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

providing for disability benefits, and upon a positive finding of eligibility, grant such benefits. No member may receive such benefits unless approved.:,for same by the committee who are bound to apply the appropriate provisions of this article in making such determination of eligibility. e) Investigate the facts relative to any application of a member for normal retirement, early retirement or deferred retirement, and upon a positive finding of eligibility, grant such benefits. No benefit or relief shall be given to a member unless it shall be approved by the advisory committee. Each participant shall have the right to appeal decisions in which claims for benefits are denied. Section 17 - 20. 1 provides for the board of review and the administration manual details all procedures for its function. f) Serve wi th the board of trustees and the plan administrator as a commi ttee of the whole in the specific event that the proration of benefits section of this article becomes operative, and to execute the responsibilities enumerated therein. Pa~ e 8 Sec. 17 - 12. Source of funds; employee contributions; employer contributions. The pension fund shall consist of monies derived as follows: . 1, 1966 For persons participating in this plan during the period from January through June 30, 1972, two percent ( 2%) of compensation up to and including $ 400 per month plus four percent ( 4%) of compensation in excess of $ 400 per month shall have been deducted from said salaries or wages by the finance director before the same were paid and such percentage of compensation shall have been paid into this fund. For persons in this the period from July 1, 1972 participating plan during through December 31, 1978, three and one- half percent ( 3 1/ 2%) of compensation up to and including $ 400 plus four and one- half percent ( 4 1/ 2%) of compensation in excess of $ 400 per month shall have been deducted from said salaries or wages by the finance director before the same were paid and such percentage of compensation so deducted shall have been paid into this fund. For persons participating in this plan on or after January 1, 1979, five percent 5%) of basic monthly earnings shall be deducted from compensation, as de~ ned, by the finance director before the same is paid and such percentage of compensation so deducted shall be paid 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, normal and administrative costs of this plan. The city council shCi\ I, in the preparation of the annual budget for the city, place in such 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 an annual basis. An employee' s contribution to the plan shall cease when he exercises his option to retire at either the early retirement date, the normal retirement date or the date of termination if he shall have elected deferred retirement or wi thout a vested accrued benefit. If an employee had reached age sixty- two ( 62) on January 1, 1979, he may continue contributions to accrue credited service to age sixty- five 65) which shall be his normal retirement date. An employee may, with 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 or credited service will accrue to the employee for those periods in which contributions are suspended but he will not be considered terminated for purposes of this plan. PaRe 9 Sec. 17 - 12. 1 Deposit and investment of monies and securities. All funds and securi ties paid into or held by the pensioA fund shall be deposi ted wi th the finance director who shall be the treasurer for the board of trustees of this pension 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 ci ty, 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. The board of trustees shall set the policy as to investment media which are acceptable as well as those which are unacceptable for this fund. They may also specify or limit the percentage of plan assets which may be invested in any type of investment medium. All monies paid into or held in the pension fund shall be invested by the treasurer at his discretion but subject to the investment policy, directions and limitations enunciated by the board of trustees. The treasurer shall invest fund assets as to provide for sufficient liquidity to meet all payments required to be made under terms of this article. The treasurer shall be responsible for maintaining records of individual employee contributions in order to satisfy the requirements of various sections of this article including the apportionment of interest and to establish accounting this article from procedures which will isolate the assets of the fund created by assets of funds created by any other article where they shall exist in ~ 9mingled accounts or investment media. Sec. 17 - 13. Persons eligible to participate in fund; qualifications; participation mandatory to qualified persons. All employees of the city who meet the qualifications hereinafter provided, the elected officials, firemen and policemen, shall be eligible to excepting participate in this fund. It shall be mandatory upon all persons who satisfy the to participate in this pension fund and to contribute to eligibility requirements such fund as hereinafter provided. All persons employed by the city on or after January I, 1980, shall be examined by a duly licensed and practicing physician to determine if his health and habits are acceptable to the pension advisory committee under the provisions of the plan. Furthermore, any person who has previously waived participation in the plan under prior provisions, shall have a one time election to participate if he is able to Pa~ e 10 meet all qualifications and ' applies for entry within a period beginning December 11, 1979, and ending March 31, 1980. It is not the purpose of this s'ection to deny employment by the city any person who cannot produce a certification of sound health necessary 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 of Fort Walton Beach if such employment is offered. Specific qualifications for participation in this pension fund are as follows: 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 employee 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 employm~ nt who meets the other requirements for eligibility shall accrue credited service effective with his entry date. d) Entry dates - Employees qualified under the foregoing provisions of this section shall be eligible to enter participation in this plan on the earlier of January 1st or July 1st after which they have