1992-01 Amends Fire & Police Pension Fund1
ORDINANCE NO. 1-92
AN ORDINANCB OF THE VILLAGE OF NORTH PALM BSACH,FLORIDA,AMSNDING AND
RBSTATING SECTION Z-159 THROUGH SBCTION 2-169,INCLUSIVS, OF DIVISION 4,
PENSION AND CERTAIN OTHER BENEFITS FOR FIRS AND POLICE EMPLOYERS, OF
ARTICLE V OF CHAPTER Z OF THS CODS OF ORDINANCBS OF THS VILLAGE;
PROVIDING FOR THS REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT HBRSNITH; AND, PROVIDING POR AN EFFECTIVE DATE.
BB IT ORDAINED BY TH6 VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section L Section 2-159 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section 2-158.
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 1/4AS 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.
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2. Accumulated Contributions means a Member's own contributions plus
interest credited thereto, if any, by the Board.
' 3. Actuarial Bauivalence or Actuarially Equivalent means that any
benefit payable under the terms of this Plan in a form other than
the normal form of bettefit shall have the same actuarial present
value on the date payment oommences as the normal form of benefit.
For purposes of eatabltahing 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 7AS interest
and the 1983 Group Annuity Mortality Table for Males, with ages set
ahead five years in the case of disability retirees. In the Dees of
a lump sum distribution, the actuarial present value shall be
determined on the basis of the same mortality rates as lust 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. Avera¢e MonthLv Earnin¢a 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 it 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 persona 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. It
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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. j~r,~ means the Board of Trustees which shall administer and
manage the Pian herein provided and serve as Trustee of the Fund.
7. Credited Serv,~ce 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 hae
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 Seotion 2
below.
Further, an Employee may voluntarily leave his contributions
in the pension fund fora period of five years after leaving the
employ of the Employer, pending the possibility of his being rehired,
without loafing 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
adrvice, voluntary or invpluntary, in the armed forces of the United
States, provided the Employee is legaIIy entitled to reemployment
under the provisions of the Universal Training and Service Act or
any similar law; and provided further that said Employed 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 reedive in the future a
retirement benefit from the federal government based in whole or in
part on such military service.
8. EarLv Retirement Date means for each Member the first day of the
' month coincident with or ndxt following the date on which he attains
his 50th birthday.
9. Earnin¢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 vaetion 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.
il. Employee means each actively employed full-time Firefighter and
Police Officer of the Village.
12. Eraloyer 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 Pirea, to protect life, and to
protect property.
14. Fund means the Trust Fund established herein as part of the Plan.
15. l~lember means an Employee who fulfills the preaoribed participation
requirements.
16. Norral Retirement Date means for each Member the first day
of the Month coinoident 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 lat and ending
on September 30th.
19. Police Officer means any person employed in the police department
who 1a certified as a law enforcement officer ea 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 sa a Police Officer or Firefighter shall be considered a
Police Officer.
' 20. Saouse 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 followai
"Section 2-160. MEMBSBSHIP
1. Conditions of Eli¢ibility
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. Aaalication for Memberahia
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 as may be preaoribed by the Boards
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. Chanee in Designation of Beneficiary
A Member may from time to time change his designated Beneficiary
by written notice to the Board upon forma provided by the Board.
' Upon such change, the rights of all previously designated
Beneficiaries to receive any benefit under the Plan shall cease.
4. B_~-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 followin¢ conditional
a. The len¢th 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 77K
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 ¢iven credit for his previous Credited Service."
Section S. Section 2-161 of the Code of the Ordinances of the Villa¢e of
North Palm Beach is hereby arended to read as folloxai
"Section t-16L BENEFIT AMOUNTS
1. Normal Retirement Benefit
a. ~~. 8ach Member who retires on or after his Normal
Retirement Date shall be eli¢ible to receive a normal retirement
benetit commencin¢ on his actual retirement date. The
' monthly normal retirement benefit shall be an amount equal to
8 1/4% of his Avera¢e Monthly Earnin¢a 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. Oational Forms of Benefit. In lieu of the form of benefit iuat
described, a Member may choose an optional form of benefit as
provided in Section 4 below.
d. ~009t Veatin¢. Each member who attains his Normal Retirement
Date shall be 100 vested in hia Accrued Benefit.
2. I3arlr 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 hia lifetime. The amount
of the benefit shall be determined and paid in the same
manner as for retirement at hie Normal Retirement Date except
that Average Monthly Earnings and Credited Service shall be
determined as of hia 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 ahaII be ae determined in subparagraph a.
above, reduced by b/12tha 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 applleable in all 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
8arly 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 acoordance with the optional form of
benefit that the Member had selected prior to his death. If
the Member had not selected an optional form of benefit prior
to his death, it ahaII 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. DlaebiLt_v RetLrnrnn4
a. A Member having ten or more years of Credited Service ray
' retire from the service of the Village under the Plan if, prior
to his Normal Retirement Date, he beoomea totaIIy 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 oonsidered totally disabled if, in the opinion
of the Board, he is wholly prevettted from renderin¢ useful
and efficient service as a Pollee Officer or Firefi¢hter, and a
Member will be oonsidered 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 aeGtton until examined by a duly qualified physician or
aur¢eon, to be selected by the Board for that purpose, and is
found to be disabled in the decree and in the manner
specified in this section. Any Member retirin¢ under this
section shall be examined periodically by a duly qualified
physician or sur¢eon or board of phyaioiat-s and sur¢eons 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 ain¢le-sum value of the Member's Aoorued 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
followin¢ the later to occur of:
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(a) The date on whioh 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, whickever 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 ts, 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 reader useful and efficient
service as a Police Officer or Firefighter.
g. If the Member reoovera from the disability and reenters the
service of the Village as a Police Officer or Firefighter, his
' aervloe will be deemed to have been continuous, but the
period beginning with the first month for which he received
a disabllity retirement income payment and ending with the
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date he reentered the service of the Village wlll not be
' considered as Credited Service for the purposes of the Plan.
6. Termination Benefits and VeatL~Q
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 hie date of termination a
refund of hie Accumulated Contributions. Provided, however,
that it at the time of hie 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 hie 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 hie
Beneficiary shaA constitute a full and complete discharge of
any and all rights to claims or benefits under the System by
the Member or hie Beneiiciariea.
7. Cost of Livin¢ Adiuatment
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. Adiuatments of pension
payments will be made on October 1st of each year reflecting the
change in the consumer price index over the It 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 9X. 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 lat.
6. ~tritation 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 ie hereby amended to read ae followai
"Section 2-162. OPTIONAL FORMS OF BBNBFITS
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 fire 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 (50X) 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 fllea.
a. Oation 1 -Joint and Last Survivor Oation
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The Member may elect to receive a benefit, which has been adjusted
' to the Actuarial 8quivalent of the normal form of benefit, during his
lifetime and have such adjuated benefit (or a designated fraction
thereof) continued after his death to and during the lifetime of hia
Beneficiary. The election of Option 1 ahaII be null and void if the
designated Beneficiary dies before the Member's benefit payments
commence.
b. Option t - 10 Yeare Certain and Life Annuity
The Member may elect to receive a benefit, which has been adjuated
to the Actuarisl,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 hia remaining lifetime.
c. Option S - Sodal Security Adiustment Oatton
If a Member retiree before being eligible for Social Security benefits,
he msy 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 forma 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 2-183 of the Code of the Ordinances of the VilleSe of
' North Palm Beach is hereby amended, to read as followai
"Section t-1630 CONTRIBUTIONS
1. Mem r Contributions
a. Arount. 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 ir- the
Fund on at least a monthly basis. In the event that the
Employer a¢rees 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. Ail such contributions by the Employer shall be
deemed and considered as part of the member's Accumulated
Contributions and subiect 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
chance 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 SOth. 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
iit lieu of a refund of Aooumulated Contributions. In any
event, however, each Member shall be Quaranteed the payment
of benefits on his behalf at least equal in total amount to his
Accumulated Contributions.
2. State Contributions
Any monies received or receivable by reason of the laws of the State
of Florida for the express purpose of fundin¢ and paying for the
benefits of Police Officers or Firefighters shall be deposited it- 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. Emalorer Contributions
So lon¢ 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 aeare~ate 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 coat
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. Forfeitures
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' Any forfeitures arising shall be applied to reduce future
contributions to the Play. 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 Z-164: BOARD OF TRUSTEES
1. Comaoaition 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 shell 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 Memberehin on rd for Absent ia~
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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. Resorts and Records
The secretary of the Board shall keep, or cause to be kept in
convenient form, such date 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 lat through September 30th.
4. Board 1[eetin¢a
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 Brin¢ and Defend Lawsuits
The Board shall be a legal entity with, ir- addition to other powers
' and responeibilitiea 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 reaponaibilitiea provided for in this article
' and applicable law.
Section 7. Section 2-165 entitled "Additional Rules and Regulations
Authorized" is hereby repealed.
Section &. Section t-166 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to read as follows:
"Section Z-168. 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 ins
a. Tire or savings accounts of a national bank, a state
bank insured by the Federal Deposit Insurance
Corporation, or a savings, bullding 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
Dlatrict of Columbia, provided:
(1) The corporation is listed on any one or more of
' the recognized national stook exchanges and holds
a rating in one of the three highest obisaifioations
by a naior 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 reoeipta and disbursements and of
the Board's acts and proceedings.
6. To recommend an increase or deorease in the benefits payable
hereunder, through the adoption of an amendment to this article, but
provided such aotion is based on an aotuarial review by an enrolled
actuary who is a member of the Society of Actuaries.
' Z. To retain, at least once every three years, an independent
consultant professionally qualified to evaluate the performance of
professional money managers. The independent oonsultant 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
ir- 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 e.new 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 aII 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 flue days after
receipt.
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' Section 1L Section 2-168 of the Code of Ordinances of the Village of North
Palm Beach is hereby amended to reed as follows:
"Section 2-168 REPEAL OR TBAMINATION OF PLAN
1. This Plan, and subsequent amendments pertaining to said Plan, may
be modified, terminated, or amended, in whole or ir- part by the
Employer; provided that if this Plan shell 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., exoept to the extent that the assets of the Fund
may be determined to be inadequate.
2. If this Plan shall be repealed, or it contributions to the Plan are
discontinued, the Board shall continue to administer the Plan in
accordanoe with the provisions of this Plan, for the sole benefit of
the then Members, Beneficiaries then receiving retirement allowances,
and any persona 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 it
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 persona 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
' 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 tan years of Credited Service, in
proportion to and to the extent of the then actuarially
determined present value of their Accrued Benefits. It any
funds remain, then
c. The Accumulated Contributions of the active Members less any
benefits received, and less 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 Aoorued Benefits
' have not been covered in a previous category in the same
manner as ii- 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 leas than the total contributions made
by the Village and the State to date of termination of the Plan, such
exeesa 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 banefita 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.
v
Section 12. Section 2-169 of the Code of the Ordinances of the Village of
North Paln Beach is hereby amended to read as followas
"Section t-169. MISCELLANEOUS
1. Dtachar¢ed Nembera. Members entitled to a pension shall not forfeit
the same upon dismissal from the Employer, but shall be retired ea
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 Validity. The Board of Trustees shall have the power to
' examine into the !sots upon which any pension shall heretofore have
been granted under any prior or existing law, or shell 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. Incomaetenta. 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
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.
1
1
PLACED ON FIRST READING THIS 23RD DAY OF JANUARY , 1892.
PLACED ON SECOND, FINAL READING AND PASSED THIS _13TH DAY OF
FEBRUARY , 1992.
ATTE
VILLAGE CLERK
25