HomeMy Public PortalAbout1997-21 Adopting the Police Officers and Firefighters Retirement Plan for VKBORDINANCE NO. 97-21
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA;
ADOPTING THE POLICE OFFICERS AND FIREFIGHTERS
RETIREMENT PLAN FOR THE VILLAGE OF KEY BISCAYNE;
PROVIDING FOR SEVERABILITY; PROVIDING FOR
CODIFICATION; PROVIDING FOR AN EFFECTIVE DATE.
Whereas, the Village Council of the Village of Key Biscayne, Florida, desires to adopt
a Police Officers and Firefighters Retirement Plan (the "Plan").
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
KEY BISCAYNE, FLORIDA AS FOLLOWS:
SECTION 1. PLAN ADOPTION.
The Plan is hereby adopted to read as follows:
Sec. 1. DEFINITIONS.
(a) As used herein, unless otherwise defined or required by the context, the
following words and phrases shall have the meaning indicated:
Accumulated Contributions means a Member's own contributions without interest.
Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983
Group Annuity Mortality Table with a blending of 80% male rates and 20% female rates, and
an interest rate of seven percent (7%) per annum.
Average Final Compensation means one -twelfth (1/12) of the average Salary of the five
(5) best years of the last ten (10) years of Credited Service prior to retirement, termination,
or death, or the career average as a full-time Police Officer or Firefighter, whichever is greater.
Any lump sum payment of unused leave shall not be included in this calculation.
In computing Average Final Compensation for a Member who has returned to the active
service of the Village following a leave of absence granted by the Village during which he did
not receive regular compensation from the Village, or following a period of disability retirement
or termination of service with a vested benefit, the period during which he was on a leave of
absence, or during which he was on disability retirement, or during which his service was
terminated, shall be ignored, or excluded, in determining the ten (10) years preceding
retirement.
Beneficiary means the person or persons entitled to receive benefits hereunder at the
death of a Member who has or have been designated in writing by the Member and filed with
the Board. If no such designation is in effect or if no person so designated is living at the time
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of death of the Member, the Beneficiary shall be the estate of the Member.
Board means the Board of Trustees, which shall administer and manage the System
herein provided and serve as trustees of the Fund.
Code means the Internal Revenue Code of 1986, as amended from time to time.
Credited Service means the total number of years and fractional parts of years of
service as a Police Officer or Firefighter with Member contributions, when required, omitting
intervening years or fractional parts of years when such Police Officer or Firefighter was not
employed by the Village. No credit shall be permitted for service prior to August 1, 1993. The
period of any absence of thirty-one (31) days or more will be excluded from a Member's
Credited Service unless he receives regular compensation from the Village during such absence
and except as otherwise provided below. Any absence of thirty (30) days or less will be
included.
A Member may voluntarily leave his contribution in the Fund for a period of five (5)
years after leaving the employ of the Village pending the possibility of being reemployed as a
Police Officer or Firefighter without losing credit for the time that he was a Member of the
System. If the Member who left the employ of the Village should not be reemployed as a
Police Officer or Firefighter within five (5) years, then the Accumulated Contributions will be
returned upon his written request.
The years or fractional parts of years that a Member serves in the military service of
the Armed Forces of the United States or the United States Merchant Marine, voluntarily or
involuntarily, for the purpose of going on active duty, shall be added to his years of Credited
Service for all purposes, including vesting, pursuant to conditions that are required or permitted
under state and federal law, as amended from time to time, provided that the Police Officer
or Firefighter must return to his
employment as a Police Officer or Firefighter within one (1) year from the date of his military
discharge or release from active service under honorable conditions and must make a payment
to the System in the amount that he or she would have contributed had he or she not entered
the military. This Section is intended to meet or exceed the minimum requirements of the
Uniformed Services Employment and Reemployment Rights Act (USERRA), (P.L. 103-353). To
the extent that this Section does not meet the minimum standards of USERRA, as it may be
amended from time to time, the minimum standards shall apply.
Effective Date means October 1, 1997.
Firefighter means an actively employed full-time person employed by the Village,
including his initial probationary employment period, who is certified as a Firefighter as a
condition of employment in accordance with the provisions of §633.35, Florida Statutes, and
whose duty it is to extinguish fires, to protect life and to protect property.
Fund means the trust fund established herein as part of the System.
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Member means an actively employed Police Officer or Firefighter who fulfills the
prescribed membership requirements. Any benefit improvements which might be made in the
future shall apply prospectively and shall not apply to Members who terminate employment
or who retire prior to the effective date of any ordinance adopting such benefit improvements,
unless such ordinance specifically provides to the contrary.
Police Officer means an actively employed full-time person employed by the Village,
including his initial probationary employment period, who is certified as a Police Officer as a
condition of employment in accordance with the provisions of §943.1395, Florida Statutes,
who is vested with authority to bear arms and make arrests, and whose primary responsibility
is the prevention and detection of crime or the enforcement of the penal, traffic, or highway
laws of the State of Florida.
Salary means total cash remuneration for services rendered to the Village.
Compensation in excess of limitations set forth in Section 401 (a)(17) of the Code shall be
disregarded.
Share Plan means the defined contribution plan that is part of the System. The Share
Plan is funded by any State contributions, pursuant to Chapters 175 and 185, Florida Statutes,
that exceed the levels set forth in Section 5.
Spouse means the lawful wife or husband of a Member at the time of pre -retirement
death or retirement.
System means the Village of Key Biscayne Police Officers and Firefighters Retirement
Plan as contained herein and all amendments thereto.
Village means the Village of Key Biscayne, Florida.
(b) Masculine Gender.
The masculine gender, where used herein, unless the context specifically
requires otherwise, shall include both the feminine and masculine genders.
Sec. 2. MEMBERSHIP
(a) Conditions of Eligibility.
(1) Each Police Officer and Firefighter in full-time employment with the
Village on October 1, 1997 shall have the option of making an
irrevocable election to become a Member of the System. Each such
person who elects not to become a Member shall forever be barred from
becoming a Member.
(2) Each Police Officer and Firefighter hired after October 1, 1997 shall
become a Member of this System as a condition of employment on his
date of full-time employment.
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(b) Membership.
Each Police Officer and Firefighter shall complete a form prescribed by the Board
providing the following information:
(1) Designation of a Beneficiary or Beneficiaries, and
(2) Authorization of payroll deduction, and
(3) A sworn statement as to prior medical history, and
(4) Any other information deemed necessary or appropriate by the Board.
(c) Change in Designation of Beneficiary.
A Member may from time to time change his designated Beneficiary by written
notice to the Board upon forms provided by the Board. Upon such change, the rights of all
previously designated Beneficiaries to receive any benefits under the System shall cease.
Sec. 3. BOARD OF TRUSTEES
(a) The sole and exclusive administration of and responsibility for the proper
operation of the System and for making effective the provisions of this ordinance are hereby
vested in a Board of Trustees. The Board of Trustees is hereby designated as the plan
administrator. The Board of Trustees shall consist of five (5) Trustees, two of whom, unless
otherwise prohibited by law, shall be legal residents of the municipality who shall be appointed
by the Village Council, one of whom shall be a full-time Police Officer Member of the System
who shall be elected by a majority of the Police Officers who are Members of the System, one
of whom shall be a full-time Firefighter Member of the System who shall be elected by a
majority of Firefighters who are Members of the System. The fifth Trustee shall be chosen by
a majority of the previous four Trustees as provided for herein, and such person's name shall
be submitted to the Village Council. Upon receipt of the fifth person's name, the Village
Council shall, as a ministerial duty, appoint such person to the Board of Trustees as its fifth
Trustee. The fifth Trustee shall have the same rights as each of the other four Trustees
appointed or elected as herein provided and shall serve a two (2) year term unless he sooner
vacates the office. Each resident Trustee shall serve as Trustee for a period of two (2) years,
unless he sooner vacates the office or is sooner replaced by the Village Council at whose
pleasure he shall serve. Each Police Officer or Firefighter Trustee shall serve as Trustee for a
period of two (2) years, unless he sooner leaves the employment of the Village as a Police
Officer or Firefighter or otherwise vacates his office as Trustee, whereupon a successor shall
be chosen in the same manner as the departing Trustee. Each Trustee may succeed himself
in office. The Board shall establish and administer the nominating and election procedures for
each election. The Board of Trustees shall meet at least quarterly each year. The Board of
Trustees shall be a legal entity with, in addition to other powers and responsibilities contained
herein, the power to bring and defend lawsuits of every kind, nature, and description.
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(b) The Trustees shall, by a majority vote, elect a Chairman and a Secretary. The
Secretary of the Board shall keep a complete minute book of the actions, proceedings, or
hearings of the Board. The Trustees shall not receive any compensation as such, but may
receive expenses and per diem as provided by law.
(c) Each Trustee shall be entitled to one vote on the Board. Three (3) affirmative
votes shall be necessary for any decision by the Trustees at any meeting of the Board. A
Trustee shall have the right to abstain from voting as the result of a conflict of interest
provided that Trustee complies with the provisions of Section 112.3143, Florida Statutes.
(d) The duties and responsibilities of the Board shall include, but not necessarily be
limited to, the following:
(1) To construe the provisions of the System and determine all questions
arising thereunder.
(2) To determine all questions relating to eligibility and membership.
(3) To determine and certify the amount of all retirement allowances or other
benefits hereunder.
(4) To establish uniform rules and procedures to be followed for
administrative purposes, benefit applications and all matters required to
administer the System.
(5) To distribute to Members, from time to time, information concerning the
System.
(6) To receive and process all applications for benefits.
(7) To authorize all payments whatsoever from the Fund, and to notify the
disbursing agent, in writing, of approved benefit payments and other
expenditures arising through operation of the System and Fund.
(8) To have performed actuarial studies and valuations at least as often as
required by law, and make recommendations regarding any and all
changes in the provisions of the System.
(9) To retain the services of an administrator to assist the Board in the
administration of the System.
(10) To perform such other duties as are necessary or appropriate prudently
to administer the System.
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Sec. 4. FINANCES AND FUND MANAGEMENT.
Establishment and Operation of Fund.
(a) As part of the System, there is hereby established the Fund, into which shall be
deposited all of the contributions and assets whatsoever attributable to the System.
(b) The actual custody and supervision of the Fund (and assets thereof) shall be
vested in the Board. Payment of benefits and disbursements from the Fund shall be made by
written authorization from the Board.
(c) All funds of the System may be deposited by the Board with the Finance
Director of the municipality, acting in a ministerial capacity only, who shall be liable in the
same manner and to the same extent as he is liable for the safekeeping of funds for the
municipality. However, any funds so deposited with the Finance Director of the municipality
shall be kept in a separate fund by the Finance Director or clearly identified as such funds of
the System. In lieu thereof, the Board shall deposit the funds of the System in a qualified
public depository as defined in §280.02, Florida Statutes, which depository with regard to
such funds shall conform to and be bound by all of the provisions of Chapter 280, Florida
Statutes. In order to fulfill its investment responsibilities as set forth herein, the Board may
retain the services of a custodian bank, an investment advisor registered under the Investment
Advisors Act of 1940 or otherwise exempt from such required registration, an insurance
company licensed to do business in Florida, or a combination of these, for the purposes of
investment decisions and management. Such investment manager shall have discretion,
subject to any guidelines as prescribed by the Board, in the investment of all Fund assets.
(d) All funds and securities of the System may be commingled in the Fund, provided
that accurate records are maintained at all times reflecting the financial composition of the
Fund, including accurate current accounts and entries as regards the following:
(1) Current amounts of Accumulated Contributions of Members on both an
individual and aggregate account basis, and
(2) Receipts and disbursements, and
(3) Benefit payments, and
(4) Current amounts clearly reflecting all monies, funds and assets
whatsoever attributable to contributions and deposits from the Village,
and
(5) All interest, dividends and gains (or losses) whatsoever, and
(6) Such other entries as may be properly required so as to reflect a clear
and complete financial report of the Fund.
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(e) An audit shall be performed annually by a certified public accountant for the
most recent fiscal year of the Village showing a detailed listing of assets and liabilities, and a
statement of all income and disbursements during the year. Such income and disbursements
must be reconciled with the assets at the beginning and end of the year. Such report shall
reflect a complete valuation of assets as well as other items normally included in a certified
audit.
(f) The Board shall have the following investment powers and authority:
(1) The Board shall be vested with full legal title to said Fund, subject,
however, and in any event to the authority and power of the Village
Council to amend or terminate this Fund, provided that no amendment
or Fund termination shall ever result in the use of any assets of this Fund
except for the payment of regular expenses and benefits under this
System, except as otherwise provided herein. All contributions from time
to time paid into the Fund, and the income thereof, without distinction
between principal and income, shall be held and administered by the
Board or its agent in the Fund and the Board shall not be required to
segregate or invest separately any portion of the Fund.
(2) All monies paid into or held in the Fund shall be invested and reinvested
by the Board. The Board shall, in acquiring, investing, reinvesting,
exchanging, retaining, selling and maintaining property for the benefit of
the System exercise the judgment and care under the circumstances
then prevailing, which persons of prudence , discretion and intelligence
exercise in the management of their own affairs, not in regard to
speculation but in regard to the permanent disposition of their funds,
considering the probable income as well as the probable safety of their
capital. Within the limitations of the foregoing standard, the Board is
authorized to acquire and retain every kind of investment specifically
including, but not by way of limitation, bonds, debentures and other
corporate obligations, and stocks, preferred or common, which persons
of prudence, discretion and intelligence acquire or retain for their own
account and, within the limitations of the foregoing standard, the Board
may retain property acquired, without limitation as to time and without
regard to its suitability for original purchase. The intent of this provision
is to remove any and all restrictions which are otherwise imposed by
Chapter 175 or 185, Florida Statutes, which may be removed.
(3) No person or entity shall be liable for the making, retention or sale of any
investment or reinvestment made as herein provided, nor for any loss or
diminishment of the Fund, except that due to his or its own negligence,
willful misconduct or lack of good faith.
(4) The Board may cause any investment in securities held by it to be
registered in or transferred into its name as Trustee or into the name of
such nominee as it may direct, or it may retain them unregistered and in
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form permitting transferability, but the books and records shall at all
times show that all investments are part of the Fund.
(5) The Board is empowered, but is not required, to vote upon any stocks,
bonds, or securities of any corporation, association, or trust and to give
general or specific proxies or powers of attorney with or without power
of substitution; to participate in mergers, reorganizations,
recapitalizations, consolidations, and similar transactions with respect to
such securities; to deposit such stock or other securities in any voting
trust or any protective or like committee with the Trustees or with
depositories designated thereby; to amortize or fail to amortize any part
or all of the premium or discount resulting from the acquisition or
disposition of assets; and generally to exercise any of the powers of an
owner with respect to stocks, bonds, or other investments comprising
the Fund which it may deem to be to the best interest of the Fund to
exercise.
(6) The Board shall not be required to make any inventory or appraisal or
report to any court, nor to secure any order of court for the exercise of
any power contained herein.
(7) Where any action which the Board is required to take or any duty or
function which it is required to perform either under the terms herein or
under the general law applicable to it as Trustee under this ordinance,
can reasonably be taken or performed only after receipt by it from a
Member, the Village, or any other entity, of specific information,
certification, direction or instructions, the Board shall be free of liability
in failing to take such action or perform such duty or function until such
information, certification, direction or instruction has been received by
it.
(8) Any overpayments or underpayments from the Fund to a Member or
Beneficiary caused by errors of computation shall be adjusted with
interest at a rate per annum approved by the Board in such a manner
that the actuarial equivalent of the benefit to which the Member or
Beneficiary was correctly entitled to, shall be paid. Overpayments shall
be charged against payments next succeeding the correction or collected
in another manner if prudent. Underpayments shall be made up from the
Fund in a prudent manner.
(9) The Board shall sustain no liability whatsoever for the sufficiency of the
Fund to meet the payments and benefits herein provided for.
(10) In any application to or proceeding or action in the courts, only the Board
shall be a necessary party, and no Member or other person having an
interest in the Fund shall be entitled to any notice or service of process.
Any judgment entered in such a proceeding or action shall be conclusive
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upon all persons.
(1 1) Any of the foregoing powers and functions reposed in the Board may be
performed or carried out by the Board through duly authorized agents,
provided that the Board at all times maintains continuous supervision
over the acts of any such agent; provided further, that legal title to said
Fund shall always remain in the Board.
Sec. 5. CONTRIBUTIONS.
(a) Member Contributions.
(1) Amount. From the Effective Date through September 30, 2000, each
Member of the System shall be required to make regular contributions to
the Fund in the amount of fourteen percent (14%) of his Salary. This
rate shall be adjusted each year thereafter to an amount equal to the
total cost for the year (as shown by the most recent actuarial valuation
of the System) less the amount of revenue received from the State
pursuant to Chapters 175 and 185, Florida Statutes; provided, however,
that in no event shall the Member contribution rate be less than eight
percent (8%) of Salary. Each year after September 30, 2000 in which
the Member contribution rate is eight percent (8%) of Salary and the
total of such rate plus the State contribution exceeds the total cost for
the year (as shown by the most recent actuarial valuation of the System)
such excess shall be contributed to the Share Plan. 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.
(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 (5) days after receipt by the Village.
(c) Village Contributions.
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
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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 Chapter 112, Florida Statutes.
(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.
Sec. 6. BENEFIT AMOUNTS AND ELIGIBILITY
(a) Normal Retirement Date.
A Member's normal retirement date shall be the first day of the month coincident
with or the next following the earlier of attainment of age fifty-five (55) and the completion
of five (5) years of Credited Service or attainment of age fifty-two (52) and the completion of
twenty-five (25) years of Credited Service. 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 Village on or after the normal retirement date.
(b) Normal Retirement Benefit.
A 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 death, but for ten (10) years certain in any event. The
monthly retirement benefit shall equal two percent (2%) of Average Final Compensation for
each year of Credited Service.
(c) Early Retirement Date.
A Member may retire on his early retirement date which shall be the first day
of any month coincident with or next following the later of the attainment of age fifty (50) and
the completion of five (5) years of Credited Service. Early retirement under the System is
retirement from employment with the Village on or after the early retirement date and prior to
the normal retirement date.
(d) Early Retirement Benefit.
A Member retiring hereunder on his early retirement date may receive either a
deferred or an immediate monthly retirement benefit payable in the same form as for normal
retirement as follows:
(1) A deferred monthly retirement benefit which shall commence on what
would have been his normal retirement date had he continued employ -
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ment as a Police Officer or Firefighter and shall be continued on the first
day of each month thereafter. The amount of each such deferred
monthly retirement benefit shall be determined in the same manner as for
retirement on his normal retirement date except that Credited Service
and Average Final Compensation shall be determined as of his early
retirement date; or
(2) An immediate monthly retirement benefit which shall commence on his
early retirement date and shall be continued on the first day of each
month thereafter. The benefit payable shall be as determined in
paragraph (1) above, reduced by 0.25% for each month by which his
early retirement date precedes the date which would have been his
normal retirement date had he continued employment as a Police Officer
or Firefighter.
Sec. 7. PRE -RETIREMENT DEATH.
(a) Benefit Payable in the Event of Death on or Prior To Normal Retirement Date
While In Service:
(1) Death with Ten (10) or More Years of Credited Service: If the service
of a Member is terminated by reason of his death on or prior to his
normal retirement date and the Member had at least ten (10) years of
Credited Service, there shall be payable to the Member's designated
Beneficiary the monthly retirement income, beginning on the first day of
the month coincident with or next following the date of his death, which
can be provided by the single -sum value of the Member's deferred
monthly retirement income commencing at normal retirement date which
has accrued to the date of his death. This benefit shall be paid in the
form of a monthly benefit for the life of the Beneficiary, but for ten (10)
years certain in any event.
(2) Death with Less Than Ten (10) Years of Credited Service: If the service
of a Member is terminated by reason of his death on or prior to his
normal retirement date and the Member had less than ten (10) years of
Credited Service, there shall be payable to the Member's designated
Beneficiary the Member's Accumulated Contributions.
(b) Benefit Payable in Event of Death While in Service after Normal Retirement Date:
If the service of a Member is terminated by reason of his death after his normal
retirement date, there shall be payable to the Member's designated Beneficiary the monthly
retirement income, beginning on the first date of the month coincident with or next following
the date of his death, equal to the retirement income to which the Member would have been
entitled had he retired immediately prior to the date of his death. This benefit shall be payable
for ten (10) years.
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Sec. 8. DISABILITY.
(a) Disability Benefits On -Duty
Each Member with ten (10) or more years of Credited Service who shall become
totally and permanently disabled to the extent that he is unable, by reason of a medically
determinable physical or mental impairment, to render useful and efficient service as a Police
Officer or Firefighter which disability was directly caused by the performance of his duty as
a Police Officer or Firefighter shall, upon establishing the same to the satisfaction of the Board,
be entitled to a monthly pension equal to his accrued pension benefit as of the date of
disability. Such accrued pension shall be payable at his otherwise early or normal retirement
date.
Any condition or impairment of health of a Member caused by tuberculosis,
hypertension, heart disease, or hardening of the arteries shall be presumed to have been
suffered in line of duty unless the contrary is show by competent evidence, provided that such
Member shall have successfully passed a physical examination upon entering into such service,
including cardiogram, which examination failed to reveal any evidence of such condition; and
provided further, that such presumption shall not apply to benefits payable or granted in a
policy of life insurance or disability insurance.
(b) Disability Benefits Off -Duty
Each Member with ten (10) years or more of Credited Service who shall become
totally and permanently disabled to the extent that he is unable, by reason of a medically
determinable physical or mental impairment, to render useful and efficient service as a Police
Officer or Firefighter which disability is not directly caused by the performance of his duties
as a Police Officer or Firefighter shall, upon establishing the same to the satisfaction of the
Board, be entitled to his accrued pension benefit as of the date of disability. Such accrued
pension shall be payable at his otherwise early or normal retirement date.
(c) Conditions Disqualifying Disability Benefits
Each Member who is claiming disability benefits shall establish, to the
satisfaction of the Board, that such disability was not occasioned primarily by:
(1) Excessive or habitual use of any drugs; intoxicants or narcotics.
(2) Injury or disease sustained while willfully and illegally participating in
fights, riots, civil insurrections or while committing a crime.
(3) Injury or disease sustained while serving in any branch of the Armed
Forces.
(4) Injury or disease sustained after his employment with the Village shall
have terminated.
(5) Willful, wanton or intentional conduct or gross negligence of the Member.
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(6) Injury or disease sustained while working for anyone other than the
Village and arising out of such employment.
(7) A condition pre-existing membership in the System. No Member shall be
entitled to a disability pension, whether in line of duty or not in line of
duty, because of or due to the aggravation of a specific injury,
impairment or other medical condition pre-existing at the time of
membership in the System, provided that such pre-existing condition and
its relationship to a later injury, impairment or other medical condition be
established by competent substantial evidence. Nothing herein shall be
construed to preclude a disability pension to a Member who, after
membership in the System, suffers an injury, impairment, or other
medical condition different from some other injury, impairment, or other
medical condition existing at or prior to said membership.
(d) Physical Examination Requirement
A Member shall not become eligible for disability benefits until and unless he
undergoes a physical examination by a qualified physician or physicians and/or surgeon or
surgeons who shall be selected by the Board for that purpose. The Board shall not select the
Member's treating physician or surgeon for this purpose except in an unusual case where the
Board determines that it would be reasonable and prudent to do so.
Any person receiving disability benefits under provisions of this ordinance may
be periodically re-examined by a qualified physician or physicians and/or surgeon or surgeons
who shall be selected by the Board to determine if such disability has ceased to exist. If the
Board finds that the retiree is no longer permanently and totally disabled to the extent that he
is unable to render useful and efficient service as a Police Officer or Firefighter, the Board shall
recommend to the Village that the retiree be returned to performance of duty as a Police
Officer or Firefighter, and the retiree so returned shall enjoy the same rights that he had at the
time he was placed upon pension. In the event the retiree so ordered to return shall refuse to
comply with the order within thirty (30) days from the issuance thereof, he shall forfeit the
right to his pension. However, any such Member who recovers from disability and whose
retirement income is discontinued by the Board and who, as of the date of termination of his
service due to disability, had both attained the age of fifty (50) years and completed at least
five (5) years of Credited Service, shall, if he does not re-enter the service of the Village, be
entitled to the early retirement income or the benefit on termination of service as provided in
Sections 6 and 9 hereof, respectively, based on his Average Final Compensation and his
Credited Service as of the date of termination of his service due to disability and upon his
attained age as of the date of his recovery from disability, and the amount of the retirement
income upon early retirement will be reduced to take into account the Member's younger age
and earlier commencement of retirement income payments as provided in Section 6 hereof.
The cost of the physical examination and/or re-examination of the retiree claiming
and/or receiving disability benefits shall be borne by the Fund. All other reasonable costs as
determined by the Board incident to the physical examination, such as, but not limited to,
transportation, meals and hotel accommodations, shall be borne by the Fund.
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If the retiree recovers from disability and reenters the service of the Village as a Police
Officer or Firefighter, his service will be deemed to have been continuous, but the period
beginning with the first month for which he received a disability retirement income payment
and ending with the date he reentered the service of the Village will not be considered as
Credited Service for the purposes of the System.
The Board shall have the power and authority to make the final decisions regarding all
disability claims.
Sec. 9. VESTING.
If a Member terminates his employment with the Village, either voluntarily or by
discharge, and is not eligible for any other benefits under this System, he shall be entitled to
the following:
(a) Any Member upon termination of employment shall be entitled to a refund of his
Accumulated Contributions or the Member may leave it deposited with the Fund for up to five
(5) years.
(b) If the Member has five (5) or more years of Credited Service upon termination,
the Member shall be entitled to a monthly retirement benefit that is equal to his accrued
monthly benefit payable commencing at Member's otherwise normal or early retirement date,
provided he does not elect to withdraw his Accumulated Contributions and provided Member
survives to his otherwise normal or early retirement date. If the Member does not withdraw
his Accumulated Contributions and does not survive to his otherwise normal or early retirement
date, his designated Beneficiary shall be entitled to a benefit calculated in the same manner
as provided herein for a deceased Member under Section 7(a) (1) or 7(a) (2), depending on
whether the deceased Member had more or less than ten (10) years of Credited Service.
(c) Any vested Member of the System whose position is terminated, for whatever
reason, but who remains employed by the Village in some other capacity, shall have all
retirement benefits accrued up to the date of such termination under this System preserved,
provided he does not elect to withdraw his Accumulated Contributions from this System. Such
accrued retirement benefits shall be payable at his otherwise early (reduced as for early
retirement) or normal retirement date hereunder, or later, in accordance with the provisions of
this System; provided further, however, that benefits shall not be payable under this System
during any period of continued employment by the Village.
Sec. 10. OPTIONAL FORMS OF BENEFITS
(a) In lieu of the amount and form of retirement income payable in the event of
normal or early retirement as specified herein, a Member, upon written request to the Board,
may elect to receive the Actuarial Equivalent payable in accordance with one of the following
options:
(1) A retirement income of a greater monthly amount, payable to the
Member for his lifetime.
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(2) A retirement income of a modified monthly amount, payable to the
Member during the lifetime of the Member and following the death of the
Member, 100%, 75%, or 50% of such monthly amount payable to a
joint pensioner for his lifetime.
(3) If a Member retires prior to the time at which social security benefits are
payable, he may elect to receive an increased retirement benefit until
such time as social security benefits shall be assumed to commence and
a reduced benefit thereafter in order to provide, to as great an extent as
possible, a more level retirement allowance during the entire period of
retirement. The amounts payable shall be as recommended by the
actuaries for the System, based upon the social security law in effect at
the time of the Member's retirement.
(b) The Member, upon electing any option of this Section, will designate the joint
pensioner or Beneficiary to receive the benefit, if any, payable under the System in the event
of a Member's death, and will have the power to change such designation from time to time.
Such designation will name a joint pensioner or one or more primary Beneficiaries where
applicable. If a Member has elected an option with a joint pensioner or Beneficiary and a
Member's retirement income benefits have commenced, he may thereafter change his
designated joint pensioner or Beneficiary, but only if the designated Beneficiary predeceases
the Member or if the designated Beneficiary and the Member were married at time of
Member's retirement and are divorced subsequent thereto; provided however, in no event may
a Member change his or her designated Beneficiary more than twice.
(c) The consent of a Member's joint pensioner or Beneficiary to any such change
shall not be required. The rights of all previously -designated Beneficiaries to receive benefits
under the System shall thereupon cease.
(d) Upon change of a Member's Beneficiary or joint pensioner in accordance with
this section, the Board shall adjust the Member's monthly benefit by application of actuarial
calculations to insure that the benefit paid is the Actuarial Equivalent of the Member's then
current benefit. Any such Member shall pay the actuarial recalculation expenses and shall
make repayment of any overage of previously -paid pension benefits as a result of said
recalculations. Each request for a change will be made in writing on a form prepared by the
Board and on completion will be filed with the Board. In the event that no designated
Beneficiary survives the Member, such benefits as are payable in the event of the death of the
Member subsequent to his retirement shall be paid as provided in Section 11.
(e) Retirement income payments shall be made under the option elected in
accordance with the provisions of this Section and shall be subject to the following limitations:
(1) If a Member dies prior to his normal retirement date or early retirement
date, whichever first occurs, no retirement benefit will be payable under
the option to any person, but the benefits, if any, will be determined
under Section 7.
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(2) If the designated Beneficiary or joint pensioner dies before the Member's
retirement under the System, the option elected will be canceled
automatically and a retirement income of the normal form and amount
will be payable to the Member upon his retirement as if the election had
not been made, unless a new election is made in accordance with the
provisions of this Section or a new Beneficiary is designated by the
Member prior to his retirement.
(3) If both the retired Member and the Beneficiary designated by a Member
die before the full payment has been effected under any option providing
for payments for a period certain and life thereafter, the Board may, in
its discretion, direct that the commuted value of the remaining payments
be paid in a lump sum and in accordance with Section 11.
(4) If a Member continues beyond his normal retirement date pursuant to the
provisions of Section 6(a) and dies prior to his actual retirement and
while an option made pursuant to the provisions of this Section is in
effect, monthly retirement income payments will be made, or a
retirement benefit will be paid, under the option to a Beneficiary
designated by the Member in the amount or amounts computed as if the
Member had retired under the option on the date on which his death
occurred.
(f) A Member may not change his retirement option after the date of his
retirement.
(g) Notwithstanding anything herein to the contrary, the Board in its discretion, may
elect to make a lump sum payment to a Member or a Member's Beneficiary in the event that
the total commuted value of the remaining monthly income payments to be paid do not exceed
Three Thousand Five Hundred Dollars ($3,500.00). Any such payment made to any person
pursuant to the power and discretion conferred upon the Board by the preceding sentence shall
operate as a complete discharge of all obligations under the System with regard to such
Member and shall not be subject to review by anyone, but shall be final, binding and
conclusive on all persons.
Sec. 11. BENEFICIARIES.
(a) Each Member shall, on a form provided for that purpose, signed and filed with
the Board, designate a Beneficiary (or Beneficiaries) to receive the benefit, if any, which may
be payable in the event of his death; and each designation may be revoked by such Member
by signing and filing with the Board a new designation -of -beneficiary form.
(b) If a deceased Member fails to name a Beneficiary in the manner prescribed in
subsection (a), or if the Beneficiary named by a deceased Member predeceases the Member,
the death benefit, if any, which may be payable under the System with respect to such
deceased Member shall be paid to his estate.
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Sec. 12. CLAIMS PROCEDURES.
The Board shall adopt procedures to be followed in processing claims for benefits.
There shall be timely adequate written notice given to any Member or Beneficiary whose claim
for benefits has been denied, setting forth the specific reasons for such denial. The Board shall
provide a full and fair review in those cases when a Member or Beneficiary has had his or her
claim for benefits denied.
Sec. 13. REPORTS TO DIVISION OF RETIREMENT.
Each year the Board shall file a report with the Division of Retirement containing the
information required by Chapters 175 and 185, Florida Statutes.
Sec. 14. ROSTER OF RETIREES.
The Secretary of the Board shall keep a record of all persons enjoying a pension under
the provisions of this ordinance in which it shall be noted the time when the pension is allowed
and when the same shall cease to be paid. Additionally, the Secretary shall keep a record of
all Police Officers and Firefighters employed by the Village in such a manner as to show the
name, address, date of employment and date of termination of employment.
Sec. 15. BOARD ADVISORS.
The Board shall engage such actuarial, accounting, legal, and other services as shall be
necessary or advisable to transact the business of the System. The compensation of all
persons engaged by the Board and all other expenses of the Board necessary for the operation
of the System shall be paid from the Fund at such rates and in such amounts as the Board
shall agree.
Sec. 16. MAXIMUM PENSION.
(a) Basic Limitation.
Subject to the adjustments hereinafter set forth, the maximum amount of annual
retirement income payable with respect to a Member under this System shall not exceed
$ 90,000.
For purposes of applying the above limitation, benefits payable in any form other
than a straight life annuity with no ancillary benefits shall be adjusted, as provided by Treasury
Regulations, so that such benefits are the Actuarial Equivalent of a straight life annuity.
(b) Participation in Other Defined Benefit Plans.
The limitation of this Section with respect to any Member who at any time has
been a member in any other defined benefit plan (as defined in §414(j) of the Code) maintained
by the Village shall apply as if the total benefits payable under all defined benefit plans in
which the Member has been a member were payable from one plan.
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(c) Adjustments in Limitations.
If the Member's retirement benefit becomes payable after age sixty-five (65),
for purposes of determining whether this benefit meets the limitation set forth in subsection
(a) herein, such benefit shall be adjusted so that it is actuarially equivalent to the benefit
beginning at age sixty-five (65). This adjustment shall be made using an assumed interest rate
of five percent (5 %) and shall be made in accordance with regulations promulgated by the
Secretary of the Treasury or his delegate.
(d) Less than Ten Years of Service.
Except to the extent otherwise permitted by law, the maximum retirement
benefits payable under this Section to any Member who has completed less than ten (10)
years of Credited Service with the Village shall be the amount determined under subsection
(a) of this Section multiplied by a fraction, the numerator of which is the number of the
Member's years of Credited Service and the denominator of which is ten (10).
(e) $10,000 Limit.
Notwithstanding the foregoing, the retirement benefit payable with respect to
a Member shall be deemed not to exceed the limitations set forth in this Section if the benefits
payable, with respect to such Member under this System and under all other qualified defined
benefit pension plans to which the Village contributes, do not exceed $10,000 or the
applicable plan year and for any prior plan year and the Village has not at any time maintained
a qualified defined contribution plan in which the Member participated.
(f) Member in Defined Contribution Plan.
Until September 30, 2000, in any case where a Member under this System is
also a member in a "Defined Contribution Plan" as defined in §414(i) of the Code, maintained
by the Village, the sum of the "Defined Benefit Plan Fraction" and the "Defined Contribution
Plan Fraction" (both as defined in §415(e) of the Code) shall not exceed 1.0.
(g) Cost -of -Living Adjustments.
The limitation as stated in subsections (a) herein shall be adjusted to the time
payment of a benefit begins in accordance with any cost -of -living adjustments prescribed by
the Secretary of the Treasury pursuant to §415(d) of the Code.
(h) Additional Limitation on Pension Benefits.
Notwithstanding anything herein to the contrary:
(1) The normal retirement benefit or pension payable to a retiree shall not
exceed 100 percent of his Average Final Compensation. However,
nothing contained in this Section shall apply to supplemental retirement
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benefits or to pension increases attributable to cost -of -living increases
or adjustments.
(2) No Member of the System shall be allowed to receive a retirement
benefit or pension which is in part or in whole based upon any service
with respect to which the Member is already receiving, or will receive in
the future, a retirement benefit or pension from another retirement
system or plan. This restriction does not apply to social security benefits
or federal benefits under Chapter 67, Title 10, U.S. Code.
Sec. 17. COMMENCEMENT OF BENEFITS
(a) Unless the Member otherwise elects, with such election being in writing and
delivered to the Board and specifying the form of retirement income and date on which the
retirement income is to commence, the payment benefits under the System to the Member
shall commence not later than the 60th day after the close of the plan year in which the latest
of the following events occur:
(1) The attainment by the Member of age 65;
(2) The 10th anniversary of the date on which the Member commenced
participation in the System; or
(3) The termination of the Member's service with the Village.
(b) If the payment of a Member's retirement income cannot begin on the date
required under subsection (a) of this Section because the Board either cannot ascertain the
amount of the Member's retirement income or cannot locate the Member after making
reasonable efforts to do so, the payment of the Member's benefit shall begin not later than
sixty (60) days after the date on which the amount can be ascertained or the Member is
located, whichever is applicable. Any such payment shall be made retroactive to a date which
is not earlier than the date on which the payment of the Member's benefit was scheduled to
begin but which is not later than the date specified under subsection (a) of this Section.
Sec. 18. DISTRIBUTION OF BENEFITS
Notwithstanding any other provision of this System to the contrary, a form of
retirement income payable from this System after the Effective Date of this ordinance, shall
satisfy the following conditions:
(a) If the retirement income is payable before the Member's death,
(1) It shall either be distributed or commence to the Member not later than
April 1 of the calendar year following the later of the calendar year in
which the Member attains age 70-1/2, or the calendar year in which
Member retires,
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(2) The distribution shall commence not later than the calendar year defined
above; and a), shall be paid over the life of the Member or over the
lifetimes of the Member and Spouse, issue or dependent, or b), shall be
paid over the period extending not beyond the life expectancy of the
Member and Spouse, issue or dependent.
Where a form of retirement income payment has commenced in accordance with
the preceding paragraphs and the Member dies before his entire interest in the System has
been distributed, the remaining portion of such interest in the System shall be distributed no
less rapidly than under the form of distribution in effect at the time of the Member's death.
(b) If the Member's death occurs before the distribution of his interest in the System
has commenced, Member's entire interest in the System shall be distributed within five (5)
years of Member's death, unless it is to be distributed in accordance with the following rules:
(1) The Member's remaining interest in the System is payable to his Spouse,
issue or dependent;
(2) The remaining interest is to be distributed over the life of the Spouse,
issue or dependent or over a period not extending beyond the life
expectancy of the Spouse, issue or dependent; and
(3) Such distribution begins within one year of the Member's death unless
the Member's Spouse, issue or dependent shall receive the remaining
interest in which case the distribution need not begin before the date on
which the Member would have attained age 70-1/2 and if the Spouse,
issue or dependent dies before the distribution to the Spouse, issue or
dependent begins, this Section shall be applied as if the Spouse, issue
or dependent were the Member.
Sec. 19. MISCELLANEOUS PROVISIONS.
(a) Interest of Members in System.
All assets of the Fund shall be used exclusively for the benefit of
Members or their Beneficiaries. At no time shall any part of the corpus or income of the Fund
be used for or diverted to any purpose other than for the exclusive benefit of Members and
their Beneficiaries.
(b) No amendment or ordinance shall be adopted by the Village
Council which shall have the effect of reducing the then accrued benefits of Members or a
Member's Beneficiaries.
Sec. 20. REPEAL OR TERMINATION OF SYSTEM.
(a) This ordinance establishing the System and Fund, and subsequent
ordinances pertaining to said System and Fund, may be modified, terminated, or amended, in
whole or in part; provided that if this or any subsequent ordinance shall be amended or
repealed in its application to any person benefiting hereunder, the amount of benefits which
at the time of any such alteration, amendment, or repeal shall have accrued to the Member or
Beneficiary shall not be affected thereby, except to the extent that the assets of the Fund may
be determined to be inadequate.
(b) If this ordinance shall be repealed, or if contributions to the System are
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discontinued, the Board shall continue to administer the System in accordance with the
provisions of this ordinance, for the sole benefit of the then Members, any Beneficiaries then
receiving retirement allowances, and any future persons entitled to receive benefits under one
of the options provided for in this ordinance who are designated by any of said Members. In
the event of repeal, or if contributions to the System are discontinued, there shall be full
vesting (100%) of benefits accrued to date of repeal and the assets of the System shall be
allocated in accordance with Chapters 175.361 and 185.37. Florida Statutes.
(c) If, at any time during the first ten (10) years after the effective date of
the ordinance originally establishing this System, the System shall be terminated or the full
current costs of the System shall not have been met, anything in the System to the contrary
notwithstanding, Village contributions which may be used for the benefit of any one of the
twenty-five (25) highest paid Police Officers or Firefighters on the effective date, whose anti-
cipated annual retirement allowance provided by the Village's contributions at Member's
normal retirement date would exceed $1,500, shall not exceed the greater of either a)
$20,000, or b), an amount computed by multiplying the smaller of $10,000 or twenty percent
(20%) of such Police Officer's or Firefighter's average annual earnings during his last five (5)
years of service by the number of years of service since the effective date. In the event that
it shall hereafter be determined by statute, court decision, ruling by the Commissioner of
Internal Revenue, or otherwise, that the provisions of this paragraph are not then necessary
to qualify the System under the Internal Revenue Code, this paragraph shall be ineffective
without the necessity of further amendment of this ordinance.
Sec. 21. EXEMPTION FROM EXECUTION, NON -ASSIGNABILITY.
Except as otherwise provided by law, the pensions, annuities, or any other benefits
accrued or accruing to any person under the provisions of this ordinance and the Accumulated
Contributions and the cash securities in the Fund created under this ordinance are hereby
exempted from any state, county or municipal tax and shall not be subject to execution,
attachment, garnishment or any legal process whatsoever and shall be unassignable.
Sec. 22. PENSION VALIDITY.
The Board shall have the power to examine into the facts upon which any pension shall
heretofore have been granted under any prior or existing law, or shall hereafter be granted or
obtained erroneously, fraudulently or illegally for any reason. Said Board is empowered to
purge the pension rolls of any person heretofore granted a pension under prior or existing law
or heretofore granted under this ordinance if the same is found to be erroneous, fraudulent or
illegal for any reason; and to reclassify any person who has heretofore under any prior or
existing law been or who shall hereafter under this ordinance be erroneously, improperly or
illegally classified.
Sec. 23. FORFEITURE OF PENSION.
(a) Any Member who is convicted of the following offenses committed prior to
retirement, or whose employment is terminated by reason of his admitted commission, aid or
abetment of the following specified offenses, shall forfeit all rights and benefits under this
System, except for the return of his Accumulated Contributions as of the date of termination.
Specified offenses are as follows:
(1) The committing, aiding or abetting of an embezzlement of public funds;
(2) The committing, aiding or abetting of any theft by a public officer or
employee from employer;
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(3) Bribery in connection with the employment of a public officer or
employee;
(4) Any felony specified in Chapter 838, Florida Statutes;
(5) The committing of an impeachable offense;
(6) The committing of any felony by a public officer or employee who
willfully and with intent to defraud the public or the public agency, for
which he acts or in which he is employed, of the right to receive the
faithful performance of his duty as a public officer or employee, realizes
or obtains or attempts to obtain a profit, gain, or advantage for himself
or for some other person through the use or attempted use of the power,
rights, privileges, duties or position of his public office or employment
position.
(b) Conviction shall be defined as an adjudication of guilt by a court of competent
jurisdiction; a plea of guilty or a nolo contendere; a jury verdict of guilty when adjudication of
guilt is withheld and the accused is placed on probation; or a conviction by the Senate of an
impeachable offense.
(c) Court shall be defined as any state or federal court of competent jurisdiction
which is exercising its jurisdiction to consider a proceeding involving the alleged commission
of a specified offense. Prior to forfeiture, the Board shall hold a hearing on which notice shall
be given to the Member whose benefits are being considered for forfeiture. Said Member shall
be afforded the right to have an attorney present. No formal rules of evidence shall apply, but
the Member shall be afforded a full opportunity to present his case against forfeiture.
(d) Any Member who has received benefits from the System in excess of his
Accumulated Contributions after Member's rights were forfeited shall be required to pay back
to the Fund the amount of the benefits received in excess of his Accumulated Contributions.
The Board may institute all legal action necessary to recover such funds.
Sec. 24. INDEMNIFICATION
(a) To the extent not covered by insurance contracts in force from time to time, the
Village shall indemnify and hold harmless members of the Board from all personal liability for
damages and costs, including court costs and trial and appellate attorneys' fees, arising out
of claims, suits, litigation, or threat of same, herein referred to as "claims", against these
individuals because of acts or circumstances connected with or arising out of their official duty
as members of the Board. The Village reserves the right, in its sole discretion, to settle or not
settle the claim at any time, and to appeal or to not appeal from any adverse judgment or
ruling, and in either event will indemnify and hold harmless any members of the Board from
the judgment, execution, or levy thereon.
(b) This Section shall not apply nor shall the Village be responsible in any manner
to defend or pay for claims arising out of acts or omissions of members of the Board which
constitute felonies or gross malfeasance or gross misfeasance in office.
Sec. 25. DIRECT TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS.
(a) General.
Notwithstanding any provision of the System to the contrary that would
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otherwise limit a distributee's election under this Section, a distributee may elect, at the time
and in the
manner prescribed by the Board, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a direct rollover.
(b) Definitions.
(1) Eligible Rollover Distribution: An eligible rollover distribution is any
distribution of all or any portion of the balance to the credit of the
distributee, except that an eligible rollover distribution does not include:
any distribution that is one of a series of substantially equal periodic
payments (not less frequently than annually) made for the life (or life
expectancy) of the distributee or the joint lives (or joint life expectancies)
of the distributee and the distributee's designated Beneficiary, or for a
specified period of ten years or more; any distribution to the extent such
distribution is required under section 401(a)(9) of the Code; and the
portion of any distribution that is not includible in gross income.
(2) Eligible Retirement Plan: An eligible retirement plan is an individual
retirement account described in section 408(a) of the Code, an individual
retirement annuity described in section 408(b) of the Code, an annuity
plan described in section 403(a) of the Code, or a qualified trust
described in section 401(a) of the Code, that accepts the distributee's
eligible rollover distribution. However, in the case of an eligible rollover
distribution to the surviving Spouse, an eligible retirement plan is an
individual retirement account or individual retirement annuity.
(3) Distributee: A distributee includes an employee or former employee. In
addition, the employee's or former employee's surviving Spouse is a
distributee with regard to the interest of the Spouse.
(4) Direct Rollover: A direct rollover is a payment by the plan to the eligible
retirement plan specified by the distributee.
Sec. 26. SHARE PLAN
(a) Allocation Procedure.
Each Member shall have a Share Account which will include the Member's share
of contributions credited in accordance with Section 5(a)(1), net investment earnings
attributable to Share Accounts and forfeitures. As of each September 30, each Member 's
Share Account shall be computed as the total of:
(1) His Share Account as of the previous September 30,
(2) The portion of net investment earnings allocable to his Share Account,
and
(3) The product of the number of his shares multiplied by the value of each
new share.
The portion of net investment earnings allocable to a Member's Share Account is equal to the
ratio of his Share Account as of the previous September 30 to the total of all Share Accounts
as of the previous September 30 with said ratio multiplied by the net investment earnings for
23 of 25
the year.
The value of all new shares for the year is equal to the total of:
(4) Contributions credited pursuant to Section 5(a)(1), and
(5) Forfeitures which arise during the year.
Each Participant shall receive one share for each full month of Credited Service during the year.
The value of each new share shall be equal to the value of all new shares divided by the total
number of shares in effect as of September 30.
(b) Distribution.
In the event that a Member terminates his employment with the Village under
any of the conditions listed below, he or his designated Beneficiary shall be eligible to receive
from the Fund his Share Account as of the previous September 30. The applicable conditions
for the distribution as just described are:
(1) Attainment by the Member of his early or normal retirement date;
(2) The Member's disability, as described in Section 8; or
(3) The Member's death.
If a Member terminates employment with at least five (5) years of Credited
Service, his Share Account will be payable at his otherwise early or normal retirement date.
Such Account shall continue to share in its portion of net investment earnings each year until
the September 30 prior to the date of distribution of the Account. Such Account shall not be
credited with contributions or forfeitures. Upon the death of such Member prior to the
distribution of his Account, the Account shall be payable to his designated Beneficiary.
If the Member does not satisfy any of the listed conditions, he shall forfeit his
Share Account. All such forfeitures shall be allocated to remaining Participants as of the next
September 30.
The Board shall administer the Share Plan in the same manner as it administers
the defined benefit portion of this System. The Board shall make all determinations regarding
eligibility and distribution of Share Plan monies.
SECTION 2. SEVERABILITY.
If any provision of this Ordinance or the application thereof is held invalid, such
invalidity shall not affect the other provisions or applications, and to this end, the provisions
of this Ordinance ate hereby declared severable.
SECTION 3. CODIFICATION.
This Ordinance shall be codified and made a part of the official Code of Ordinance of
the Village of Key Biscayne, Florida.
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SECTION 4. EFFECTIVE DATE.
This Ordinance shall take effect upon its passage and adoption on its second reading.
PASSED AND ADOPTED ON FIRST READING THIS 26th DAY OF August, 1997.
PASSED AND ADOPTED ON SECOND READING THIS 9th DAY OF September, 1997.
ATTEST:
//a/A9
CONCHITA H. ALVAREZ, VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
RICHA J. WEISS, VILLAGE ATTORNEY
103001 \retire\august.97
September 10, 1997 10:45am
r
p-e_,3
r ti
OR JOHN F. FESTA
25 of 25
MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Octelma V. Ferbeyre, who on oath says that she is the
Supervisor, Legal Notices of the Miami Daily Business
Review (Vida Miami Review, a daily (except Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Dade
County, Florida; that the attached copy of advertisement,
being a Legal Advertisement of Notice in the matter of
VILLAGE OF KEY BISCAYNE
AN ORDINANCE ADOPTING THE POLICE
OFFICERS AND FIREFIGHTERS
RETIREMENT PLAN
in the
xxxxx
was published in said newspaper in the issues of
Aug 28, 1997
Court,
Affiant further says that the said Miami Daily Business
Review is a newspaper published at Miami in said Dade
County, Florida, and that the said newspaper has heretofore
been continuously published in said 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 Dade County, Florida, for a period of
one year next preceding the first publication of the attached
copy of advertisement; and affiant fu, - that she has
neither paid promised any irm r corporation
any disc • , rebate, commies r nd f the purpose
of secu adverts l for ublica on in the said
new
Sworn
to a std me t18,7
28
day of , A.D.19
(SEAL)
Octelma V. Ferbe;
,\Q,SAY Pti OFFICIAL NOTARY SEAL
O <9! CHERYL H MARMER
� ! ON NUMBER
, Q s CC545384
� MY COMMISSION EXPIRES
( FOF FN.) APR. 12,2000
VILLAGE OF KEY BISCAYNE
PUBLIC NOTICE
Notice is hereby given that the following ordinance will be consid-
ered on Second Reading by the Key Biscayne Village Council at a
meeting to be held on Tuesday, September 9, 1997, at 7:00 p.m., in
the Council Chamber, located at 85 West McIntyre Street, Second
Floor, Key Biscayne, Florida:
AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA; ADOPTING THE POLICE OFFICERS AND
FIREFIGHTERS RETIREMENT PLAN FOR THE VILLAGE
OF KEY BISCAYNE; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CODIFICATION; PROVIDING FOR AN
EFFECTIVE DATE.
Interested parties are invited to appear and be heard. A copy of the
proposed ordinance may be obtained at Village Hall, Office of the Vil-
lage Clerk, 91 West McIntyre Street, Suite 201, Key Biscayne, Florida
33149. Interested parties may appear at the Public Hearing and be
heard with respect to the proposed ordinance.
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, 91 West McIntyre Street, Suite 201,
Keay 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).
Conchita H. Alvarez
Village Clerk
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