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ORDINANCE NO. 1'-- ,/ ,
AN ORDINANCE PROVIDING FOR THE ESTABLISHMENT OF
A PENSION AND RETIREMENT FUND PROGRAM FOR THE
GENERAL EMPLOYEES OF THE CITY OF FORT WALTON
BEACH, FLORIDA, PROVIDING THE EFFECTIVE DATE
HEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON
BEACH, FLORIDA:
SECTION 1. By this Ordinance the City hereby exercises
the rights provided under the Florida Statutes for establishment
of retirement benefits for its employees.
SECTION 2. That the City Council of the City of Fort
Walton Beach shall appoint a Committee to administer the retire-
ment fund on behalf of the employees.
SECTION 3. The plan shall be established to provide the
following:
a) All City employees except policemen and firemen are
to be eligible to participate in the program provided they are
a full time employee.
b) Any employee to be entitled to participate in the
plan must have completed at least two years of service with the
City and be between the ages of 25 and not yet 36 at the date
of participation.
c) Eligible employees desiring to contribute to the plan
will contribute 2% of the first $400. 00 of monthly earnings plus
4% of the monthly earnings in excess of $ 400. 00.
d) Normal retirement benefits are to be payable to an
employee at the attainment of the age of 65 and ten years
credited service.
e) Monthly pension benefits will be determined in
accordance with the following formula:
f) Total and permanent disability benefits shall be
provided.
1) Current service benefit per year - 1% of the first
400. 00 monthly earnings plus 2% of the monthly earnings in excess
of $ 400. 00.
2) Past service benefit per year of credited service -
1/ 2% of monthly earnings as of January 1, 1966.
SECTION 4. The City shall have the right to terminate the
pension program by passing an ordinance so stating.
SECTION 5. This pension plan shall become effective as of
January 1, 1966.
SECTION 6. This Ordinance shall take effect 30 days after
its passage and approval by the Major.
ADO PTED :
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MAYOR: 0/a:; ~ L/ C(L~~-
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City Clerk
I hereby certify that the above is a true and correct copy.
City Clerk
seal)