Fort Walton Beach Ordinance — 801 Restate General Emp Plan — reading text

deposit such amounts into this fund. In addition, the city shall contribute such additional sums as are necessary to maintain actuarial adequacy in meeting on a current and annual basis the past service and normal costs of this plan. The city council shall, in the preparation of Pa~ e 37  the annual budget for the city, place in the budget an appropriation of sufficient sum to meet its agreed upon share of these costs. The finance director shall pay such amounts into the retirement fund on a monthly basis. An employee' s contribution to the plan shall cease when he exercises his option to retire at either the early retirement date, the nonnal retirement date or the date of termination if he shall have elected deferred retirement or without a vested accrued benefit. An employee may, wi th the consent of the trustees, suspend contributions during absence from work due to disability, or on account of temporary layoff or leave of absence. No benefit credited service will to the or accrue employee for these periods in which contributions are suspended but he will not be consi dered terminated for purposes of this plan. Sec. 17- 25. Deposit and investment of monies and securities; investment authori ty and responsibility; designation of treasurer; delegation of investment duties; responsibility for maintaining records. All funds and securi ties paid into or held by the retirement fund shall be deposited with the finance director who shall be the treasurer 'for the board of trustees of this fund, and the treasurer shall keep the same in a separate fund and be liable for the safekeeping of the same, under the bond given him by the city, in the same manner and to the same extent as he is liable for the safekeeping of the funds as are now provided by law. i ty council shall set the investment policy as to investment medi~ which W~ r--\ are acceptable as well as those which are unacceptable for this fund. They may l""'\ l/ also specify or limit the percentage of plan assets which may be invested in any type of investment medium. All moni es paid into or held in the retirement fund shall be invested by the treasurer at his discretion but subject to the investment policy, directions and limitations enunciated by the city council. The treasurer shall invest fund assets as to provide for sufficient liquidity to meet all payments required to be made under the terms of this article. The treasurer shall be responsible for maintaining records of indi vidual employee contributions in order to satisfy the requirements of various sections of this article including the apportionment of interest and to establish accounting procedures which will isolate the assets of the fund created by this articJ~ from Pa~ e 38 assets of funds created by any other article where they shall exist in commingled accounts or investment media. Sec. 17- 26. Persons eligible to participate in fund; quaHfications; participation mandatory to qualified persons. All employees who meet the qualifications hereinafter provided shall be eligible to participate in this plan. It shall be mandatory upon all persons who satisfy the eligibility requirements to participate in this fund and to contribute to the fund as hereinafter provided. All employees, having met the quaiification procedures, shall be eligible to participate in this plan on the later of January 1, 1966, or their employment date. Any eligible person qualifying as a fireman who shall be employed by the city on or after January 1, 1980, shall be examined by a duly licensed and practicing physician to determine if the employee' s health and habits the trustees are acceptable to under the provisions of the plan. It is not the purpose of this section to deny employment by the city to any person who cannot produce a certification ~of sound health to gain participation in this fund. It shall therefore not be incumbent upon such persons who cannot produce certification of sound health to' forego employment with the city if such employment is offered. Specific qualifications for participation in this pension fund are as fQ1.lows: a) Minimum age - There shall be no minimum age requirement' for participation in this plan except the legal age at which an individual may hold a work permit or be granted regular employment under the regular personnel rules of the city. b) Maximum age - Any person who is a regular and permanent fireman under the definitions of this article who has not yet reached his sixtieth ( 60th) birthday shall be eligible to participate in the plan. c) Credited city service - Any employee accepted for city employment as a fireman who meets the other requirements for eligibility shall become a participant of this plan effective as of his date of employment. d) Medical examination - Any employee meeting the eligibility requirements hereinabove provided in this section must, prior to consideration of the board of trustees for participation in this plan, be examined by a duly licensed and practicing medical physician selected by the plan Pa~ e 39  administrator, and the examination must indicate health and habits satisfactory to the board of trustees. Prior to acceptance into this plan the board of trustees is authorized to request request additional information from the applicant or any doctor or medical facility from which he has received treatment or services. Sec. 17- 27. Credited service; military service. Credited service shall mean all full years and any fraction thereof to four ( 4) decimal places of continuous city service from the date of entry into this plan to the earliest of the date of termination, the date of disability, the early retirement date , the normal retirement date or forty ( 40) years. Continuous service with the city shall not be broken in the event of: 1) Absence with the consent of the plan administrator during any period not in excess of one ( 1) year, except that the city manager may extend the period of leave up to two ( 2) years with approval through resolution by the city council. 2) Absence from work because of occupational injury or disease incurred as a result of employment with the city, for which absence an employee shall be entitled to worker' s compensation benefits. 3) Absence in the service of the armed forces of the United States provided the employee shall re- enter the employ of the city within 30 days after his separation from active duty or after the end of his first mandatory military service period. In interpreting this section, the plan administrator will apply uniform rules in a uniform manner to all employees under similar circumstance. An employee shall not receive credited service in the of of case periods absence set forth in subsections 17- 27{ b){l) and 17- 27( b){2) above, but shall retain credi ted service accrued prior to such absence. Subsection 17 - 27( b){3) above, is subject to the provisions described hereinafter in this section. Upon return to employment after an approved absence, the employee will again accrue credited service. Credited military service - An employee will receive credit for each full year and fraction thereof to four ( 4) decimal places for military service he has completed prior to employment with the city, except that persons employed after December 11, 1979, shall receive no credit for military service. The maximum number of years of credit an employee may receive for military service shall be two ( 2) years. PaRe 40  There is a paragraph missing here which required that an employee not be credited with service for which he has not made a contribution. . The language was considered redundant. *** Failure to return to the employ of the city at the end of any period specified in subsections 17 - 27 (b) ( 1), 17 - 27( b)(2) or 17 -