02-066ORDINANCE 02-066
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, TO ALLOW A ONE TI]ME
OPPORTUNITY FOR CURRENT PARTICIPANTS IN THE
POLICE OFFICERS' PENSION DROP TO CHANGE THEIR
METHOD TO CREDIT INVESTMENT EARNINGS,
PURSUANT TO ARTICLE III PENSIONS FOR POLICE
OFFICERS, CHAPTER 18 OF THE BOYNTON BEACH CODE
OF ORDINANCES; PROVIDING 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 offer DROP Participants
an opportunity to change their method for the crediting of earnings; 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 offer an opportunity to
change their method for the crediting of earnings; and
WHEREAS, the Trustees desire to add such a provision; and
WHEREAS, the City Council of the City of Boynton Beach, Florida, desires to
implement this revision;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The foregoing Whereas clauses are true and correct and
~ncorporated herein by this reference.
Section 2. Participants in the DROP, as of December 31, 2002 may change
their method for the crediting of earnings. This change in the crediting of earnings is a
one time opportunity. The election to change the method for crediting must be made
during the month of January, 2003. The method, if changed, will be effective February 1,
2003.
Section 3.
Any part of the Boynton Beach Code in conflict herewith shall be
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repealed.
S~ection 4_. Should any section or provision of this Ordinance or portion hereof,
any paragraph, 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. This Ordinance shall be effective as stated herein.
READING this 17th day of December, 2002.
SECOND, FINAL READING and PASSAGE this -/
day of ~_~_~~/q_, 2003.
Mayot( · '
Vice Mayor
romm!
Commissioner
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