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Home My Public Portal About2011-06 Amending Chapter 23 Retirement Firefighter Deferred Retirement Option Program (DROP)ORDINANCE NO. 2011-6 AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE VILLAGE OF KEY BISCAYNE, FLORIDA BY AMENDING CHAPTER 23 "RETIREMENT," SECTION 23-57 "FIREFIGHTER DEFERRED RETIREMENT OPTION PROGRAM (DROP)" TO ALLOW POLICE OFFICER MEMBERS OF THE PLAN TO PARTICIPATE IN DROP; PROVIDING FOR INCLUSION IN CODE; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Village of Key Biscayne (the "Village") and the Key Biscayne Police Officer's Association, Local 6023, International Union of Police Associations, AFL-CIO ("IUPA"), negotiated a successor collective bargaining agreement for the Village's police officers and sergeants and a successor collective bargaining agreement for the Village's lieutenants; and WHEREAS, as a result of the successor collective bargaining agreements, the Village and IUPA agreed to amend the Village's Police Officers and Firefighters Retirement Plan (the "Plan") to allow the Village's certified law enforcement officers to participate in a Deferred Retirement Option Program; and WHEREAS, the Village Council finds that it is in the best interest of the Village employees to amend the Plan. NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. Recitals Adopted. That each of the above stated recitals is hereby adopted and confirmed. Section 2. Village Code Amended. That Section 23-57 "Firefighters Deferred Retirement Options Program (DROP)" of Article II "Police Officers and Firefighters Retirement Plan" of Chapter 23 "Retirement" of the Village Code is amended to read as follows:1 Sec. 23-57. - Firefighter Deferred Retirement Option Program (DROP). (1) A Deferred Retirement Option Plan (DROP) for firefighter mMembers shall be adopted and administered by the Board. (2) Participation in the DROP shall be limited to five years. The five-year participation period shall be measured from actual retirement of the firefighter Member. (3) Upon entering the DROP, the participant shall make an investment election for the participant's DROP account among the investment options approved by the Board for DROP accounts. Thereafter, between November 15 and December 15 of each year, firefighter DROP participants shall make an annual irrevocable investment election among the investment options approved by the Board for DROP accounts for the following calendar year. Investment elections shall be in writing and submitted to the Retirement Board by no later than December 15 of each year. If a firefighter DROP participant fails to timely submit a written investment election to the Retirement Board, the default investment election for the participant's DROP account will be determined by the Board for the calendar year. Any losses incurred on account of the option selected by the participant or Board shall not be made up by the Village or the Pension Trust Fund. but any such loss shall be borne only by the participant. (4) Upon termination of employment with the Village, the participant's DROP account shall be distributed to the participant. te ar. The firefighter participant's distribution shall be equal to the balance in his DROP Account on the termination date. The firefighter participant shall receive his benefit in a single lump sum unless he elects to one of the following optional forms: a. Equal annual payments over a period, designated by the firefighter participant, not to exceed the life expectancy of the last to survive of the participant and his beneficiary. In the event the firefighter 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 firefighter participant does not have a beneficiary or if the beneficiary has predeceased the participant, to the participant's estate. Upon written request of the firefighter 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. 1 Proposed additions to existing Village Code text are indicated by underline; proposed deletions from existing Village Code text are indicated by striketlirettet. b. An annuity. c. An eligible rollover distribution paid directly to another qualified retirement plan. A written notice of election to receive distribution 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. (5) The DROP shall contain such other terms and conditions as the Board deems necessary and appropriate for proper administration of the DROP. Section 3. Severability. That 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 4. Inclusion in the Code. That it is the intention of the Village Council, and it is hereby ordained that the provisions of this Ordinance shall become and 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 5. Effective Date. That this Ordinance shall be effective upon adoption on second reading. PASSED AND ADOPTED on first reading this 24th day of May, 2011. PASSED AND ADOPTED on second reading this 14th day of June, 2011. 3 OR FRANKL H. CAPLAN CONCHITA H. ALVAREZ, MMC, VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: VILLAGE A O 4 VILLAGE OF KEY BISCAYNE 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 MARIA MESA, 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 MEETING FOR JUNE 14, 2011 in the XXXX Court, was published in said newspaper in the issues of 06/02/2011 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 securin or publication in the said ne scribed before me this 02 day of UNE , A.D 011 (SEAL) MARIA MESA personally known to me • „° Nie,, Notary Public State of Florida Veronica Perez • . c„ My Commission 00819771 4 0f 0.454' Expires 09/03/2012 OFFICE OF THE VILLAGE CLERK PUBLIC NOTICE Notice is hereby given that the following ordinances will be considered on Second Reading by the Village Council of the Village of Key Biscayne at a meeting to be held on Tuesday, June 14, 2011 at 7:00 p.m., in the Council Chamber, located at 560 Crandon Boulevard, Key Biscayne, Florida: AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE VILLAGE OF KEY BISCAYNE, FLORIDA BY AMENDING CHAPTER 23 "RETIREMENT," SECTION 23-57 "FIREFIGHTER DEFERRED RETIREMENT OPTION PROGRAM (DROP)" TO ALLOW POLICE OFFICER MEMBERS OF THE PLAN TO PARTICIPATE IN DROP; PROVIDING FOR INCLUSION IN CODE; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $4,505,000 OF STORMWATER UTILITY REVENUE REFUNDING BONDS OF THE VILLAGE OF KEY BISCAYNE, , FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLtITI!ON SETTING FORTH THE DETAILS OF SAID BONDS; AND PROVIDING AN EFFECTIVE DATE. AN ORDINANCE,OF THE ,VILLAGE; OF KEY BISCAYNE, FLORIDA AUTHORIZING THE ISSUANCE 9F -NOT EXCEEDING $7,000,000 OF CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS OF THE VILLAGE OF KEYr BISCAkyNE, FLORIDA; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS; AUTHORIZING THE VILLAGE MANAGER -TO NEGOTIATE 'WITH BANKS FOR PURCHASE OF THE BONDS AND TO ENTER INTO A RATE LOCK AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. The proposed Ordinances 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 Ordinances. 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 testimony 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 6/2 11-4-73/1704957M