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HomeMy WebLinkAboutO-2002-043 ORDINANCE NO. 2002-043 AN ORDINANCE OF THE CITY OF DANIA BEACH, FLORIDA, AMENDING THE CODE OF ORDINANCES PROVIDING THAT THE DEATH BENEFIT REQUIRED YEARS OF CREDITED SERVICE BE REDUCED FROM TEN (10) TO EIGHT (8) TO MATCH THE NORMAL RETIREMENT DATE CREDITED SERVICE REQUIREMENT; PROVIDING FOR DIRECT TRUSTEE TO TRUSTEE TRANSFER FROM DEFERRED COMPENSATION ACCOUNTS FOR PURCHASE OF PRIOR SERVICE CREDIT; PROVIDING FOR A SAVINGS CLAUSE; PROVIDING FOR A REPEALER; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City currently provides a retirement age of fifty-five with eight years of credited service for General Employees, and WHEREAS, the death benefit provision currently requires ten years of service, which is inconsistent with the above requirement, and WHEREAS,the City Commission is desirous of correcting this inconsistency, and WHEREAS, the City Commission has received and reviewed the actuarial impact statement concerning the cost impact of this ordinance amendment prepared by the Retirement Plan's actuary, and WHEREAS, the proposed ordinance amendment has been approved and recommended by the Retirement Plan Board of Trustees; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA, AS FOLLOWS: Section 1. Sec. 18-29.1 of the Dania Beach Code is hereby amended by adding the underlined language as follows: See. 18-29.1. Membership. • (e) The participant contributes to the fund the full actuarial cost of all service credits purchased. . Provided that as permitted by federal law pretax trustee-to-trustee transfer of amounts in a participant's deferred compensation account (Internal Revenue Code Sec. 457) for the purchase of such service credits shall be allowed in accordance with sub-section (4)below. Section 2. Sec. 18-29.3 of the Dania Beach Code is hereby amended by deleting the stricken through language and adding the underlined language as follows: Sec. 18-29.3. Death benefits. (c) [Option of beneficiary to keep benefits in the plan.] In the event of the death of a member,retroactive to Taviva", 1, 1988 who is not eligible for retirement benefits, but who has completed ten-(10)eight 8 or more years of credited service with the city on or after the effective date of this Ordinance, his designated beneficiary will have the option to either leave his accumulated contributions in the plan until the time of the deceased employee's normal retirement date and receive benefits as stated in Option 1. Joint and "one hundred (100) percent", last survivor option, sec. 18-29.7; or to take an actuarially reduced benefit at the deceased employee's time of death. Section 3. Sec. 18-29.7 of the Dania Beach Code is hereby amended by adding the underlined language as follows: Sec. 18-29.7. Optional forms of benefit payments. Eligible rollover distributions: If the recipient of any eligible rollover distribution, as that term is defined in Section 402(f)(2)(A) of the Internal Revenue Code, including any lump sum payments of retirement benefits or deferred compensation accounts (Internal Revenue Code Sec. 457), lump sum refunds of member contributions, and lump sum returns of member contributions which were picked up by the city, elects to have such distribution paid directly to an eligible retirement plan or individual retirement account (IRA), and specifies the eligible retirement plan or IRA to which such distribution is to be paid (in such form and at such time as the board of trustees may prescribe), then the distribution will be made in the form of a direct trustee-to-trustee transfer to the specified eligible retirement plan or IRA. 2 Section 4. That all sections or parts of sections of the Code of Ordinances, all ordinances or parts of ordinances, all charter sections or parts of sections, and all resolutions or parts of resolutions in conflict herewith, be and the same are hereby repealed to the extent of such conflict. Section 5. If any word, phrase, clause, subsection, or section of this ordinance is for any reason held unconstitutional or invalid, the invalidity thereof shall not effect the validity of any remaining portions of this ordinance. Section 6. This ordinance shall take effect immediately upon adoption. PASSED AND ADOPTED on first reading this 13th day of August, 2002. PASSED AND ADOPTED on second and final reading this 24th day of September, 2002. • RO ERT H. CHUNN, JR. MA OR - COMMISSIONER ATTEST: ROLL CALL: ` � COMMISSIONER BERTINO - YES COMMISSIONER MCELYEA - YES CVIARLENE J SON COMMISSIONER MIKES—OUT OF ROOM CITY CLERK VICE-MAYOR FLURY - YES MAYOR CHUNN - YES APPROVED AS TO FO AND CORRECTNESS: BY: Tf1bMSS J. N BRO CITY ATTORNEY G:\\DGEN\PLAN\Ordinances\OrdinanceDeath Qenefit457A[04-25-02] • J SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION Robert A.Sugarman ATTORNEYS AT LAW HOWard S.Susskind 2801 Ponce De Leon Boulevard Oid E.Robinsor Suitc 750 ne!h R.Harrison,Sr. Coral Cables,Floriria 33134 D.Narcus Braswell, r• (305)529-9;301 Gec•ge S.Aude Broward 763-2556 C:'1Crles A.G7bscn Toll Free 1-800-329-2122 Facsimile (305) 447-81 15 July 16, 2002 Alison Bicler, Esq. Weiss, Serota, Ilclfnlan, Pastoriza & Guedes, P.A. 266-5 South 13ayshore Drive Suite 420 Miami. Florida 33133 Inc'- City of Dania Beach General Emf)lnyees'Retirement.S�stern 0rd"M7(,e Arrrerrdnrenl concerning l'esting at eight (8) Year:c of Service Iarpercl Statement Dear Ms. Bider: Enclosed please find a copy of the impact statement for the ordinance amendment proti•iding for full vesting_ after eight (A) years of credited service. We have also enclosed a copy . of the proposed amendment hereirl. Please arranbc to have This hatter brought to the attention of the City Council of the City of Dania Reach at its earliest convenience. Should you have any questions or concerns in this matter, please do not Hesitate to contact me directly. Yours truly, t-NNETH R. HA1t USON, SR, KRH/ld Enclosure cc: .Board of Trustees GA'v'�G L\`'•?`LL\117)1`l1�ISlntcrn�n�.g}'r�`ulinl;-I.tl3ic!••- ,.1 V4- I 1 rrl FAX N0. P. 06 97/16i2dr72 11:53 9547480082 DANIA GENEP,AL P.ETIPE PAGE 84 GABRIEL, RaEp , SMrTH COMPANY consultants Actuarlas 301 Eaet Let bias Blvd.•-%ite P00•FL Uvdarlsfa,FL 233p1-2254•054.527-1016•F AX 964-62b•Oge July 3, 2002 Mr- Chartcs Stavin, Actuary Bureau of Local Retirement Systems Division of Retirement Cedars Executive Center, Bldg. C 2639 North Monroe Street Tallahassee, Florida 32399-1660 Re: Actuerlai Impact Statemsnt for.the Clty of Dania Beach Geneml Ratirement System Dear Mr. Slavin: • The City Commission Is considsring passag& of the enclosed ordinan e change the eligibility for death bcnoft!s from ten years to eight years of srvicehls Ordinance would As indicated by the attached tables, these changes would nrzult in an increase in required contributions Of 0-Q3% of covered payroll. All calculations are based on the same member data, plan assets and actuarial as5umptlons and methods as utilized in our October 1, 2001 Actuarial Valuation Report. In our opinion, the proposed changes are in compliance with Part V11, Chapter 112, Florida Statutes and Sect,on 14, Article X of the State Constitution. Respectfully submitted, By Far the Board of Trustees As Plan Administrator BY cQ u tephen Palmquist, ASA, �AA, CA. nrollea Actuary No. 02_15 • V a , „ P HA nu. P. 07 07/16/2002 12:53 954746a0g? DANIA GENERAL RETIRE PAGE "•i�,�r :n I},tjw.',r�w+ter.. t•of�/•,i. .•1,1J�L•i.•,]{�':�,.ri1•'t:�, :r °'`F,�t �1 -1 j',.1f ��.off.�_1 "''Ti.:.�a� = .✓.: '�Si` +} DF9Y...Kai..L•' N%' ...�1'::•`,.+ir,.�'.',.l .., �....I :i.wwf ei-r �'.'�Ir:y.•f��wli.'.�. iC�,'�•i,�w�'i��l�l ,�,.ii��l`I October 1.2000 ,��� i�, 1�"Uw,J f.--'•r p r"!), 1rw1••.T.SS "'y+.V;V' L:Ic �S:�dr i� , �rr (l^;• s ( �'a�f:• +.t,.,,w��,�yti ." ,J.ti:: A. Included Number Include. �,,,..... 1. Active Members the Valuation 2: Inactive Members 78 78 41 41 R Clo1vere nnual Pa 11 . t�:' lt�, �! .�. '�';�I-�•Q""-4'7ti'�V'J '".�;.r~�t'Gi.�wo�S��Mya` �',jdt+'t�;::0 tJa{1'''7y: Nw ,. .T .:.. �W��.. ,'T„rl•�'•:1,la•� ��••o. �,�,'! I'�Y•in,'..,.yu,�,r�},"iS.ri4 -•yr .,i Y 4' �..,a i.Nr '!y�r'��,,��'r.k�j'J�•'{. •r r j.'},� ' .i.rr.s.r�,.jr�J,'•`i:•K1S:�:•`.''r Ya+� , •�� i �1'J'h��>N( '4'''C. Actuarial Present Value of Projected Benefits 1 ,a33;993 14,,839,4 70 D.: Actuarial Value of Assets 10,036,483 10,036,483 E. Actuarial Present Value of Future ContrlbuUons 1. Total: C—0 4,797,430 2. Portion Assigner] to Unfunded 4,80Z,987 Frozen Actuarial Accrued Liability • (UFAAL) 0 3. Portion Assigned to Future Normal 0 to �Co�s!ts�_1�y.,'.- 4..,. 430 4 802 987 l• (d1IJf. �~ F i':� ,'' .;�, ,� ;%R: ::'{ `+4r;•....�: -—7 e uyw,.�::�:� ���•.:•�. 7,.�•� 'J,t��i':.i:�i,r^rr ::;.' iT ':,:*, n.,,�Pirr,�••iy�:.w.•LY.'t .._� � F' Annual Pa ....J: ..:. :�..., ,J...,!:`, is �.�.,.. �r�e;"_i::«�=�"t:;,t",c,�•'l,.r�,;��?„� wry,, �;; � fr yment Needed to Amortize UFAAL As %ofB 0 0 0.000/0 0.00% G. Annual Employer Normal Cost 124,127 As % of B 125,000 4.27% 4.29% H. Interest on F and G from Valuation. Data to Contribution Datet:s) As % of B 16,437 16,553 0.56% 0.57% I. Required Employer Contributions: F+ G + H 140 564 As % of 13 141,553 4.83% 4.86% J. Year to Which Contributions Apply 1. Plan Year Ending 2. Employer Fiscal YeRr Ending 8/30/02 3. Assumed Date(s)of Employer 9/30/02 Contributions 9/30/03 9/30/03 Quarterly Quartert y rats nu. P. 0$ 07/16/2002 21:53 9547480082 DANIA GENERAL RETIPE PAGE 02 '.i.���'i!i'S:G;:�n%:1i�. .,��.�.l. . ....'_lfva•,tjrvl•:. uw•� J • - • '�•''�"'�'+;, .:,r..;,,,�t'1� ';`(,...7•i.'• r.n F,j��' 71 �1i;� `�'"•,•� ' '�•��• 'G��;�iY!F' L� - 1"e� _. 1• �., •,� ;�'�f".S'`1;i '!.>'."� It f' 1 0 !1. r,'''I r•1� Ai '.i.' L'"'I.. .—y r'a r n• ' �:r.�..�' ':1C' ..a:,t"7 -1l'i; t1r,,.,_(,j lu',Y , � YJ911�N��'�{','���• , n '6 .,r�; ,:,:x-� w:Y���r��c�'u:�;•�P.z;:��f rt•a,.��'F.;'•1�., �I, z-i.�cl`' :, � t�t.�s�.•�,r•�C' 4 October Z, 20o1 l' _ 1 A. Actuarial Present Value of Projected Sensors for 1•Active Members a- Service Retlrernent Benefits " b. Vesting Benefits 9,203,263 $ 9,203,263 G. Disability Benefits 676,759 676,759 d. Preretirement Death benefits 578,233 578,233 e' Roturn of Member Contributions 132,880 f Other i5Q.459 197,485� 185,443 g. Total n • 10,788,600 10,794,1 75 2• Inactive Members a. Service Retirees g, Beneficiaries b. Travelers Annultents Receiving COLA 3,524,492 3,524,492 C. Disability Retirees 44,092 44,092 d. Terminated Vested Members 129,726 129,726 e_ Total 34Z.Ong • 4,045,313 4,045,313 3. Total of All Members 14,833,913 14,839,470 B, Actuarisl Value of Assets 10,036,483 10,036,483 C. Unfunded Frozen Actuarial Accrued Liabillty(UFAAL) 0 0 D. Actuarial Present Value of protected Member Contributions 4,151,510 4,151,510 E. Actuarial Present Value of Projected Empfoyer*Norrnal 00stanA3-B -6*—D: 6�45,920>- 651,477 F. Actuarial Present Value of Projected Covered Payroll _ 21,030,951 21,030,951 G. Employer Normal Cost Rats:100 x E/F 3.07°/n 3.10% H. Annual Payroll of Active Members 2,910,444 2,910,444 t. Assumed Amount of Administrative Expenses . 34,776 34,776 J. Employer Normal Cast: (G x H) + I 124,127 125,000 117 : - SUN— SENTINEL PUBLISHED DAILY FORT LAUDERDALE, BROWARD COUNTY, FLORIDA �•• ;.�rarree ar lttetlett+to� :.?:.,::. BOCA RATON, PALM BEACH COUNTY, FLORIDA FLORIDA,REGARDING I ADOPTION OF tiTy HEEFFOLLO N' MIAMI, MIAMI DADE COUNTY, FLORIDA PROPOSED ORDINANCES: NOTICE IS HEREBY GIVEN that the City Commisslon, the City of Dania Beach,Florida,on August 27.200: at 7:66 PM or as soon thereafter as the matter may b heard,will conduct a public hearing in the CIty.Corr STATE OF FLORIDA mission Chambers of the Dania Beach City Hall, 10 West Dania Beach Boulevard;Dania Beach;Florida t COUNTY OF BROWARD/PALM BEACH/MIAMI DADE consider the proposed adoption of thefoliowingOrd. BEFOR HE UNDERSIGNED AUTHORITY PERSONALLY APPEARED nances entitled: - -=•--. AN ORDINANCE OF THE CITY OF DANIA BEACH,FLORI DA,AMENDING THE CODE OF ORDINANS WHO, ON OATH, SAYS THAT NG THAT THE DEATH BENEFIT'REQUI EO YEA SVID 01 H H IS A DULY A HORIZED REPRESENTATIVE OF THE CLASSIFIED CREDITED SERVICE BE REDUCED FROM TEN(10) TE DEPARTMENT OF E SUN-SENTINEL, DAILY NEWSPAPER PUBLISHED CREDITED SERVICE REQUIREMEIMPROOVI TO MATCH THE NORMA�RETIREMENT OR.DI RECT TRUSTEE TO TRUSTEE TRANSFER FROM DE- IN BROWARD/PALM BEACH/MIAMI DADE COUNTY,FLORIDA, AND THAT THE FERRED COMPENSATION ACCOUNTS FOR'PURCHASf ATTACHED COPY OF ADVERTISEMENT, BEING A: OF PRIOR SERVICE CREDIT;PROVIDING FOR A SAVING: CLAUSE;PROVIDING FOR A REPEALER;AND.PROVID ING FOR AN EFFECTIVE DATE. DEATH BENEFIT REQUIRED 'TH Cr'TY-. NI ;BEACH, AN-ORDINANCE OF'THE CITY OF DANIA BEACH,FLORI- DAr AMENDING THE CODE OF ORDINANCES RELATING IN THE MATTER OF TO THE POLICE AND FIREFIGHTERS.RETIREMENT SYS- TEM, PROVIDING FOR RETIREE ELIGIBLITY FOR'ELEC- TION TO TRUSTEE'POSITIONS IN SPECIFIC CIRCUM- STANCES;PROVIDING FORA SAVINGS CLAUSE;PRO- Death Benefit Required VIDING FOR A REPEALER;AND PROVIDING FOR AN EF- FECTIVE DATE 1 IN THE CIRCUIT COURT,WAS PUBLISHED IN SAID NEWSPAPER IN THE AN ORDINANCE OF THE CITY OFDANIA BEACH,FLOR,- DA;•AMENDING SECTION 27-19OF•THE CITY CODE OF ISSUES OF: ORDINANCES TO INCREASE THE WATER SUPPLY RE- CONNECTION SERVICE FEE FROM$25.00'TO$75.00: PROVIDING FOR CONFLICTS;'PROVIDING FOR SEVER- 8/16,1 11036059 ANCE;FURTHER,PROVIDING FORAN EFFECTIVE DATE_ AFFIANT FURTHER SAYS THAT THE SAID SUN-SENTINEL IS A NEWSPAPER ANORDINDINGCHANCE OF THE'CI 2OFTHY OF CITYCIA DEOFORI-, DA;AMENDING CHAPTER 12 OF THE CITY CODE OF OR-! PUBLISHED IN SAID BROWARD/PALM BEACH/MIAMI DADE COUNTY, FLORIDA, DAMAGE PREVENTION'CHAPTER IS CREATE SECTION 1'FLOOD AND THAT THE SAID NEWSPAPER HAS HERETOFORE BEEN CONTINUOUSLY BE ENTITLED'ADOPTION OF THE BROWARD COUNTY' LOCAL MITIGATION STRATEGY-;PROVIDING FOR CON PUBLISHED IN SAID BROWARD/PALM BEACH/MIAMI DADE COUNTY, FLORIDA, FLICTS;PROVIDING FOR SEVERANCE;FURTHER,PRO VIDING FOR AN EFFECTIVE DATE- �..+•,�:y =;;,;: ,EACH DAY,AND HAS BEEN ENTERED AS SECOND CLASS MATTER AT THE POST OFFICE IN FORT LAUDERDALE, IN SAID BROWARD COUNTY, FLORIDA, AcopyoftheseproposedOrdinancesareonfileinthe of.the Clercity Hall. 10 West FOR A PERIOD OF ONE YEAR NEXT PRECEDING THE FIRST PUBLICATION OF Bach Boulevard Dania Beach.Florida.and mayyynia be' Inspected by-,the public during ATTACHED COPY OF ADVERTISEMENT;AND AFFIANT FURTHER SAYS THAT hours. ing normal working,- , HE/SHE HAS NEITHER PAID, NOR PROMISED,ANY PERSON,FIRM, OR " " Irrte�ested partiers may appear at the aforesaid meet- CORPORATION,ANY DISCOUNT, REBATE,COMMISSION, OR REFUND, FOR THEing-$nd be heard with respect to the proposed.Any perPURPOSE OF SECURING THIS ADVERTISEMENT FOR PUBLICATION IN SAID the�lty Comho mission with rrespect to any matter made - NEWSPAP sidered at this hearing will need a record of the pro- ceedings and for such purpose may need to ensure that'a verbatim record of the proceedings is made, w 1 h record Includes the testimony and evidence upptl which the appeal Is to be based. ( IGNATUREOFAFFI ) in,atcordance with the American with Disabilities Aat,'persons needing assistance to participate in any of the proceedings should contact Charlene Johnson, SWORN TO AND SUBSCRIBED BEFORE ME CiV:clerk, 100 West Dania Beach Boulevard, Dania ON: 16-August-2002 , A.D. Beach, Florida 33004, (954) 924-3622•at least 48 hours prior to the meeting. ' /sd Charlene Johnson,CMC,City Clerk (SIGN TIRE OF NOTARY PUBLIC) `.'•" Taro L.�ez_y '+c MY COMMISSION Cr;:•;: ;939 EXPIRES BONDED?Hoy„i2C�•_,....;URANCE.INC (NAME OF NOTARY,TYPED, PRINTED, 0 TAMPED) PERSONALLY KNOWN OR • PRODUCED IDENTIFICATION CITY OF DANIA BEACH, FL C/ENERAL EMPLOYEES RETIREMENT PION RFC 1VF� August 9, 2002 AUG 1 2 2002 Mrs. Charlene Johnson, City Clerk City of Dania Beach P.O. Box 1708 Dania Beach, Fl 33004 Dear Charlene: The Pension Board's Attorney, Kenneth Harrison, has sent the attached proposed ordinance to Attorney Alison Bieler for review and placement on the City Commission agenda. Please let me know when this ordinance goes on the Commission agenda and, if it passes on first reading, so I can send it to the Division of Retirement. A copy of the impact statement is also enclosed. Should you have any questions or concerns in this matter,please don't hesitate to contact me. Sinc ely, Marie Jabalee, Administrative Manager 3210 NW 120 Way, Sunrise, FI. 33323 Phone(954)748-0077 FAX(954)748-0082 e-mail. mjabalee@ci.dania-beach.fl.us SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW 2801 Ponce DeLeon Boulevard Su(te3 750 obet A.Sugarman Howard S.Sussklnd Coral Gables,Florida 33134 David E.Robinson (305)529-2801 Kenneth R.I-larrison,Sr. Broward 763.2566 D.Marcus Braswell, Jr.. Toll Free 1-800-329.2122 George S.Aude Facsimile(305)447-3115 Chases A.Gibson July 16, 2002 Alison Bieler, Esq. Weiss, Serota, Helfman, Pastoriza& Guedes,P.A. 2665 South Bayshore Drive Suite 420 Miami, Florida 33133 Re: City o f.Dania Beach General Employees'Rent emen#. System Ordinance Amendment concerning Resting at eight (8) Years of,service Impact Statement Dear Ms. Bieler: Enclosed please find a copy of the impact statement for the ordinance amendment providing for full vesting after eight (8) years of credited service. We have also enclosed a copy • of the proposed amendment herein. Please arrange to have this matter brought to the attention of the City Council of the City of Dania Beach at its earliest convenience. Should you have any questions or concerns in this matter, please do not hesitate to contact me directly. Yours truly, NNETH R. HARRISON, SR. KRH/ld Enclosure cc: Board of Trustees 0:1\1)CTFN\PLAN\TmpactStatement-8YrVesting-LtBieler i ORDINANCE NO. AN ORDINANCE OF THE CITE' OF DANIA BEACHI LACES PROVIDLXG THAT +g'1.,ORIDA, AMENDTN RE+ HE CODE OF ORDINA DEATH ]BENEFIT REQUIRED D YEARS OF CREDITED SERVICE BE REDUCED FROM TEN (10) TO EIGHT (8) TO' MATCH THE NORMAL RETIREMENTDATE CREDITED SERVICE RREQUIREMENT;REQUIREMENT;. PROVIDING FOR DIRECT TRUSTEE TO TRUSTEE TRANSFER FROM DEFERRED COMPENSATION ACCOUNTS FOR PURCHASE OF PRIOR SERVICE CREDIT, PROVIDING FOR.A SAVINGS CLAUSE; PROVIDINGFOR A REPEALER; AND PROVIDING FOR.AN EFFECTSA'ft. WHER.EA.S, the City currently provides a retirement age of fifty-five with eight years of credited service for General Employees, and W11EREAS, the death benefit provision currently requires ten years of service, which is inconsistent with the above requirement, and • WHEREAS, Y the city Commission is desirous of correcting this inconsistency, and WHEREAS, the City Commission has received and reviewed the actuarial impact statement concerning the cost impact of this ordinance amendment prepared by the Retirement: Plan's actuary, and WHEREAS, the proposed ordinance amendment has been approved and recommended by the Retirement Plan Board of Trustees; NOW, THEREFORE, BE IT ORDAINED BY T3FIE CITY COMMISSION OF THE CITY OF D.ANIA BEACH,FLORIDA,AS FOLLOWS: Sec ion 1. Sec. 18-29.1 of the Dania Beach Code is hereby amended by adding the nu derlined language as follows: Sec. 18--29.1.. Membership. (e) The participant contributes to the fund the full actuarial cost of all service credits purchased. . Provided tha as Pe cd by federal Ian nTet trustee-to-trustee transfer of ammo in a particiUant1% deferred comnensatt n ac aunt Re�.¢;,,,p rode Sec 457.E for he purchase of „rn se shall bellowed it a�rnrda_nce with sub- e__ con_(4 ILIo e lion 2, Sec. 19-29.3 of the Dania Beach Code is hereby amended by deleting the stricken through language and adding the,, nderl;n ,u, ws: tan s e as fo to Sec. 1.8-29.3. Death benefits. (c) [Option of beneficiary ciary to keep benefits in the plcln] In the event of the death of a member, retroactive to January 1, 1988, who is not eligible for retirement benefits, but who has completed tenrk1-0)ei ht or more years of credited service with the city, his designated beneficiary will have the option to either leave his accumulated contributions in the plan until the time of the deceased employee's normal retirement date and receive benefits as stated in Option 1. Joint and "one hundred (100) percent', last survivor • option, sec. 18-29.7; or to take an actuarially reduced benefit at the deceased employee's time of death. ection 3 Sec. 18-29.7 of the Dania Beach Code is hereby amended by adding the t ndA in d language as follows: Sec. 18-29.7. optional forms of benefit payments. Eligible.rollover distributions: If the recipient of any eligible rollover distribution, as:that ttrtrt`'is, rlefltLed Se4t all 4p ( (,2,( )G,afYf he I= ern l Pau 4?d� including any lump sum payments of retirement benefits or deferred compen5a i n acco t Int rnal Re ue Code eq. 457 , lump sum refunds of member contributions, and lump sum returns of member contributions which were picked up by the city, elects to have such distribution paid directly to an eligible retirement plan or individual retirement account (URA), and specifies the -eligible retirement plan or IRA to which such distribution is to be paid (in such form and at such time as the board of trustees may prescribe), then the distribution. will be made in the form of a direct trustee-to-trustee transfer to the specified. eligible retirement plan or IRA. 2 Sectionn4. That all sections or parts of sections of the Code of Ordinances, all ordinances or parts of ordinances, all charter sections or parts of sections, and all resolutions or parts of resolutions in conflict herewith, be and the same are hereby repealed to the extent of such conflict, e ti n 5. If any word, phrase, clause, subsection, or section of this ordinance is for any reason held unconstitutional or invalid, the invalidity thereof shall not effect the validity of any remaining portions of this ordinance. s,g ion 6 This ordinance shall take effect on October 1, 2001. PASSED AND ADOPTED on first reading this day of , 2002. PASSED AND ADOPTED on second and final reading this day of 2002. • MAYOR-COMMISSIONER� ATTEST: CAL CITE K AEI `._R., ,^� VICE-MAYOR — COMMISSIONER BERTINO— COMMiS SIONER MIKES-- COMMISSIONER --- APPROVED AS TO FORM AND CORRECTNESS By: _ CITY ATTORNEY • 3 07/16/2002 11:53 9547480082 DANIA GENERAL. RETIRE • gATIVUEL, KQ EDEft, SMITH Bt COMPANY cansu{tan'ts&Actuaries 301 rzest L as Olaa Blvd_®SW q 200•Ft.Ldu@srdale,FL 3=1-2284 a 934.527-1816®PAX$64.626.0083 July 3, 2002 Mr. Charles Stavin, Actuary Bureau of Local Retirement Systems Division off? etlrement Cedars Fxe6utiva Center, S) . C 2639 North Monroe Street Tallahassee, Florida 32399-1560 Re: Actuariai Impact Statement for the City of Dania Beach General Retirement System Dear Mr. Slavin: The City Commission Is considering passage of the enclosed ordinance. This Ordinance would change the eligibility for death benefits from ten years to eight years of service. As indicated by the attached tables, these changes wourd result In an increase in required contributions of 0.031/1a of covered payroll. All calculations ate based on the same member data, plan assets and actuatlal assumptions and methods as utilized in our October 1, 2001 Actuarial Valuation Report. In our opinion, the proposed changes are in compliance with Part Vii, Chapter 112, Florida Statutes and Section 14, Article X of the State Constitution. Respectfully submitted', Ely- For the Board of Trustees As Plan Administrator gy J tephen Palmquist,ASA, AA, FCA Enrol led Actuary No. 02-15 07/15/2002 11.53 95474g0082 DANIA GENERAL. RETIRE PAGE 0w ;'�{''',•}i t I ' 1 i .I, i n n ' ] ,1''"A >! � � � 1'.,'t47 '1'�j.Y�;�"'i Un).�:t�i. I;.t:�j ?t''4: A:ii, '1i}�wt�s, !i�'a,� ," s• � !e October 1,2000 e tt�� 11 i .:'"f• "ird2:�:.rrii]}}' �'.1{..gyp .}'!� wwyH�, r, " "� i ref �;I.�i� 9 ]qt i �n,fit.•g}} •. 1,1,E 1' ti? '-`iN' .E Y.y �t,,� A. Number Included in the Valuation 1. Active Mambers 78 78 2. Inactive Members 41 41 v n I 29 i 01t ' 4'I' K , t 'z . e i i r'}: I t N } p P i',1� -�. �1' it ' 4 i i4') SI + ' I t hH:a;, 1 f{1R]• ',] i , I ,i i i I i .:�. ("'y i'} t It I' h tl I V C. Actuarial Present Value of Projectsd Benel 'ilii '' �!_4„ ,40 D.. Actuarial Value of Assets 10,036,483 10,036,483 E. Actuarial Present Value of Future Contributions 1. Total: C--D 4,797,430 4,802,987 2, Portion Assigned to Unfunded Frozen Actuarial Accrued liability (uFAAI_) d 0 3. Portion Assigned to Future Normal �Cos Q 02 7 .:•'r., •j'(C'7�,'y„�.'' nL;d;i:iw, r,lilr�� 1� ' �• 1. li 4 ']Ihi , f I1^ "�S a, rl 't I ��}idi f" 1w1 �. F .. ! �., •iA� .i, t�� i,• , �3i:4i .;5°� rti �+�it � ��x>,'�tr s, "q 'ri '+�� l .:t.!. MIMI i ;] t" ''��i:= II, if ;'� ,r r ;n"cif•.I t !., ,I]' ,I}: 'Ar l ' F. Annual Payment Needed to Amortize UFAAL 0 0 As%of B 0.00% 0,00% Q, Annual Employer Normal Cost 124,127 125,O00 As % of B 4.27% 4,29% H. Interest on F.and G from Valuation, u{ As 1% of B 0.56% 0.57% I. Required Employer Contributions: F G +H 140,564 141,553 As % of 6 4,83% 4.86% J. Year to Which Contributions Apply 1. Plan Year Ending 2. Employer Fiscal Year Ending 9130/02 9130102 3. Assumed Date(s)of Imployer 9/30103 9/30/03 Contributions Quarterly Quarterly • 07/16/2002 11:53 9547480082 AANIA GENERAL_ RETIRE PAGE E12 .•..'r'.;is .+i.P�l1S{'k 5'•'.{i,�j} I t li 71;, ,�,., q}4 I�� wd .A',�• e�TS!'.��+�+5 ! i ,ii 9 � 4 1 k <;:.,u �H ,.•. 1, .I �''4�;11 ,I{ �s:,��:1f��1 il�.t � �„ ; ' �} a � � ��,, ,. `�fpif��1���;�!�tiP'�i�;.�i�ilnok�`'�*1{�'E` ill; +,1< •� � � 4 + • ;,:i.y �;,�i:r•vn.kJ:;,'I^..i, l�••,li•.iJi�r r,,,f, October 1, 2001 1 A. Actuarial Present'Value.of Projected Benefits for 1.Active Members a, Service Retirement Benefits $ 9,203,263 $ 9,203,263 b. Vesting Benefits 676,759 676,759 c. Disability Benefits 578,233 578,233 d. PreretiraMent Death Benefits 132,880 150,459 e. Return of MeMer.Gontributians 1r ?4f. Other, g5 4zV. g. Total -10,78�8,60.�0! 10,794,157 2. Inactive Members a. Service Retirees& Beneficiaries 3,524,492 3,524,492 b. Travelers Annuitants Receiving COLA 44,092 44,092 c. Disability Retirees 129,726 129,726 d. Terminated Vested Members _ 347003 .,,_--247= e. Total 4,0445,313 4,045,313 • 3. Total of All Members 14,833,913 14,839,470 B. Actuarial Value of Assets 10,036,483 10,036,483 C. Unfunded Frozen Actuarial Accrued Liability(UFAAL) 0 0 D. Actuarial Present Value of Projected Member Contributions 4,151,510 4,151,510 E, Actuarial Present Value of Projected ' ESri7l�;tiQ'�/8�'�©Pk7+l�t-' �$_ r'%S�3' �,,��r�,p•. 1 ll)){{`A'��1� �'�' ,kd5'�t r„ �;Ut$��iit'�?�,171t��{�}' tY�>� ' '�dfl'�v r�' F" Actuarial Present Value of Projected Covered Payroll 21,030,951 21,030,951 G. Employer Normal Cost Rate:100 x E/F 3.070ND 3.10% H. Annual Payroll of Active Members 2,910,444 2,910,444 I. Assumed Amount of Administrative Expenses 34,775 34,776 ,1. Employer Normal Cost; (O x H) + 1 124,127 125,000 •