Fort Walton Beach Ordinance — 2156--Amending COO Section 2.06.03 Municipal Firefighters' Pension Trust Fund — reading text

LEADING DATE' I I 127..,0A 2nd ORDINANCE 2156 10202 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, AMENDING THE CITY OF FORT WALTON BEACH MUNICIPAL FIREFIGHTERS' PENSION TRUST FUND; AMENDING THE SECTION PERTAINING TO BENEFIT AMOUNTS AND ELIGIBILITY; AMENDING THE SECTION PERTAINING TO VESTING; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Municipal Firefighters' Pension Trust Fund provides for early retirement benefits, and clarification of how those benefits are calculated is needed. WHEREAS, the Municipal Firefighters' Pension Trust Fund provides benefits for a terminated vested member that has more than ten years of credited service upon termination, and clarification of the applicable multiplier is necessary. WHEREAS, the City of Fort Walton Beach City Council finds that it would be in the best interest of the citizens of the City and the members of the Municipal Firefighters' Pension Trust Fund to amend the Plan as set forth below. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: SECTION 1: That section 2. 06. 03( 0(4) of the Municipal Firefighters' Pension Trust Fund is hereby amended as follows: 0 Benefit Amounts and Eligibility. 4) Early Retirement Benefit. A member retiring hereunder on their early retirement date shall receive a monthly benefit calculated by determining their normal retirement benefit based upon their credited service and average fmal compensation at to their normal early retirement date, but reducing said amount by one-quarter percent(. 25%) for each thirty ( 30) days that the early retirement date precedes the member's normal retirement date. In no event may the early retirement benefit exceed one hundred percent( 100%) of the member's average final compensation. SECTION 2: That section 2. 06. 03( i)(2) of the Municipal Firefighters' Pension Trust Fund is hereby amended as follows: i) Vesting. If a member terminates their employment with the Fire Department, either voluntarily or by discharge, and is not eligible for any other benefits under this plan, they shall be entitled to the following:  2) If the member has more than ten ( 10) years of credited service upon termination, the member shall be entitled to a monthly retirement benefit equal to two and one half three percent ( 2. 50%) ( 3%) of their average final compensation for each year of credited service payable commencing at their otherwise normal retirement date, or as reduced for early retirement as provided in section ( f) of this ordinance, provided they do not elect to withdraw their accumulated contributions and provided they survive to their normal retirement date. SECTION 3: 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 4: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 5: 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 6: That this Ordinance shall become effective upon its adoption on second reading by City Council and signature by the Mayor. Adopted: V Richard A. Rynearson, Mayor e" 4- Attest: Approved as to legal form and sufficiency for the , ity o ort ,, ton Beach, only. 3 ' d Kim M. Ba es, City Clerk berly Romano Kopp, City Attorney o , wk roti Additions are underlined; : - :; •. a per %:::.; _ 0" - "'"', 1 1''# I- • 44IVR" r : 4* p. Irak,. FLORIDA .'