HomeMy WebLinkAboutOrd 1992-01 Amends Fire & Police Pension Fund1
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ORDINANCE NO. 1-92
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AMENDING AND
RESTATING SECTION 2-159 THROUGH SECTION 2-169, INCLUSIVE, OF DIVISION 4,
PENSION AND CERTAIN OTHER BENEFITS FOR FIRE AND POLICE EMPLOYERS, OF
ARTICLE V OF CHAPTER 2 OF THE CODE OF ORDINANCES OF THE VILLAGE;
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, Section 2-159 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section 2-159. pEFINITIONS. As used herein, unless otherwise defined
or required by the context, the following words and phrases shall have the
meaning indicated:
1. Accrued Benefit means the portion of a Member's normal retirement
benefit which is considered to have accrued as of any date. A
member's Accrued Benefit as of any date shall be equal to 2 1/4% of
his Average Monthly Earnings multiplied by his Credited Service,
with a maximum benefit equal to 50% of Average Monthly Earnings.
For purposes of this calculation, Average Monthly Earnings and
Credited Service as of the date of determination shall be used. The
Accrued Benefit is considered to be payable in the Plan's normal
form commencing on the Member's Normal Retirement Date, with such
date determined as though the Member remains in full-time
employment with the Employer.
2. Accumulated Contributions means a Member's own contributions plus
interest credited thereto, if any, by the Board.
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3. Actuarial Equivalence or Actuarially Eauivalent means that any
benefit payable under the terms of this Plan in a form other than
the normal form of benefit shall have the same actuarial present
value on the date payment commences as the normal form of benefit.
For purposes of establishing the actuarial present value of any form
of payment, other than a lump sum distribution, all future payments
shall be discounted for interest and mortality by using 7% interest
and the 1983 Group Annuity Mortality Table for Males, with ages set
ahead five years in the case of disability retirees. In the case of
a lump sum distribution, the actuarial present value shall be
determined on the basis of the same mortality rates as just described
and the Pension Benefit Guaranty Corporation's interest rates for
terminating single employer plans, which rates are in effect:
a. 90 days prior to the Member's date of termination if
distribution is made within six months of such date, or
b. 90 days prior to the distribution date if distribution is
made more than six months after date of termination.
4. Average Monthly Earnings means one -sixtieth (1/60th) of Earnings
of a Member during the five years of his employment within the last
ten years of employment, which is greater than the total during any
other five years during said ten year period; provided that if a
Member shall have been employed for fewer than five years, such
average shall be taken over the period of his actual employment.
5. Beneficiary means the person or persons entitled to receive benefits
hereunder at the death of a Member who has or have been
designated in writing by the Member and filed with the Board. If
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no such designation is in effect at the time of death of the Member,
or if no person so designated is living at that time, the Beneficiary
shall be the estate of the Member.
6. Board means the Board of Trustees which shall administer and
manage the Plan herein provided and serve as Trustee of the Fund.
7. Credited Service means the total number of years and fractional
parts of years of service, expressed as years and completed months,
during which a person serves as an Employee as defined below,
omitting intervening years and fractional parts of years, when such
person may not .be employed by the Employer; provided, however,
such person may have without interrupting his or her years of
Credited Service, up to one year's leave of absence.
Notwithstanding the foregoing, no Employee will receive credit
for years or fractional parts of years of service for which he has
withdrawn his contributions to the pension fund for those years or
fractional parts of years of service unless he repays into the
pension fund the contributions he has withdrawn, with interest,
within 90 days after his reemployment, as provided in Section 2
below.
Further, an Employee may voluntarily leave his contributions
in the pension fund for a period of five years after leaving the
employ of the Employer, pending the possibility of his being rehired,
without losing credit for the time he has participated actively as an
Employee. Should he not be reemployed within five years, his
contributions shall be returned to him without interest.
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It is provided further that Credited Service shall include any
service, voluntary or invpluntary, in the armed forces of the United
States, provided the Employee is legally entitled to reemployment
under the provisions of the Universal Training and Service Act or
any similar law; and provided further that said Employee shall apply
for reemployment within the time and under the conditions
prescribed by law. For any person who becomes a Member of the
System on or after October 1, 1978, such military service shall not
be credited if he is receiving or will receive in the future a
retirement benefit from the federal government based in whole or in
part on such military service.
8. Early Retirement Date means for each Member the first day of the
month coincident with or next following the date on which he attains
his 50th birthday.
9. Earning a means a Member's gross salary, including overtime, public
safety pay increment and special pay, but excluding bonuses such
as longevity, safety and attendence awards and any other
nonregular payments such as unused sick leave or vaction time pay.
10. Effective Date means March 1, 1967, the date on which this Plan
initially became effective. The effective date of this restated Plan
is the date as of which the Village Council adopts the Plan.
11. Employee means each actively employed full-time Firefighter and
Police Officer of the Village.
12. Employer means the Village of North Palm Beach, Florida.
13. Firefighter means any person employed in the fire department who
is certified as a firefighter as a condition of employment in
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accordance with the provisions of Section 633.35, Florida Statutes
and whose duty it is to extinguish fires, to protect life, and to
protect property.
14. Fund means the Trust Fund established herein as part of the Plan.
15. Member means an Employee who fulfills the prescribed participation
requirements.
16. Normal Retirement Dig means for each Member the first day
of the Month coincident with or next following the date on which
he attains his 60th birthday. A Member may retire on this Normal
Retirement Date or on the first day of any month thereafter.
17. Plan or System means the Village of North Palm Beach Fire and
Police Retirement Fund as contained herein and all amendments
thereto.
18. Plan Year means each year commencing on October 1st and ending
on September 30th.
19. Police Officer means any person employed in the police department
who is certified as a law enforcement officer as a condition of
employment in accordance with the provisions of Section 943.14,
Florida Statutes and who is vested with authority to bear arms and
make arrests, and whose primary responsibility is the prevention
and detection of crime or the enforcement of the penal, criminal,
traffic or highway laws of the State. Any public safety officer who
is responsible for performing both police and fire services and who
is certified as a Police Officer or Firefighter shall be considered a
Police Officer.
20. Spouse shall mean the lawful wife or husband of a Member at time
of preretirement death or retirement."
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Section 2. Section 2-160 of the Code of the Ordinance of the Village of
North Palm Beach is hereby amended to read as follows:
"Section 2-160. MEMBERSHIP
1. Conditions of Eligibility
Each person who becomes an Employee must become a Member of the
Plan as a condition of his employment. Each such Employee shall be
considered a Member on the October 1st coincident with or next
following the first anniversary of his date of employment or
reemployment as an Employee.
2. Application for Membership
Each eligible Employee shall, within 30 days of becoming eligible,
complete an application form covering the following points, as well
as such other points or items es may be prescribed by the Board:
a. Acceptance of the terms and conditions of the Plan,
b. Designation of a Beneficiary or Beneficiaries,
c. Authorization of a payroll deduction payable to the Plan as
hereinafter provided,
d. Provision of acceptable evidence of his date of birth,
e. A certified statement as to prior medical history, and
f. A written release allowing distribution of all medical records
to the Board.
3. Change in Designation of Beneficiary
A Member may from time to time change his designated Beneficiary
by written notice to the Board upon forms provided by the Board.
Upon such change, the rights of all previously designated
Beneficiaries to receive any benefit under the Plan shall cease.
4. Buy -Back of Previous Service
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Each Member of the Plan who terminates his employment with the
Employer and who is subsequently reemployed by the Employer
shall be permitted to "buy-back" his previous Credited Service
under the following conditions:
a. The length of time between the Member's termination date and
his subsequent reemployment date is not limited.
b. The Member must pay into the Fund an amount equal to the
sum of the amount he withdrew from the Fund when he
terminated employment, plus interest thereon at the rate of 7%
from the date of withdrawal to the date of repayment.
c. The Board shall notify the Employee of the total amount
payable, as described above. Payment must be made within 90
days of such notification.
d. Upon timely payment of the required amount, the Employee
shall immediately be reinstated as a Member of the Plan and
shall be given credit for his previous Credited Service."
Section S. Section 2-161 of the Code of the Ordinances of the Village of
North Palm Beach is hereby amended to read as follows:
"Section 2-161. BENEFIT AMOUNTS
1. Normal Retirement Benefit
a. Amount. Each Member who retires on or after his Normal
Retirement Date shall be eligible to receive a normal retirement
benefit commencing on his actual retirement date. The
monthly normal retirement benefit shall be an amount equal to
2 1/4% of his Average Monthly Earnings multiplied by the
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Member's Credited Service. The maximum benefit is 50% of
Average Monthly Earnings.
b. Form of Benefit. The normal retirement benefit shall commence
on the Member's actual retirement date and be payable on the
first day of each month thereafter, with the last payment
being the one next preceding the retiree's death.
c. Optional Forms of Benefit,. In lieu of the form of benefit just
described, a Member may choose an optional form of benefit as
provided in Section 4 below.
d. flag. Eaoh member who attains his Normal Retirement
Date shall be 100% vested in his Accrued Benefit.
2. Early Retirement Benefit,
A Member retiring hereunder on or after his Early Retirement Date
may receive either a deferred or an immediate monthly retirement
benefit as follows:
a. A deferred monthly retirement benefit which shall commence on
the Normal Retirement Date and shall be continued on the first
day of each month thereafter during his lifetime. The amount
of the benefit shall be determined and paid in the same
manner as for retirement at his Normal Retirement Date except
that Average Monthly Earnings and Credited Service shall be
determined as of his Early Retirement Date, or
b. An immediate monthly retirement benefit which shall commence
on his Early Retirement Date and shall be continued on the
first day of each month thereafter during his lifetime. The
benefit payable shall be as determined in subparagraph a.
above, reduced by 5/12ths of 1% for each month by which
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the starting date of the benefit precedes the Normal
Retirement Date.
3. The benefit formula applicable in ell cases of retirement shall be that
in effect on each Member's employment termination date.
4. Death Benefits
a. In the event of death of a Member who was eligible for an
Early or Normal Retirement Benefit but who dies before
commencement of benefits, a death benefit shall be paid to his
designated Beneficiary, as of his date of death. It shall be
assumed that such deceased Member had retired on the day
before his date of death, and a monthly benefit shall be paid
to the Beneficiary in accordance with the optional form of
benefit that the Member had selected prior to Ms death. If
the Member had not selected an optional form of benefit prior
to his death, it shall be assumed that he had selected a 50%
joint and survivor annuity.
b. Upon the death of a retiree, no benefit shall be paid except
such benefit resulting from the preretirement selection of an
option providing a survivor benefit and except for the excess,
if any, of such retiree's Accumulated Contributions over the
amount of benefits which had been received prior to the
retiree's death.
5. Disability Retirement
a. A Member having ten or more years of Credited Service may
retire from the service of the Village under the Plan if, prior
to his Bonsai Retirement Date, he becomes totally and
permanently disabled as defined in subsection (b) hereof.
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Such retirement shall herein be referred to as disability
retirement.
b. A Member will be considered totally disabled if, in the opinion
of the Board, he is wholly prevented from rendering useful
and efficient service as a Polite Officer or Firefighter, and a
Member will be considered permanently disabled if, in the
opinion of the Board, such Member is likely to remain so
disabled continuously and permanently.
c. No Member shall be permitted to retire under the provisions
of this section until examined by a duly qualified physician or
surgeon, to be selected by the Board for that purpose, and is
found to be disabled in the degree and in the manner
specified in this section. Any Member retiring under this
section shall be examined periodically by a duly qualified
physician or surgeon or board of physicians and surgeons to
be selected by the Board for that purpose, to determine if
such disability has ceased to exist.
d. The benefit payable to a Member who retires with a total and
permanent disability as a result of a disability commencing
prior to his Normal Retirement Date is the monthly income
payable for ten years certain and life which can be provided
by the single -sum value of the Member's Accrued Benefit.
e. (1) The monthly retirement income to which a Member is
entitled in the event of his disability retirement will be
payable on the first day of each month. The first
payment will be made on the first day of the month
following the later to occur of:
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(a) The date on which the disability has existed for
six months, or
(b) The date the Board approves the payment of such
retirement income.
(2) The last payment will be:
(a) If the Member recovers from the disability prior
to his Normal Retirement Date, the payment due
next preceding the date of such recovery, or
(b) If the Member dies without recovering from his
disability or attains his Normal Retirement Date
while still disabled, the payment due next
preceding his death or the 120th monthly
payment, whichever is later.
(3) Any monthly retirement income payments due after the
death of a disabled member shall be paid to the
Member's designated Beneficiary.
f. If the Board finds that a Member who is receiving a disability
retirement income is, at any time prior to his Normal
Retirement Date, no longer disabled, as provided herein, the
Board shall direct that the disability retirement income be
discontinued. Recovery from disability as used herein shall
mean the ability of the Member to render useful and efficient
service as a Police Officer or Firefighter.
g. If the Member recovers from the disability and reenters the
service of the Village as a Police Officer or Firefighter, his
service will be deemed to have been continuous, but the
period beginning with the first month for which he received
a disability retirement income payment and ending with the
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date he reentered the service of the Village will not be
considered as Credited Service for the purposes of the Plan.
6. Termination Benefits and Vesting
a. Each Member who terminates employment with the Employer
and who is not eligible for any of the retirement, death, or
disability benefits set forth herein shall receive from the Fund
within a reasonable time following his date of termination a
refund of his Accumulated Contributions. Provided, however,
that if at the time of his termination of employment the
Member has ten or more years of Credited Service, he shall
have the option of either receiving his Accumulated
Contributions or his Accrued Benefit payable commencing at
the date which would have been his Normal Retirement Date
had he remained in full-time employment with the Employer.
The Member may direct that his Accrued Benefit, reduced as
for Early Retirement, commence at age 50 or any date
thereafter provided his Accumulated Contributions are not
withdrawn.
b. A refund of Accumulated Contributions to a Member or his
Beneficiary shall constitute a full and complete discharge of
any and all rights to claims or benefits under the System by
the Member or his Beneficiaries.
7. Cost of Lavine Adiustment
The amount of pension benefit will be increased or decreased in
accordance with the changes in the consumer price index published
by the U.S. Bureau of Labor Statistics. Adjustments of pension
payments will be made on October lst of each year reflecting the
change in the consumer prioe index over the 12 month period ending
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three months before that date. The maximum increase or decrease
in the Member's pension, benefit for any one year is 3%. However,
the Member's pension benefit can never be reduced below the
amount the Member received at date of retirement. Such
adjustments shall apply to each retirement, survivor or disability
benefit in pay status as of each October 1st.
6. Limitation on Benefits
In no event may a Member's annual benefit exceed the limitations of
Internal Revenue Code Section 415 as such provisions apply to
governmental pension plans. The provisions of Internal Revenue
Code Section 415 that apply to governmental pension plans are
hereby incorporated into this Plan by reference."
Section 4. Section 2-162 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section 2-162. OPTIONAL FORMS OF BENEFITS
Each Member entitled to a normal, early or vested retirement benefit shall
have the right at any time prior to the date on which benefit payments
begin to elect to have his benefit payable under any one of the options
hereinafter set forth in lieu of the benefits otherwise provided herein, and
to revoke any such elections and make a new election at any time prior to
the actual beginning of payments. The value of optional benefits shall be
Actuarially Equivalent to the value of benefits otherwise payable. and the
present value of payments to the retiring Member must be at least equal
to fifty percent (50%) of the total present value of payments to the
retiring Member and his Beneficiary. The Member shall make such an
election by written request to the Board, such request being retained in
the Board's files.
a. Option 1 - Joint and Last Survivor Ootjgg
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The Member may elect to receive a benefit, which has been adjusted
to the Actuarial Equivalent of the normal form of benefit, during his
lifetime and have such adjusted benefit (or a designated fraction
thereof) continued after his death to and during the lifetime of his
Beneficiary. The election of Option 1 shall be null and void if the
designated Beneficiary dies before the Member's benefit payments
commence.
b. Option 2 - 10 Years Certain and Lite Annuity
The Member may elect to receive a benefit, which has been adjusted
to the Actuarial, Equivalent of the normal form of benefit, with 120
monthly payments guaranteed. If the Member should die before said
120 monthly payments are made, payments are then continued to his
designated Beneficiary until 120 payments in all have been made, at
which time benefits cease. After expiration of the 120 monthly
guaranteed payments, should the retired Member be then alive,
payments shall be continued during his remaining lifetime.
c. Option 3 - Social Security Adiustment Optiop
If a Member retires before being eligible for Social Security benefits,
he may elect this option. A Member may elect to receive a larger
pension up to the date he begins receiving Social Security benefits.
The Member's pension benefits may be reduced or terminated after
Social Security payments begin. The amount of reduction shall be
actuarially determined.
d. Option 4 - Other
In lieu of the other optional forms enumerated in this Section,
benefits may be paid in any form approved by the Board so long as
Actuarial Equivalence with the benefits otherwise payable is
maintained."
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Section 5: Section 2-163 of the Code of the Ordinances of the Village of
North Palm Beach is hereby amended to read as follows:
"Section 2-163: CONTRIBUTIONS
1. Member Contributions
a. Amount. Members of the Plan shall make regular contributions
to the Fund at a rate equal to one percent of their respective
Earnings.
b. Duration. Contributions shall be deducted from said Earnings
before the same are paid until the Member has reached his
actual retirement date or his termination date whichever
occurs first. Member contributions shall be deposited in the
Fund on at least a monthly basis. In the event that the
Employer agrees to assume and pay Member contributions in
lieu of direct contributions by the member, such contributions
shall accordingly be paid into the Plan in behalf of the
Members. No Member subject to such agreement shall have
the option of choosing to receive the contributed amounts
directly instead of having them paid by the Employer directly
to the Plan. All such contributions by the Employer shall be
deemed and considered as part of the member's Accumulated
Contributions and subject to all provisions of this Plan
pertaining to Accumulated Contributions of Members. The
intent of this language is to comply with Section 414(h)(2) of
the Internal Revenue Code.
c. Interest. Interest shall be credited to Member contributions
as of September 30th of each year at a rate equal to the
change in the consumer price index, published by the U.S.
Bureau of Labor Statistics, over the 12 month period ending
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on the previous June 30th. The maximum rate for any year
shall be 7% and the minimum rate shall be 0%.
d. Guaranteed Refund. All benefits payable under this Plan are
in lieu of a refund of Accumulated Contributions. In any
event, however, each Member shall be guaranteed the payment
of benefits on his behalf at least equal in total amount to his
Accumulated Contributions.
2. State Contributions
Any monies received or reoeivable by reason of the laws of the State
of Florida for the express purpose of funding and paying for the
benefits of Police Officers or Firefighters shall be deposited in the
Fund within the time prescribed by law. Said monies shall be for
the sole and exclusive use of Members or may be used to pay extra
benefits for Members.
3. Enoloiter Contributions
So long as this Plan is in effect, the Employer shall make
contributions to the Fund in an amount at least equal to the
difference in each year as between the aggregate Member and State
contributions for the year and the total cost for the year as shown
by the most recent actuarial valuation report for the System. The
total cost for any year shall be defined as the total of normal cost
plus the additional amount sufficient to amortize the unfunded
actuarial liability in accordance with applicable laws of the State of
Florida. The Employer's contribution shall be deposited on at least
a quarterly basis.
4. Forfeiture*
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Any forfeitures arising shall be applied to reduce future
contributions to the P1ap. No forfeited amount shall be applied to
change benefit amounts for Members."
Section 6. Section 2-164 of the Code of the Ordinances of the Village of
North Palm Beach is hereby amended to read as follows:
"Section 2-164: _QARD OF TRUSTEES
1. Composition of Board
The Board of Trustees shall consist of five members: four of whom
shall be elected by a majority of the Members of the Plan. Two of
the elected members shall be certified Firefighters of the Village,
and two shall be certified Police Officers of the Village. The fifth
member of the Board shall be a legal resident of the Village, and
shall be appointed by the Village Council. Each of the elected Board
Members shall be appointed for a period of two years, unless he
sooner leaves the employment of the Village or forfeits membership
on the Board, whereupon a successor shall be elected by a majority
of the Members of the Plan. Each of the elected Board Members may
succeed himself in office. The resident member shall be trustee for
a term of two years unless he forfeits membership on the Board, and
he may succeed himself in office. The resident member shall hold
office at the pleasure of the Village Council. The fifth member shall
have the same rights as each of the other four members appointed
or elected as herein provided. The Trustees shall by majority vote elect from
its members a chairman and a secretary. The secretary of the Board shall keep
a complete minute book of the actions, proceedings, or hearings of the Board.
The Trustees shall not receive any compensation as such, but may receive
expenses and per diem as provided by law.
2. Forfeiture of Membership on Board fqr Absenteeism
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In the event a member of the Board shall fail to attend three
consecutive regular meetings of the Board, such member shall be
deemed to forfeit membership on the Board and shall, at the
conclusion of the third such meeting, no longer be a member of the
Board. Such individual shall not thereafter be eligible for
reappointment or
election to the Board for a period of two years. Any absence may
be excused by the Board upon a showing that there existed
justifiable reasons for the absence.
3. Reports and Records
The secretary of the Board shall keep, or cause to be kept in
convenient form, such data as shall be necessary for an actuarial
valuation of the assets and liabilities of the System. The fiscal year
for the keeping of records and rendering reports shall be from
October 1st through September 30th.
4. Board Meetings
The Board shall meet at least quarterly each year. At any meeting
of the Board, three Trustees shall constitute a quorum. Any and all
acts and decisions shall be by at least three members of the Board;
however, no Trustee shall take part in any action in connection with
his or her own participation in the Plan, and no unfair
discrimination shall be shown to any individual participating in the
Plan.
5. Power to Bring and Defend Lawsuits
The Board shall be a legal entity with, in addition to other powers
and responsibilities contained herein, the power to bring and defend
lawsuits of every kind, nature and description. The Board shall be
independent of the Village to the extent required to accomplish the
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intent, requirements, and responsibilities provided for in this article
and applicable law.
Section 7, Section 2-165 entitled "Additional Rules and Regulations
Authorized" is hereby repealed.
Section B. Section 2-166 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section 2-166. POWER AND AUTHORITY OF BOARD
The Board shall be the administrator of the System and, as such, it
shall be solely responsible for administering the pension fund. The
Board shall have the power and authority:
1. To invest and reinvest the assets of the pension fund in:
a. Time or savings acoounts of a national bank, a state
bank insured by the Federal Deposit Insurance
Corporation, or a savings, building and loan association
insured by the Federal Deposit Insurance Corporation.
b. Obligations of the United States or obligations
guaranteed as to principal and interest by the
Government of the United States.
c. Bonds, stocks, or other evidences of indebtedness
issued or guaranteed by a corporation organized under
the laws of the United States, any
state or organized territory of the United States, or the
District of Columbia, 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 major rating service; and
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(2) The Board shall not invest more than five percent
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 five percent of the outstanding capital
stock of that company, nor shall the aggregate of
its investments in equities at coat exceed 50% of
the pension fund's assets.
2. To issue drafts upon the pension fund pursuant to this article and
rules and regulations prescribed by the Board. All such drafts shall
be consecutively numbered, be signed by the chairman and secretary
or their designee, and state upon their faces the purpose for which
the drafts are drawn. The Village finance director or other
depository of the Village shall retain such drafts when paid, as
permanent vouchers for disbursements made, and no money shall be
otherwise drawn from the pension fund.
3. To finally decide all claims to relief under this article and under the
Board's rules and regulations.
4. To convert into cash any securities of the pension fund.
5. To keep a complete record of all receipts and disbursements and of
the Board's acts and proceedings.
6. To recommend an increase or decrease in the benefits payable
hereunder, through the adoption of an amendment to this article, but
provided such action is based on an aotuarial review by an enrolled
actuary who is a member of the Society of Actuaries.
4. To retain, at least once every three years, an independent
consultant professionally qualified to evaluate the performance of
professional money managers. The independent consultant shall make
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recommendations to the Board regarding the selection of money
managers for the next investment term. These recommendations shall
be considered by the Board at its next regularly scheduled meeting.
The date, time, place and subject of this meeting shall be advertised
in a newspaper of general circulation in the municipality at least ten
days prior to the date of the hearing."
Section 9. Section 2-167 entitled "Oaths of Office, Meetings, Quorum of
Board" of the Code of Ordinances of the Village of North Palm Beach is hereby
repealed.
Section 10. There is anew Section 2-167 entitled "Tax On Insurers" added
to the Code of Ordinances and to read as follows:
"Section 2-167. TAX ON INSURERS
1. There is hereby levied and imposed an excise tax upon every
insurance company, corporation or other insurer insuring loss
against fire, tornado or windstorm or engaged in the business of
casualty insurance. Such excise tax shall be in an amount equal to
the rate specified in Chapter 175, Florida Statutes multiplied by the
gross receipts of premiums from holders of insurance policies of fire
and windstorm insurance, and the rate specified in Chapter 185,
Florida Statutes multiplied by the gross receipts of premiums from
holders of insurance policies of casualty Insurance. All such
policies shall be upon property within the corporate limits of the
Village. Such excise tax shall be in addition to any and all excise
taxes or license now levied or required by the Village.
2. The proceeds of all monies received under this excise tax shall be
received annually from the State of Florida by the Village and shall
be deposited to the pension fund no more than five days after
receipt.
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Section IL Section 2-168 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section 2-168 REPEAL OR TERMINATION OF PLAN
1. This Plan, and subsequent amendments pertaining to said Plan, may
be modified, terminated, or amended, in whole or in part by the
Employer; provided that if this Plan shall be amended or repealed in
its application to any person benefiting hereunder, the amount of
benefits which at the time of any such alteration, amendment, or
repeal shall have accrued to the Member or Beneficiary shall not be
affected thereby., except to the extent that the assets of the Fund
may be determined to be inadequate.
2. If this Plan shall be repealed, or if contributions to the Plan are
discontinued, the Board shall continue to administer the Plan in
accordance with the provisions of this Plan, for the sole benefit of
the then Members, Beneficiaries then receiving retirement allowances,
and any persons who would in the future be entitled to receive
benefits under one of the options provided for in this Plan who are
designated by any of said Members. In the event of repeal, or if
contributions to the Plan are discontinued, there shall be full
vesting (100%) of benefits accrued to date of repeal and the assets
of the Plan shall be allocated in an equitable manner to provide
benefits on a proportionate basis to the persons so entitled to
benefits in accordance with the provisions hereof.
3. The following shall be the order of priority for purposes of
allocating the assets of the Plan upon repeal of this Plan or if
contributions to the Plan are discontinued:
a. Members already retired under the retirement provisions of
the Plan and those eligible for normal or early retirement but
22
1
1
not actually retired, and their Beneficiaries, in proportion to
and to the extent of the then actuarially determined present
value of the benefits payable. If any funds remain, then
b. Members who have at least ten years of Credited Service, in
proportion to and to the extent of the then actuarially
determined present value of their Accrued Benefits. If any
funds remain, then
c. The Accumulated Contributions of the active Members less any
benefits received, and leas amounts apportioned in a. and b.
above, in proportion to and to the extent of the then amount
of such Accumulated Contributions. If any funds remain, then
d. All other Members whose present value of Accrued Benefits
have not been covered in a previous category in the same
manner as in b.
4. After all the vested and Accrued Benefits provided hereunder have
been paid and after all other liabilities have been satisfied, then an
only then shall any remaining funds revert to the general fund of
the Village, less return of State's contributions to the State,
provided that, if the excess is less than the total contributions made
by the Village and the State to date of termination of the Plan, such
excess shall be divided proportionately to the total contributions
made by the Village and the State.
5. The allocation of the Fund provided for in this subsection may, as
decided by the Board, be carried out through the purchase of
insurance company contracts to provide the benefits determined in
accordance with this subsection. The fund may be distributed in
one sum to the persons entitled to said benefits or the distribution
may be carried out in such other equitable manner as the Board may
23
direct. The Trust may be continued in existence for purposes of
subsequent distributions.
Section 12, Section 2-169 of the Code of the Ordinances of the Village of
North Palm Beach is hereby amended to read as follows:
"Section 2-169. MISCELLANEOUS
1. Discharged Members. Members entitled to a pension shall not forfeit
the same upon dismissal from the Employer, but shall be retired as
herein described.
2. Non -Assignability. No benefit provided for herein shall be pledgable,
assignable or subject to garnishment for debt or for other legal
process.
3. Pension Validitr. The Board of Trustees shall have the power to
examine into the facts upon which any pension shall heretofore have
been granted under any prior or existing law, or shall hereafter be
granted or obtained erroneously, fraudulently, or illegally for any
reason. Said Board is empowered to purge the pension roll of any
person theretofore granted a pension under prior or existing law or
hereafter granted under this Plan if the same is found to be
erroneous, fraudulent or illegal for any reason; and to reclassify any
pensioner who has heretofore under any prior or existing law or
who shall hereafter under this Plan be erroneously, improperly or
illegally classified.
4. Incompetents. If any Member or Beneficiary is a minor or is, in the
judgment of the Board, otherwise incapable of personally receiving
and giving a valid receipt for any payment due him under the Plan,
the Board may, unless and until claims shall have been made by a
24
1
1
duly appointed guardian or committee of such person, make such
payment or any part thereof to such person's Spouse, children,
trust or other person deemed by the Board to have incurred
expenses or assumed responsibility for the expenses of such person.
Any payment so made shall be a complete discharge of any liability
under the Plan for such payment.
5. Number and Gender. When appropriate the singular in this Plan
shall include the plural and vice versa, and the masculine shall
include the feminine and vice versa."
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
23RD
DAY OF
JANUARY
, 1992.
PLACED ON SECOND, FINAL READING AND PASSED THIS 13TH DAY OF
FFRRUARY , 1992.
ATTEST:
VILLAGE CLERK
25
MAYOR