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

equivalent to that earned by the Plan from the date of 266 commencement of military leave or termination of City employment to the 267 date of payment of the amount required.. Such contributions must be paid 68 within a time period equal to three times the period of military service, but Page 9  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 269 no longer than five ( 5) years from the members return to City 270 employment. 271 ( 3) In interpreting this section, the City manager will apply uniform rules in a 272 uniform consistent manner to all members under similar circumstances. 273 ( 4) A member shall not receive credited service for periods of absence set forth in 274 subsections 17- 14( 2)( a) and 17- 14( 2)( b) above, but shall retain credited service accrued prior to 275 such absence if the member does not withdraw his accumulated member contributions from the 276 fund or repays all member contributions withdrawn, plus interest at the actuarially assumed rate 277 for the fund from the date of withdrawal to the date of re- employment with the City, within a 278 period of thirty (30) days following the date of re- employment. Upon return to employment after 279 an approved absence, the member will again accrue credited service. 280 ( 5) Credited military service - A member will receive credited service for each full 281 year and fraction thereof to four ( 4) decimal places for military service completed prior to 282 employment with the City, except that persons employed after December 11, 1979, shall receive 3 no credited service for prior military service. The maximum number of years of credited service 1 a member may receive for such prior military service shall be two (2) years. 284 285 ( 6) Failure to return to the employ of the City at the end of any period specified in 286 subsections 17- 14( 2)( a), 17- 14( 2)( b) or 17- 14( 2)( c) above shall be considered a termination of 287 employment as of the date the absence began. Any other absence not specitically approvea 288 under the rules and regulations of the City shall also be considered a termination of employment. 289 Any member whose employment has been terminated shall, for the purposes of this Plan, be 290 deemed a new member upon re- employment unless he has accrued a vested interest in 291 accordance with and under provisions of sect' n 17 -17 of this Plan. In no event shall any rr 292 duplication p of benefits occur. , n 293 294 Sec. 17 -15. Normal retirement; eligibility; calculation of benefits. 295 ( 1) Except as specified in subsection ( 2), below, any employee member participating 62) 296 in this Plan who has at least ten years of credited service and has attained age sixty -two ( 297 shall, at their request, be entitled to retire from City employment and receive a monthly pension A calculated in accordance with subsection (3), below. Page 10  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan Notwithstanding the provisions of subsection ( 1), any employee member above, 299 ( 2)( a) 300 participating in this Plan who is employed as City manager, finance director, or as a department 301 head, including the chief of police, shall become entitled to receive normal retirement benefits 302 under the Plan upon reaching age 62, in accordance with the following vesting schedule: 303 Complete Years of Credited Service as A Vested Charter Officer or Department Head Percentage 1 20% 2 40% 3 60% 4 80% 5 100% 304 ( b) Any credited service as a participant in this Plan earned by a member specified in subparagraph ( 2)( a), above, while not employed as City manager, finance 305 6 director, or as a department head, including the chief of police, shall be accorded j07 a vested percentage of ten percent ( 10 / o) for each year y of such service, up to a 308 maximum total vested percentage of 100 %. Notwithstanding any provision of 309 this Plan to the contrary, if a participant in this Plan who is employed as a City 310 manager, finance director, or department head, including the chief of police, 311 terminates City employment, with less than five years of credited service, such 312 participant' s final average monthly earnings shall be based on an average of all 313 years of credited service. 314 ( 3)( a) Each person who meets the eligibility requirements in subsections ( 1) or ( 2), 315 above, and who retires on or before April 5, 1999, shall receive a retirement 316 benefit commencing at normal retirement equal to two and one half percent 317 ( 2. 5 %) of final average monthly earnings for each year of credited service, but no 318 greater than one hundred percent ( 100 %) of current earnings. 1) or (2), above, is 319 ( b) Each person who meets the eligibility requirements in subsections ( 320 fully vested on April 5, 1999, and retires after April 5, 1999, may elect one of the 21 following benefit options: Page 11  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 322 1. A retirement benefit commencing at normal retirement equal to two and 323 three fourths percent ( 2: 75 %) of final average monthly earnings for each 324 year of credited service, but no greater than 75% of current earnings; or 325 2. A retirement benefit commencing at normal retirement equal to two and 326 one -half percent ( 2. 5 %) of final average monthly earnings for each year of 327 credited service, but no greater than 100% of current earnings. or ( 2) 328 ( c) Each person who meets the eligibility requirements in subsections ( 1) 329 above, and retires after April 5, 1999, but is not fully vested on April 5, 1999, 330 shall receive a benefit commencing at normal retirement equal to two and three - 331 fourths percent ( 2.75 %) of final average monthly earnings for each year of 332 credited service, but no greater than seventy five percent ( 75 %) of current 333 earnings. 334 ( d) Benefits shall begin on the first of the month coincident with or next following the 335 actual retirement date. 6 337 Sec. 17 -15. 1. Early retirement; qualification; reduction of benefits. 338 ( 1) A member participating in this Plan who has attained age fifty -two ( 52) and who 339 is fully vested, may elect early retirement. The early retirement benefit shall be determined by 340 calculating the accrued benefit under the same formula used in calculating the normal retirement 341 benefit based on credited service as of the early retirement date, but reduced by one -quarter 342 percent (. 25 %) for each 30. 4375 days ( 3% for each year) that such early retirement date precedes 343 the member' s normal retirement date. 344 ( 2) If a member who has terminated under the provisions of section 17 -17 with a 345 deferred vested accrued benefit has met the age and service requirements of this section, he may 346 also change his election to early retirement at any time prior to the normal retirement date in lieu 347 of receiving the deferred accrued benefit at normal retirement. In such case, the accrued benefit 348 shall be reduced according to the method provided herein. Such reduction shall apply against the 349 accrued benefit as of the date of this termination. 350 51 Sec. 17 -15. 2. Disability retirement; initial qualifications; continued qualification recovery. Page 12  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 2( 1) A Plan member who is determined to be disabled in accordance with the 353 procedures in this section shall be entitled to a benefit in an amount determined in the same 354 manner as the normal retirement benefit based on the employee member' s credited service to the 355 date of disability, subject to the following minimum benefits: 356 ( a) Line of Duty - If the disability results from an accident occurring in the line of 357 duty, the disability benefit shall. be no less than fifty percent