Ordinance 158 Aetna Life Insurance for Group Annuity for Pensions & Long-Term Disability~_-
ORDINANCE N0. 158-67
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AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AUTHORIZING
THE MAYOR AND VILLAGE CLERK TO ENTER INTO A CONTRACT ON BEHALF OF THE VILLAGE OF
NORTH PALM BEACH WITH AETNA LIFE INSURANCE COMPANY FOR GROUP ANNUITY INSURANCE FOR
PENSIONS AND LONG-TERM DISABILITY ]NCOME FOR. THE EMPLOYEES AND OFFICERS OP THE VILLAGE
AND SETTING FORTH AN EFFECTIVE DATE;.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
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Section 1. Pursuant to Chapter 167-421, Florida. Statutes, the Mayor and -
the Village Clerk be, and they a.re hereby, authorized to enter into an agreement with
Aetna Life Insurance Company on behalf of the Village of North Palm Beach to provide
group annuity insurance for pensions and long-term disability income for the employees
and officers of the Vi1la.ge of North Palm Beach according to the standard, non-con-
tributory, deferred annuity contra.et plan of the Aetna. Life Insurance Company, a copy
of which is to be attached to this Ordinance upon receipt by the Vi1.la.ge of North
Palm Beach, which shall incorporate the provisions set forth below.
Section 2, All full-time employees and officers of the Village of North
Palm Beach, except policemen and firemen (who a.re covered under their own pension
plans under other Florida. Sta.tutes), shall be eligible to pa.rticipa,te in the Village
of North Palm Beach Pension Plan upon condition that they have attained a,ge 30 and
have completed two years of service, or have completed five years of service prior to
attaining age 30.
Section 3. The Village of North Palm Beach shall pay the entire cost of-the
insurance premiums for the pension plan. _
Section 4. The benefits to be derived from the pension plan is a, guaranteed
yearly retirement annuity equal to one and one-half percent of the employee`s or officer's
earnings, multiplied times the eligible years of service with the Village beginning
September 1, 1967. In addition, those employees and officers who have served the
Village prior to September 1, 1967 shall have one and one-half percent of their current _
rate of earnings credited for a.ll full years of completed service, less the first _
two years of service; provided, however, that the maximum number of years credited
for past service before September 1, 1967 shall be four years.
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Ordinance No. 158-67
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' Section 5. Retirement benefits in the Vi1la.ge of North Palm Beach Pension
Plan shall be fully vested after a.n employee or officer has a.ccuinula.ted fifteen years
of service with the Village of North Palm Beach.
Section 6. All full-time employees and officers of the Village of North
Palm Beach, including policemen and firemen, shall be eligible to participate in a
long-term disability income plan. Participation in this plan by any officer or em-
ployee is entirely voluntary a.t a.ll times and any employee or officer ma.y appoint
• any pay day to withdraw or retire from such group insurance plan upon giving the
Village written notice thereof and directing the Village to discontinue deducting
premium amounts from his wages. Each employee and officer who desires to voluntarily
participate in the long-term disability income program shall paxticipa.te in the cost
of such program to the extent of one percent of his earnings a.nd the Vi1la.ge shall
participate in the remaining cost of premiums.
Section 7. The benefit to be derived from the long-term disability income
program entitles the participant to receive a, sum of money equal to 80"/A of the first
$400 of his monthly earnings and 60°0 of his earnings in excess of that, all of which
shall be coordinated with Social Security, Workmen's Compensation and other employer-
sponsored plans. Individual long-term disability income policies owned by a par-
ticipant will not affect the plan`s benefit payments.
Section 8. The benefit period for long-term disability income participants
shall be for a. minimum of one year or a. period equal to the number of months the
employee has worked for the Village, but not beyond a.ge 65. Benefits will become
• payable after the participating employee or officer ha.s been disabled for one month.
Section 9. The long-term disability income program will be effective re-
gardless of whether the employee or officer becomes disabled on or off the job,
either through sickness or accident.
Section 10. It is the declared purpose and intent of this ordinance to make
available upon a voluntary participation basis to the employees and officers of the
' Village of North Palm Beach the economic protection and benefits of group insurance
not available to each employee as an individual and to a.id the Village of North
Palm Beach in obtaining and holding competent, skilled a.nd experienced employees and
officers.
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Ordinance No. 158-67
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PLACED ON FIRST READING THIS 5TH DAY OF SEPTEMBER, 1967.
PLACED ON SECOND, FINAL READING AND PASSED THIS 26TH DAY OF SEPTEMBER, 1967.
ATTEST:
/s/ Dolores R. Walker
Village Clerk
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/s/ Thomas F. Lewis
MAYOR