1995-30 Amends Police & Fire Pension Plan1
ORDINANCE NO. 30-95
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AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING CERTAIN SECTIONS OF DIVISION 4, PENSION
AND CERTAIN OTHER BENEFITS FOR FIRE AND POLICE EMPLOYEES, OF
ARTICLE V OF CHAPTER 2, OF THE CODE OF ORDINANCES OF THE VILLAGE
CHANGING THE NORMAL RETIREMENT AGE OF MEMBERS FROM 60 YEARS TO 55
YEARS; CHANGING NORMAL RETIREMENT BENEFITS FOR MEMBERS FROM TWO
AND ONE-FOURTH PERCENT OF AVERAGE MONTHLY EARNINGS MULTIPLIED BY
THE MEMBERS CREDITED SERVICE TO TWO AND ONE-HALF PERCENT;
INCREASING THE MAXIMUM BENEFIT TO MEMBERS FROM FIFTY (50) PERCENT
OF AVERAGE MONTHLY EARNINGS TO SIXTY (60) PERCENT; INCREASING
MEMBER CONTRIBUTIONS FROM ONE (1) PERCENT OF THEIR RESPECTIVE
EARNINGS TO TWO (2) PERCENT; 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. The definition for "accrued benefit" in
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Section 2-159 of Division 4, Pension and Certain Other Benefits for
Fire and Police Employees, of Article V of Chapter 2 of the Code of
Ordinances is amended to read as follows:
"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
two and. one-half ( 2 1/2) percent of his average monthly earnings
multiplied by his credited service, with a maximum benefit equal to
sixty (60) percent 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."
In,
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Section 2. The definition "normal retirement date" in
Section 2-159, definitions, of Division 4 of Article V of Chapter
2 of the Code of Ordinances of the Village is hereby amended to
read as follows:
"Normal retirement date means for each member the first
day of the month coincident with or next following the date on
which he attains his fifty-fifth (55th) birthday. A member may
retire on this normal retirement date or on the first day of any
month thereafter."
Section 3. Subsection (a)(1) of Section 2-161, Benefit
Amounts, of Division 4 of Article V of Chapter 2 of the Code of
Ordinances is hereby amended to read as follows:
"(a) Normal retirement benefit.
(1) Amount. Each member who retires on or after his
normal retirement date shall be eligible to
receive a normal retirement benefit commencing on
his actual retirement date. The monthly normal
retirement benefit shall be an amount equal to two
and one half (2 1/2) percent of his average monthly
earnings multiplied by the member's credited
service. The maximum benefit is sixty (60) percent
of average monthly earnings."
Section 4. Subsection (a)(1) of Section 2-163,
Contributions, of Division 4 of Article V of Chapter 2 of the Code
of Ordinances is hereby amended to read as follows:
"(a) Member contributions.
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(1) Amount. Members of the plan shall make regular
contributions to the fund at a rate equal to two
(2) percent of their respective earnings."
Section 5. All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed.
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Section 6. This Ordinance shall take effect October,
1, 1995.
PLACED ON FIRST READING THIS 28th DAY OF September 1995.
PLACED ON SECOND, FINAL READING AND PASSED THIS 12th DAY OF
October 1995.
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MAYO
(VILLAGE SEAL)
ATTEST:
VILLAGE RK
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