HomeMy Public PortalAboutOrdinance 1951 - Police and Firefighters RetirementORDINANCE: 1951
AN ORDINANCE OF THE CITY OF CRESTVIEW,
FLORIDA; AMENDING THE CITY OF CRESTVIEW
POLICE OFFICERS' AND FIREFIGHTERS'
RETIREMENT PLAN, ADOPTED BY ORDINANCE NO.
780, AS SUBSEQUENTLY AMENDED; AMENDING AND
RENUMBERING SECTION 6 BENEFIT AMOUNTS AND
ELIGIBILITY AND SUPPLEMENTAL BENEFIT;
AMENDING SECTION 30 PRE -RETIREMENT DEATH;
PROVIDING FOR INCLUSION IN THE CODE;
PROVIDING FOR SEVERABILITY; PROVIDING FOR A
REPEALER; AND PROVIDING FOR AN EFFECTIVE
DATE
WHEREAS, the City of Crestview Police Officers' and Firefighters' are currently
provided pension and certain other benefits under Ordinances of the City of Crestview;
WHEREAS, the Board of Trustees of the Plan has recommended amending the Plan as
set forth below;
WHEREAS, amending the normal retirement date as set forth below is in the best
interests of the employees and citizens of the City of Crestview;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CRESTVIEW, FLORIDA:
SECTION 1: That the City of Crestview Police Officers' and Firefighters' Retirement
Plan Section 6, Subsection 6, is hereby amended to read:
SECTION 6. BENEFIT AMOUNTS AND ELIGIBILITY
1. Normal Retirement Date.
A Member's normal retirement date shall be the first day of the month coincident
with, or next following the earlier of the attainment of age fifty-five (55) and the completion of
ten (10) years of Credited Service or the attainment of age fifty-two (52) and the completion of
twenty-five (25) years of Credited Service regardless of age. A Member may retire on his
normal retirement date or on the first day of any month thereafter, and each Member shall
become 100% vested in his accrued benefit on the Member's normal retirement date. Normal
retirement under the System is Retirement from employment with the City on or after the normal
retirement date.
SECTION 2: That the City of Crestview General Employees Retirement Plan Section
30, Subsection 3, is hereby amended to read:
SECTION 30. SUPPLEMENTAL BENEFIT COMPONENT FOR SPECIAL
BENEFITS; CHAPTER 185 AND 175 SHARE ACCOUNTS
3. Allocation of Monies to Share Accounts
A. Allocation of Chapter 185 or 175 Contributions.
2. Effective as of September 30, 2017 valuation date, the amount of any
premium tax monies allocated to the share plan (other than the initial allocation) shall be
allocated to individual Member Share Accounts as provided for in subsection 3, below.
Members retiring (or entering DROP) on or after October 1, 2016 and prior to September 30,
2017 shall receive an allocation. In addition, all premium tax monies allocated to the Share Plan
in any subsequent Plan Year shall also be allocated as provided for in this Subsection. Available
premium tax monies shall be allocated to individual Member Share Accounts at the end of each
Plan Year on September 30 (a "valuation date"). Notwithstanding the foregoing, effective with
the premium tax monies received for calendar year 2022, all premium tax monies shall be used
to offset the City's contribution.
SECTION 3: Specific authority is hereby granted to codify and incorporate this
Ordinance in the existing Code of Ordinances of the City of Crestview.
SECTION 4: All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.
SECTION 5: 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 6: That this Ordinance shall become effective upon adoption.
PASSED ON FIRST READING, this llth day of September 2023.
PASSED AND ADOPTED on the second reading, this 25th day of September 2023.
ATTEST:
ITTEN, MAYOR
MA E' YANJIE"SCHRADR, CITY CLERK