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

month prior 23rd) 673 to the month of attainment of the child' s twenty -third ( birthday, termination from enrollment as a full -time student, marriage or death, whichever occurs first. The benefit shall 674 675 stay the same for each eligible child throughout the period for which he is qualified to receive it, 676 regardless of the termination of benefits to other eligible survivors due to age, death, or marriage. Page 23  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 677 ( 8) In the event the monthly death benefit shall become payable to a surviving parent 678 or parents, it shall commence on the first day of the calendar month next following the date of 679 member' s death and shall terminate with the last monthly payment due prior to death of the last 120) monthly payments, whichever 680 surviving parent or with the payment of one hundred twenty ( 681 occurs first. 682 ( 9) The benefit payable under this section shall be paid in lieu of all other death under this Plan. If the monthly death benefits specified 683 benefits previously provided 684 hereinbefore are paid to a beneficiary authorized in this section, all contributions paid by the 685 member into this fund, together with accumulated interest, shall be retained by this fund and no 686 survivor shall accrue an interest therein.. 687 ( 10) The Plan administrator shall have the right, at any time, to require evidence from 688 any beneficiary to support their eligibility to continue to receive benefits under this section. 689 Failure or refusal to provide such evidence shall result in a termination of benefits until such 690 evidence is provided. 692 Sec. 17 -16.2. Benefits to survivors because of death after retirement. 693 If a member dies after retirement, having chosen a retirement benefit option under section 694 17 -15. 4 providing for payments to a named beneficiary, benefits shall be paid in accordance with 695 that section. The survivor benefit options in Sec. 17 -15. 4 are not applicable in the case of 696 disability retirement. 697 698 Sec. 17- 17. Termination of Employment; Reemployment. 699 ( 1) If a member who is not fully or partially vested terminates City employment, the 700 total amount contributed by the member to the retirement fund shall be returned to him, with 701 three percent ( 3%) interest compounded to the date of resignation or discharge. 702 ( 2) If a member who is fully vested in accordance with section 17- 11. 1( 20), or 703" partially vested in accordance with section 17- 15( 2), terminates City employment, he may elect 704 to receive a refund of contributions in accordance with subsection ( 1), above, or may elect to defer the receipt of retirement benefits until the early or normal retirement date ( if applicable), at 705 1) 6 which time he may receive the retirement benefit which had accrued to the date of his Page 24  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 1 707 termination, calculated in accordance with section 17 -15 or 17 -15. 1. The retirement benefits of 708 such vested terminated members shall be determined in accordance with the terms of the Plan in 709 effect at the time City employment terminates, and shall not be subject to the cost of living 710 adjustment provided in section 17 -16. 711 ( 3) In the event a member terminates City employment and is thereafter re- employed 712 by the City in a position covered by this Plan within one ( 1) year following the effective date of 713 termination, the member may receive credited service for the full period of prior membership by days after reemployment, the full amount 714 paying back into the retirement fund, within thirty (30) 715 returned to the member following termination of employment, together with interest at the rate 716 assumed in the most recent actuarial valuation. A member who is reemployed by the City must 717 complete the medical examination described in Sec. 17- 13( 1). 718 ( 4) Any former member who, after commencement of retirement benefits under this will have such retirement 719 Plan, is reemployed by the City in a position covered by the Plan, 720 benefits suspended for as long as he or she is employed in such a position. Such member shall 1 not become a member of the Plan during the period of reemployment, and retirement benefits 722 shall resume upon subsequent termination of employment. 723 724 Sec. 17 -17. 1. Termination of participation in retirement fund when member is convicted of 725 a felony. 726 A member' s participation in the retirement fund shall cease upon conviction of a felony 727 connected with and arising out of City employment. A member who shall cease to participate in 728 the retirement fund through the operation of this section will have all member contributions, 729 together with interest, refunded as provided in section 17- 17( 1). 730 731 Sec. 17 -18. Retirement benefits not assignable or subject to legal process. 732 No benefit payable at any time under this Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or encumbrance of any 733 alienation, pledge or otherwise encumber any such 734 kind. Any attempt to alienate, sell, transfer, assign, 735 benefits, whether presently or thereafter payable, shall be void. 36 Page 25  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan i` 737 Sec. 17 -19. Participation in Plan not a contract of employment. 738 Acceptance for participation in this Plan shall not be construed as granting a member any 739 right to be retained in the service of the City without its consent, nor shall it interfere with the 740 right of the City to discharge the member or give the member any right, claim or interest in any 741 retirement benefits herein described except upon fulfillment of the provisions and requirements 742 of this Plan. 7.43 744 Sec. 17 -20. Amendment or termination of Plan; method of proration of assets. 745 1. This Plan and subsequent ordinances pertaining to the Plan may be modified, 746 terminated, or amended, in whole or in part; provided, however, that if this or any subsequent 747 ordinance shall be altered, amended, or repealed in its application to any person benefiting 748 hereunder, the amount of benefits which at the time of any such alteration, amendment, or repeal 749 shall have accrued to the member or beneficiary shall not be affected thereby, except to the 750 extent that the assets of the fund may be determined to be inadequate. 2. If this Plan shall be repealed, or if contributions to the fund are discontinued or if 752 there is a transfer, merger or consolidation of government units, services or functions as provided 753 in Chapter 121, Florida Statutes, the trustees shall continue to administer the Plan in accordance 754 with the provisions of this Plan, for the sole benefit of the then members, any beneficiaries then receive benefits under one ( 1) 755 receiving retirement allowances, and any future persons entitled to 756 of the options provided for in this ordinance who are designated by any of said members. In the or transfer, merger or consolidation of 757 event of repeal, discontinuance of contributions 758 government units, services or functions, there shall be full vesting ( 100 %) of benefits accrued to 759 date of repeal and the assests of the fund shall be allocated in an equitable manner to provide 760 benefits on a proportionate basis to the persons so entitled in accordance with the provisions 761 thereof. 762 3. The following shall be the order of priority for purposes of allocating the assets of 763 the system as of the date of repeal of this ordinance, or if contributions to the system are 764 discontinued with the date of such discontinuation being determined by the trustees. 765 ( a) Apportionment shall first be made in respect of each retiree receiving a retirement 6 or disability benefit hereunder on such date, each person receiving a benefit on Page 26  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 767 such date on account of a retired or disabled ( but since deceased) -member and 768 each member who has, by such date, become eligible for normal retirement but 769 has not yet retired, an amount which is the actuarial equivalent of such benefit, 770 provided that, if such asset value be less than the aggregate of such amounts, such 771 amounts shall be proportionately reduced so that the aggregate of such reduced 772 amounts will be equal to such asset value. 773 ( b) If there be any asset