1994-09 Pension - Definition of Credited Service1
ORDINANCE NO.
9-94
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING THE DEFINITION OF "CREDITED SERVICE" IN
SECTION 2-146 AND AMENDING SECTION 2-148(e), PRERETIREMENT DEATH,
OF ARTICLE V, PENSIONS AND RETIREMENT SYSTEMS, 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 VILLAC,E OF NORTH PALM
BEACH, FLORIDA:
Section 1. The term "credited service" in Section 2-146 of
1
Article V, Pensions and Retirement Systems, of Chapter 2 of the
Code of Ordinances is hereby amended to read as follows:
"Credited Service means the total number of
years and fractional parts of years of actual
service with the Village and shall apply to an
employee whose employment is terminated with
the Village and who recommences full-time
employment within two (2) years from date of
termination."
Section 2. Section 2-148(e), Preretirement Death, of Article
V, Pensions and Retirement Systems, of Chapter 2 of the Code of
Ordinances of the Village is hereby amended to read as follows:
"(e) Preretirement Death
.__.
(1) If a participant who is no longer an employee
of the Village dies prior to the normal retirement
date and has attained age fifty-five (55) and had
five (5) years of credited service, a pension
benefit of fifty (50$) per cent of the amount the
participant would have been entitled to,
1
actuarially reduced for early retirement, shall be
paid to the surviving beneficiary for as long as the
beneficiary shall live. Such amount shall be based
on the amount payable under the fifty (50As) percent
joint and survivor option, reduced actuarially to
the age of the beneficiary.
(2) If a member dies prior to the normal
retirement date and is then employed by the Village
and has five (5) years of credited service, such
member regardless of age shall receive pension
benefits as set forth in subsection (3).
(3) The members specified in subsection (2) above
shall receive a benefit equal to the member's
vested accrued pension as computed under Section 2-
148(b) and shall be payable to the designated
beneficiary in equal, consecutive monthly
installments over ten (10) years. The benefit
payments specified herein shall commence upon death
. of the plan member and approval of the Pension
Board."
Section 3. All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed.
Section 4. This Ordinance shall take effect immediately
upon passage.
PLACED ON FIRST READING THIS 26th DAY OF Mdy 1994.
PLACED ON SECOND, FINAL READING AND PASSED THIS 9th DAY OF
___. June 1994.
' MAYOR
(Village Seal)
ATTEST:
~>/ire- J ~/K~i
VILLAGE CLERK