2000-13 Adds COLA option to GE Pension Benefits• ORDINANCE 13-2000
AN OKDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
I3EACH, FLORIDA, AMENDING DIVISION 3, PENSION AND CERTAIN OTHER BENEFITS
F'OR GENERAL EMPLOYEES, OF ARTICLE V, PENSIONS AND RETIREMENT SYSTEMS,
OF CHAPTER 2, ADMINISTRATION, BY ADDING A SECTION 2-158(A), OPTIONAL
I3ENEFIT PLAN NO. 2, TO PROVIDE FOR A COST OF LIVING ADJUSTMENT (COLA) FOR
PENSION BENEFITS WITH A MANDATORY CONTRIBUTION OF TWO (2%) PERCENT OF
7'I ]E EMPLOYEES SALARY FOR SUCH BENEFIT; PROVIDING THAT THE NEW SECTION
IS MANDATORY FOR NEW EMPLOYEES AND OPTIONAL FOR EXISTING EMPLOYEES;
PROVIDING THAT THE COLA ADJUSTMENT SET FORTH IN THIS SECTION SHALL
APPLY TO ALL FORMS OF BENEFITS SET FORTH IN SECTIONS 2-148, 2-149 AND 2-158
O}' TI-]E VILLAGE CODE OF ORDINANCES; PROVIDING FOR SEVERABILITY;
PROVIDING FOR THE REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES IN
CONFLICT HEREWITH; AND, PROVIDING FOR AN EFFECTIVE DATE.
BE ]T ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. Division 3, pension and certain other benefits for general employees, of Article
V., Pensions and Retirement Systems, of Chapter 2, Administration, is hereby amended by adding
a Sectiar 2-158(A) entitled Optional Benefit Plan No. 2, and to read as follows:
"Section 2-158(A). Optional Benefit Plan No. 2.
Cost of living adjustment. 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. Adjustments of pension payments will be made on October 1 of each year
reflecting the change in the consumer price index over the twelve-month period ending April 1 of
that year. The maximum increase or decrease in the member's pension benefit for any one (1) year
is three (3) percent. 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 1.
This provision is mandatory for all employees hired after the effective date of this
ordinance and such employees shall contribute two (2%) percent of their salary for this benefit. The
cost of living adjustment and contribution of salary as specified in this section shall be optional with
all employees who were hired prior to the effective date of this ordinance.
• The cost of living adjustment (COLA) set forth herein shall apply to all forms of
benefits set forth in sections 2-148, 2-149 and 2-158 of the Code of Ordinances of the Village."
• Section 2. If any section, paragraph, sentence, clause, phrase or word of this Ordinance
is for any reason held by a Court to be unconstitutional, inoperative or void, such holding shall not
affect the remainder of this Ordinance.
Section 3. All Ordinances or parts of Ordinances in conflict herewith are hereby repealed.
Section 4. This Ordinance shall take effect October 1, 2000.
PLACED ON FIRST READING THIS 27th DAY OF APRIL, 2000.
PLACED ON SECOND, FINAL READING AND PASSED THIS 11th DAY OF MAY, 2000.
MAYOR
(VILLAGE SEAL)
ATTEST:
VILLAGE CLERK
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