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ORDINANCE NO. O~ - O l~,~
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 AMEND THE DEFERRED RETIREMENT
OPTION PLAN ("DROP") OF THE GENERAL EMPLOYEES'
PENSION PLAN; SPECIFICALLY AMENDING SECTION 18-127
TO MODIFY THE INVESTMENT OPTIONS AVAILABLE TO
DROP MEMBERS; PROVIDING FOR CODIFICATION;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on January 2, 2001, the City Commission of the City of Boynton
Beach, Florida adopted Ordinance No. 00-75 providing a Deferred Retirement Option
Plan ("DROP") for the members of the General Employees' Pension Plan (?lan"); and
WHEREAS, the General Employees' Pension Board of Trustees ("Board") has
determined the necessity to amend the investment options available for the DROP
members; and
WHEREAS, the Board has approved and recommended to the City
Commission the adoption of this amendment to the Plan as more particularly set forth
hereinbelow; 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:
CODING: Words in ~,_.~T +,, ..... *' type are deletion from existing law.
Words in underscored type are additions.
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ORDINANCE NO. Oi~,-O~
The foregoing "WHEREAS" clauses are hereby certified as
All exhibits
Section 1.
being true and correct and are incorporated herein by this reference.
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 18-127 of the City Code of
Ordinance of the City of Boynton Beach, entitled "Deferred Retirement Option Plan",
as follows:
Section 18-127. Deferred Retirement Option Plan.
(f) An employee's account in the DROP
program shall earn interest in one (1) of three~.~jra~ two (2)
ways. The selection of the earnings program shall be
irrevocable and shall be made prior to the first deposit in
the DROP account. The options are:
(1) Gain or lose interest at the same rate as the
Plan; or
(2)
(7%); or_.
At an annual fixed rate of seven percent
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.
CODING: Words ino~*-'~1~ ........... *'- ..... ~,_~' ,jvv*,~,o are deletion from existing law.
Words in underscored type are additions.
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ORDINANCE NO.
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 5. 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.
Section6. This Ordinance shall become effective immediately upon
adoption.
FIRST READING this q day of dU.~_ ,2002.
SECOND, FINAL READING and PASSAGE this [~ day of
,Jct~ ~. ., 2002.
CITY OF BEACH,
ATTEST:
~CLE~'
ce Mayor
~ords in ............ ~ t~e ~e deletion ~om existing law.
~ .~ · · .
m~&x~.. Words ~n underscored t~e ~e additions.
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Emp!cyees Pens!Ch am:nd DROP (nvcsLmep~ pc!icy.doc