O71-32ORDINANCE NO. 71- ~
AN ORDINANCE OF Tit~ CITY OF BOYNTON BEACH,
FLORIDA~ PROVIDING ADDITIONAL PENSION BENEFITS
FOR POLICE OFFICERS BEFORE AI~ID AFTER RETIREMENT:
SAID PENSION BENEFITS BEING IN ADDITION TO' ALL
PENSION BENEFITS AS OF THIS DATE AS PROVIDED IN
CHAPTER 185, FLORIDA STATUTES, 1971.
WHEREAS, the Boymon Beach Municipal Police Officers'
Retirement Trust Fund, has grown both in assets and stability, and
~THEREAS, by sound investment and wise and prudent administration
by the Board of Trustees, the Municipal Police Officers' Retirement Trust
Fund is capable on a sound actuarial basis to grant additions] benefits to the
policemen before or after retirement, to these pension benefits presently
provided under the provisions of Chapter ~185, F.S., 1971.
]BE IT ORI)AIN]ED BY TITE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA:
Section 1. MONTHLY RETIREMENT INCOME. The amount of
monthly retirement income payable to a policeman who retires on or after
his normal retirement date shall be an amount equal to the number of his
years of credited service multiplied by Two and one-half (2-1/2%) per cent
of his average final compensation. If a policeman has been contributing
only three (3%) per cent of his salary, his monthly retirement income shall
be an amount equal zo the number of years of credited service multiplied by
one and one-half (1-1/2%) per cent of his final average compensation.
Section 2. INVEST~VIENTS. The Board of Trustees may invest
and reinvest the assets of the Municipal Police Officers' Retirement Trust
Fund in:
Bonds, stocks or other evidences of indebtedness issued or guarante.
by a corporation organized under the laws of the United States, any state or
organized territory of the United States or the District of Columbia, provided
(1) The corporation is listed on any one or more of the recognized
national stock exchanges and holds a rating in oae of the three highest
classifications by a major rating service;
(2) The corporation has paid cash dividends for a period of
seven fiscal years next preceding the date of aequisition~
(3) The corporation fulfills either of the following-standards:
Over the period of the seven fiscal years immediately preceding purchase
the corporation must have earned after federal income taxes, an average
amount per annum, at least equal to two times the amount Of the yearly
interest charges upon its bonds, notes or other evidences of indebtedness
of equal or greater security ou~tanding at date of purchase, and earned
after federal income taxes, an amount at least equal to two times the
amount of such interest charges in each of the three~ fiscal years immediately
preceding purchase; or the corporation over the period of seven fiscal
years immediately preceding purchase must have earned after federal incomeI
taxes, an average amount per annum au least equal to six per cent of the
par value of its bonds, notes or other evidences of indebtedness of equal or
greater security outstanding at date of purchase, and earned after federal
income Taxes, an amount at least equal to six per cent of the par value of
such obligation in each of the three fiscal years immediately preceding
purchase. No investment shall be made under this paragraph upon which
any interest obligation is in default or which has been in default within the
immediately preceding five year period.
(4) The ]Board of Trustees shall not invest more than three per
cent of its assets in the common stock or capital stock of any one issuing
company, nor shall the aggregate investment in any one issuing company
exceed three per cent,rof the outstanding capital stock of that company; nor
shall the aggregate of its investments under this section at cost exceed thirty
per cent of the fund's assets.
Sec~on 3. APPLICATION. All other provisions of Chapter 185,
F. S., shall meet all the requirements and be fully applicable, except for
the provisions of this ordinance, to the City of ]Boymton Beach. J Municipal
Police Officers' Retirement Trust Fund. The increased pension benefits
in the same percentage of increase as provided for by this ordinance shall
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apply To all policemen now receiving retirement benefits and all policemen
eligible for retirement benefits but not now retired, under the provisions
of the City of Boynion Beach Municipal Police Officers' Retiremenl
Trust Fund, Chapter 185, F.S.
PASSED_ I[
day of
on first reading ibis d~z~ day ~f
PASSED AlkYD ADOPTED on second and final reading this
0~'~'~./ , A.D., 1971.
ATT~JST:
· y Clerk
CITY OF BOYNTON BEACH, FLORIDA
Mayor
v e ayor//
CouneiIman
~CORP. SEAL)
~k~/ (./' ~8~unc{lman
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