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

been subsequently 10 11 amended and restated. This Plan, as mpst rec,ently restated effective upon the adoption of 12 Ordinance No. , and as it may be amended in the future, proVides. for the openltion and 13 administration ofthe Fund. C~: Sec. 17- 11. 1. Definitions A pronoun in the masculine gender shall be construed as including the feminine gender 16 of this Plan 17 throughout this Plan unless the context clearly indicates otherwise. For the purposes 18 aRWle, the following definitions shall apply: ACCRUED Aeerned benefit shall mean~ the earned retirement benefit 19 ill. BENEFIT":" Plan aRWle. 20 through the current date as credited under the provisions of this ACTUARIAL EQUIV ALENT means a benefit of equal value or equal cost. computed on 21 ill rate of 8%. 22 the basis of the 1983 Group Annuitv Mortality Table and an interest 23 ill ADMINISTRATOR means the City finance director. 24 ND Mffi'IDMENT ..'\ TEMENT TE. The amendment and restatement date L-\ RE8T..^.. D..^.. 25 of this plan shaU be Ootoboc 13, 1987. to receive benefits 26 ill BENEFICIARY means a person who is designated by a member 15.4 and Sec. 17- 16. 1. 27 following the member' s death, in accordance with Sec. 17- 28 ill CITY means the City of Fort Walton Beach, Florida. L, Note: Additions are underlined; deletions are ~ Page 1 Shaded language is substantially rewritten; see current text for comparison.  o o FWB General Employees' Retirement Plan Working Draft 9/ 30/ 02 C 29 @ COMMITTEE means the pension advisory committee. 30 31 ill Compensation shall mean~ the basic monthly earnings of an COMPENSATION,:, the basic rate of pay and 32 employee expressed as a monthly salary or wage calculated on exclusi', e of excluding all overtime pay, bonuses, commissions. final leave pay and extra 33 34 or additional remuneration in any form. CONTINGENT ANNUITANT. The ingent eoB:t: annuitant is means that person 35 ill income in the event 36 designated by an employee a member under this Plan to receive a life life and survivor 37 of the effil3leyee member' s death after retirement under the joint 38 alternate options. 39 2) DATE OF EMPLOYMENT. This date shall be the actual calendar date on which an on the active employment 40 employee, under the definitions of this Plan aHiele, is entered 41 rolls of the City. 42 ilQ1 DATE OF MEMBERSHIP means the date on which an . employee commences C 43 participation in the Plan. DEATH BENEFIT. This benefit shall mean~ any amounts paid a beneficiary by reason 44 il. ll 45 of the death of a member of this Plan under section 17- 16. 2 of this Plan aHiele. 46 DEFERRED RETIREMENT. Deferred retirement is retkement at aflY date after an ith benefits based on 47 omployee shan have met the requirements for normal retirem6flt':: 48 accrued credited service at his normal retiremont date. 49 ill DISABILITY means physical or mental condition that, in the opinion of the any 50 committee, totally and permanently prevents a memberftom perform.i1lg substantially all of education, 51 of the requirements of any job for which he may be suited by reason or any other employer. 52 training or experience, either with the City of Fort Walton Beach is means the retirement of a member 53 ll} DISABILITY RETIREMENT. Disability retirement f. the provisions of 54 of this Plan based upon a finding of total and permanent disability under 55 section 17- 15. 2 of this Plan erHele. Note: Additions are underlined; deletions are 5tfiek:eB. Page 2 Shaded language is substantially rewritten; see current text for comparison.  o FWB General Employees' Retirement Plan Working Draft 9/ 30/ 02 c time 56 iHl EARLY RETIREMENT. Early retirement shall be means retirement at any under 57 coincident with or following the attainment of age fifty-two ( 52) and 100% vesting 58 the Plan the completion of ten ( 10) years of credited service. 59 EFFECTIVE DATE. The effecti': e date ofthi-s plan is January 1, 1966. is used in this article it shall mean~ a 60 ill} EMPLOYEE. Whenever the word employee the city ad regular, full-time 61 general municipal employee who is regularly employod by who shall meet the minimum 62 City employee who is on the active employment rolls~ in this section 63 service requirements as outlined ad defined under future credited service The term employee shall also include the city 64 except as otherwise provided below. 65 manager and finance director upon their written election to participate in the Plan, but chief of police, and 66 shall not include: city council members, police officers other than the 67 firefighters. made by the City to this pension 68 lQ). EMPLOYER CONTRIBUTIONS means' contributions , 69 fund, as provided under section, 17- 12 of this Plan. C, 70 ENTRY D}..TE meas the date of employment if an employee subsequently meets the 71 eligibility requirements for entry into the plan. is certified as a 72 D1l FIREFIGHTER means any person employed as a City firefighter who with the provisions of Florida 73 frrefighter asa condition of employment in accordance life, and to protect 74 Statute 633. 35, and whose duty it is to extinguish fires, to protect 75 property. 76 ill FINAL AVERAGE MONTHLY EARNINGS means a member' s monthly compensation fifteen ( 15) years of employment 77 averaged over the highest five ( 5) years out of the last 78 prior to retirement. ten ( 10) or more years of credited service, or a 79 fl.2} FULLY VESTED means a member with 80 member specified in Sec. 17- 15( 2) who has attained a 100% vested percentage. Retirement Fund. 81 20) FUND means the City of Fort Walton Beach General Employees' masculine shall be 82 GENDER. '\ Vher0"/er used in this article, a pronoun in the ge1'laer mless the context clearly indicates otherwise. 83 construed as including the feminine gender l:: r- Note: Additions are underlined; deletions are striekeB. Page 3