HomeMy Public PortalAbout2002-35 Providing Funding Assistance for VKB Police Officers and Firefighters Retirement PlanRESOLUTION NO. 2002-35
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, PROVIDING
FUNDING ASSISTANCE FOR VILLAGE OF KEY BISCAYNE
POLICE OFFICERS AND FIREFIGHTERS RETIREMENT
PLAN FOR DISABILITY BENEFIT AS REPLACEMENT FOR
PROVIDING FUNDING FOR DISABILITY INSURANCE;
PROVIDING FOR EFFECTIVE DATE.
WHEREAS, the Retirement Plan (the "Plan") for the Village's police officers and firefighters
has provisions providing for comprehensive benefits in case of disability of police officers or
firefighters; and
WHEREAS, at a cost of approximately Thirty Nine Thousand Four Hundred Seventy Five
Dollars ($39,475) annually, the Village of Key Biscayne (the "Village") previously provided a
limited form of disability insurance for police and firefighters; and
WHEREAS, representatives of the members of the Plan have requested that the Village
provide assistance to the Plan for purposes of increasing the disability benefit of the Plan from the
present 42% of average final pay to 70% of average final pay ("AFP") for Line of Duty ("LOD")
Disability and from the present 25% AFP to 50% AFP for non LOD Disability (with a reduction in
qualifying years of service) for police officers and firefighters, and has further requested additional
funds of approximately Thirty One Thousand Eight Hundred Fifty Seven Dollars ($31,857) so as to
fully cover the annual cost of the Plan's increased disability benefit at a total cost of approximately
Seventy One Thousand Three Hundred Thirty Two Dollars ($71,332); and
WHEREAS, the Village Council finds that, as an enhanced replacement for disability
insurance, it desires to provide funding for the disability benefit of the Plan commencing October
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1, 2002.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. Recitals Adopted. Each of the above recitals are hereby adopted, confirmed and
incorporated herein.
Section 2. Funding Provided. The Village Council hereby approves the allocation of
approximately Thirty One Thousand Eight Hundred Fifty Seven Dollars ($31,857) for purposes of
funding the increased disability benefit provided by the Plan, commencing on October 1, 2002.
Section 3. Implementation. The Village Manager is authorized to take all necessary action
to implement this Resolution.
Section 4. Effective Date. This Resolution shall be effective immediately from and after
adoption hereof.
PASSED AND ADOPTED this 27th day of August , 2002.
CONCHITA H. ALVAREZ, CMC, VILLAGE CL
APPROVED AS TO AND LEGAL SUFFICIENA.4.MM
RICHARD JA WEIS
103001 \resolutions\funding assinc!for disability insurance
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