Fort Walton Beach Ordinance — 472--Establish Firemens Retirement Fund — reading text

provided in Section 5.1.1. and Section 5.1.2, a Fireman, upon written request to the Board of Trustees, and subject to the approval of the Board, may elect to receive a retirement income or benefit of equivalent actuarial value payable in accordance with one of the following options: OPTION 1: A retirement income of larger amount, payable to the Fireman for his lifetime only. OPTION 2: A retirement income of reduced monthly amount, payable to the Fireman during the joint lifetime of the fireman and a joint pensioner desig- nated by the Fireman, and following the death of either of them one hundred (100) per cent, sixty-six _3s.- and two thirds (66 2/3) per cent, or fifty (50) per cent of such monthly amount payable to the survivor for the lifetime of the survivor. The Fireman electing an option of this section will designate the joint pensioner or beneficiary (or beneficiaries) to receive the benefit, if any, payable under the plan in the event of his death, and will have the power to change such designation from time to time but any such change will be deemed a new election and will be subject to approval by the Board. Election of either of these options within three years of the Fireman's EARLY or NORMAL retirement date will be subject to the consent of the Insurance company issuing any Group annuity contract, provided however, that such options may be elected any time before without such consent of the Insurance company. SECTION 6.1: Notwithstanding any provision of the retire- ment plan to the contrary if the monthly retirement income pay- able to any person entitled to benefits hereunder is less than $5.00, such benefit may be cancelled and the actuarial equivalent of such benefit paid to such in a lump sum. SECTION 7.1: DEATH BENEFITS: Should any Fireman or Former Fireman entitled to a deferred retirement benefit under the provisions of Section 8.1 participating in the Fireman's Retire- ment Fund die before retirement date, there shall be payable to such Fireman's or Former Fireman's designated beneficiary or beneficiaries a death benefit equal to: An amount equal to 100% of contributions made by the Fireman or Former Fireman with interest a 3% compounded per annum to the First day of the month preceding the -9- date of death. SECTION 7.11 DISABILITY: Total and permanent disability shall be provided. SECTION 8.1: TERMINATION BENEFITS: Should any Fireman participating in the Firemen's Retirement Fund of the City of Fort Walton Beach, Florida, leave the service of the City of Fort Walton Beach, Florida, before being eligible to retire under the provisions of the ordinance, such Fireman in lieu of all other benefits shall be entitled to a refund equal to: An amount equal to 100% of contributions received with interest at the rate of 3% compounded per annum for the first day of the month in which such Fireman should elect to receive such refunds. Should any Fireman participating in the Fireman's Retire- ment Fund of the City of Fort Walton Beach, Florida, leave the service of the City of Fort Walton Beach, after having been in the service of the Fire Department of the City of Fort Walton Beach, Florida, for at least ten (10) years and contributing for at least five (5) years, and should such Fireman elect to leave his contributions in the fund, such Fireman will be entitled to a Deferred Retirement Benefit to commence as he elects either on Normal Retirement Date or on Early Retirement Date as described in Section 5.1 (1) and (2) respectively, in an amount based on service and earnings up to the date such Fireman leaves the services of the Fire Department of the City of Fort Walton Beach, Florida. SECTION 9.1: TERMINATION OF THE PLAN: Upon termination of the plan for any reason, the fund shall be apportioned and dis- tributed in accordance with the Florida Statutes. -10- SECTION 10.1: This ordinance shall be retroactive and effective as of January 1, 1966. SECTION 10.2: All existing assets previously committed to the Firemen'ts Pension Fund shall be transferred to the trustees as assets of the Firemen's Retirement Fund. SECTION 11.1: This ordinance shall take effect 30 days after its final passage by the City Council,and shall be pub- lished as required by law. ATTEST : Lol. Eran City Clerk Playground Daily News Published Daily (Except Saturdays and Sundays) Fort Walion Beach, Florida State of Florida, County of Okaloosa Before the undersigned authority personally appeared R WAYNE 2. BELL who on oath says that (s)he is E01 TOR~PUBLISHER of the Playground Daily News, a daily newspaper published at Fort Walton Beach, in Okaloosa County, Florida; that the attached copy of advertisement, being a NOTICE AN ORDINANCE #72 in the matter of in the Court, was published in said newspaper in the issues of Aucust 19, 1966 Affiant further says that the said Playground Daily News is a newspaper published at Fort Walton Beach, in said Okaloosa County, Florida, and that the said newspaper has heretofore been continuously published in said Okaloosa County, Florida, each day (Saturday and Sunday excepted) and has been entered as second class mail matter at the post office in Fort Walton Beach, in said Okaloosa County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that (s)he has neither paid nor promised any person, firm or corporation any discount, rebate, commission f advertisement for publication in AUGUST Notary Public, State of Florida at Large My Commission Expires June 5, 1970 My Commission Expires pe en ATL win LLov. and Retirement ystems for Fir - De ae Trus te Beach, Flori creating a ana Reel rete of said Ments, death effec SOUP sae oxcvdiain ecer rds, wake & ovi ine pons tons c c os e This ordLsancee shal. tance effect : cas 2 a ed 7 i e . * i paSssact ny ae, G@b tied Lg rs he by Law. ape # 9