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

I~ a qualified joint and survivor annuity, providing the plan has not been terminated and the full current costs of the plan have been met. Such restricti'ons shall otherwise apply only to the extent that they are required as a condition of qualification by the Internal Revenue Service. Sec. 17 - 16. 2. Benefi ts to survivors because of death prior to retirement; post- retirement death benefits; right to name beneficiary. Any employee participating in this plan who has completed two ( 2) or more years of continuous service shall, be eligible for payment to beneficiaries, specified and limited by this section, of a pre- retirement death benefit. The benefit shall be a monthly income equal to fifty percent ( 50%) of the employee' s credited service percentage projected to his normal retirement date multiplied by his current monthly base compensation as defined in Section 17- 11.1. All payments provided for under this section shall be made to a designated beneficiary which the participant has designated in writing with the office of the plan administrator only on forms provided for that purpose. Only those beneficiaries filed with the plan administrator shall be recognized as eligible for receipt of benefits. The initial and each successive beneficiary designation shall be signed and dated by the employee and wi tnessed by an employee approved by the plan administrator. Pa~ e 24  Beneficiaries eligible to be designated to receive these benefits shall be: 1. A spouse who is not legally separated from the employee. . 2. A dependent child who has not attained age eighteen ( 18), or a dependent child who has not attained age twenty- three ( 23) if enrolled as a full- time student. 3. A dependent surviving parent or parents. Each employee may name and successively name one or more beneficiaries as provided above to receive the death benefits payable under this section. Secondary and tertiary beneficiaries may also be named by the participant to receive the benefit if the primary beneficiary should predecease him. In the event that all named beneficiaries predecease the participant or die in a common accident or occurrence, no benefit shall be paid under this section. In such case, the accumulated contributions of the participant shall be paid to his estate. In the event this benefit shall become payable to a surviving spouse, it shall commence on the first day of the calendar month next following the date of death of the employee and shall terminate with the last monthly payment due prior to the date of death or remarriage of the spouse, whichever occurs first. In the event this benefit shall become payable to one or more surviving dependent children of the employee, it shall commence on th'e first day of the calendar month next following the date of death of the employee and shall terminate with the last monthly payment due prior to the attainment of each child' s respective eighteenth ( 18th) birthday, marriage or death, whichever occurs first. If ",' a child shall be enrolled as a full- time student, the benefit provided in the terms of :the beneficiary designation shall be paid through the month prior to the month of attainment of the child' s twenty- third ( 23rd) birthday, termination from enrollment as a full- time student, marriage or death, whichever occurs first. In the event this benefit shall become payable to a surviving parent or parents, it shall commence on the first day of the calendar month next following the date of death of the employee and shall terminate with the last monthly payment due prior to death of the last surviving parent or with the payment of one hundred twenty ( 120) monthly payments, whichever occurs first. The benefit payable under this section shall be paid in lieu of all other death benefits previously provided under this plan. All contributions, together with accumulated interest, paid by the participant into this fund shall be retained by this fund and no survivor shall accrue an interest therein. This benefit shall terminate Pa~ e 25 on the day of termination, early retirement, normal retirement or deferred retirement. The plan administrator shall have the right, at any time, to require evidence from any beneficiary to support their qualifications to continue to receive benefits under this section. Failure or refusal to provide such evidence shall resul t in a termination of benefits until such evidence is provided. Sec. 17- 16. 3. Benefits to survivors because of death after retirement. If an employee dies after his retirement, except for disability retirement, having chosen a retirement benefit option under section 17 - 15. 4 providing for payments to a named beneficiary, those death benefits shall be paid in conformance to the provisions of that section. Sec. 17 - 17. Termination or discharge of participating employee; options available. In case of voluntary resignation or discharge of any person participating in the plan under this article, the total amount contributed by such employe€7 to the retirement fund up to the September 30th just prior to his resignation or discharge shall be returned to him, with three percent ( 3%) interest compounded to the date of such resignation or discharge. Contributions made by the employee since the just prior September 30th shall be returned without interest. If on the date of such voluntary resignation or discharge, the terminating employee has completed' at least ten (10) years of credited service, he shall have the option of receiving a one: sum payment as hereinabove defined in this section or may defer, at his sole discretion, the receipt of any benefits until his sixty- second ( 62nd) birthday, which shall be the normal retirement date, at which, time he may receive the retirement benefit which had accrued to the date of his termination or discharge according to the method prov ided for the calculation of benefits under section 17 - 15. In the event that such employee has met the service requirements as outlined above and has already attained age sixty- two ( 62) upon his voluntary resignation or discharge, he may elect the benefit accrued to his normal retirement date to begin receiving immediately as a normal retirement benefit. In the event any person shall leave the employ of the city either by reason of the employ of the voluntary resignation or discharge and shall thereafter re- enter city, such person may, if he re- enters the employ of the city within a period of one discharge, receive credit for 1) year from the effective date of his resignation or Pa~ e 26 the full time of his service as an employee of the city, by paying back into the retirement fund, within thirty ( 30) days after re- entering such employment, the amount withdrawn by him at the time of his resignation or discharge together with such interest as may be calculated at the rate currently assumed in the actuarial assumptions at the last valuation. An employee re- entering the employ of the city under these conditions, in order to re- establish participation in the pension fund, must also be examined by a duly licensed and practicing physician approved by the trustees, which physician must provide certification on a form provided by the administrator showing that such prospective re- employed person has health and habits acceptable under the provisions of this article in the opinion of the pension advisory committee. Sec. 17- 17. 1. Termination of participation in retirement fund when employee is convicted of a felony. The participation of an employee in the retirement fund shall cease upon his conviction of a felony connected with and arising out of his employment by Ihe city. An employee who shall cease to participate in the retirement fund through the operation of this section will have returned to him all sums which ' he has contributed to the retirement fund together with interest as provided under this article. Sec. 17- 17. 2. Termination of retirement benefits upon re- employment by the city. Any employee who, upon retirement and commencement of benefits under, this chapter, is re- employed by the city as an employee