Fort Walton Beach Ordinance — 1641 - Police Pension Fund- Early Retirement — reading text

5/ 12/05 PROPOSED ORDINANCE AMENDING THE CITY OF FORT WALTON BEACH POLICE OFFICERS' RETIREMENT PLAN I tUJ::;,~ .~, ~ RF.. EARLY RETIREMENT INCENTIVE) ORDINANCE NO. 1641 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH, FLORIDA, RELATING TO THE POLICE OFFICERS' RETIREMENT FUND; CREATING A NEW SECTION 17- 47.3 TO PROVIDE AN EARLY RETIREMENT INCENTNE FOR EMPLOYEES WITH TWENTY- FNE YEARS OF SERVICE; PROVIDING A SEVERABILITY CLAUSE; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTNE DATE. WHEREAS, the City Council of the City of Fort Walton Beach created the Police Officers' Retirement Fund in 1966 to provide retirement benefits for police officers of the City of Fort Walton Beach; and WHEREAS, the City Council of the City of Fort Walton Beach hereby determines it advisable and appropriate to amend the City of Fort Walton Beach Police Officers' Retirement Fund to provide for an early retirement incentive for certain members of the Police Officers' Retirement Fund; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: Section 1. A new Section 17- 47.3 of the Police Officer' s Retirement Plan is created as follows: Section 17- 47.3 2005 Early Retirement Incentive Notwithstanding any other provision of this plan to the contrary, any employee who as of September 1, 2005 has twenty-five ( 25) or more years of credited service under the plan may elect to retire in accordance with this section without any early retirement reduction in benefits. For purposes of this section only, credited service shall include up to two ( 2) years of military service completed prior to employment with the City. Any eligible employee who elects to retire under this section must submit a written election to the Plan Administrator on a form provided by the City within fifteen ( 15) calendar days following the adoption of this ordinance. An employee' s written election to retire under this section shall be irrevocable. Any such eligible employee who timely submits a written election pursuant to this section shall qualify for a monthly retirement benefit equal to two and three- fourths percent ( 2. 75%) of final average monthly earnings for each year of credited service up to a maximum of one hundred percent ( 100%) of final average monthly earnings. An employee who timely submits a written election pursuant to this section may elect an alternate form of retirement income in accordance with Section 17- 47. The actual retirement date of each eligible employee who timely submits a written election pursuant to this section shall be within twelve ( 12) months following the employee' s election, as determined by the City based on operational needs. Benefit payments shall begin on the first day of the month coincident with or next following the employee' s actual retirement date. Section 2. That all ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 3. That if any section, subsection, sentence, clause, phrase of this ordinance or Exhibit A, 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 4. That this Ordinance shall take effect immediately upon approval by Council and signature by the Mayor, except as otherwise specifically provided herein. ADOPTED: MAYOR: Ikiu~ Michael G. Anderson ATTEST: t1:'~ CITY CLERK ' ,~ Reviewed and approved as to form: Reviewed and approved as to legal sufficiency: w. ~. 4 DIBPOSDj{,::. 2- I I i  L II, ' LEWIS, LONGMAN & WALKER, P.A. Tr"~ NI\, \ 1 L~ Vv REPLY To: TALLAHASSEE September 1, 2005 Helen Spencer, City Clerk City of Fort Walton Beach Post Office Box 4009 Fort Walton Beach, FL 32549 Re: City of Fort Walton Beach Police Officers' Retirement Fund Dear Ms. Spencer: Enclosed is the original signature page of Ordinance No. 1641, which I have signed. Sincerely, w. l-, Linn JWL/ es Enclosure Helping Shape Florida's Future BRAD EN TON JACKSONVILLE TALLAHASSEE WEST PALM BEACH 11) 1 Tilll d l\, 9428 G" I, II R PO 8,_,. 1U7;:~B : 3230)) 1' no P IIIV1 Bc.l~ h L. B,", J lkc:.., l-; 10nl1 Sllltp (, 7fj UltL (~:2S 1~~ ' lith d,-j'_-;; Ijer~, et, S; Jitc : H1IJ Strf:" to B' FI'-'[ I.-!,- J j4~(} 5 ur , d T.JII, iI Fk r jj l, U'i Wpc; t P,-] ir: l f-Inll j,:J _ 1.?,' 11~J1 t I 5,. 0 C. f I n~! 1 . 2,-' 4 So 1- 640- U::::,' O . t I :, 1, 1 Ai.(() 1( Ii) cj(}, 1' l . i I 94" - ' 1J5- 4li24 f:-' I '- 1U4 --: ~ I J.2U . i '~ Jd J( j22 p r: www. llw- Iaw. com  CITY OF FORT W ALTON BEACH, FLORIDA NOTICE OF PUBLIC HEARING 9, 2005, A PUBLIC HEARING will be held on the following proposed ordinance at 7: 00 p. m. on Tuesday, August the City in the Council Chamber at Fort Walton Beach City Hall, 107 Miracle Strip Parkway, SW, at which time Council will consider its adoption into law. The ordinance in its entirety may be inspected at the Office of L . 3553 Clerk during regular working hours. All interested parties may appear at the meeting and be heard with rl ( fffy OF FORT WALTON BEACH flORIDA thIS proposed ordmance. NOTICE' OF PUBLIC HEARING ORD. 1641 A PUBLIC HEARING will