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

h) OPTION H: Joint and survivor monthly life income; one -half (1/ 2) benefit. This 569 option provides a decreased retirement benefit which shall be payable during the 570 joint lifetime of the member and his legal spouse or other legal dependent and If the 571 which shall continue for the lifetime of both the member and survivor. 572 survivor is the retiree Liiember, the initial benefit shall continue to be paid. If the 573 survivor is the or other legal dependent, the benefit shall be an amount 4 equal to one -half (1/ 2) of the amount which was payable during the joint lifetime 575 of the member and his spouse or other legal dependent. - 576 577 Sec. 17 -16. Cost of living adjustment; method of determining; maximum adjustment. 578 ( 1) Subject to the provisions of section 17 -20, providing for the rights of the City to amend or discontinue this Plan, a cost -of-living adjustment will be made in earl ormal 579 580 retirement benefits which are being paid to retirees or contingent annuitants under this Plan. 581 Such cost -of-living adjustment shall be effective the first day of April of each year and shall 582 apply to the retirement benefit being paid through March of the following year. 583 ( 2) The annual cost of living adjustment shall be equal to the percentage change in 584 the Consumer Price Index ( CPI -U), as determined by the U.S. Bureau of Labor Statistics for the three percent ( 3 %). The 585 12 months ending on the preceding December 31, up to a maximum of 586 cost -of-living adjustment will be expressed to the nearest one -tenth of one percent and applied to 587 the current retirement benefits being paid. If the Consumer Price Index should be a negative 588 number, it shall not be applied to reduce the benefit being paid below its current level. Page 20  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 589 ( 3) The cost -of-living adjustment shall not apply to disability benefits being paid 590 under the provisions of this Plan. 591 592 Sec. 17 -16. 1. Benefits to survivors because of death prior to retirement; right to name 593 beneficiary. 594 ( 1) An employed member with two ( 2) or more years of credited service shall be 595 eligible for a pre -retirement death benefit to be paid to an eligible.beneficiary or beneficiaries, as 596 specified in this section. For employee members who meet the eligibility requirements and have 597 eligible beneficiaries. as specified herein, the benefit shall be a monthly income equal to fifty 598 percent ( 50 %) of the employee member' s credited service projected to his normal retirement 599 date, multiplied by his current. compensation. For employee members who do not meet the 600 eligibility requirements or do not have eligible beneficiaries as specified in this section, the 601 benefit shall be a return of the employee member' s contributions together with accumulated 602 interest. 3( 2) All payments provided for under this section shall be made to the eligible 604 beneficiary or beneficiaries designated in writing by the number on a form provided by the Plan 605 administrator. Only those eligible beneficiaries designated by the member and filed with the 606 Plan administrator shall be recognized for receipt of benefits. The initial and each successive 607 beneficiary designation shall be signed and dated by the employee member, and witnessed by a 608 member approved by the Plan administrator. 609 ( 3) Beneficiaries eligible to be designated to receive monthly death benefits as 610 specified in this section are: 611 ( a) For Single Members: 612 If a single member has eligible dependent children or eligible dependent parents, 613 he may designate them to receive the monthly benefit at his death.. If the member 614 does not have eligible dependent children or eligible dependent parents, he may 615 name any other person to receive a death benefit consisting of a refund of the 616 member' s own contributions, together with accumulated interest. 617 ( b) For Married Members: Page 21  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 618 A married member must name his or her spouse to receive the monthly benefit 619 defined in this section, unless the spouse has consented in writing to the Plan 620 administrator for a non -spouse beneficiary to be designated, or the spouse has 621 filed a disclaimer to the benefit in writing with the Plan administrator at the death 622 of the member. In case the spouse has consented to the naming of another 623 beneficiary or has filed a disclaimer to relinquish any claim to death benefits 624 under this section, the member may name eligible dependent children or eligible 625 dependent parents as beneficiaries to receive the monthly death benefit specified 626 hereinbefore. If the member does not have dependent children or dependent 627 parents, he may name anyone he wishes to receive a death benefit which consists together with accumulated 628 of a refund of the member' s own contributions, 629 interest. 630 ( c) Members Not Eligible For Death Benefits 631 If a member dies before becoming eligible for payment of the monthly benefit 2 described in this section, the death benefit paid to eligible beneficiaries shall be 633 the member' s own contributions together with accumulated interest. Those who 634 may be designated as beneficiaries to receive these proceeds shall be: 635 ( i) Single Members - A single member may designate any person to receive 636 the death benefit consisting of a refund of the member' s own contributions 637 together with accumulated interest. 638 ( ii) Married Members - A married member must name his spouse to receive the 639 death benefit consisting of a refund of contributions and accumulated 640 interest at his death, unless the spouse has consented in writing to the Plan 641 administrator for a non -spouse beneficiary to be designated, or the spouse 642 has filed a disclaimer to the benefit in writing with the Plan administrator at 643 the death of the member. In case the spouse has consented to the naming 644 of another beneficiary or has filed a disclaimer to relinquish any claim to the eligible 645 survivor benefits under this section, member may name 646 dependent children or eligible dependent parents as beneficiaries to receive i 47 the benefit specified in this section. If the member does not have eligible Page 22  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 648 dependent children or eligible dependent parents, he may name anyone he 649 wishes to receive the death benefit consisting of a refund of the member' s 650 own contributions together with accumulated interest. 651 ( 4) To be named as beneficiaries under this section to receive a death benefit, 652 dependent children must be younger than age eighteen ( 18), or age twenty -three ( 23) if enrolled 653 as a full time student, and must receive more than fifty percent ( 50 %) of their maintenance from 654 the member. To be named as beneficiaries under this section, dependent parents must receive 655 more than fifty percent ( 50 %) of their maintenance from the member. 656 ( 5) Each member may name and successively name one or more beneficiaries as 657 provided above to receive the death benefits payable under this section. Secondary and tertiary 658 beneficiaries may also be named by the member to receive the benefit if the primary beneficiary 659 should predecease him, including the benefit to the spouse. In the event that all named 660 beneficiaries predecease the participant or die in a common accident or occurrence, no benefit 661 shall be paid under this section except that any accumulated contributions of the member shall be 2 paid to his estate. 663 ( 6) In the event the monthly death benefit shall become payable to a surviving 664 spouse, it shall commence on the first day of the calendar month next following the date of the 665 member' s death, and shall terminate with the last monthly payment due prior to the date of death 666 or remarriage of the spouse, whichever occurs first. 667 ( 7) In the event the monthly death benefit shall become payable to one or more 668 surviving dependent children of the member, it shall commence on the first day of the calendar 669 month next following the member date of death and shall terminate with the last monthly 18th) 670 payment due prior to the attainment of each child' s respective eighteenth ( birthday, 671 marriage or death, whichever occurs first. If a child shall be enrolled as a full -time student, the 672 benefit provided in the terms of the beneficiary designation shall be paid through the