Fort Walton Beach Council agenda — 10-08-02 regular Council agenda — reading text

General herein. The Plan Document Employees Retirement Plan, as well as repealing all ordinances in conflict for the providing and administration of the plan is attached to Ordinance 1526 as Exhibit A, operation Exhibits B- H are Ordinances, or parts thereof, being repealed. Please be advised that pension attorney Jim Linn will be present at the meeting to review the proposed changes and answer questions. measures the In accordance with State procedures, an actuarial impact statement must be prepared that effect of the restatement of retirement including plan provisions, the addition of technical changes and benefit clarifications. Staff has asked the plan actuary, Mike Tierney of Actuarial Concepts to provide the necessary impact statement. According to the report provided by Actuarial Concepts, the plan and revisions, taken as a whole, had no adverse on Plan liabilities or related restatement, update impact of the contribution requirements. Thus having no net impact on contribution requirements. A copy L impact statement is provided in the Additional Materials Folder. Page 4  o o c CONCLUSION: and recommends The General Employees Pension Advisory Committee has reviewed these changes approval of Ordinance 1526. Therefore, Staff respectfully requests that City Council adopt, on first the General Retirement Plan. reading,Ordinance 1526 and amending, restating, Employees adopting Respectfully Submitted 1u~/! Y" Sh~ Finance Director Human Resources Director Concur Do Not Concur 7cQ)QQJ2 k t:) II? Z-- Reid Silverboard, City Manager c Attachments: Ordinance 1526 Exhibits A-H Additional Materials Folder: Actuarial Impact Statement Docid: C:\My Documents\ WordDocs\Pension\ General Employees Plan\ Plan Rewrite - 10 08 02\staf report - general empl pension plan revisions. doc Last Printed: 10/21024:46 PM Page 5  o o C 1 2 3 4 5 ORnTNANCF. NO. 1~ 2l1 6 7 8 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH, 9 FLORIDA, RELATING TO THE GENERAL EMPLOYEES RETIREMENT FUND; AMENDING, RESTATING AND 10 11 ADOPTING THE " CITY OF FORT WALTON BEACH 12 GENERAL EMPLOYEES RETIREMENT PLAN" TO PROVIDE 13 FOR THE OPERATION AND ADMINISTRATION OF THE 14 RETIREMENT FUND; PROVIDING A SEVERABILITY 15 CLAUSE; REPEALING ALL ORDINANCES IN CONFLICT 16 HEREWITH; AND PROVIDING AN EFFECTNE DATE. 17 the General Employees' 18 WHEREAS, the City Council of the City of Fort Walton Beach created of the City of 19 Retirement Fund in 1966 to provide retirement benefits for participating employees 20 Fort Walton Beach; and 21 Retirement Fund has been 22 WHEREAS, the ordinance establishing the General Employees' with the most recent comprehensive C' 23 subsequently amended and restated on numerous occasions, 24 restatement being adopted in 1988; and 25 to federal and state laws 26 WHEREAS, there have been numerous changes in recent years 27 necessitating changes to the ordinances establishing the General governing public pension plans, 28 Employees' Retirement Fund; and 29 concluded that a general 30 WHEREAS, the Pension Advisory Committee and City staff have Retirement Fund is 31 restatement of the ordinances establishing the General Employees' 32 appropriate; and 33 determines it advisable 34 WHEREAS, the City Council of the City of Fort Walton Beach hereby to amend, restate and adopt the " City of Fort Walton Beach General Employees' 35 and appropriate to and incorporated by reference in 36 Retirement Plan" as fully set forth in " Exhibit A", attached 37 this ordinance; 38 OF THE CITY OF FORT 39 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL 40 WALTON BEACH, FLORIDA: 41 Retirement 42 Section 1 That Ordinance No. 471, creating the General Employees' C attached hereto), and 43 Fund, (Exhibit B attached hereto), Section I of Ordinance 973 ( Exhibit D attached hereto), 1255 ( Exhibit E attached hereto), 1301 44 Ordinance Nos. 1176 ( Exhibit I 45 F attached hereto), 1319 (Exhibit G attached hereto), 1379 ( Exhibit H attached hereto), Exhibit 46 and any and all other ordinances amending said Fund, are hereby repealed. rewrite. 1008 8- 23-02 no. 1526.doc Docid: c:\my documents\worddocs\ pension\general employees plan\plan 02\genpenord Last printed: 9/ 29/02 5:37 PM  o o q~ Sedion 2 That the " City of Fort Walton Beach General Employees' Retirement Plan", as set fully set forth in " Exhibit A", attached hereto and incorporated by reference herein, 49 50 is hereby adopted. 51 52 Sedion 1 That all ordinances or parts of ordinances in conflict herewith are hereby 53 repealed. 54 55 Sp,ction 4 That if any section, subsection, sentence, clause, phrase of this ordinance or administrative 56 Exhibit A, or the particular application thereof shall be held invalid by any court, the remaining section, subsection, sentences, 57 agency, or other body with appropriate jurisdiction, 58 clauses, or phrasesunder application shall not be affected thereby. 59 60 Section 4 That this Ordinance shall take effect immediately upon approval by Council and 61 signature by the Mayor. 62 63 64 65 ADOPTED: 66 67 MAYOR: 68 C'.' ATTEST: 69 70 71 Glenda Glover, Mayor 72 73 74 CITY CLERK 75 76 Reviewed and approved as to form: 77 78 79 80 Jerry Miller, City Attorney 81 82 Reviewed and approved as to legal sufficiency: 83 84 85 86 James W. Linn,Pension Attorney 87 88 Note: additions are lmnerlineo; deletions are 6tJ:idccn. 89 2-  o o FWB General Employees' Retirement Plan Working Draft 9/ 30/ 02 c 1 EXHIBIT A 2 3 CITY OF FORT WALTON BEACH 4 GENERAL EMPLOYEES' RETIREMENT PLAN 5 6 Sec. 17- 11. Creation of fund. 7 The City of Fort Walton Beach has established and maintains theqeneral Employees' of the City of Fort 8 Retirement Fund to provide retirementbehefits to participating employees 9 Walton Beach. The Retiremerit Fund was created, effective January 1, 1966 as part of the City of Fort Walton Beach General Employees' Retirement Plan, and the Plan has