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

misrepresentation of condition or 463 earned income by the retiree filing the statement of disability and/ or anyone filing same in his 464 behalf, shall terminate all benefits under this section. The pension advisory committee may, at its discretion, require a complete 465 ( 16) 466 medical evaluation at the expense of this fund, to determine continued eligibility to receive 467 disability benefits. Any person receiving such benefits shall cooperate in this requirement and 468 failure to do so will result in a termination of benefits. 469 ( 17) If the pension advisory committee or the Plan administrator develop factual 10 information that any person receiving disability benefits is no longer totally and permanently Page 16  FWB General Employees' Retirement Plan Final Version 9/ 30/02 471 disabled under the definitions of this Plan, the Plan administrator shall advise that person in 472 writing of a hearing to be held to consider the termination of disability benefits and shall fully 473 advise him of the facts in support of termination. Any person receiving such written notice shall 474 have a period of thirty -five ( 35) days from the date of mailing of the notice to prepare material in 475 support of his continued disability. Such person shall advise the Plan administrator in writing if 476 he or she plans to appeal the termination and appear at a hearing before the committee. If the 477 participant does not contest the termination of disability benefits, the Plan administrator shall 478 cause the same to be terminated beginning with the first of the month next following the end of 479 the thirty -five (3 5) day period. 480 ( 18) If the member provides notice to the Plan administrator that he will appeal the 481 termination, the appeal process shall be initiated according to the provisions for same in the 482 administration manual. The decision reached in the appeal procedure shall be final. A hearing 483 may be requested by either the Plan administrator or the member in the future, however, if 484 information is developed which is material and might reasonably be expected to change the S outcome of the previous hearing. 486 ( 19) If a member is determined to be totally and permanently disabled under the 487 definitions of this Plan and commences to receive disability benefits but, at any time, is found to 488 be no longer totally disabled or returns to work either as a City employee or with any other 489 private or public employer including self -employment of any kind, his interest in the pension 490 fund of the City of Fort Walton Beach shall be limited as follows: 491 ( a) With respect to employee member contributions: 492 1. For any employee member returning to work or determined to be no 493 longer disabled under the definitions of this. Plan who has had at least ten 494 ( 10) years of service at the onset of disability, a remainder interest may 495 exist expressed as a deferred retirement benefit at normal retirement age 496 equal to the actuarial equivalent at normal retirement age of the remaining 497 values, if any, after the total benefits paid under the disability provisions 498 have been subtracted from the present value, discounted at the current 499 assumed rate of interest and for mortality, of the accrued benefit at the JO onset of 'disability. As an alternate, a member may elect to receive a Page 17  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 501 refund of his own contributions with interest calculated as of the day of 502 disability less all benefits paid while disabled. 503 2. For any employee member returning to work or determined to be no 504 longer disabled under the definitions of this Plan who has fewer than ten 505 ( 10) years of service at the onset of disability, a refund of his contributions 506 to the fund, with interest as calculated under the provisions of this Plan, 507 less all benefits paid while disabled. If the benefits paid exceed the employee member' s total contributions, together with interest as 508 509 calculated under the provisions of this Plan, no further interest will exist in 510 this fund for that employee member as respects all service prior to the date 511 of disability. 512 ( b) With respect to employer contributions 513 1. For any employee member returning to work or determined to be no 514 longer disabled under the definitions of this Plan who has had at least ten 5( 10) years of service at the onset of disability, any interest in employer 516 contributions will be limited to the deferred remainder interest as outlined 517 in subsection 17- 15( a)( 1), if any, and if the employee member does not 518 elect to withdraw his contributions, if any. 519 2. For any employee member returning to work or determined to be no 520 longer disabled under the definitions of this Plan and who has had fewer 521 than ten ( 10) years of service at the onset -of disability, there will exist no 522 interest in employer contributions. 523 ( 20) No benefits under this section will be paid to a member whose employment 524 terminated prior to his becoming disabled nor in any case where the disability results from 525 self inflicted - injury, injury incurred in the commission of a felony or excessive or habitual use of 526 narcotics, hallucinogenic drugs or alcoholic beverages. 527 528 Sec. 17 -15. 4. Normal benefit form; Alternate forms of retirement income. 529 ( 1) A member may, at any time prior to his retirement, elect to receive on his early or 30 normal retirement date the benefits to which he is entitled under sections 17 -15 or 17 -15. 1, under Page 18  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 531 any one of the following options, provided that the benefits payable under any option shall be the 532 actuarial equivalent of the amount under any other option: 533 a) OPTION A: Lifetime income with modified cash refund at death. This option is 534 the normal retirement form for the calculation in Sec. 17 -15. It provides for a 535 retirement benefit which shall be payable during the lifetime of the member with 536 benefits terminating at the member' s death. If a retired member under this option 537 should die prior to receiving retirement benefits equal to the member' s own 538 contributions to the retirement fund, with interest, then the balance of the 539 difference between the member' s contributions, with interest, and the total 540 amount of benefits received shall be paid to the member' s designated beneficiary. 541 b) OPTION B: Lifetime income with monthly payments guaranteed ( certain) for 542 five years ( 60 months). Under this option the retiring employee member receives 543 an actuarially adjusted benefit for life, and the same monthly benefit will be paid 544 to his beneficiary should he die after his retirement but prior to receiving sixty 5 60) monthly retirement payments. Such payments to the beneficiary will 4 546 continue for the remainder of the 60 month period. 547 c) OPTION C: Lifetime income with monthly payments guaranteed ( certain) for ten 548 years ( 120 months). Same as Option B, except with a certain payment period of 549 120 months. 550 d) OPTION D: Lifetime income with monthly payments guaranteed ( certain) for 551 fifteen years ( 180 months). Same as Option B, except with a certain payment 552 period of 180 months. 553 e) OPTION E: Lifetime income with monthly payments guaranteed ( certain) for 554 twenty years ( 240 months). Same as Option B, except with a certain payment 555 period of 240 months. OPTION F: Joint and survivor monthly life income; full benefit. This option 556 fl 557 provides for an actuarially adjusted retirement benefit which shall be payable 556 during the joint lifetime of the member and his spouse or other legal dependent, 559 and continue for the lifetime of the member and survivor. K Page 19  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 560 g) OPTION G: Joint and survivor monthly life income; two- thirds ( 2/ 3) benefit. 561 This option provides an actuarially adjusted retirement benefit which shall be 562 / payable during the joint lifetime of the member and his legal spouse or other legal 563 dependent, and which shall continue f r the lifetime of both the member and 564 survivor. If the survivor is the retired member, the initial benefit shall continue to - 565 be paid. If the survivor is the tip . kse or other legal dependent, the benefit shall be 566 an amount equal to two- thirds ( 2/ 3) of the amount which was payable during the 567 joint lifetime of the member and his spouse or other legal dependent. 568 (