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HomeMy WebLinkAboutOrd 1991-16 Volunteer Firefighters Retirement Plan1 ORDINANCE Nn _ 1 F-91 AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, CREATING A PLAN TO AWARD AND PROVIDE RETIREMENT INCOME FOR ACTIVE MEMBERS OF THE VOLUNTEER FIREFIGHTERS OF THE VILLAGE OF NORTH PALM BEACH. IN. RECOGNITION OF THEIR YEARS OF DEDICATED. COMMUNITY SERVICE; PROVIDING FOR THE REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND, PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA: Section 1. Purpose. The purpose of this plan is to award and provide retirement income for active members of the volunteer firefighters of the Village of North Palm Beach in recognition of their years of dedicated community service. Section 2. Name of Sponsor. The name of the sponsor shall be the Village of North Palm Beach. Section 3. Name of the Plan. The name of the plan shall be "Length of Service Award Plan for Volunteer Firefighters." Section 4. Effective Date of Plan. The effective date of the Plan shall: be May 1, 1990. Section 5. Eligibility to Enter the. Plan. Members, as defined herein, means Volunteer Firefighters duly recognized and enrolled as Volunteer Firefighters with the Village of North Palm Beach. All members must meet each of the following requirements before participating in the plan: Minimum Age 18 Maximum Age 60 Completed 1 year of Active Service with the Sponsor Completed the Sponsor's Required Probationary Period 1 Section 6. Entitlement Age. This is the age that members will begin receiving their monthly retirement benefit. Age 65 with (1) year of plan participation is generally utilized; however, service and participation requirements may be included. Entitlement Age is 60 with (1) year of plan participation. Section 7. Benefit Formula. 1. PAST SERVICE (Before the Plan began): $10 per month for year Year of Past Service for currently enrolled membersof the Volunteer Firefighters (8) is the maximum years of Past Service for which a member may receive credit 2. FUTURE SERVICE (After the Plan begins.): $10 per month for each year of Future Service 3. The maximum monthly benefit a member can receive at the entitlement age is $300 4. The minimum monthly benefit a member can receive if the member remains active in the plan until the designated entitlement age is $50. Section 8. Pre -Retirement Death Benefit. This is the death benefit payable if a member dies before entitlement age while still active in the plan. The amount payable is the greater of the faceamount of the life insurance or the members accrued benefit. 1. Face amount of the life insurance: $30,000 2. Payment Mode: Annual Section 9. Vesting Provisions. The vesting is based on years of credited service and the following schedule: -2- 1 YEARS OF SERVICE VESTED PERCENTAGE Less than 4 Years 0% 4 Years 40% 5 Years 50% 6 Years 60% 7 Years 70% 8 Years 80% 9 Years 90% Ten or More Years 100% Section 10. Village Contributions. So long as this system is in effect, the Village shall make a yearly contribution to the Plan equal to the cost for the year by the most recent actuarial valuation. Section 11. Trustee and Contact Person. The Village Finance Director will act as Trustee and Contact Person and will be responsible for contacting the agent or agency administrating the Plan regarding changes and moficiations to the Plan. Section 12. Point System. A minimum of (50) points is needed to earn a year of credited service. The point system that can be earned by volunteer firefighters is set forth in Exhibit "A" attached hereto and made a part of this Ordinance. Section 13. All Ordinances or parts of Ordinances in conflict herewith are hereby repealed. Section 14. This_. Ordinance shall take effect immediately upon passage. PLACED ON FIRST READING THIS 28th DAY OF MARCH 1991. -3- PLACED ON SECOND, FINAL READING AND PASSED THIS APRIL , 1991. Y M J' (V,1L13AGE SEAL ) T'1 EST`c' VILLAGE CLE lit DAY OF ,A/5404k„4(1— EXHIBIT "A" POINT SYSTEM (Minimum of (50) points needed to earn a year of credited service) *1. TRAINING COURSES - (25) point maximum A. Courses under (20) hours duration (5) points per course B. Courses (20) to (45) hours duraction (10) points per course C. Courses over (45) hours duration (15) points per course 2. DRILLS - (20) point maximum (1) point per drill, minimum two hour drill 3. SLEEP -IN OR STAND-BY - (20) point maximum A. Sleep -in - (1) point each full night B. Stand-by - (1) point each A stand-by is defined as an on -duty activity of the fire department, lasting at least four hours, not falling under any other category. 4. ELECTED OR APPOINTED POSITIONS - (20) point maximum (5) points per position President, Vice -President, Secretary or Treasurer only *5. ATTENDANCE AT ORGANIZATIONAL MEETINGS - (25) point maximum Each member shall receive one point for recorded attendance at any official meeting of the organization. 6. PARTICIPATION IN DEPARTMENT RESPONSES Minimum percent. of Average Annual Responses required Dept. Responses To Earn (25) points Minimum percent of Responses required To Earn (10) points 0 - 300 25% 12.5% 301 - 1,000 20% 10.0% 1,001 or more 5% 3.0% *7. ASSIGNED NON -EMERGENCY RELATED ACTIVITIES - (25) point maximum (e.g. - fund raisers, demonstrations, community related activities) East member shall receive one point for each recorded participation in any of these activities * A minimum of (5) points is required in each of these categories.