2001-08 Amends Police & fire Pension PlanORDINANCE 08-2001
• AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING DIVISION 4, OF ARTICLE V OF CHAPTER 2 OF THE CODE
OF ORDINANCES OF THE VILLAGE RELATING TO FIRE AND POLICE RETIREMENT
PLAN; PROVIDING FOR A CHANGE IN THE COST OF LNING ADJUSTMENT; PROVIDING
FOR AN INCREASE IN THE INVESTMENTS IN EQUITIES; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Village Council of the Village of North Palm Beach finds it in the best interest of
the public and employees of the Village of North Palm Beach to amend the Fire and Police
Retirement Plan, as set forth herein below:
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTI~ PALM BEACH, FLORIDA:
Section 1. Division 4, Section 2-161(g) of the Village of North Palm Beach Code is hereby
amended as follows:
Section 2-161. Benefit Amounts.
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(g) Cost of Living Adjustment. The amount of pension benefit will be increased or decreased in
accordance with the changes in the consumer price index (CPI-W U.S.) 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. 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.
Section 2. Division 4, Section 2-166(1)(c)2 of the Village of North Palm Beach Code is hereby
amended as follows:
Section 2-166
• The board shall be the administrator of the system and, as such, it shall be solely responsible
for administering the pension fund. The board shall have the power and authority:
(1) To invest and reinvest the assets of the pension fund in:
•
• s
c. Bonds, stocks, or any other evidences of indebtedness issued or guaranteed
by a corporation organized under the laws of the United States, any state or
organized territory of the United States, or the District of Columbia,
provided:
2. The board shall not invest more than five (5) percent of its assets in
the common stock, capita] stock, bonds or indebtedness of any one
(1) issuing company, nor shall the aggregate investment in any one
(1) issuing company exceed five (5) percent of the outstanding capital
stock of that company, nor shall the aggregate of its investments in
equities at cost exceed sixty (60) percent of the pension fund's assets.
e
Section 3. It is the intention of the Village Council and it is hereby ordained that the provisions
of this Ordinance shall become and be made a part of the Code of Ordinances of the Village of North
Palm Beach, and the sections of this Ordinance may be renumbered to accomplish such intentions.
Section 4. If any phrase, word, clause, subsection, or section of this ordinance is for any reason
held unconstitutional or invalid, the invalidity thereof shall not affect the validity of any remaining
portions of this Ordinance.
Section 5. That all sections or parts of sections of the Code of Ordinances, all ordinances or parts
of ordinances, and all resolutions for parts of resolutions in conflict herewith, be and the same are
hereby repealed to extent of such conflict.
Section 6. This ordinance will not take effect until consent and waiver of bargaining is received
from impacted bargaining units.
PLACED ON FIRST READING THIS 22nd DAY OF MARCH 2001.
PLACED ON SECOND, FINAL READING AND PASSES>'I~fl DAB OF
(VILLAGE SEAL) -MAYOR
ATTEST: ~
VILLAGE CLERK
2001.