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04-0521 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE 04- ©~}x AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA AMENDING CHAPTER 18, ARTICLE II OF THE CODE OF ORDINANCES OF THE CITY OF BOYNTON BEACH, FLORIDA TO AMEND THE DEFINITION OF "EARNINGS" TO INCLUDE UNUSED VACATION PAY IN THE CALCULATION OF THE NORMAL RETIREMENT BENEFIT FOR THE GENERAL EMPLOYEES' PENSION PLAN BY SPECIFICALLY AMENDING §18-118 OF THE CITY'S CODE OF ORDINANCES; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the General Employees' Pension Plan (the "Plan") of the City of Boynton Beach calculates the Normal Retirement benefit for each member by determining the Final Average Monthly Compensation of each member of the Plan; and WHEREAS, Final Average Monthly Compensation is determined by calculating the monthly average of the employee's earnings during the highest sixty (60) consecutive calendar months occurring in the one hundred twenty (120) calendar months immediately preceding his normal retirement date; and WHEREAS, "earnings" is defined as gross earnings of the member, including overtime and sick pay; and WHEREAS, it has been determined that, in computed to also include unused vacation pay when Average Monthly Compensation; and practice, "earnings" have been calculating a member's Final CODING: Words in ~ type are deletion from existing law; Words in underscored type are additions. Page 1 of 4 S:\CA\Ordinances\Pension\General Employees Pension - vacation pay.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 §18-118 WHEREAS, the Board of Trustees for the Plan have recommended that such amendment to the Plan be made in order to reflect the current practice for calculating earnings for Plan members; and WHEREAS, the Plan has been administered in accordance with this Imodification, there would be no fiscal impact resulting from making the proposed amendment; and WHEREAS, the City Commission has reviewed the recommendations of the Board and finds the amendments to the Plan proposed by the Board as provided herein to be in the best interests of the Plan members and the City; 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. Section2. Chapter 18, Article II, Division 4, §18-111 of the Code of Ordinances of the City of Boynton Beach, Florida, entitled "Normal Retirement," is hereby amended to read as follows: Normal Retirement. ~) In the event of normal retirement, the retiring employee shall be entitled to and shall be paid an annuity payable monthly beginning with the month of retirement and continuing until death. The amount of annuity to which the retiring employee will be entitled will be calculated as follows: CODING: Words in s,t~4k~4mmgh type are deletion from existing law; Words in underscored type are additions. Page 2 of 4 S:\CA\Ordinances'~Pension\General Employees Pension - vacation pay.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 ~) "Final average monthly compensation," for the purposes of this section, shall mean the monthly average of the employee's earnings during the highest sixty (60) consecutive calendar months occurring in the one hundred twenty (120) calendar months immediately preceding his normal retirement date if such date falls on or after January 1, 1979, and based upon compensation immediately preceding actual retirement date if normal retirement date preceded January 1, 1979, or he elected to continue to contribute after normal retirement date as provided in section 18-95. "Earnings" as used in the above sentence shall mean gross earnings received by the employee as compensation for service to the city including unused, accrued vacation pay, overtime pay and sick pay paid in the lump sum at termination or retirement but excluding bonuses. 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 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. CODING: Words in ~ type are deletion from existing law; Words in underscored type are additions. Page 3 of 4 S:\CA\OrdinancesXPension\General Employees Pension - vacation pay.doc 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Section 6. This Ordinance shall become effective when the following has occurred: a) 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 b) a copy of this ordinance has been forwarded to the State of Florida Division of Retirement. Upon satisfaction of this requirement, then in that event, the terms and provisions of this Ordinance shall become effective. FIRST READING this .~, day of tqt~tl,.~q' ,2003. SECOND, FINAL READING and PASSAGE this lq day of ~tltl~ffr ,2003. FLORIDA CITY OF BOYNTON BEACH, 29 30 32 Comm~ss~~ Words in s,'-~-eq, hr4~}~ type are deletion from existing law; Words in underscoredpage 4typeof 4 are additions.