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ORDINANCE NO.
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH PROVIDING FOR A SPECIAL
EARLY RETIREMENT PROGRAM FOR GENERAL EMPLOYEES
OF THE CITY AMENDING CHAPTER 18, ARTICLE II,
SECTION 18-118 OF THE CODE OF ORDINANCES TO
PERMIT, FULLY VESTED GENERAL EMPLOYEES WHO
TERMINATE SERVICE AFTER AGE 52 AND WHO HAVE
ALSO RENDERED TWENTY-FIVE (25) YEARS OF
SERVICE TO RECEIVE IMMEDIATE BENEFITS EQUAL TO
ACTUARIAL EQUIVALENT OF THE ANNUITY AVAILABLE
TO GENERAL EMPLOYEESWHORETIREAT55 YEARS OF
AGE WITH TWENTY-FIVE (25) YEARS OF SERVICE,
PROVIDING FOR
DATE. FOR AN EFFECTIVE
WHEREAS, the City's current pension plan also provides that a
fully vested employee who terminates active service with the City
after reaching 55 years of age and twenty-five (25) years of
service will result in an immediate annuity commencing upon
retirement which shall not be reduced to the actuarial equivalent
of the normal retirement benefit, if the employee contributions are
not withdrawn; and
WHEREAS, the City has received a request to amend the City.s
pension plan for general employees (the "Plan") such that a fully
vested employee with twenty-five (25) years of active service with
the City who terminates active service with the City after 52 shall
be eligible to receive immediate benefits which shall be the
actuarial equivalent of the annuity available to. an employee who
terminates active service with the City after attaining age 55 and
rendering twenty-five years of active service to the City, if the
employee contributions are not withdrawn; and
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, has received an actuarial report in connection with the
requested changes, to the Plan and desires to amend the Plan as
requested;
NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE
ORD-RETIREE
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CITY OF BOYNTON BEACH;
Section %. Chapter 18, Article II, Division 4, Section 18-
114 of the Code of Ordinances of the City of Boynton Beach,
Florida, is hereby amended to read as follows:
Chapter 18
PENSION AND RETIREMENT
ARTICLE II. GENERALLY
DIVISION 4. RETIREMENT AND RETIREMENT EENEFITS
PENSION ANDRETiRR~RNT
Sec. 18-114. Retirement prior to normal retirement date.
a_=. The early retirement date of an employee shall be the first
day of any month prior to his normal retirement date and following,
or coinciding with, the date of actual retirement, provided he has
then completed at least: (a) thirty (30) years of credited service;
or (b) ten (10) years of credited service and has attained his
fifty-fifth birthday or (c) twenty-five (25) years of service and
has attained fifty-two (52) years of age. An employee who retires
on an early retirement date shall be entitled to a deferred annuity
payable beginning at his normal retirement
elects, to an immediate annuity beginnin date or, if he so
date The g at his early retirement
· amount of the deferred annuity will be equal to a
benefit determined as for normal retirement under the provision of
section 18-111, but based on the employee,s final average monthly
compensation as of his early retirement date and his credited
service as of such early retirement date. If the retiring employee
elects to receive an immediate annuity commencing at his early
retirement date, the amount of such immediate annuity shall be the
actuarial equivalent of the deferred annuity described in the
preceding sentence; provided, however, that the amount of such
annuity shall not be reduced to the actuarial equivalent of the
deferred annuity described in the preceding sentence if the
retiring employee, at the time of his termination of employment:
(a) had completed at least thirty (30) years of credited service;
or (b) was at least age fifty-five (55) and had completed at least
twenty-five (25) years of credited Service.
If the em lo ee retires after achievin fift -two 52 ears
Section 2. If any clause, section, or other part or
)lication of this Ordinance shall be held by any court of
:ompetent jurisdiction to be unconstitutional or invalid, such
titutional or invalid part or application shall be considered
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as eliminated and so not effecting the validity of the remaining
portions or applications remaining in full force and effect.
Section 3. Ail 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 4. This Ordinance shall become effective
immediately upon passage.
~-RET.~REE
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FIRST READING this ~ .
SECOND, FINAL RELlim5 day of ~-~~~
A~~ . , 1995. and PASSAGE this
· 1995.
day of
ATTEST:
Comm
(CORPORATE SEAL)
ORD-RETIREE
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