READ ALONGSIDE THE SOURCE
Fort Walton Beach Ordinance — 1640--Amend General Employees Pension - Early Retirement — reading text
Part 1 of 1. These parts divide the reading text for browsing; they are not the source document's page numbers.
Machine-extracted text — fwb-6224-original.pdf
Machine-extracted OCR text · Review label: Machine produced / unreviewed
Compare this copy with the preserved source. Review labels describe the recorded status of this file; they do not guarantee that the text is error-free. Spacing and line breaks are retained, with long lines wrapped to fit the screen.
I::",~':
IQ~))?:.
J..... ...___......._""""'...'.... '.
i:'
i""", ,;
0:._-
r5 d'
' iiw,
PROPOSED ORDINANCE AMENDING THE
CITY OF FORT WALTON BEACH
i(lJt
I..!!:~
L._...
P . . 10<;:
GENERAL EMPLOYEES' RETIREMENT PLAN
EARLY RETIREMENT INCENTIVE)
ORDINANCE NO. 1640
AN ORDINANCE OF THE CITY OF FORT WALTON BEACH,
FLORIDA, RELATING TO THE GENERAL EMPLOYEES'
RETIREMENT PLAN; CREATING A NEW SECTION 17- 15. 6
TO PROVIDE AN EARLY RETIREMENT INCENTIVE FOR
EMPLOYEES WHO REACH AGE 52 WITH TWENTY-FIVE
YEARS OF SERVICE; PROVIDING A SEVERABILITY
CLAUSE; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Fort Walton Beach created the General Employees'
Retirement Plan in 1966 to provide retirement benefits for participating employees of the City of
Fort Walton Beach; and
WHEREAS, the City Council of the City of Fort Walton Beach hereby determines it advisable
and appropriate to amend the General Employees' Retirement Plan to provide for an early
retirement incentive for certain members of the General Employees' Retirement Plan;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WALTON BEACH, FLORIDA:
Section 1. A new Section 17- 15. 6 of the General Employees' Retirement Fund is
created as follows:
Section 17- 15. 6 2005 Early Retirement Incentive
Notwithstanding any other provision of this plan to the contrary. any employee who as of
September 1. 2005 has twenty-five ( 25) or more years of credited service under the plan and has
attained age 5 2 may elect tor etire in accordance with this section without any early retirement
reduction in benefits. Any eligible employee who elects to retire under this section must submit a
written election to the Plan Administrator on a form provided by the City within fifteen ( 15)
calendar days following the adoption of this ordinance. An employee' s written election to retire
under this section shall be irrevocable. Any such eligible employee who timely submits a written
election pursuant to this section shall qualify for a monthly retirement benefit equal to two and
three- fourths percent ( 2. 75%) of final average monthly earnings for each year of credited service up