form: CITY ATTORNEY Reviewed and approved as to legal sufficiency: es Linn n Retirement Attorney Note: additions are underlined; deletions are str-ielen. 2-  i" PROPOSED ORDINANCE AMENDING THE CITY OF FORT WALTON BEACH GENERAL EMPLOYEES' RETIREMENT PLAN BEAXONTG DAM laic PURCHASE OF CREDITED SERVICE) 2nd ORDINANCE NO. 1686 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH, FLORIDA,RELATING TO THE GENERAL EMPLOYEES' RETIREMENT PLAN; AMENDING SECTION 17 -13 TO PROVIDE FOR A' ONE -TIME ELECTION TO PARTICIPATE IN THE PLAN FOR NONMEMBERS; AMENDING SECTION 17 -14 TO PROVIDE. FOR THE PURCHASE OF SERVICE CREDIT FOR PAST SERVICE WITH THE CITY; AMENDING SECTION 17 -23 TO PROVIDE FOR THE DIRECT TRANSFER FROM ELIGIBLE 457 PLAN TO PURCHASE PAST SERVICE; PROVIDING -A SEVERABILITY CLAUSE; REPEALING ALL ORDINANCES IN* CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the