O71-33ORDINANCE NO. 7 i-
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA, PROVIDING ADDITIONAL I~ENSION BENEFITS
FOR FIRE MEN BEFORE AND. AFTER RETIREMENT:
SAID PENSION BENEFITS BEING IN ADDITION TO ALL
PENSION BENEFITS AS OF THIS DATE AS PROVIDED
IN CI-IAPTER 175, FLORIDA STATUTES~ 1971.
WttEREAS, the Boynton Beach Municipal Firemen's Pension Trust
Fund has grown both in asseis and stability, and
WHEREAS, by sound investment and ~vise and prudent administratio:
by the Board of Trustees, the Municipal Firemen's Pension Trust Fund is
capable on a sound actuarial basis to grant additional benefits to the _firemen
before and after retirement, to these pension benefits presently provided
under the provisions of Chapter 175, F.S., 1971.
BE IT ORDAIN]~D BY THE CITY COUNCIL OF THE CITY OF
BOYNTON BEACH, FLORIDA:
Section 1. MONTHLY RETIREMENT INCOME. The amount of
monthly retirement income payable to a fireman who retires on or afler his
normal retiremenl date shall be an amount equal to the number of his yes-rs
of credited service multiplied by two and one-half (2- 1/2%) per cent of his
average final compensation. If a fireman has been confributing only three t3)
(3%) per cent of his salary, his monthly retire~ment income shall be an amount
equal to the number of years of credited service multiplied by one and one-half
(1-1/2%) per cent of his final average compensation.
Section 2. INV~ESTMENTS, The Board of Trustees may invest and
reinvesl the assets of the Municipal Firemen's Pension Trust Fund in:
Bonds, stocks or other evidences of indebtedness issued or
guaranteed by a corporation organized under the laws of the United Slates,
any state or organized territory of the United States of the District of Columbi~
provided:
(1) The corporation is listed on any one or more of the recognized
national stock exchanges and holds a rating in one of the three highest
classifications by a mar'or rating service;
(2) The corporation has paid cash dividends for a period of seven
fiscal years next preceding the date of acquisition;
(3) The corporation fulfills either of the following standards:
Over the period of the seven fiscal years immediately preceding purchase
the corporation must have earned after federal income taxes, an a~erage
amount per annum, at least equal to two tithes the amount of the yearly
interest charges upon its bonds, notes or other evidences o~ indebtedness
of equal or greater security outstanding at date of purchase, and earned after
federal income taxes, an amount at least equal to two times the amount of
such interest charges in each of the three fiscal years immediately preceding
purchase; or the corporation over the period of seven fiscal years immediat~
preceding purchase must have earned after federal income taxes, an average
amount per annum at least equal to six per cent of the par value of its bonds,
notes or other evidences of indebtedness of equal or greater security out-
standing at date of purchase, and earned after federal income taxes, an amoun
at least equal to six per cent of the par value of such obligation in each of the
three fiscal years immediately preceding purchase. 1~o investment shall be
made under this paragraph which any interest obligation is in default or which
has been'default within the immediately preceding five year period.
(4) The ]Board of Trustees shall not invest more than three per
cent of its assets in the common stock or capital stock of any one issuing
company, nor shall the aggregate investment in any one issuing company
exceed three per cent of the outstanding capital stock of that company; nor
shall the aggregate of its investments under this section at cost exceed thirty
per cent of the fund's asse~s.
Section 3. APPLICATION. All other provisions of ~hapter ~75,
F.S., 1971, shall meet all the requirements and be fully applicable, except
for the provisions of this ordinance, to the City of Boyn~on ]Beach ~unicipal
Firemen's Pension Trus~ Fund. The increased pension benefits in the same
percentage of increase as provided for by this ordinance shall apply to all
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firemen now receiving retirement benefits and all firemen eligible for
retirement benefits but not now retired, under the provisions of the City
of Boynton Beach iWIunicipal Firemen's Pension Trust Fund, ChapTer 175,
F.S., 1971.
PASSED
1971
on first reading this day of
PASSED AND ADOPTED on second and final reading this
day of OC~i~j , 1971.
ATTEST:
City Clerk
(CORP. SEAL)
CITY OF BOYNTON BEACH, FLORIDA
Mayor
Cbuncilr~kfi
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