1995-06 P&F Pension - Preretirement DeathORDINANCE NO. 06-95
' AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
AMENDING SUBSECTION (d) OF SECTION 2-161 OF ARTICLE V, PENSIONS AND RETIREMENT
SYSTEMS FOR FIRE AND POLICE EMPLOYEES OF CHAPTER 2 OF THE CODE OF ORDINANCES
OF THE VILLAGE AND RETITLING SAME FROM "DEATH BENEFITS" TO "PRERETIREMENT DEATH';
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. Subsection (d) of Section 2-161 of Article V, Pensions and Retirement Systems
for fire and police employees of Chapter 2 of the Code of Ordinances of the Village is retitled from "Death
Benefits' to "Preretirement Death" and is hereby amended to read as follows:
"(d) 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 (50) and had ten (10) years of credited
service, a pension benefit of fifty (50%) per cent of the amount the participant
would have been entitled to, 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 (50%) per cent 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 ten (10) 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 2-161 (d) 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 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 All ordinances or parts of ordinances in conflict herewith are hereby repealed.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 23rd DAY OF FEBRUARY, 1995.
PLACED ON SECOND, FINAL READING AND PASSED ON THIS 9th DAY OF MARCH, 1995.
Mayor
ATTEST:
Village Clerk