2011-03 Police & Fire Pension Plan AmendmentORDINANCE N0.2011-03
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AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, AMENDING CHAPTER 2 "ADMINISTRATION,"
ARTICLE V, "PENSION AND CERTAIN OTHER BENEFITS FOR FIRE AND
POLICE EMPLOYEES," OF THE VILLAGE CODE OF ORDINANCES TO
REMOVE THE DECREASE IN THE COST OF LIVING ADJUSTMENT;
AMENDING SECTION 2-161, "BENEFIT;" PROVIDING FOR CODIFICATION;
PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICTS; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Board of Trustees of the North Palm Beach Fire and Police Retirement
Fund (`Fund") has proposed an amendment to the Plan to eliminate a decrease in a participant's
benefits based on a decrease in the Consumer Price Index; and
WHEREAS, the Village has obtained waivers of collective bargaining from the
bargaining units representing the impacted members, namely, the Professional
Firefighters/Paramedics of Palm Beach County, Loca12928, IAFF, Inc. ("IAFF") and the Police
Benevolent Association ofPalm Beach County, Inc. ("PBA"); and
WHEREAS, the Village Council determines that the adoption of this Ordinance is the
best interests of the public health, safety and welfare of the residents and citizens of the Village
of North Palm Beach.
NOW, THEREFORE, BE IT ORDAINED, BY THE VILLAGE COUNCIL OF THE VILLAGE
OF NORTH PALM BEACH, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. The foregoing `whereas" clauses are hereby ratified as true and are incorporated herein.
Section 2. The Village Council hereby Amends Article V, "Pension and Certain Other
Benefits for Police and Fire Employees," of Chapter 2, "Administration," ofthe Village Code of
Ordinances by amending Section 2-161 to read as follows (additional language underlined and
deleted language st~l~e~g13):
Sec. 2-161. Benefit amounts.
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(g} Cost of Living Adjustment. The amount of pension benefit will be increased s~
in accordance with the changes in the consumer index (CPI-W U.S.) published
by the U.S. Bureau of Labor Statistics. Adjustments of pension payments will be made
on October 1 of each year reflecting the change in the consumer price index over the
twelve-month period ending April 1. The maximum increase °-~-d~ in the pension
benefit for any one (1) year is three (3) percent. u°~=~°~•°~ +'~° ^~°~''°r'° ~ ~''°~°~4
.Such
adjustments shall apply to each retirement, survivor or disability benefit in pay status as
of each October 1.
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If there is a decrease in the CPI-W U.S. over the twelve month period ending April 1.
• then the amount of the pension benefit will not increase again until there is an increase in
that index beyond the prior high level of the CPI-W U.S. The prior high level of the
CPI-W U.S. is the high water mark for purposes of future cost of living increases. After a
decrease in the CPI-W U.S., there is no future cost of living increase until the index
exceeds the most recent high water mark.
Section 3. The provisions of this Ordinance shall become and be made a part of the Code of
the Village of North Palm Beach, Florida.
Section 4. If any section, paragraph, sentence, clause, phrase or word of this Ordinance is for
any reason held by a court of competent jurisdiction to be unconstitutional, inoperative or void,
such holding shall not affect the remainder of this Ordinance.
Section 5. All ordinances or parts of ordinances and resolutions or parts of resolutions in
conflict herewith are hereby repealed to the extent of such conflict.
Section 6. This Ordinance shall take eiTect immediately upon adoption.
PLACED ON FIRST READING THIS 27th DAY OF JANUARY, 2011.
PLACED ON SECOND, FINAL READING AND PASSED THIS 10th DAY OF FEBRUARY, 2011.
(Village Seal)
ATTEST:
VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
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VILLAGE ATTORNEY
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MAYOR
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