1995-12 GE Pension Retirement Dates1
ORDINANCE NO. 12-95
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING SUBSECTIONS (a) and (d) OF SECTION 2-148
RELATING TO ARTICLE V, PENSIONS AND RETIREMENT SYSTEMS FOR GENERAL
EMPLOYEES, OF CHAPTER 2 OF THE CODE OF ORDINANCES OF THE VILLAGE
RELATING TO THE NORMAL RETIREMENT DATE AND EARLY RETIREMENT OF
GENERAL EMPLOYEES; 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 (a) of Section 2-148 of Article V,
' Pensions and Retirement Systems for general employees of Chapter 2
of the Code of Ordinances of the Village is hereby amended to read
as follows:
~~(a) Retirement Date. A member's normal retirement date shall
be the first day of the month coincident with, or next
following, attainment of his or her sixty-fifth birthday and
the completion of nine (9) full years of service with the
Village. A member may retire on his or her normal retirement
date or on the first day of any month thereafter, and each
member shall become one-hundred percent vested in his or her
accrued benefit on his normal retirement date. The normal
retirement date described above shall apply only to members
who are hired as general employees from and after the
effective date of this Ordinance.
The normal retirement date for a member who was a general
employee of the Village prior to the effective date of this
Ordinance shall be the first day of the month coincident
with, or next following, attainment of his or her sixty-
fifth birthday."
Section 2. Subsection (d) of Section 2-148 of Article V,
Pensions and Retirement Systems for general employees of Chapter 2
' of the Code of Ordinances of the Villa e is hereby amended to read
9
as follows:
"(d) Earl Retirement. A member may retire after age fifty-
Cive and shall receive vested accrued benefit. If a
member does retire early, his or her pension shall be
actuarially reduced for early retirement."
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Herewith are hereby repealed.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 9th DAY OF March 1995.
PLACED ON SECOND, FINAL READING AND PASSED ON THIS 23rd DAY OF
' March 1995.
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MAYOR
(VILLAGE SEAL)
ATTEST:
VILLAGE CLERK
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