03-064ORDINANCE NO. 0S- O(o~4
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA AMENDING ARTICLE III, ENTITLED "PENSIONS
FOR POLICE OFFICERS," OF CHAPTER 18 OF THE CODE
OF ORDINANCES OF THE CITY OF BOYNTON BEACH,
FLORIDA; REVISING {}18-170 TO PROVIDE FOR OPTIONAL
FORMS OF BENEFITS; AMENDING {}18-174 TO PROVIDE
FOR A COST OF LIVING ADJUSTMENT; PROVIDING FOR
CODIFICATION; PROVIDING FOR CONFLICTS,
SEVERABILITY, AND AN EFFECTIVE DATE.
WHEREAS, the City of Boynton Beach Municipal Police Officers' Retirement Trust
("Fund") Board of Trustees ("Trustees"), at the advice of its consultants, is clarifying
plan language providing for the cost of living adjustment and the optional forms of
and
WHEREAS, the Trustees have determined that it is in the best interests of the
and Beneficiaries of the Fund to clarify this language; and
WHEREAS, the City Commission of the City of Boynton Beach, Florida desires to
its Municipal Police Officers' Pension Ordinance in order to implement this revision
the Plan;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true
correct and are incorporated herein by this reference.
Section 2. Chapter 18, Article III, {}18-170 of the Code of Ordinances of the City
Boynton Beach, Florida, entitled "Optional Form of Benefits," is hereby amended as
CODING:
Words ino~.~....~-~ '"..~v..e,`.*, type are deletion from existing law;
Words in underscored type are additions.
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§18-170
Optional Form of Benefits.
· · o
B. The value of optional benefits shall be the actuarial equivalent of the
value of benefits otherwise payable. The member shall make an election by
written request to the Board, such request being retained in the Board's files.
The options available to the members of the fund are as follows:
(1) Life annuity. The member may elect to receive a benefit
payable for the member's life only.
(2) Contingent annuitant (joint and survivor option). The
member may elect to receive a benefit during the joint lifetime of the
member and a joint pensioner designated by the police officer, and
following the death of either of them, 100%, 75%, 66 2/3% or 50% of
such monthly benefit payable to the survivor for the lifetime of the
survivor.
(3) Survivor Annuity. The member may elect to receive a
benefit during the member's lifetime and then following the death of
the member, a reduced amount to a beneficiary. At the time of
retirement, the member may choose a survivor benefit of 100%, 75%,
66 2/3% or 50% of the member's monthly benefit. This amount will
be payable to the beneficiary for the lifetime of the beneficiary_.
Section 3. Chapter 18, Article III, § 18-174 of the Code of Ordinances of the City
f Boynton Beach, Florida, entitled "Cost of Living Adjustments," is hereby amended as
A. Subject to the conditions set forth in this section, the board of
trustees shall annually authorize a cost of living adjustment, the amount of
which shall be determined as of each September 30th. The amount of the cost
of living adjustment shall be equal to the actuarial present value of future
pension payments to current pensioners multiplied by the positive difference,
if any, between the rate of investment return and eight and one-half percent
(8.5%). The actuary shall determine whether there may be a cost of living
adjustment based on the following factors:
CODING:
Words in sa4~ type are deletion from existing law;
Words in underscored type are additions.
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1. The actuary for the pension fund shall determine the
rate of investment return on the pension fund assets during the twelve
(12) month period ending each September 30th. The rate determined
shall be the rate reported in the most recent actuarial report submitted
pursuant to Part VII of Chapter 112, Florida Statutes.
2. The actuary for the pension fund shall, as of September
30th, determine the actuarial present value of future pension payments
to current pensioners. The actuarial present values shall be calculated
using an interest rate of eight and one half percent (8.5%) a year
compounded annually, and a mortality table approved by the board of
trustees and as used in the most recent actuarial report submitted
pursuant to part VII of Chapter 112, Florida Statutes. This will be the
pool of fimds available to fund the cost of living adjustment.
3. If the actuary determines there may be a cost of living
adjustment, the board of trustees shall authorize such an adjustment
unless the administrative expenses of distribution exceed the amount
available for the distribution.
4. The cost of living adjustment shall be funded only if the
present value of the pool of funds does not exceed the net actuarial
experience accumulated from all sources of gains and losses.
Section 4. It is the intention of the City Commission of the City of Boynton
that the provisions of this Ordinance shall become and be made a part of the Code of
s of the City of Boynton Beach, Florida. The Sections of this ordinance may be
re-lettered and the word "Ordinance" may be changed to "Section", "Article'' or
word or phrase in order to accomplish such intention.
Section 5. All Ordinances or parts of Ordinances, Resolutions or parts of
:~ns in conflict herewith be and the same are hereby repealed to the extent of such
:onflict.
Section 6. If any clause, section, or other part or application of this Ordinance
be held by any court of competent jurisdiction to be unconstitutional or invalid, such
CODING:
Words in ~ type are deletion from existing law;
Words in underscored type are additions.
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unconstitutional or invalid part or application shall be considered as eliminated and so not
zffecting the validity of the remaining portions or applications remaining in full force and
:ffect.
Section 7. This Ordinance shall become effective when the foregoing changes to
)ension benefits has been ratified by the collective bargaining unit(s) representing the Police
~)fficer Employees, or their successor organization.
FIRST READING this ~. day of "J)~c..~rr~ ~ ,2003.
SECOND, FINAL READING
'[~ee.~h~,~' , 2003.
and PASSAGE this [(o day of
kTTEST:
(CORPORATE SEAL)
CITY OF BOYNTON BEACH, FLORIDA
Commis 'loner f ~-'"~'~ -'3
CODING:
Words in ~ type are deletion from existing law;
Words in underscored type are additions.
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