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

City of Fort Walton Beach created the General Employees' Retirement Plan in 1966 to provide retirement benefits for participating employees of the Cit)r. of Fort Walton Beach; and WHEREAS, the City Council of the City of Fort- Walton Beach hereby determines it advisable and appropriate to amend the General Employees' Retirement Plan to provide a one -time election to participate in the General Employees' Retirement Plan for employees of the City of Fort Walton Beach hired prior to May 14, 1996 who previously elected not to participate; WHEREAS, the City Council of the City of Fort Walton Beach hereby determines it advisable and appropriate to amend the General Employees' Retirement Plan to provide for the% purchase; of credited service by members of the General Employees' Retirement Plan for past service with the City of Fort Walton Beach; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: Section 1. Section 17 -13 of the City of Fort Walton Beach General Employees' Retirement Plan is hereby amended to read as follows: See. 17 -13. Participation in fund  5) Notwithstanding any . provision to the contrary, any employee who is not a member of the Plan on the effective date of this ordinance due to their personal choice not to join when membership was offered, mgy join the Plan with an option to purchase credited service pursuant to Sec 17 -14 ( 7) of this Plan. An election to become a Plan member pursuant to this paragraph must be made in writing on or before February 28, 2006. Section 2. Section 17 -14 of the City of Fort Walton Beach General Employees' Retirement Plan is hereby amended to read as follows Sec. 17 -14. Credited service; military service. 7) A member may purchase credited service under the Plan, in years and fractional portions of a year up to four decimal points, for all or a portion of the period of full -time employment by the City in a position covered by the Plan during which the member did not participate in the Plan, as provided in this subsection.' Credited service purchased pursuant to this subsection shall apply for purposes -of benefit calculation and retirement eligibility. Such member must pay into the Plan the full actuarial cost of such service as determined by the Plan actuary, together with the full cost of any actuarial calculations required. A member may elect to purchase credited service pursuant to this subsection once per plan year, between February 1 and February 28. Payment for the purchase of credited service pursuant to this subsection maybe made in lump sum or by a direct transfer or rollover of an eligible rollover distribution from an eligible plan, in accordance with Sec. 17 -23( 6) of the Plan. Payment for the purchase of credited service pursuant to this paragraph may be received no later than ninety ( 90) days after a member' s election ' to purchase credited service. After the expiration of ninety ( 90) days following a member' s election to purchase credited service, only such service for which payment has been received shall be credited. If no payment has been received within ninety (90) days of the member' s election to Purchase credited service, said election shall be invalidated. Section 3. Section 17 -23 of the City of Fort Walton Beach General Employees' Retirement Plan is hereby amended to read as follows Sec. 17- 23. Direct transfers of eligible rollover distributions 6) Rollovers or Transfers into the Fund. On or after the effective date of this ordinance,the fund. will accept either a direct.rollover of. an eligible rollover distribution or a member- een#ibufien ef an elfigible r.- eHever- distribufiA:R direct trustee -to-trustee transfer from an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state, for the purpose of purchasing credited service as authorized under the Plan pufsuant to seetieff 17 13( 3). Section 4. That all ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 5. That if any section, subsection, sentence, clause, phrase of this ordinance or 2- 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 6. That this Ordinance shall take effect immediately upon approval by Council and signature by the Mayor, except as otherwise specifically provided herein. ATTEST: crrY CLERK Reviewed and approved as to form: CITY ATTORNEY Reviewed and approved as to legal sufficiency: James Linn 1.nt Attorney Note: additions are underlined; deletions are st iek . 3-  k 0" CITY OF FORT WALTON Bi EAC GENERAL EmPLOYEEs RETIREMENT PLAN K '4*L 1