02-026Ore'IN. CE NO. ... Ot g
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AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA AMENDING CHAPTER 18, ARTICLE II, DIVISION 4
OF THE CODE OF ORDINANCES OF THE CITY OF BOYNTON
BEACH, FLORIDA TO PROVIDE A SUPPLEMENTAL BENEFIT
TO THE RETIREES OF THE GENERAL EMPLOYEES' PENSION
PLAN; SPECIFICALLY AMENDING SECTION 18-111,
ENTITLED "NORMAL RETIREMENT"; PROVIDING FOR
CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING
FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, in lieu of providing a cost of living increase to the retirees under
the General Employees' Pension Plan (the "Plan") each year, the General Employees'
Pension Board of Trustees ("Board") has recommended the provision of a
supplemental benefit to be provided to the retirees of the Plan equal to a portion of any
~nvestment return the Plan experienced in any given year; and
WHEREAS, it is the desire of the City Commission to amend the Plan as
recommended by the Board;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
.Section 1~. The foregoing "WHEREAS" clauses are hereby certified as
being true and correct and are incorporated herein by this reference. All exhibits
attached hereto are hereby incOrporated herein.
_Section 2. The City Commission of the City of Boynton Beach, Florida
hereby amends Chapter 18, Article II, Division 4, Section 18-111 of the City Code of
Ordinance of the City of Boynton Beach, entitled "Normal Retirement", as follows:
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ORDINANCE NO. Ol~
Section 18-111. Normal Retirement.
e Commencin October 1 2001 in lieu of receivin a cost of
~retirees ma be eli ible to receive a su lemental ension
..distribution payable by the following July 1st, the amount of which shall be
determined as of September 30th of each year. The amount of the distribution is
ye ual to the amount the net investment return exceeds the assumed rate of
~nvestment return divided e uall amon all artici ants whose benefit was in
pay status as of the previous October 1st. The amount of the distribution shall
.be the same for all eligible retired members regardless of years of service, age~
ears retired or amount of monthl benefit. In no event shall the su 'lemental
benefit exceed the avera e monthl benefit of those retirees receivin a
monthly benefit calculated as of the previous October 1 st.
· 1 The actuar for the Pension Fund shall determine the rate of
~nves_tment return earned on the pen_slEn Fund assets durin the twelve
02) month period ending each September 30th and shall be the rate
rer>orted in the most recent actuarial report_.
2 The actua for the Pension Fund shall as of Se tember 30th
determine the actuarial resent value of future ension a ents to
_current retirees. ~
3 The su lemental benefit shall not be aid in an ear that the
rneettuirnn.Vestment return does not exceed the assumed rate of investment
4 If there shall be a su lemental distribution the Board of
Trustees shall authorize a su lemental ension distribution unless the
administrative ex ended of distribution exceed the amount available for
distribution.
5 The eli ible ersons to 'receive a su lemental distribution are
retirees, including part/c/pants in the DROp, and their beneficiaries.
~ho t~artici~ate in the DROP as ~rovided in ~18-
.~27 of the Plan, the supplemental pension distribution, if distributed
shall be de osited in the member's DROP account d~__~n their term Of
participation in the DROP.
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ORDINANCE NO. O~- C~Ilt.(,~
_Section 3. It is the intention of the City Commission of the City of Boynton
Beach that the provisions of this Ordinance shall become and be made a part of the
Code of Ordinances of the City of Boynton Beach, Florida. The Sections of this
ordinance may be renumbered, re-lettered and the word "Ordinance" may be changed
to "Section", "Article" or such other word or phrase in order to accomplish such
intention.
.SectiOn 4. All Ordinances or parts of Ordinances, Resolutions or parts of
Resolutions in conflict herewith be and the same are hereby repealed to the extent of
such conflict.
Section 5z If any clause, section, or other part or application of this
Ordinance shall be held by any court of competent jurisdiction to be unconstitutional or
invalid, such unconstitutional or invalid part or application shall be considered as
eliminated and so not effecting the validity of the remaining portions or applications
remaining in full force and effect.
Section 6.
occurred:
This Ordinance shall become effective when the following have
(a)
(b)
the City Commission has received and has accepted a report establishing
the actuarial soundness of these amendments;
when a collective bargaining agreement ratifying the foregoing changes to
pension benefits has been ratified by the City Commission and the General
Employees' Pension Board of Trustees, or their successor organization;
and
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ORDINANCE NO. C~¢~- Oa~
(c) a copy of this Ordinance is transmitted to the State of Florida Division of
Retirement.
Upon satisfaction of al/of the above requirements, then in that event, the terms
and provisions of this Ordinance shall become effective.
FIRST READING this t~ day of ~.Jct ~ ., 2002.
,.jt4~S~COND, FINAL READING and PASSAGE this lB day of
-. ,2002.
CITY OF BOYNTON BEACH,
ATTEST: Commissioner
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