Fort Walton Beach Ordinance — 1686 Amend General Employees Pension - Election to Participate — reading text

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 shall receive 282 employment with the City, except that persons employed after December 11, 1979, 13 no credited service for prior military service. The maximum number of years of credited service 284 a member may receive for such prior military service shall be two ( 2) years. 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 tennination of 287 employment as of the date the absence began. Any other absence not specifically approved 288 under the rules and regulations of the City shall also be considered a termination of employment. Plan, be 289 Any member whose employment has been terminated shall, for the purposes of this 290 deemed a new member upon re- employment unless he has accrued a vested interest in 291 accordance with and under provisions of sect~ 17 of this Plan. In no event shall any 1J; 292 duplication of benefits occur. . -< I~ ~ 19~ ,/ 10 293 1V 294 Sec. 17- 15. Normal retirement; eligibility; calculation of benefits. 295 1) Except as specified in subsection ( 2), below, any employee member participating 296 in this Plan who has at least ten years of credited service and has attained age sixty-two ( 62) 297 shall, at their request, be entitled to retire from City employment and receive a monthly pension 8 calculated in accordance with subsection ( 3), below. Page 10  Pinal Version 9/ 30/ 02 PWB General Employees' Retirement Plan 299 ( 2)( a) Notwithstanding the provisions of subsection ( 1), above, any employee member director, or as a department 300 participating in this Plan who is employed as City manager, finance 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 Vested Complete Years of Credited Service as A Charter Officer or Department Head Percentage 1 20% 2 40% 3 60% 4 80% 5 100% in 304 ( b) Any credited service as a participant in this Plan earned by a member specified above, while not employed City manager, finance 305 subparagraph ( 2)( a), as 06 director, or as a department head, including the chief of police, shall be accorded 307 a vested percentage of ten percent ( 100/0) for each year 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 tenninates City employment, with less than five years of credited service, such 312 participant' s final averag~ monthly earnings shall be based on an average of all 313 years of credited service. or ( 2), 314 ( 3)( a) Each person who meets the eligibility requirements in subsections ( 1) 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 ( 0) of final average monthly earnings for each year of credited 2. 50/ service, but no 318 greater than one hundred percent ( 100%) of current earnings. 319 ( b) Each person who meets the eligibility requirements in subsections ( 1) or ( 2), above, is 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 year of credited service, but no greater than 75% of current earnings; or 324 325 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 nonnal retirement equal to two and three- 331 fourths percent ( 2. 75%) of fmal 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. 36 337 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 fonnula used in calculating the nonnal 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 nonnal 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 tennination. 350 J51 Sec. 17- 15. 2. Disability retirement; initial qualifications; continued qualification recovery. Page 12  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 352 ( 1) A Plan member who is determined to be disabled in accordance with the in the same 353 procedures in this section shall be entitled to a benefit in an amount determined 354 manner as the nonnal 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 ( 50%) of the 358 member' s monthly compensation on the date of disability. Any condition or 359 impainnent of health of a member caused by tuberculosis, hypertension, heart 360 disease or hardening of the arteries, resulting in total and permanent disability 361 shall be presumed to be accidental and suffered in the line of duty unless the 362 contrary be shown by competent substantial medical evidence. Any condition or 363 impainnent of health caused directly or approximately by exposure, which at some definite time and 364 exposure occurred in the active performance of duty 365 place without willful negligence on the part of the employee member which 56 results in total and pennanent disability, shall be presumed to be accidental and 367 suffered in the line of duty, provided, however, that such employee member shall 368 have successfully passed a physical examination upon entering this Plan, which 369 physical examination failed to reveal any evidence of such condition and, 370