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

DISABILITY means any physical or mental condition that, in the opinion of the 41 committee, totally and permanently prevents a member from performing substantially all 42 of the requirements of any job for which he may be suited by reason of education, 43 training or experience, either with the City of Fort Walton Beach or any other employer. 44 ( 13) DISABILITY RETIREMENT means the retirement of a member of this Plan based upon 6 a finding of total and permanent disability under the provisions of section 17 -15. 2 of this 46 Plan. 47 ( 14) EARLY RETIREMENT means retirement at any time coincident with or following the 48 attainment of age fifty -two ( 52) and 100% vesting under the Plan. 49 ( 15) EMPLOYEE means a regular, full -time City employee who is on the active employment 50 rolls, except as otherwise provided below. The term employee shall also include the city 51 manager and finance director upon their written election to participate in the Plan, but 52 shall not include: city council members, police officers other than the chief of police, and 53 firefighters. 54 ( 16) EMPLOYER CONTRIBUTIONS means contributions made by the City to this pension 55 fund, as provided under section 17 -12 of this Plan. 56 ( 17) FIREFIGHTER means any person employed as a City firefighter who is certified as a 57 firefighter as a condition of employment in accordance with the provisions of Florida 58 Statute 633. 35, and whose duty it is to extinguish fires, to protect life, and to protect 59 property. Page 2  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 60 ( 18) FINAL AVERAGE MONTHLY EARNINGS means a member' s monthly compensation 61 averaged over the highest five ( 5) years out of the last fifteen ( 15) years of employment 62 prior to retirement. 63 ( 19) FULLY VESTED means a member with ten ( 10) or more years of credited service, or a 64 member specified in Sec. 17 -15( 2) who has attained a 100% vested percentage. 65 ( 20) FUND means the City of Fort Walton Beach General Employees' Retirement Fund. 66 ( 21) INVESTMENT means the utilization of assets of this Plan as provided under section 67 17 -12. 1 to preserve the corpus and produce an increase in value through interest, capital 68 gains, discounts or any other form of income consistent with the investment policy. 69 ( 22) MEMBER means any employee who is a participant in this Plan in accordance with Sec. 70 17 -13. 71 ( 23) MEMBER CONTRIBUTIONS means contributions made by a member or previous 72 member of this Plan as required under section 17 -12, including any accumulated interest 73 as may be provided under this Plan. 4( 24) MILITARY SERVICE means active military service in any of the military forces of the 75 United States or the United States Merchant Marine, excluding military reserve or 76 national guard service unless called to full time active service. 77 ( 25) PLAN means the " General Employees' Retirement Plan," established by this document, 78 known prior to December 11, 1979 as " General Employees' Pension and Retirement 79 Fund Program ", as it may be amended from time to time. .. 80 ( 26) POLICE OFFICER means any person employed full time by the City who is certified or 81 required to be certified as a law enforcement officer in compliance with Florida Statute 82 943. 1395, who is vested with authority to bear arms and make arrests, and whose primary 83 responsibility is the prevention and detection of crime or the enforcement of the penal, 84 criminal, traffic or highway laws of the state. This definition includes all certified 85 supervisory and command personnel whose duties include, in whole or in part, the and management responsibility of full-time law 86 supervision, training, guidance, 87 enforcement officers, part-time law enforcement officers, or auxiliary law enforcement 88 officers, but does not include part-time law enforcement officers or auxiliary law Page 3  FWD General Employees' Retirement Plan Final Version 9/ 30/ 02 89 enforcement officers as the same are defined in Florida Statutes 943. 10( 6) and 943. 10( 8), 90 respectively. 91 27) RETIREE means any former member who is receiving benefits under this Plan. 92 28) RETIREMENT BENEFITS means any amount payable to a retiree, contingent annuitant 93 or beneficiary in accordance with the provisions of this Plan. 94 29) TREASURER means the City finance director who shall serve as treasurer of this fund. 95 30) TRUSTEES means the City Council and any successor City Council as it shall change 96 from time to time through election of new members. 97 98 Sec. 17 -11. 2. Administration of fund; designation of trustees; designation of Plan 99 administrator; adoption of rules and regulations. 100 ( 1) The authority and responsibility for the establishment, amendment and 101 administration of this Plan is vested in the City Council of the City of Fort Walton Beach, and 102 the members thereof shall be designated as trustees of the fund. The trustees are authorized to 3 adopt reasonable rules and regulations for the administration of the fund created by this Plan. 104 ( 2) The City finance director shall administer this Plan for the trustees and 105 participants, subject at all times to the limitations and conditions specified in or imposed by 106 provisions of this Plan and the rules and regulations adopted by the City Council. 107 ( 3) The trustees and the plan administrator shall serve without additional 108 compensation beyond that already provided by the City for their respective duties. 109 110 Sec. 17 -11. 3. Establishment of pension advisory committee; election; term; vacancy; 111 duties. 112 ( 1) There shall be a pension advisory committee made up of five ( 5) persons 113 appointed by the City manager. Four ( 4) members of the committee shall be active Plan 114 members, no two of whom shall be employed in the same division. The fifth member shall be 115 the Plan administrator. Committee members shall serve four year, staggered terms, and may 116 succeed themselves. If a committee member resigns, retires or terminates employment, his 117 successor shall be appointed by the City manager to serve the remainder of his term. An 18 appointed committee member shall not serve more than two consecutive terms. Page 4  FWB General Employees' Retirement Plan Final Version 9/ 30/02 119 2) Members of the advisory committee shall serve without additional compensation 120 beyond that earned in their respective capacities as regular employees of the City, except when a 121 member is required to travel in the course of meeting the responsibilities enumerated in this Plan, 122 he shall be paid reimbursement for travel expenses and per diem according to the policy 123 established by the City for payment of such expenses to employees of the City. 124 3) The Committee shall perform the following functions and duties: 125 a) Fully acquaint itself with full details of the benefit and administrative provisions 126 of the pension fund. 127 b) Serve as liaison between trustees, Plan administrator and members to promote the 128 exchange of information concerning the fund. 129 c) Review all applications for disability benefits and supporting documentation, and 130 render a decision granting or denying the application. 131 d) Perform other functions and duties as directed by the board of trustees. 132 3 Sec. 17 -12. Member and employer contributions. 134 1) Participating members shall contribute to the Plan as follows 135 a) For persons participating in this Plan during the period from January 1, 1966 136 through June 30, 1972, two percent ( 2 %) of compensation up to and including 137 400 per month plus four percent ( 4 %) of compensation in excess of $400 per 138 month shall have been deducted from said salaries or wages by the finance 139 director before the same were paid and such percentage of compensation shall 140 have been paid into this fund. 141 b) For persons participating in this Plan during the period from July 1, 1972 through 142 December 31, 1978, three and one -half percent ( 3 Y2 %) of compensation up to and 143 including $400 plus four and one -half percent ( 4 V2 %) of compensation in excess 144 of $400 per month shall have been deducted from said salaries or wages by the 145 finance director before the same were paid and such percentage of compensation 146 so deducted shall have been paid into this fund. 147 c) For persons participating in this Plan on or after January 1, 1979, five percent 8 5 %) of compensation, as defined in this Plan, shall be deducted from said Page 5  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 149 compensation by the finance director before the same is paid, and such percentage 150 of compensation so deducted shall be paid into this fund immediately but, under 151 no circumstances, later than five ( 5) days after the date of the deduction. A to the Plan shall cease upon termination of 152 ( d) member' s contributions 153 employment, retirement, attaining forty (40) years of credited service, or electing 154 a normal retirement benefit option in accordance with