21-023 1 ORDINANCE 21-023
2
3 AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA,
4 AMENDING ARTICLE III,OF CHAPTER 18 OF THE BOYNTON BEACH
5 CODE OF ORDINANCES, ENTITLED "MUNICIPAL POLICE
6 OFFICERS' RETIREMENT TRUST FUND;" AMENDING SECTION 18-
7 169, REQUIREMENTS FOR RETIREMENT BENEFIT AMOUNTS,
8 PROVIDING FOR CONFLICT; SEVERABILITY; AND AN EFFECTIVE
9 DATE.
10
11 WHEREAS,there is a provision in the Police Pension Plan which is approaching an action
12 date,which requires an ongoing change of contribution for members on an individual basis based
13 on their years of service;
14 WHEREAS,the City Commission of the City of Boynton Beach,Florida,desires to revise
15 its Police Officers'Plan in order to provide this change;
16 NOW,THEREFORE,BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
17 OF BOYNTON BEACH, FLORIDA:
18 Section 1. The foregoing"WHEREAS" clauses are hereby certified as being true and
19 correct and are incorporated herein by this reference.
20 Section 2. Section 18-169 of Article III of Chapter 18 of the Boynton Beach Code of
21 Ordinances is hereby amended as follows:
22 Sec. 18-169. Requirements for retirement- benefit amounts.
23 (f) Monthly supplemental benefits.
24 (1) Effective October 1, 2006, any eligible retiree, including DROP
25 participants, or beneficiary receiving pension benefits is entitled to a monthly supplemental
26 pension benefit. The benefit pool will be funded by 100% of the annual earnings and 10% of the
27 principal created by the contributions set forth in subparagraph b. below.
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28 a. Such benefit will be funded by a 1%contribution from the Police Officers
29 members and a 1% contribution from the 185 monies. The Police Officer member and the 185
30 contributions were shall--be effective February 15, 2002 October 1, 2001. Police Officers
31 Employees will contribute to this benefit for through 20 years of total contributions servicc.
32 When a Police Officer has contributed the additional 1% for 20 years, the additional
33 contribution shall cease.
34 b. The distribution provided for in this paragraph shall be divided among
35 eligible retirees on a pro-rata basis in shares. The shares shall be determined based upon the sum
36 of an eligible retiree's years and partial years of credited service(maximum credit is 20 years)plus
37 the eligible retiree's years and partial retirement years as of September 30 of the current year
38 (maximum credit of 20 years). The share value shall be determined by totaling all of the shares of
39 eligible retirees divided into the current years' total distribution amount. An individual eligible
40 retiree's distribution shall be equal to the number of the eligible retiree's shares multiplied by the
41 share value.
42 c. This benefit shall be payable annually in a lump sum as of October 1, of
43 each year, beginning December 1, 2006. The benefit shall be payable to the eligible retiree,
44 including DROP participants,or any beneficiary eligible to receive benefits as a result of the death
45 of a retiree.The benefit shall cease upon the death of the eligible retiree or beneficiary,whichever
46 is the last surviving pension recipient.
47 * * *
48
49 Section 3. The provisions of this Ordinance shall become and be made a part of the
50 Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this ordinance may
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51 be renumbered, re-lettered and the word "Ordinance" may be changed to "Section," "Article" or
52 such other word or phrase in order to accomplish such intention.
53 Section 4. All Ordinances or parts of Ordinances, Resolutions or parts of Resolutions in
54 conflict herewith be and the same are hereby repealed to the extent of such conflict.
55 Section 5. If any clause, section, or other part or application of this Ordinance shall
56 be held by any court of competent jurisdiction to be unconstitutional or invalid, such
57 unconstitutional or invalid part or application shall be considered as eliminated and so not
58 effecting the validity of the remaining portions or applications remaining in full force and effect.
59 Section 6.This Ordinance shall take effect when the following conditions precedent to the
60 adoption of this Ordinance have occurred:
61 (a) the City Commission has received and has accepted a report establishing the
62 actuarial soundness of these amendments or a letter of opinion from the Plan Actuary that the
63 amendment has no actuarial impact; and
64
65 (b) the Ordinance and impact statement have been sent to the State of Florida Division
66 of Retirement.
67 FIRST READING THIS 6th DAY OF JULY, 2021.
68
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69 SECOND,FINAL READING and PASSAGE THIS DAY OF 'S„�Ly
70 2021.
71 CITY OF BOYNTON BEACH, FLORIDA
72
73 YES NO
74 Mayor—Steven B. Grant
75
76 Vice Mayor—Woodrow L. Hay
77
78 Commissioner—Justin Katz r�
79
80 Commissioner—Christina L. Romelus
81
82 Commissioner—Ty Penserga ✓
83
84 VOTE
85 ATTEST:
86
874-19)1/11'
88 C stal Gibson, MMC
89 City Clerk
90
91
92 (Corporate Seal)
93
94
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