HomeMy Public PortalAbout2014-07 Amending Chapter 23 RetirementORDINANCE NO. 2014-7
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA ("VILLAGE"),
AMENDING THE VILLAGE CODE BY AMENDING
CHAPTER 23 "RETIREMENT," SECTION 23-31
"DEFINITIONS"; BY AMENDING SECTION 23-35
"CONTRIBUTIONS" TO SET A CAP ON THE VILLAGE'S
ANNUAL CONTRIBUTION INTO THE RETIREMENT PLAN
AND TO ESTABLISH A CAP ON THE RETIREMENT
PLAN'S UNFUNDED LIABILITY; BY AMENDING SECTION
23-36 "BENEFIT AMOUNTS AND ELIGIBILITY" TO
REDUCE THE RETIREMENT BENEFIT TO 2.75 PERCENT
OF AVERAGE FINAL COMPENSATION, TO REVISE THE
NORMAL RETIREMENT AGE AND TO LIMIT THE
MEMBERS' ANNUAL SERVICE RETIREMENT BENEFIT
TO THE LESSER OF $90,000.00 OR 90% OF AVERAGE
FINAL COMPENSATION; BY AMENDING SECTION 23-56
"FIREFIGHTERS' SHARE PLAN" TO CLOSE THE SHARE
PLAN; PROVIDING FOR SEVERABILITY; PROVIDING FOR
CONFLICTS; PROVIDING FOR INCLUSION IN THE CODE;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village of Key Biscayne (the "Village") has a Police Officers and
Firefighters Retirement Plan (the "Retirement Plan") for sworn law enforcement personnel and
firefighters employed in the Village's Police and Fire Departments;
WHEREAS, the Village and the Key Biscayne Professional Association, Local 3638, which
represents the Village's firefighter/paramedics, fire lieutenants and fire captains (collectively, the
"Firefighters") successfully negotiated a successor collective bargaining agreement covering the
period October 1, 2013 through September 30, 2016 (the "Fire CBA");
WHEREAS, the Village and the International Union of Police Associations, which
represents a bargaining unit consisting of the Village's police officers and sergeants and a bargaining
unit consisting of the Village's police lieutenants (collectively, the "Police Officers"), successfully
negotiated successor collective bargaining agreements covering the period October 1, 2013 through
September 30, 2016 (the "Police CBAs").
WHEREAS, the Fire CBA and Police CBAs contain certain changes to Retirement Plan;
WHEREAS, the Retirement Plan should be amended to conform with the collectively
bargained changes as set forth in the Fire CBA and Police CBAs; and
WHEREAS, Village Council finds that it is in the best interest of the Village and its
employees to amend the Retirement Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:'
Section 1. Recitals. The foregoing whereas clauses are true and correct and are incorporated
herein by this reference.
Section 2. Village Code Amended. Article II "Police Officers and Firefighters Retirement
Plan" of Chapter 23 "Retirement" of the Village of Key Biscayne Code of Ordinances is hereby
amended by amending Section 2-31 "Definitions" to read as follows:
Sec. 23-31. Definitions.
* * *
Annual Required Contribution means the amount of money that must be contributed to the Plan as
set forth in the most recent actuarial valuation for the Plan.
* * *
Covered Payroll means the amount of payroll for those Members who have contributed to the Plan
for the year covered by the actuarial valuation.
1 Words in strikeout type are deletions from existing text and words in underline type are additions.
2
Salary for Police Officers Members for services rendered to the Village before August 26. 2014 and
for Firefighter Members for services rendered to the Village before March 11, 2014 means total cash
remuneration for services rendered to the Village. Salary for Police Officer Members for services
rendered to the Village on or after August 26, 2014 and for Firefighter Members for services
rendered to the Village on or after March 11, 2014 means a Member's base pay and any educational
incentives mandated by the State of Florida. Compensation in excess of limitations set forth in § 401
(a)(17) of the Code shall be disregarded.
* * *
Unfunded liability means the amount of unfunded liability as set forth in the most recent actuarial
valuation for the Plan.
* * *
Section 3. Village Code Amended. Article II "Police Officers and Firefighters Retirement
Plan" of Chapter 23 "Retirement" of the Village of Key Biscayne Code of Ordinances is hereby
amended by amending Section 2-35 "Contributions" to read as follows:
Sec. 23-35. Contributions.
(a) Member contributions.
(1) Amount.Effective October 1, 2000, each Member of the System shall be required to
make regular contributions to the Fund in the amount of 10.5 percent of the
Member's Salary. Member contributions withheld by the Village on behalf of the
Member shall be deposited with the Board at least monthly. The contributions made
by each Member to the Fund shall be designated as employer contributions pursuant
to § 414(h) of the Code. Such designation is contingent upon the contributions being
excluded from the Members' gross income for Federal Income Tax purposes. For all
other purposes of the System, such contributions shall be considered to be Member
contributions. Notwithstanding the foregoing and effective March 11, 2014 for
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Firefighter Members and August 26, 2014 for Police Officer Members, the Village's
annual contribution into both the Firefighter Members' portion of the Fund and the
Police Officer Members' portion of the Fund shall not exceed 14% of the System's
covered payroll for the respective Members of such Fund using the definition of
Salary that is applicable at the time of said calculation (the "Village's Cap"). As
such, in addition to making the regular contribution to the Fund in the amount of 10.5
percent of their respective Salary. the respective Members shall be responsible for
contributing to the Fund any amount over the Village's Cap of 14% of the System's
covered payroll for the respective Members of the Fund in order to meet the Annual
Required Contribution for the applicable Fire or Police portion of the Fund.
(2) Method. Such contributions shall be made by payroll deduction.
(b)
State contributions. Any monies received or receivable by reason of laws of the State of
Florida, for the express purpose of funding and paying for retirement benefits for Police
Officer or Firefighters of the Village shall be deposited in the Fund comprising part of this
System immediately and under no circumstances more than five days after receipt by the
Village. Any premium tax revenues received by the Plan on or before March 10, 2014
pursuant to Chapter 175, Florida Statutes shall be used and administered in accordance with
the Plan as it existed as of that date. Any and all premium tax revenues received by the Plan
after March 11, 2014 pursuant to Chapter 175, Florida Statutes shall be used by the Plan to
reduce the Village's pension contributions to the Plan and shall no longer be placed into a
separate trust fund to pay extra benefits to Firefighter Members. Any and all premium tax
revenues that were or will be received by the Plan pursuant to Chapter 185, Florida Statutes,
including any unallocated premium tax revenues as of August 25, 2014 and the full amount
of premium tax revenues received by the Village on or after August 26, 2014 shall be used
by the Plan to reduce the Village's pension contributions to the Plan, and the Village may
enact provisions acceptable to the State Division of Retirement to implement this provision.
O Village contributions.
W So long as this System is in effect, the Village shall make contributions to the Fund
in an amount equal to the difference in each year between the total aggregate Member
contributions for the year, plus State contributions for such year that are not
contributed to the Share Plan, and the total cost for the year, as shown by the most
recent actuarial valuation of the System. The total cost for any year shall be defined
as the total normal cost plus the additional amount sufficient to amortize the
unfunded past service liability in accordance with the requirements of F.S. ch. 112.
Notwithstanding the foregoing, effective March 11, 2014 for the Firefighter portion
of the Plan and effective August 26, 2014 for the Police Officer portion of the Plan,
the Village's annual contribution into each respective portion of the Fund shall not
exceed the Village's Cap.
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al Effective March 11, 2014, the maximum unfunded liability for the Firefighter
Members' portion of the Fund shall not exceed $3,024,000.00 (the "Fire UAL Cap")
and effective August 26, 2014, the maximum unfunded liability for the Police Officer
Members' potion of the Fund shall not exceed $1,776,000.00 (the "Police UAL
Cap"). If the unfunded liability of either portion of the Fund increases over the
respective Fire or Police UAL Cap. the System's multiplier for the Members of that
portion of the Plan shall be automatically reduced for prospective service of the
Members of that portion of the Plan to the extent necessary to keep such Members'
portion of the Fund's unfunded liability under the respective Fire or Police UAL Cap.
Alternatively, the Members of the portion of the Plan where the UAL Cap has been
exceeded shall have the option of paying off any unfunded liability in excess of the
respective UAL Cap or of making other design changes to that portion of the System
in accordance with State law so that unfunded liability of that portion of the Plan
does not exceed the applicable UAL Cap. Should the Firefighter Members and/or
Police Officer Members of the Plan wish to exercise either such alternative, the
applicable unions representing the members of such groups must provide the Village
with written notification prior to August 1St preceding the fiscal year in which the
respective portion of the Plan's unfunded liability otherwise would exceed the
applicable UAL Cap.
(d) Other. Private donations, gifts and contributions shall be deposited to the Fund, but such
deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising
from these sources shall be used to reduce Member contributions.
Section 4. Village Code Amended. Article II "Police Officers and Firefighters Retirement
Plan" of Chapter 23 "Retirement" of the Village of Key Biscayne Code of Ordinances is hereby
amended by amending Section 2-36 "Benefit amounts and eligibility" to read as follows:
Sec. 23-36. Benefit amounts and eligibility.
(a) Normal retirement date.
(1) The normal retirement date of a Firefighter Member who is eligible to retire on or
before March 10, 2014 and of a Police Officer Member who is eligible to retire on
or before August 25, 2014 shall be the first day of the month coincident with or the
next following the earlier of attainment of age 55 and the completion of five years of
Credited Service or attainment of age 52 and the completion of 25 years of Credited
Service.
(2) A Firefighter Member who is eligible to retire on or before March 10. 2014 shall also
be eligible to retire on the date upon which the total of a firefighter member's age,
computed in full months, plus the firefighter member's credited service, computed
in full months, equals 900 months (i.e. 75 years).
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(3)
For those Firefighter Members are who are not eligible for normal retirement as of
March 11, 2014 and for those Police Officer Members who are not eligible for
normal retirement as of August 26, 2014, their normal retirement date shall be the
first day of the month coincident with or following the earlier of: 1) attainment of
age 55 and the completion of 10 years of Credited Service; 2) the attainment of age
52 and the completion of 25 years of Credited Service; or 3) the date upon which the
total of the Member's age. computed in full months, plus the Member's credited
service, computed in full months, equals 900 months (i.e. 75 years).
A Member may retire on his normal retirement date or on the first day of any month thereafter, and
each Member shall become 100 percent vested in his accrued benefit on the Member's normal
retirement date. Normal retirement under the System is retirement from employment with the Village
on or after the normal retirement date.
(b) Normal retirement benefit.
(1) Police Officers. A Police Officer Member retiring hereunder on or after his normal
retirement date shall receive a monthly benefit which shall commence on his
retirement date and be continued thereafter during his lifetime, ceasing upon his
death, but for ten years certain in any event. The monthly retirement benefit shall
equal three percent of Average Final Compensation for each year of Credited Service
earned before August 26, 2014 and shall equal two and three quarters percent of
Average Final Compensation for each year of Credited Service earned on or after
August 26, 2014.
(2) Firefighters. A Firefighter member retiring hereunder on or after his normal
retirement date shall receive a monthly benefit which shall commence on his
retirement date and be continued thereafter during his lifetime, ceasing upon his
death, but for ten years certain in any event. The monthly retirement benefit for each
year of Credited Service earned before March 11.2014 shall be computed as follows:
a. Three percent of Average Final Compensation for the first 15 years of
Credited Service; and
b. Four percent of Average Final Compensation for each year of credited service
in excess of 15 years.
For all years of Credited Service earned on or after March 11, 2014, the monthly retirement
benefit for Firefighter Members shall be two and three quarters percent of Average Final
Compensation, regardless of the Firefighter Members' Credited Service.
Notwithstanding anything herein to the contrary, the benefits provided in this section shall not
exceed 100 percent of a Firefighter Member's Final Average Compensation for those Firefighter
Members who retire or enter DROP prior to March 11, 2014.
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Effective March 11, 2014 for Firefighter Members and effective August 26. 2014 for Police Officer
Members, the annual service retirement benefit based on the normal annuity form (life with 10 year
certain) payable for Members shall not exceed the lesser of $90.000 or 90% of the Members'
Average Final Compensation (hereinafter the "Benefit Cap"), provided, however, that under no
circumstances shall a Member receive an amount of monthly retirement annuity which is less than
two percent per year of the Member's Credited Service. The Benefit Cap will apply to the normal
form of benefit. If an optional form of benefit is selected, the Benefit Cap will be adjusted to that
it is actuarially equivalent to the normal form using the same actuarial factors as used to determine
the amount of the optional form of benefit. The Benefit Cap shall apply to all Members except those
Firefighter Members who entered the DROP before March 11, 2014 and those Police Officer
Members who entered the DROP before August 26. 2014. For those Firefighter Members that
reached the Benefit Cap prior to March 11, 2014 and for those Police Officer Members who reached
the Benefit Cap prior to August 26. 2014, their cap shall be the amount of annual service retirement
as calculated on March 10. 2014 for Firefighter Members and August 25. 2014 for Police Officer
Members and they must continue to contribute into the Fund in the same manner as other Members.
* * *
if) Minimum benefit accrual: Notwithstanding the foregoing, in no case shall benefits accrued
under the System for: Firefighter Members be less than benefits accrued by such members as of
March 10, 2014: and Police Officer Members be less than benefits accrued by such members as of
August 25. 2014. Firefighter Members may elect to receive their respective March 10, 2014 benefit
accrual and Police Officer Members may elect to receive their respective August 25. 2014 benefit
accrual paid according to the terms and conditions applicable to that accrued benefit instead of
benefits accrued under the System as amended thereafter.
Section 5. Village Code Amended. Article II "Police Officers and Firefighters Retirement
Plan" of Chapter 23 "Retirement" of the Village of Key Biscayne Code of Ordinances is hereby
amended by amending Section 2-56 "Firefighters' Share Plan" to read as follows:
Sec. 23-56 Firefighters' Share Plan.
(1) Creation; purpose. Pursuant to F.S. § 175.351(1)(a), the Village Council of the Village of
Key Biscayne created a trust fund to be known as the "Village of Key Biscayne Firefighters'
Share Plan." The purpose of this Share Plan was, prior to March 11, 2014, to place additional
premium tax revenues pursuant to F.S. §§ 175.101 and 175.351 and earnings generated
therefrom into a separate trust fund to pay extra benefits to Village firefighters who are
participants in the Village of Key Biscayne Police Officers and Firefighters Retirement Plan
as of January 1, 2009. On and after March 11. 2014. all premium tax revenues received
pursuant to Chapter 175 shall be placed in the Plan and shall not be received by the Share
Plan nor shall the Share Plan or any other person have any claim on the premium tax
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revenues. The Share Plan hereby created shall be in addition to any other benefits under the
Village of Key Biscayne Police Officers and Firefighters Retirement Plan and nothing herein
shall in any way affect any other benefits that now or hereafter exist.
(2) Definitions. The following words and phrases shall, unless otherwise defined or required by
the context, for the purpose of the share plan, have the meanings indicated below.
Account means the participant's share plan account credited with:
a. The initial allocation of unused premium tax revenues under subsection (3)a. hereof;
b. Subsequent annual allocation of additional premium tax revenues under subsection
(3)b. hereof;
c. Allocations of forfeitures under subsection (3)c. hereof; and
d. The net investment return on the participant's share plan account in accordance with
the participant's investment election pursuant to subsections (3)d, e, and f. hereof
Additional Premium Tax Revenues means revenues received after January 1, 2009 by the Village
pursuant to F.S. § 175.121 that exceed $235,255.00 per annum.
Beneficiary means any person designated by a participant to receive any benefits payable in the event
of the participant's death. If no beneficiary designation is in effect at the participant's death, the
participant's surviving spouse, if any, shall be deemed to be the beneficiary; otherwise the beneficiary
shall be the participant's estate. A participant who retires on or after January 1, 2009 and before
March 1, 2009 shall have 30 days from notification by the Board to designate a beneficiary. A
participant who retires after March 1, 2009 shall have 30 days from the participant's retirement date
to designate a beneficiary.
Board means the board of trustees of the Village of Key Biscayne Police Officers and Firefighters
Retirement Plan, who shall likewise serve as the board of trustees for this share plan. The board shall
be the administrative board, which shall hold title to, supervise, administer and manage the assets
of this share plan.
Effective Date means January 1, 2009 the date on which this share plan shall take effect.
Forfeiture means the termination of a participant's account under subsection (5) of this section.
IRC means the Internal Revenue Code of 1986 as same may be amended from time to time.
Participant means an actively employed full-time firefighter with the Village on or before March
10, 2014, including a firefighter serving a probationary period, who is certified as a Firefighter as
a condition of employment in accordance with the provisions of F.S. § 633.35, and whose duty it is
to extinguish fires, to protect life and to protect property on or after January 1, 2009.
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Retirement Plan means the Village of Key Biscayne Police Officers and Firefighters Retirement
Plan, codified at Village Code Section 23-31 et seq.
Retirement Plan Board means the board of trustees of the Retirement Plan which serves as the
administrative board thereof and holds title to, supervises, administers the Retirement Plan and
manages the assets thereof.
Share Plan means the Village of Key Biscayne Firefighters' Share Plan as set forth herein.
Share Plan Year or Plan Year means each October 1 through September 30, commencing October
1, 2008.
State shall mean the State of Florida.
Trustee means any member of the Board.
Unused Premium Tax Revenues means the revenues heretofore received by the Village pursuant to
F.S. § 175.121 prior to January 1, 2009, that have not been used to provide extra benefits for Village
Firefighters as of January 1, 2009.
Valuation Date or Annual Valuation Date means September 30th of any Share Plan Year. The
Annual Valuation Date shall be the date upon which the fair market value of the assets of the Share
Plan shall be determined.
Vested Participant means a participant with at least five years of credited service in the Retirement
Plan.
Village means the Village of Key Biscayne, Florida.
Village Code means the Code of Ordinances of the Village of Key Biscayne as the same may be
amended from time to time.
(3)
Funding; allocation to accounts.
a. Allocation of Unused Premium Tax Revenues. Upon implementation of this Share
Plan and as soon as practicable, the Board shall allocate to each Participant's account
the Participant's per capita share of the Unused Premium Tax Revenues.
b. Allocation of Additional Premium Tax Revenues Received for Calendar Year 2008
and For Premium Tax Revenues Received On Or Before March 10. 2014. Upon
implementation of this Share Plan and as soon as practicable upon receipt by the
Board of the Additional Premium Tax Revenues it receives under the provisions of
F.S. § 175.121, the Board shall allocate to each Participant's account the Participant's
per capita share of the Additional Premium Tax Revenues. The Village shall not be
9
required to levy any additional taxes on its residents or to make any contributions to
the Share Plan.
c. Allocations of Forfeitures. As of the Annual Valuation Date in each Share Plan Year,
all amounts forfeited under subsection (5) since the preceding Annual Valuation Date
shall be prorated and credited to the accounts of the individual Participants in the
same manner as the allocations under subparagraph (b) above.
d. Initial account investment election. Upon implementation of this Share Plan or as
soon as practicable, the Board shall establish a deadline for Vested Participants to
submit initial investment elections for the remainder of the calendar year. Thereafter,
each Participant upon becoming a Vested Participant, shall submit in writing, within
30 days, an irrevocable investment election for the remainder of the calendar year.
If a Participant fails to submit a written investment election to the Board, then the
default investment election for the Participant's Share Plan Account shall be as
determined by the Board.
e. Annual account investment election. Each Vested Participant shall be required to
make an annual investment election for the Participant's Share Plan Account among
the investment options approved by the Board for Share Plan Accounts. Vested
Participants shall, between November 15 and December 15 of each calendar year,
submit the Participant's investment election to the Board for the succeeding calendar
year. If a Participant fails to submit a written investment election to the Board by
December 15, then the default investment election for the succeeding calendar year
for Participant's Share Plan Account shall be as determined by the Board.
f. Account investment for non -Vested Participants. A non -Vested Participant's Share
Plan Account shall be invested as determined by the Board until such time as the
participant becomes a Vested Participant and the Board receives an initial investment
election in accordance with subsection (3)d. hereof.
g. Payment of costs, expenses and fees. All costs, expenses and fees of administering
the Share Plan shall be paid from the assets of the Share Plan in such fashion as the
Board shall determine. Any allocation to a Participant's Account shall be net of the
Participant's share of the costs, expenses and fees of administering the Share Plan.
h. Exclusive benefit rule. No part of the assets of the Share Plan shall be used for or
diverted to any purpose whatsoever other than for the exclusive benefit of
Participants thereof in accordance with the terms hereof and paying the expenses of
the Share Plan as provided in subsection (3)g. above. No person shall have any
interest in or right to any part of the assets of the Share Plan except as and to the
extent expressly provided in the Share Plan.
Custody of fund assets. The Board shall hold custody of Share Plan in trust solely for
use in paying the benefits provided by the Share Plan in accordance with the terms
hereof and paying expenses of the Share Plan as described in subsection (3)g. above.
j. Maximum allocation limitation. Notwithstanding any provision of this share plan to
the contrary, the maximum amount allocated to the participant's or eligible
beneficiary's account for any calendar year under the provisions of subsections (3)a.
through (3)c. of this section shall not exceed the limitations set forth in IRC section
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415 and any regulations issued thereunder.
(4) Participation.
a. Establishment of Share Plan Account. An Account shall be established for each
eligible Participant subsequent to the effective date of this section.
b. Distribution. A vested Participant shall receive a distribution of his benefits from this
Share Plan upon the Participant's commencement of retirement benefits under the
Retirement Plan. The Participant's distribution shall be equal to the balance in his
Account on the Participant's retirement date. A Participant shall receive his benefit
in a single lump sum, as soon as practicable, unless he elects to receive his
distribution in one of the following optional forms:
1. Equal annual payments over a period, designated by the Participant, not to
exceed the life expectancy of the last to survive of the Participant and his
Beneficiary. In the event the Participant dies before all installments have been
paid, the remaining balance in his account shall be paid in an immediate lump
sum to his Beneficiary, if still living, or if the Participant does not have a
Beneficiary or if the Beneficiary has predeceased the Participant, to the
Participant's estate. Upon written request of the Participant (or his Beneficiary
in the event of the Participant's death), the Board may permit the Participant
(or his Beneficiary, as the case may be) to withdraw all or any portion of his
unpaid account after payment of the benefit has commenced.
2. An annuity.
3. An eligible rollover distribution paid directly to another qualified retirement
plan.
4. A transfer to the Fund of the Retirement Plan in order to purchase the
firefighter benefit enhancement set forth in subsection 23-36(e).
A written notice of election to receive payments in an optional form must be filed with the
Board upon a form prescribed by the Board, and must be sworn to by the person entitled to
receive such monies.
c. Termination of participation. Every individual who is a Participant as of March 10,
2014 shall remain a Participant until death, termination of employment with the
Village as a firefighter or retirement. The Board may require and rely upon such
proof of death and such evidence of the right of any eligible Beneficiary to receive
the value of the Account of a deceased Participant as the Board may deem proper and
its determination of the right of that Beneficiary to receive payment shall be
conclusive.
d. Payment of benefits. Benefits under this subsection (4) shall be payable as soon as
possible following the payment date described in subsection (4)b. above. Acceptance
of any partial or full payment of a Participant's Account as provided in this
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subsection (4) shall be in full settlement of all claims of a Participant or Beneficiary
against the Share Plan as to the partial or full payment received.
(5) Forfeitures.
a. Forfeiture without cause. If a Participant terminates his employment with the Village
as a firefighter for any reason whatsoever prior to completing five years of credited
service in the Retirement Plan, the Participant's Share Plan Account shall be forfeited
and allocated to the accounts of all remaining Participants in accordance with the
provisions of subsection (3)c. above.
b. Forfeiture for cause. Notwithstanding anything in the plan to the contrary, if a
participant or beneficiary is convicted of a specified offense as set forth in F.S. §
112.3173, as same maybe amended from time to time, or F.S. § 175.195, as same
maybe amended from time to time, the provisions of either F.S. § 112.3173 and F.S.
§ 175.195, as applicable, shall apply and the Participant or Beneficiary shall forfeit
all rights to receive a benefit from the Share Plan. For purposes of this subsection
(5)b., "convicted" and "specified offense" shall have the meanings given to them in
either F.S. § 112.3173 or F.S. § 175.195, as maybe applicable.
(6) Miscellaneous provisions.
a. Village's responsibilities. The Village shall have no responsibility for the operation
of this Share Plan except those specified herein.
b. Facility of payment. If the Board finds that a Participant or other person entitled to
a benefit is unable to care for his or her affairs or is a minor or is legally
incapacitated, the Board may direct that any benefit due such individual shall be paid
to the individual's duly appointed legal representative. Any payment so made shall
be a complete discharge of the liabilities of this Share Plan for that benefit.
c. Information. Each Participant, Beneficiary or other person entitled to a benefit, before
any benefit shall be payable to such individual or credited to the Participant's
Account under the fund, shall file with the Board the information that it shall require
to establish the individual's rights and benefits under the Share Plan.
d. Severability of provisions. If any provision of this Share Plan is for any reason held
unconstitutional, inoperative or void, such holding shall not affect the remaining
provisions of this Share Plan. It is the intent of the Village Council to create this
Share Plan without such unconstitutional, inoperative or void provision and the
remainder of the share plan, after the exclusion of such provision, shall be deemed
and held to be valid as if such provision had not been included herein.
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e. Reports. The Board shall issue a report of this Share Plan's operations at least
annually.
f. Reservations of right to amend Share Plan. Subject to the provisions of F.S. Ch. 447,
Pt. II, the Village reserves the right at any time to amend or modify this Share Plan,
provided that no amendment shall cause any part of the Share Plan assets to be used
or diverted to purposes other than the exclusive benefit of the Participants and their
Beneficiaries.
g.
Termination and discontinuance. Subject to the provisions of F.S. Ch. 447, Pt. II, this
Share Plan may be terminated by the Village. Upon termination of this Share Plan,
the Share Plan assets shall be apportioned and distributed in accordance with the
allocation formulas set forth herein.
Section 6. Severability. The provisions of this Ordinance are declared to be severable
and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be
invalid or unconstitutional, such decision shall not affect the validity of the remaining sections,
sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the
legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part.
Section 7. Conflicts. All ordinances or parts of ordinances, resolutions or parts of
resolutions, in conflict herewith, are repealed to the extent of such conflict.
Section 8. Inclusion In The Code. It is the intention of the Village Council, and it is
hereby ordained that the provisions of this Ordinance shall become and be made a part of the Code
of Key Biscayne, Florida; that the sections of this Ordinance may be renumbered or relettered to
accomplish such intentions; and that the word "Ordinance" shall be changed to "Section" or other
appropriate word.
Section 9. Effective Date. That this Ordinance shall be effective immediately upon
adoption on second reading.
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PASSED AND ADOPTED on first reading this 26th day of August , 2014.
PASSED AND ADOPTED on second reading this 23rd day of September , 2014.
ATTEST:
G�%4dt.0 7 OKONCHIT, H. A RE , MMC, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
VILLAGE ATT • ' NEY
14
A or
AY i R FRANKLIN
pi', ' *tilt
CAPLAN
VILLAGE OF KEY BISCAYNE
OFFICE OF THE VILLAGE CLERK
PUBLIC NOTICE
MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Miami -Dade County, Florida
STATE OF FLORIDA
COUNTY OF MIAMI-DADE:
Before the undersigned authority personally appeared
M ZALDIVAR, who on oath says that he or she is the
LEGAL CLERK, Legal Notices of the Miami Daily Business
Review f/k/a Miami Review, a daily (except Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Miami -Dade
County, Florida; that the attached copy of advertisement,
being a Legal Advertisement of Notice in the matter of
VILLAGE OF KEY BISCAYNE - SPECIAL COUNCIL MEETING - 9/23/2014
ORDINANCE AMENDING CHAPTER 23 "RETIREMENT", ETC.
in the XXXX Court,
was published in said newspaper in the issues of
09/19/2014
Affiant further says that the said Miami Daily Business
Review is a newspaper published at Miami in said Miami -Dade
County, Florida and that the said newspaper has
heretofore been continuously published in said Miami -Dade County,
Florida, each day (except Saturday, Sunday and Legal Holidays)
and has been entered as second class mail matter at the post
office in Miami in said Miami -Dade County, Florida, for a
period of one year next preceding the first publication of the
attached copy of advertisement, and affiant further says that he or
she has neither paid nor promised any person, firm or corporation
any discount, rebate, commission or refund for the purpose
of securing this advertisement f• publication in the said
newspaper
Sworn to and
(SEAL)
M ZALDIVAR personally known to me
,3▪ C▪ ' S
Not ,5, r,r" S, of Florida
, -rn ov2,20'
47
Notice is hereby given that the following ordinance will be considered on
Second Reading by the Village Council of the Village of Key Biscayne at
a Special Council Meeting to be held on Tuesday, September 23, 2014 at
6:45 p.m., in the Council Chamber, located at 560 Crandon Boulevard,
Key Biscayne, Florida:
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE
OF KEY BISCAYNE, FLORIDA ("VILLAGE"), AMENDING THE
VILLAGE CODE BY AMENDING CHAPTER 23 "RETIREMENT,"
SECTION 23-31 "DEFINITIONS"; BY AMENDING SECTION 23-
35 "CONTRIBUTIONS" TO SET A CAP ON THE VILLAGE'S
ANNUAL CONTRIBUTION INTO THE RETIREMENT PLAN AND
TO ESTABLISH A CAP ON THE RETIREMENT PLAN'S
UNFUNDED LIABILITY; BY AMENDING SECTION 23-36
"BENEFIT AMOUNTS AND ELIGIBILITY" TO REDUCE THE
RETIREMENT BENEFIT TO 2.75 PERCENT OF AVERAGE
FINAL COMPENSATION, TO REVISE THE NORMAL RETIRE-
MENT AGE AND TO LIMIT THE MEMBERS' ANNUAL SERVICE
RETIREMENT BENEFIT TO THE LESSER OF $90,000.00 OR
90% OF AVERAGE FINAL COMPENSATION; BY AMENDING
SECTION 23-56 "FIREFIGHTERS' SHARE PLAN" TO CLOSE
THE SHARE PLAN; PROVIDING FOR SEVERABILITY; PROVID-
ING FOR CONFLICTS; PROVIDING FOR INCLUSION IN THE
CODE; AND PROVIDING FOR AN EFFECTIVE DATE.
The proposed Ordinance may be inspected by the public at the Office of
the Village Clerk. Interested parties may appear at the Public Hearing
and be heard with respect to the proposed Ordinance. Any person
wishing to address the Village Council on any item at this Public Hearing
is asked to register with the Village Clerk prior to that item being heard.
In accordance with the Americans With Disabilities Act of 1990, all
persons who are disabled and who need special accommodations to
participate in this proceeding because of that disability should contact
the Office of the Village Clerk, 88 West McIntyre Street, Suite 220, Key
Biscayne, Florida 33149, telephone number (305) 365-5506, not later
than two business days prior to such proceeding.
Should any person desire to appeal any decision of the Village Council
with respect to any matter to be considered at this meeting, that person
shall insure that a verbatim record of the proceedings is made including
all testimoriy and evidence upon which any appeal may be based
(F.S. 286.0105).
Comments of any interested party, relative to this matter may be
submitted in writing and or presented in person at the public hearing.
Conchita H. Alvarez, MMC
Village Clerk
9/19 14-4-123/2347449M