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

Page 23  FWB General Employees' Retirement Plan Pinal Version 9/ 30/ 02 677 ( 8) In the event the monthly death benefit shall become payable to a surviving parent the date of 678 or parents, it shall commence on the first day of the calendar month next following 679 member' s death and shall terminate with the last monthly payment due prior to death of the last 680 surviving parent or with the payment of one hundred twenty ( 120) monthly payments, whichever 681 occurs first. 682 ( 9) The benefit payable under this section shall be paid in lieu of all other death 683 benefits previously provided under this Plan. If the monthly death benefits specified 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 tennination of benefits until such 690 evidence is provided. 1 692 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 ben~fit options in Sec. 1 7- 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 tenninates 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 705 defer the receipt of retirement benefits until the early or normal retirement date ( if applicable), at J6 which time he may receive the retirement benefit which had accrued to the date of his Page 24  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 707 termination, calculated in accordance with section 17- 15 or 17- 15. 1. The retirement benefits of 708 such vested tenninated 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 tennination, the member may receive credited service for the full period of prior membership by 714 paying back into the retirement fund, within thirty (30) days after reemployment, the full amount 715 returned to the member following tennination 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 719 Plan, is reemployed by the City in a position covered by the Plan, will have such retirement 720 benefits suspended for as long as he or she is employed in such a position. Such member shall 21 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 733 alienation, sale, transfer, assignment, pledge, attachment, garnishment or encumbrance of any 734 kind. Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such 735 benefits, whether presently or thereafter payable, shall be void. 36 Page 25  FWB General Employees' Retirement Plan Pinal Version 9/ 30/ 02 737 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 the 739 right to be retained in the service of the City without its consent, nor shall it interfere with 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. 743 744 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 tenninated, 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. 1 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 755 receiving retirement allowances, and any future persons entitled to receive benefits under one (1) 756 of the options provided for in this ordinance who are designated by any of said members. In the 757 event of repeal, discontinuance of contributions or transfer, merger or consolidation of 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 thereo f. 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 66 or disability benefit hereunder on such date, each person receiving a benefit on Page 26  FWB General Employees' Retirement Plan Final Version 9/ 30/ 02 767 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 value remaining after the apportionment under paragraph 1, 774 apportionment shall next be made in respect of each member in the service of the 775 City on such date who is fully vested and who is not entitled to an apportionment 776 under paragraph 1, in the amount required to provide the actuarial equivalent of 777 the vested portion of the accrued normal retirement benefit ( but not less than the 778 member' s accumulated contributions), based on the credited service and fmal 779 average monthly earnings as of such date, and each vested former member then 780 entitled to a deferred benefit who has not, by such date, begun receiving benefit the 1 payments, in the amount required to provide said actuarial equivalent of 782 vested portion of the accrued nonnal retirement benefit (but not less than the 783 members accumulated contributions), provided that, if such remaining asset value 784 be less than the aggregate of the amounts apportioned hereunder, such latter 785 amounts shall be proportionately reduced so that the aggregate of such reduced 786 amounts will be equal to such remaining asset value. 787 ( c) If there be any asset value after the apportionments under paragraphs 1 and 2, 788 apportionment shall be made in respect of each member in the service of the City 789 on such date who is not entitled to an apportionment under paragraphs 1 and 2 in 790