02-063ORDINANCE 02- ~ ~
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORDA, AMENDING ARTICLE III PENSIONS FOR POLICE
OFFICERS, CHAPTER 18 OF THE BOYNTON BEACH CODE OF
ORDINANCES; AMENDING THE REQUIREMENTS FOR
RETIREMENT; AMENDING THE MONTHLY SUPPLEMENTAL
BENEFITS; PROVIDING FOR CONFLICTS, SEVERABILITY,
CODIFICATION AND AN EFFECTIVE DATE.
WHEREAS, the City of Boynton Beach Municipal Police Officers' Retirement Trust
Fund ("Fund") Board of Trustees ("Trustees"), desire to reduce the vesting period for
benefits; and
WHEREAS, the Board of Trustees of the Fund has determined that it is in the best
interest of the Participants and Beneficiaries of the Fund to reduce the vesting period; and
WHEREAS, the Trustees desire to add such a provision; and
WHEREAS, the City Commission of the City of Boynton Beach, Florida, desires to
revise its Municipal Police Officers' Pension Ordinance in order implement this revision to
the Plan;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The foregoing Whereas clauses are true and correct and incorporated
herein by this reference.
.Section 2. Paragraph 2 of subsection D of section 18-169of Article III of Chapter
18 of the Boynton Beach Code of Ordinances is hereby amended as follows:
Section 18-169. Requirements for Retirement-Benefit Amounts.
E. Separation from Service.
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1. Effective for terminations on and after October 1, 2002, ift-f a member
leaves the service of the City before accumulating aggregate time of 5
19 years toward retirement and before being eligible to retire, such
member shall be entitled to a refund of all of his or her contributions
made to the Fund, without interest.
2. If any member who had been in the service of the City for at least 10
years elects to leave his or her accrued contributions in the Fund, such
police officer upon attaining age 50 years or more (without reaching
what would have been twenty years of service had he not terminated
his employment) may receive an early retirement benefit at the
actuarial equivalent of the amount of such retirement income
otherwise payable to him or her at early retirement or upon attaining
what would have been normal retirement had he not terminated his
employment, such police officer may receive his or her accrued
normal retirement benefit.
3. Effective for terminations after _October 1 2002 if an member who
had been i__~_n the service of the~least 5 ~to leave
his or her accrued contributions in the Fund such olice officer u_p_~
attaining what would have been normal retirement had he not
terminated his ~ receive the accrued normal
retirement benefit.
Section 3. Paragraph 2 of subsection D of section 18-169 of Article III of Chapter 18
of the Boynton Beach Code of Ordinances is hereby amended as follows:
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Section 18-169. Requirements for Retirement-Benefit Amounts.
Fo
Monthly Supplemental Benefits.
Effective as of October 1, 2002, the Thc benefit pool shall be divided
according to the total number of years of service rendered by all
retirees, with a cap of 20 years. The shares will be divided on a pro-
rata basis on the following schedule:
13 years
12 years
11 years
10 years
_ 9 years
8 years
7 years
6 years
20 or more years of service
19 years of service
18 years of service
17 years of service
16 years of service
15 years of service
14 years of service
of service
of service
of service
of service
of service
of service
of service
of service
5 years of service
Duty Disability
Non-duty Disability
Beneficiary
100%
95%
90%
85%
80%
75%
70%
65%
60%
55%
50%
45%
40%!
35%
30%
25%
100%
Based on above schedule
Based on % receiving
of retiree's benefit
Section 4. Should any section or provision of this Ordinance or portion hereof, any
any sentence, or word be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the remainder of this Ordinance.
Section 5. Any part of the Boynton Beach Code in conflict herewith shall be
repealed.
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Section 6. Authority is hereby granted to codify said ordinance.
Section 7. This Ordinance shall be effective upon the later of date of passage or
approval by the bargaining unit.
FIRST READING this i'1 day of
SECOND, FINAL READING and PASSAGE this
ATTEST:
,2002.
~ day of,Ja,.tua~..,a , 2003. !
CITY ~BO/~XI~.,~ BEACH, FLORIDA
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