Fort Walton Beach Ordinance — 1817 Amend General Employees Pension - Close Plan to New Members — reading text

of Fort Walton Beach General Employees' Retirement Plan is hereby amended to read as follows: Sec. 17- 17. Termination of Employment; Reemployment. 2) If a member who is fully vested in accordance with section 17- 17. 1 ( 20), or partially vested in accordance with section 17- 15( 2), terminates City employment or elects to participate in the Defined Contribution Dlan in accordance with section 17- 11 (2), he may elect to receive a refund of contributions in accordance with subsection ( 1), above, or may elect to defer the receipt of retirement benefits until the early or normal retirement date ( if applicable), at which time he may receive the retirement benefit which had accrued to the date of his termination or election to participate in the DerIDed Contribution pl~ calculated in accordance with section 17- 15 or 17- 15. 1. The retirement benefits of such vested terminated members shall be determined in accordance with the terms of the Plan in effect at the time City employment terminates or participation in the Ord. 1817 Page 5 of7 Defined Contribution Plan commences, and shall not be subject to the cost of living adjustment in section 17- 16. Fully or partially vested members may not transfer member contributions into the Defined Contribution Plan. 3) In the event a member terminates City employment and is thereafter re- employed on or before December 31 ~ 2009 by the City in a position covered by this Plan within one ( 1) year following the effective date of tennination, the member may receive credited service for the full period of prior membership by paying back into the retirement fund, within thirty ( 30) days after reemployment, the full amount returned to the member following tennination of employment, together with interest at the rate assumed in the most recent actuarial valuation. A member who is reemployed by the City must complete the medical examination described in Sec. 17- 13( 1). Notwithstanding any other provision of the a former member of the Plan who is reemployed Plan.. by the City on or after January 2010 will become a member of the Defined Contribution Plan. 1.. Section 5. Section 17- 20. 1 of the City of Fort Walton Beach General Employees' Retirement Plan is hereby amended to read as follows: Sec. 17- 20. 1. Transfer of City employees between plans. 1) If a City employee participating as a member of another retirement plan within the City system becomes an employee under the dermitions of this Plan on or before December 31~ 2009, his membership shall be transferred to this Plan. The years of credited service that he has accrued under the predecessor plan shall be credited to him under this Plan. The entre balance of the employee' s accumulated contributions shall be transferred without delay to the General Employees Pension Trust Fund. In addition, the advisory committee shall request that an actuarial calculation be performed to determine the portion of the predecessor plan' s funds which has been accrued to fund the benefits of the transferring employee. As soon as the amount can be determined, the Plan administrator shall transfer such amount from the predecessor fund to this fund and provide a memorandum to each plan of the result of the transfer. If a City employee participating as a member of another retirement plan within the City system becomes an employee under the definitions of this Plan on or after January 1..2010~ he will become a member of the DerIDed Contribution Plan. Section 6. That all ordinances or parts of ordinances in conflict herewith are hereby repealed. Ord. 1817 Page 6of7  Section 7. 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 8. That this Ordinance shall take effect immediately upon approval by Council and signature by the Mayor, except as otherwise specifically provided herein. ADOPTED: MIKE ANDERSON MAYOR ATTEST: Reviewed and approved as to form. L a(~~ A. SP CER TONI L. CRAIG . rA~ CITY CLERK CITY ATTORNEY Reviewed and approved as to legal sufficiency: Lj. L-. Note: additions are underlined; deletions are striek-eB. DISPOSITION Ord. 1817 Page 7 of7  f! (} r Daily News Legal 7261 CITY OF FORT . " WALTON BEACH, FLORIDA' ., Published Daily NOTICE OF PUf3~ 19 HEARING' . '. Fort Walton Beach, Florida A PUBLIC '. HEARING Distributed in Okaloosa, Santa Rosa & Walton Counties will be held on the' fol- ordi-, lowing - pro"posed' nance at 6: 00 p. m. , on Tuesdl\:y,' December. 8.' 2009; . in the:" QII poun, State of Florida Chamber at Fort. Wal- ton Beach' City Hall, County of Okaloosa 1 0'7 Miracle . Strip . Park- : way, sW, _- at Whic~', tim.e wIll , the . City . COUQcl1 . consider its'. adoption Before the undersigned authorized personally appeared into law.. Jhe> or'dinance be in its entiret{ may . at the. Off~ce hl4'Ur LJfi vJ;I&- who on oath says that ( s) he regular ' w, inspected;' of the:;"City, CI,er,k;" g qUrI!) orkin~ hOU,rs.~ t: interest~d" - parties \ f! All . is lfLS);. fi Ld AlJ ~ 5' c. r of the Northwest Florida Daily News, a daily may · meeting . appeaJ and ; at pe. reard! the 1 th1S o"\