2004-16 Amends GE Pension Benefits - Reund ContributionsORDINANCE 16-2004
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AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING SECTION 2-148, BENEFIT AMOUNTS AND
ELIGIBILITY, OF DIVISION 3, PENSION AND CERTAIN OTHER BENEFITS FOR
GENERAL EMPLOYEES, OF ARTICLE V OF CHAPTER 2 OF THE CODE OF
ORDINANCES OF THE VILLAGE BY ADDING A SUBSECTION (g) THERETO
ENTITLED REFUND OF CONTRIBUTIONS TO MAKE PROVISION FOR RETURN OF
AMOUNTS CONTRIBUTED TO THE PENSION PLAN BY VESTED AND NON-VESTED
EMPLOYEES WHOSE EMPLOYMENT IS TERMINATED; REPEALING SUBSECTION (4),
GUARANTEED REFUND, OF SECTION 2-158 (d); PROVIDING FOR SEVERABILITY;
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. Section 2-148, Benefit Amounts and Eligibility, of Division 3, Pension and
certain other benefits for general employees, of Article V of Chapter 2 of the Code of Ordinances
of the Village is hereby amended by adding a subsection (g) thereto and to read as follows:
"Section 2-148. Benefit Amounts and eligibility.
(g) Refund of Contribution. All contributions made by employees
whose employment is terminated for any reason prior to vesting
shall receive a refund of all amounts contributed by the employee
to the Pension Plan without interest. All contributions made by
fully or partially vested employees whose employment is
terminated for any reason shall have the option to receive a refund
of all amounts contributed by the vested employee without interest.
If such option is elected by the fully or partially vested employee,
then such employee shall no longer be a part of the Pension Plan
and shall not receive additional pension benefits."
Section 2. Subsection (4), Guaranteed Refund, of Section 2-158 (d) of Division 3, Pension
and Certain Other Benefits for General Employees, of Article V of Chapter 2 of the Code of
Ordinances of the Village is hereby repealed.
Section 3. 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 4. All Ordinances or parts of Ordinances in conflict herewith are hereby repealed.
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Section 5. This Ordinance shall take effect immediately upon passage.
PLACED ON FIRST READING THIS 8th DAY OF JULY, 2004.
PLACED ON SECOND, FINAL READING AND PASSED THIS 22nd DAY OF JULY, 2004.
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ATTEST:
VILLAGE CLERK
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