Fort Walton Beach Ordinance — 2219-Amending COO Section 2.09 Police Officers' Retirement Fund Board — reading text

the Board with their current address and any subsequent changes in their address. Any notice required to be given to a Member or Retiree hereunder shall be deemed given if directed to the Member at the last such address given to the Board and mailed by registered or certified United States mail. If any check mailed by registered or certified United States mail to such address is returned, mailing of checks will be suspended until such time as the Member or Retiree notifies the Board of their address. Benefits Not Guaranteed. All benefits paN able to a Member from the DROP shall be paid only from the assets of the Member' s DROP Account and neither the City, nor the Board shall have any duty or liability to furnish the DROP with any funds, securities or other assets except to the extent required by any applicable law. j. Construction. 1. The DROP shall be construed, regulated and administered under the laws of Florida, except where other applicable law controls. 2. The titles and headings of the subsections in this Section 2. 09. 03( dd) are for convenience only. In the case of ambiguity or inconsistency, the text rather than the titles or headings shall control. k. Forfeiture of Retirement Benefits. Nothing in this Section shall be construed to remove DROP participants from the application of any forfeiture provisions applicable to the System. DROP participants shall be subject to forfeiture of all retirement benefits, including DROP benefits. Effect of DROP Participation on Employment. Participation in the DROP is not a guarantee of employment and DROP participants shall be subject to the same employment standards and policies that are applicable to employees who are not DROP participants. SECTION 2: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Fort Walton Beach. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed.  SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 5: That this Ordinance shall become e ective upo, adoption. Adopted: kv,Tai- i1 a.b4 Nic Allegretto, ayor Attest: Approved as to ' gal fnn and sufficiency for the City • ' ort alton Beach, only. Kim . Barnes, City Clerk Jeffrey L. :. u s tty Attorney Additions are underlined; deletions are stricken. 40 f EdFOSTER & FOSTER ACTUARIES AND CONSULTANTS June 1, 2026 VIA EMAIL Board of Trustees City of Fort Walton Beach Police Officers' Pension Board Re: City of Fort Walton Beach Police Officers' Retirement Fund Dear Board: We have reviewed the proposed Ordinance amending Section 2. 09.03 to include Deferred Retirement Option Plan ( DROP) provisions. We have determined that the adoption of the proposed change will have no impact on the assumptions used in determining the funding requirements of the program. Because the above changes do not result in an immediate change in the valuation results, it is our opinion that a formal Actuarial Impact Statement is not required in support of its adoption. However, since the Division of Retirement must be aware of the current provisions of all public pension programs, it is recommended that you send a copy of this letter and a copy of the fully executed Ordinance to each of the following offices: Mr. Keith Brinkman Mr. Steve Bardin Bureau of Local Retirement Systems Municipal Police and Fire Division of Retirement Pension Trust Funds P. O. Box 9000 Division of Retirement Tallahassee, FL 32315- 9000 P. O. Box 3010 Tallahassee, FL 32315- 3010 If you have any questions, please let me know. Sincerely, 122( Jose h L. Griffin, ASA, EA, MAAA Cc via email: Sean Sendra, Board Attorney 13420 Parker Commons Blvd., Suite 104 Fort Myers, FL 33912•( 239) 433- 5500 Fax( 239) 481- 0634• www.foster-foster.com