2003-02 Amends Police & Fire Pension BenefitsORDINANCE NO. 2-2003
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA; AMENDING DIVISION 4, PENSION
AND CERTAIN OTHER BENEFITS FOR FIRE AND POLICE
EMPLOYEES, OF ARTICLE V, OF CHAPTER 2, ADMINISTRATION, OF
THE CODE OF ORDINANCES OF THE VILLAGE, BY ADDING A NEW
SECTION 2-165 RELATING TO FIRE AND POLICE RETIREMENT
PLAN; PROVIDING FOR BUY BACK OF PRIOR FIRE AND POLICE
SERVICE; PROVIDING FOR AN EFFECTIVE DATE; PROVIDING FOR
REPEAL OF CONFLICTING PROVISIONS; AND PROVIDING FOR
CODIFICATION.
WHEREAS, the Village Council of the Village of North Palm Beach finds it in the
best interest of the public and the 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 NORTH PALM BEACH, PALM BEACH COUNTY, FLORIDA, that:
Section 1. Division 4, Pension and certain other benefits for fire and police
employees, of Article V, of Chapter 2, Administration, of the Code of
Ordinances of the Village, is hereby amended by adding a new section
2-165 and to read as follows:
Sec. 2-165. Prior service.
Unless otherwise prohibited bylaw, the years or fractional parts of years
that a member previously served as a firefighter, police officer or public safety
officer with the Village during a period of employment and forwhich accumulated
contributions were withdrawn from the fund, or the years and fractional parts of
years that a member served as a firefighter, police officer or public safety officer
for this or any other municipal, county or state fire, police or public safety
department, or any time served in the military service of the armed forces of the
United States, shall be added to the years of credited service provided that:
(1) The member contributes to the fund the sum that would have
been contributed, based on the member's salary and the
employee contribution rate in effect at the time that the credited
service is requested, had the member been a member of this
system for the years or fractional parts of years for which the
credit is requested plus amount actuarially determined such that
the crediting of service does not result in any cost to the fund plus
payment of costs for all professional services rendered to the
..... board in connection with the purchase of years of credited service.
(2) Payment by the member of the required amount may be made
within six months of the request for credit and in one lump sum
payment, or the member can buy back this time over a period
equal to the length of time being purchased or five years,
whichever is greater, at an interest rate which is equal to the
fund's actuarial assumption. A member may request to purchase
some or all years of service. No credit shall be given for any
service until all years of service which are to be repurchased, have
been repurchased.
(3) The credit purchased under this section shall count for all
purposes, except vesting.
(4) In no event, however, maycredited service be purchased pursuant
to this section for prior service with any other municipal, county or
state fire, police or public safety department, if such prior service
forms or will form the basis of a retirement benefit or pension from
another retirement system or plan.
(5) If a member who has either completed the purchase of service or
is in the process of purchasing service terminates service for any
reason, including death or disability, before vesting, the member's
contributions will be refunded, including the buyback contributions.
(6) A request to purchase service may be made at any time during the
course of employment. However, the buyback is a one time
opportunity.
Section 2. Each and every other provision of Article III not herein specifically
amended shall remain in full force and effect.
Section 3. All ordinances or parts of ordinances in conflict herewith be and the same
are hereby repealed.
Section 4. Should any section of this ordinance or a portion hereof be declared by
a court of competent jurisdiction to be invalid, such decision shall not
affect the remainder of this ordinance.
Section 5. Authority is hereby granted to codify said ordinance.
Section 6. This ordinance shall be effective upon passage.
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PLACED ON FIRST READING THIS 9th DAY OF January ,
2003.
PLACED ON SECOND, FINAL READING AND PASSED THIS 23rd DAY OF
January , 2003.
MA OR
(VILL:~~~-E SEAL)
ATTEST:
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j V~,LLAGE CLERK
BSJ/ka
December 19, 2002/Revised January 2, 2003
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