Fort Walton Beach Ordinance — 2158--Amending COO Section 2.07.03 of the General Employees Retirement Plan — reading text

READING DATE Ist 9 !b o 2nd 9 a X01 ORDINANCE 2158 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH AMENDING THE GENERAL EMPLOYEES' RETIREMENT PLAN; AMENDING THE SECTION PERTAINING TO THE ESTABLISHMENT OF A PENSION ADVISORY COMMITTEE; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. WHEREAS, administration of the City of Fort Walton Beach General Employees' Retirement Plan is vested in the City Council under Ordinances of the City of Fort Walton Beach; and WHEREAS, the City Council has enacted Ordinances creating a Pension Advisory Committee and providing it with the authority to Administer the General Employees' Retirement Plan, including the authority to make the investment decisions of the Plan; WHEREAS, the Finance Director shall administer the Plan and serves on the Pension Advisory Committee; WHEREAS, the City of Fort Walton Beach General Employees' Retirement Plan is a closed Pension Plan with a minimal number of active members; and WHEREAS, the Pension Advisory Committee and the City of Fort Walton Beach City Council finds that it would be in the best interest of the citizens of the City and the members of the General Employees' Retirement Plan to amend the Plan as set forth below to retain qualified people to serve on the Pension Advisory Committee. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA; SECTION 1: That the General Employees' Retirement Plan is hereby amended as follows: SECTION 2. 07. 03. Establishment of pension advisor° committee: election, term; vacancy, duties. a) There shall be a pension advisory committee made up of five (5) persons appointed by the City manager. Four ( 4) members of the committee shall be either. active Plan members or f • a in *' retired members of the Plan, ro two ( 2) he shall be ple aiviRiAn The fifth member shall be the plan administrator. Committee members shall serve four ( 4) year, staggered terms, and may succeed themselves. If a committee member resigns, retires or terminates employment, their successor shall be appointed by the City manager to serve the remainder of their term. An appointed committee member shall not serve more than two ( 2) consecutive terms. SECTION 2: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Fort Walton Beach. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed.  SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 5: That this Ordinance shall become effective upon its adoption and signature of the Mayor. Adopted: 5 , b ay Dp, --y - JL L- C' t Richard A. Rynearson, Wayor Attest: Approved o le 1 form and sufficiency for the Cit 41Fo alton Beach, only. Kim Y.Barnes, City Clerk Jeffs 1 rn Additions are underlined; ao o*. ^„ S are ^+- ' -