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

C1C1 m C O N NN EE 0 C OO Q 0 UU OO m L a.. mac O• V U' U CU C o a) O LU Cz a• zzQ LL mm U-U- coco NN U p a) N a) U a) a) U O 0 Co O O caca OO a) C9 vv- - vv EE N Ocm a) Q 0o 0 QQ UU ZZ Q. COZ U) Z oa L Co m n L L UU N W W Z W 0 0 QQ QQ 00 ZZ GENERAL EMPLOYEES PENSION INFORMATION  D3N4 DATE rlot 2nd - 10 J& L4Q I r d AN ORDINANCE OF THE CITY OF FORT WALTON BEACH, FLORIDA, RELATING TO THE GENERAL EMPLOYEES RETIREMENT FUND; . AMENDING, RESTATING AND ADOPTING TIC "CITY OF FORT WALTON BEACH GENERAL EMPLOYEES RETIREMENT PLAN" TO PROVIDE FOR THE OPERATION AND ADMINISTRATION OF THE RETIREMENT FUND; PROVIDING A SEVERABILITY CLAUSE; REPEALING ORDINANCES IN CONFLICT HEREWITH; AND ALL PROVIDING AN EFFECTIVE DATE. W]JEREAS, the City Council of the City of Fort Walton Beach created the General Employees' Retirement Fund in 1966 to provide retirement benefits for participating employees of the City of Fort Walton Beach; and Retirement Fund has been NVHEREAS, the ordinance establishing the General Employees' subsequently amended and restated on numerous occasions, with the most recent comprehensive restatement being adopted in 1988; and WHEREAS, there have been numerous changes in recent years to federal and state laws governing public pension plans, necessitating changes to the ordinances establishing the General Employees' Retirement Fund; and WHEREAS, the Pension Advisory Committee and City staff have concluded that a general the the General Employees' Retirement Fund is restatement of ordinances establishing appropriate; and WHEREAS, the City Council of the City of Fort Walton Beach hereby determines it advisable and appropriate to amend, restate and adopt the " City of Fort Walton Beach General Employees' Retirement Plan" as fully set forth in " Exhibit A ', attached to and incorporated by reference in this otdinance; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: S rtian 1 _ That Ordinance No. 471, creating the General Employees' Retirement Fund, ( Exhibit B attached hereto), Section I of Ordinance 973 ( Exhibit C attached hereto), and Ordinance Nos. 1176 ( Exhibit D attached hereto), 1255 ( Exhibit E attached hereto), 1301 Exhibit F attached hereto), 1319 ( Exhibit G attached hereto), 1379 ( Exhibit H attached hereto), and any and all other ordinances amending said Fund, are hereby repealed.  i n_ That the "City of Fort Walton Beach General Employees' Retirement Plan", is as set fully set forth in " Exhibit A ", attached hereto and incorporated by reference herein., hereby adopted. Section I- That all ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 4_ 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, subsection, sentences, clauses, or or other body with appropriate jurisdiction, the remaining section, 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. ADOPTED: ATTEST: CITY CLERK Reviewed and approved as to form: er, City Attorney Reviewed and approved as to legal sufficiency: C, J . James . Linn, Pension Attorney Docid: cAmy docrmerbWorddocslpensionlgene ral employees planlplan rewrite - 10 08 021genpenord 8-23-02 no. 1526 clean.doc 2- Exhibit A  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 1 EXHIBIT A 2 3 CITY OF FORT WALTON BEACH 4 GENERAL EMPLOYEES' RETIREMENT PLAN 5 6 Sec. 17 -11. Creation of fund. 7 The City of Fort Walton Beach has established and maintains the General Employees' 8 Retirement Fund to provide retirement benefits to participating employees of the City of Fort 9 Walton Beach. The Retirement Fund was created effective January 1, 1966 as part of the City of 10 Fort Walton Beach General Employees' Retirement Plan, and the Plan has been subsequently 11 amended and restated. This Plan, as most recently restated effective upon the. adoption of 12 Ordinance No. 1526, and as it may be amended in the future, provides for the operation and 13 administration of the Fund. 14 l 5 Sec. 17 -11. 1. Definitions A pronoun in the masculine gender shall be construed as including 16 the feminine gender throughout this Plan unless the context clearly indicates otherwise. For the 17 purposes of this Plan, the following definitions shall apply: 18 1) ACCRUED BENEFIT means the earned retirement benefit through the current date as 19 credited under the provisions of this Plan. 20 2) ACTUARIAL EQUIVALENT means a benefit of equal value or equal cost, computed on 21 the basis of the 1983 Group Annuity Mortality Table and an interest rate of 8 %. 22 3) ADMINISTRATOR means the City finance director. 23 4) BENEFICIARY means a person who is designated by a member to receive benefits 24 following the member' s death, in accordance with Sec. 17 -15. 4 and Sec. 17 -16. 1. 25 5) CITY means the City of Fort Walton Beach, Florida. 26 6) COMMITTEE means the pension advisory committee. 27 7) COMPENSATION means the basic monthly earnings of an employee expressed as a 28 monthly salary or wage calculated on the basic rate of pay and excluding all overtime 29 pay,*bonuses, commissions, final leave pay and extra or additional remuneration in any 30 form. Page 1  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 31 ( 8) CONTINGENT ANNUITANT means that person designated by a member under this 32 Plan to receive a life income in the event of the member' s death after retirement under the 33 joint life and survivor alternate options. 34 ( 9) DATE OF EMPLOYMENT shall be the actual calendar date on which an employee, 35 under the definitions of this Plan, is entered on the active employment rolls of the City. 36 ( 10) DATE OF MEMBERSHIP means the date on which an employee commences 37 participation in the Plan. 38 ( 11) DEATH BENEFIT means any amounts paid a beneficiary by reason of the death of a 39 member of this Plan under section 17 -16. 2 of this Plan. 40 ( 12)