HomeMy WebLinkAboutOrd 1993-04 Pension Amendment1
ORDINANCE NO. 4-93
AN ORDINANCE OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA,
AMENDING SECTION 2-149 OF ARTICLE V, PENSIONS AND RETIREMENT
SYSTEMS, OF CHAPTER 2 OF THE CODE OF ORDINANCES OF THE VILLAGE
BY ADDING A SUBSECTION (c) THERETO TO PROVIDE THAT IF THE MONTHLY
BENEFITS DO NOT EXCEED ONE HUNDRED ($100.00) DOLLARS, THE BOARD
SHALL, IN ITS SOLE DISCRETION, HAVE THE OPTION TO MAKE A LUMP SUM
PAYMENT IN LIEU OF INSTALLMENTS; 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 2-149 of Article V, Pensions and
Retirement Systems, of Chapter 2 of the Code of Ordinances of the
Village is hereby amended by the addition of a Subsection (c) to
read as follows:
"(c) Lump sum Payment. Notwithstanding anything contained
within Section 2-148 and Section 2-149 to the contrary, the Board,
in its sole discretion, may elect a lump sum payment to the
beneficiary or beneficiaries in lieu of installments when the
monthly benefits do not exceed the sum of One Hundred ($100.00)
Dollars. This provision applies to normal retirement, late
retirement, early retirement and preretirement death regardless
of the fact that the member elected retirement benefits to be made
in monthly installments."
Section 2. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
Section 3. This Ordinance shall take effect immediately upon
passage.
PLACED ON FIRST READING THIS loth DAY OF December
, 1992.
PLACED ON SECOND, FINAL READING AND PASSED ON THIS 14th DAY OF
January
FLOHDA
o:
(VILLAGE SEAL)
ATTEST':
VILLAGE CLERK
1993.
YOR