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O01-63No. AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA, AMENDING THE FIREFIGHTERS' RETIREMENT PLAN TO PROVIDE FOR OPTIONAL TRANSFER OF ACCUMULATED LEAVE BALANCES UPON RETIREMENT; PROVIDING AN EFFECTIVE DATE; PROVIDING A CONFLICTS CLAUSE; PROVIDING A REPEALER. WHEREAS, the City of Boynton Beach Florida, retiremen5 plan and trust fund for firefighters; WHEREAS, The Board of Trustees of the presently has a Boynton Beach Firefighters' Retirement Plan desires to amend the City Code to provide for optional transfer of accumulated leave balances inso the retirement plan; WHEREAS, the ordinance has been reviewed by the actuary for the Boynton Beach Firefighters' Retirement Plan and a copy of the impact statement has been filed with the Division of Retirement in Tallahassee; and WHEREAS, the City Commisszon has determined ~his amendment will benefit the citizens of the City of Boynton Beach; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH. FLORIDA: Section 1: Section 18- is hereby amended to read as follows: Transfer of Accumulated Leav~ Section 18-_ .. (a)_ Members eliqible no receive accumulated sick leave, accumulaned vacation leave or any other accumulated leavq ~ayable upon separation may elect, non later than thq Page 1 of % (bi December 31s= of the calendar year prior to the year o~ retirement or entry into the DROP, to have the leave transferred 5o ~he Plan. For Qurposes of this section, ~he term ~separanion" shall mean,termlnati°n of service as a firefiqhter with the City. Members on whose behalf leave has been transferred may elect one of the followlnq distribution options within thirty (30) days of ~eparatlon. Members failinq to elect a distributio~ ~ption within thirty (30) days of separation will bq deemed to have elected option i below: Receive a lump sum equal to the nransferred leave balance, o~ (2) Transfer the entire amounn of the transferred leave balance directly to any eliqible re5irement plan, or 13) Purchase additional service credit as may permitted by the Code. If the leave balance exceeds the cost of Ehe service credit purchased, the balance shall be paid to the member in a lump sum, or Transfer the entire amounn of nhe transferred leave balance into the member's DROP accounn. Members who fail 5o elect a transfer non later than nhe December 31s~ of the calendar year prior no the year of ~enirement or entry znto the DROP will receive paymenn in a lump sum at nime of separation with all atnendan5 tax conseGuences. Page 2 of 4 kc) If a member on whose behalf the Cit makes a transferred ~ retirement or other ~ction. as ~rovided or afuer making an election bum before any distribution ms made, uhe election option shall be void. In such event, any person who would have received a death benefit had the member died in service immediately prior to the date of retirement or other separation, shall be entitled to receive an amount equal to the transferred leave balance in a lump sum. In the case of a surviving spouse or former spouse, an election may be made uo uransfer thq leave balance to an eligible retirement plan in lieu of. ~he lump sum payment. Failure 5o make such an election by the surviving spouse or former spouse within sixty (60) days of the member's deauh, will be deemed an election 5o receive a lump sum payment. (d). The Board, by rule, shall have the aumhorit¥ mo enact. administrauive rules for purposes of administering the provisions of this Secuzon, consisuent with the Federal tax laws in effect on the dame of uransfer. No such rule shall conflict with ~he provisions of this secmion. Members electinq to enmer into the DROP shall be require~ to preserve a balance of one hundred and twenty hours of sick leave and one hundred and twenty (120) ~ours of vacation leave at the time of entry into uhq DROP. Page 3 of 4 ~f). _The va_lue of the leave transferred shall be determined in accordance with applicable city personnel ~ o__~r collecnive bar~eQtS~ Section ~: Enactmen5 of nhis ordinance is contingent upon waiver by nhe IAFF of its right to bargain over these man~ers. Section 3: Than all Ordinances or par~s of ordinances in conflict herewith be and the same are hereby repealed. Secnion 4: Should any secnion 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 non affect the remainder of this ordinance. Section 5: Authority is hereby granted no codify this ordinance- Secnion 6: This Crdinance shall become effective immediately upon passage. ADOPTED on first read this_ ADOPTED on second read this day of ~ , 2001. . day of ~5%~_, 2001.