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Home My WebLink AboutO-2001-027 ORDINANCE NO. 2001-027 AN ORDINANCE OF THE CITY OF DANIA BEACH, FLORIDA, AMENDING THE CODE OF ORDINANCES RELATING TO RETIREMENT DATES, PROVIDING THAT MEMBERS MAY ATTAIN VESTED STATUS IN THE PENSION PLAN ON COMPLETION OF EIGHT (8) YEARS OF CREDITED SERVICE; PROVIDING FOR CONFLICTS; PROVIDING A SAVINGS CLAUSE; FURTHER, PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City currently provides a retirement age of fifty-five with ten years of credited service for General Employees; and WHEREAS, the City Commission is desirous of enhancing the vesting requirements for its current work force by providing a shorter period to vest pension benefits; 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: Section 1. That Sec. 18-29.2 of the Dania Beach Code of Ordinances is amended to read as follows: Sec. 18-29.2. Retirement and benefit. (a) Normal retirement date. A member may retire on the first day of the month coincident with or next following that date on which such member attains age sixty (60) and completes ten (10) years of credited service; provided, however, any member of the prior plan on the amended plan effective date who is age fifty-eight (58) or older on such date may retire at age sixty (60) or older regardless of his or her length of credited service. Commencing on April 8, 1986, each member's normal retirement date shall be the first day of the month coincident with or next following the later of the member's fifty-fifth birthday or the date he or she completes ten (10) years of credited service as an employee or eight (8) years of credited services as an elected public official. This provision shall not apply to any member whose employment termination F1566001:/OrdinancesA yr vesting 1 ORDINANCE NO. 2001-027 date precedes April 8, 1986. Commencing on October 1, 2000, each member's normal retirement date shall be the first day of the month coincident with or next following the date on which the member attains either age fifty-five (55) and tern eight (408) years of credited service or attains age fifty (50) and completes twenty-five (25) years of credited service as an employee. This provision shall not apply to any member whose employment termination date precedes October 1, 2000. Section 2. That Sec. 18-29.4 of the Dania Beach Code of Ordinances is amended to read as follows: Sec. 18-29.4. Termination benefits. (a) Subject to the provisions in subsection (b) below as FeSpeGt& with respect to members with five (5) years' credited service under the prior plan, all rights to benefits under this plan shall cease upon a member's termination of employment, other than by reason of early, normal, or delayed retirement (at which time members are one hundred per cent (100%) vested); however, all members shall acquire a vested right to their accrued benefits pursuant to the following vesting schedule: Vesting Schedule ® Completed years of credited Cumulative vested nonforfeitable service with the city interest in the accrued benefit Less than 408 0% 4-08 or more 100% Provided,.any member not eligible for an early, normal or delayed retirement benefit but who has a vested interest at time of termination shall receive such benefit commencing at his gula a normal retirement date, which shall be age fifty-five (55) for members who have less than twenty-five (25) or more years of credited service as an employee; provided, however, a member may elect to receive Ns a deferred benefit upon attaining age fifty (50), or any date thereafter, the benefit in such case--to actuarially reduce as for early retirement. Provided further, in lieu of all other benefits under this amended plan, a terminated member whether or not vested, may elect to receive in a lump sum immediately on termination of employment payment of an amount equal to his or her accumulated contributions. Section 3. That except as amended above, all other provisions of Chapter 18 of the Code of Ordinances of the City of Dania Beach, Florida, as amended, shall remain in full force and effect. Section 4. That all ordinances or parts of ordinances and all resolutions or parts of resolutions in conflict with this ordinance are repealed to the extent of such conflict. P/566001:/Ordinances:/8 yr vesting 2 ORDINANCE NO. 2001-027 iSection 5. That if any section, clause, sentence or phrase of this ordinance is for any reason held invalid or unconstitutional by a court of competent jurisdiction, the holding shall not affect the validity of the remaining portions of this ordinance. Section 6. That this ordinance shall be in force and take effect immediately upon its passage and adoption. PASSED AND ADOPTED on first reading on AUGUST 28, 2001. PASSED AND ADOPTED on second reading on SEPTEMBER 25, 2001. APPROVED: PATRICIA FLURY MAYOR-COMMISSIONER ATTEST: ROLL CALL: COMMISSIONER BERTINO - YES COMMISSIONER MCELYEA - YES ft COMMISSIONER MIKES - NO VICE-MAYOR CHUNN - NO CHARLENE O NSON MAYOR FLURY - YES ® ACTING CITY LERK APPROVED AS TO FORM AND CORRECTNESS: r) -, R�. THOMA�S J. ANSBRO CITY ATTORNEY F:/566001:/0rdinances:/8 yr vesting 3 ORDINANCE NO. 2001-027 1 GASRIEI., RO EDER, SMITH & COMPANY( Consultants&Actuaries 301 Cast Las Alas Blvd.•Suite 200 e Ft.Lauderdale,FL 33301 •954-527-1616.FAX 954-525-OoB. June 26, 2001 Mr. Charles Slavin, Actuary Bureau of Local Retirement Systems Division of Retirement Cedars Executive Center, Bldg. C 2639 North Monroe Street -_ Tallahassee, Florida 32399-1560 Re: Actuarial 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 Plan by allowing members to fully vest after eight years of service. It would also change the eligibility for Normal Retirement to attainment of age 55 with eight years of service. As indicated by the attached tables, these changes would result in an increase in required contributions of 0.10% of covered payroll. All calculations are based on the same member data, plan assets and actuarial assumptions and methods as utilized in our October 1, 2000 Actuarial Valuation Report_ In our opinion, the proposed changes are in compliance with Part Vil, Chapter 112, Florida Statutes and Section 14, Article X of the State Constitution. Respectfully submitted, By_ _ For the Board of Trustees As Plan Administrator By At J. tephen Palmquist, ASA, M A, FCA Lnrolled Actuary No. 99-1560 smt4,'lII�l,'}`iy�} .11 It ttl l� ,'vtlY�ISti{t.,t I iE'Mrfr#`.L lr�l'ttS.(M,'glf�X'1 d . �.!�Y �� i1 h1� � ll�icS1. yl� tt! ` , } i C,..:.i Ott 1. i�a J'XI'i41Ci 1 h}�I.'t, ,t October 1, 2000 itwt-" lid! IIt f 1 ` '1'"•.n �C y�`t° 1� }-_�I}^ A. Number Included in the Valuation 1. Active Members 77 77 2. Inactive Members 22 22 B Covered ual Pa roll 483 454 2 483 454 �I { ;- ��,� 1 1 ! C. Actuarial'Present Value of Projected 12,488,070 12,359,585 Benefits D. Actuarial Value of Assets 9,009,888 9,009,888 E. Actuarial Present Value of Future Contributions 1. Total: C—D 3,478,182 3,349,697 2. Portion Assigned to Unfunded ® Frozen Actuarial Accrued Liability (U FAAL) 0 0 3. Portion Assigned to Future Normal Costs 3 478 182 3.349.697 ! ......... 1r/� �+, 1} A i i q d i tl. F. Annual Payment Needed to Amortize UFAAL 0 0 As % of B -- -- G. Annual Employer Normal Cost 2,144 4,379 As % of B 0.09% 0.18% H. Interest on F and G from Valuation Date to Contribution Date(s) 284 580 As % of B 0.01% 0.02% I_ Required Employer Contributions: F + G + H 2,428 4,959 As% of B 0.10% 0.20% J. Year to Which Contributions Apply 1. Plan Year Ending 2_ Employer Fiscal Year Ending 9/30101 9/30/01 3. Assumed Date(s) of Employer 9/30/02 9/30/02 Contributions Quarterly Quarterly NOTICE OF HEARING BEFORE CITY COMMISSION CITY OF DANIA BEACH, FLORIDA, REGARDING ADOPTION OF THE FOLLOWING PROPOSED ORDINANCE: ® NOTICE IS HEREBY GIVEN that the City Commission of the City of Dania Beach, Florida, on September 25, 2001, at 7:00 p.m. or as soon thereafter as the matter may be heard, will conduct a public hearing in the City Commission Chambers of the Dania Beach City Hall, 100 West Dania Beach Boulevard, Dania Beach, Florida to consider the proposed adoption of the following Ordinance entitled: AN ORDINANCE OF THE CITY OF DANIA BEACH, FLORIDA, AMENDING THE CODE OF ORDINANCES RELATING TO RETIREMENT DATES, PROVIDING THAT MEMBERS MAY . ATTAIN VESTED STATUS IN THE PENSION PLAN ON COMPLETION OF EIGHT (8) YEARS OF CREDITED SERVICE; PROVIDING FOR CONFLICTS; PROVIDING A SAVINGS CLAUSE; FURTHER, PROVIDING FOR AN EFFECTIVE DATE. A copy of this proposed Ordinance is on file in the Office of the City Clerk, City Hall, 100 West Dania Beach Boulevard, Dania Beach, Florida, and may be inspected by the public during normal working hours. Interested parties may appear at the aforesaid meeting and be heard with respect to the proposed. Any person who decides to appeal any decision made by the City Commission with respect to any matter considered at this hearing will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the American with Disabilities Act, persons needing assistance to participate in any of the proceedings should contact Charlene Johnson, Acting City ® Clerk, 100 West Dania Beach Boulevard, Dania Beach, Florida 33004, (954) 924-3622 at least 48 hours prior to the meeting. /s/ Charlene Johnson, CMC Acting City Clerk Run in Sun Sentinel: 9/16/01 ' 813 579 BG92) 5EF 24 `01 14:52 FR SluER lwS COw5ULTANTS813 579 8692 TO 19549212G0407513 P.01 somm:'/zoo/--C:o/u+Section08V1.Online Sunshine unp:/x^vw.1rg.suuc.O."s/Stamm,.ndc...nTNI& l 27 Sunshine . N ~�e� l. �� '�� . ' ^.� . t 7� - � *��. The 200l Florida Sta*^es Title X Chapter 1:12 View Entire Public Officers, Employees, Public Officers And Employees: Cbapte� AndRecp,ds Genera\ Pnov|s|ons 112'0801 Group insurance; participation by retired employees.--Any state agency, county, municipality, special district, community college, or district school board which provides life, health, accident, hospitalization, or annuity insurance, or all of any kinds of such insurance, for its officers and employees and their dependents upon a group insurance plan or self-insurance plan shall allow all former personnel who have retired prior to October 1. 1987, as well as those who retire on or a/ta, such date, and /hci, eligible dependents, the option of tinuing tu participate in such group insurance plan or self-insurance plan. Retirees and their eligible dependents shall he offered the same health and hospitalization insurance coverage as /soffered to active- employees o( a pro n`poyccs.o n nn For the retired employees and their eligible dependents, the cost of any such continued participation in any type of plan or any of the cost thereof may be paid by the employer or- by the retired employees. Todrtcrnninc health and hospitalization plan costs, the ,,nn|nye, shn|| cornnoin9|c the claims experience nfthe retiree group with the claims ..'xperiencc of the active employees; and, for other types of coveragc, the employer may commingle the claims experience of the retiree group with the claims experience of achvcomphyecs. Retirees covered under Medicare may he experience, 'om,j `ep^rote|y fro,n the retirees not covered by Medicare and from active en'p|oyec�' provided that the total premmnn does not exceed that ofthe active group and coverage /s basically the �aone ac, for the active g,oup History.-,. 2, ch. l' ch- 79'88; s. 1' ch. 80'3041 ch. 81 |O3; \, ch. U] 294: s. l' ch. 87']/I � U/sduxncr: The mhorooanoo on rm� systeo` is unverified. / ho |uvrno|s or printed hills, or the respective chonnt-)e,!� should ke cnosv|tcd for oMmo| porpo,�es. Copyright ¢! 2000'2001 State of Horida. Contact us. ../ ^ .` � SUN— SENTINEL PUBLISHED DAILY FORT LAUDERDALE, BROWARD COUNTY, FLORIDA r BOCA RATON, PALM BEACH COUNTY, FLORIDA a T `lit MIAMI, MIAMI DADE COUNTY, FLORIDA f? .o'� -1D 46 STATE OF FLORIDA COUNTY OF BROWARD/PALM BEACH/MIAMI DADE —`-- _- BEFORE THE UNDERSIGNED AUTHORITY, PERSONALLY APPEARED NOTI RING BEFORE CITY I COMMISSION 1� (ILL WHO, ON OATH, SAYS THAT CITY OF DANIA BEACH, HE/SHE IS A DULY AUTHORIZED REPRESENTATIVE OF THE CLASSIFIED !A ODOPPTIOTIORIDA, REGARDING (AN OF THE-FOL- DEPARTMENT OF THE SUN-SENTINEL, DAILY NEWSPAPER PUBLISHED (LOWING PROPOSED ORDI- NANCE:, IN BROWARD/PALM BEACH/MIAMI DADE COUNTY, FLORIDA, AND THAT THE NOTICE IS HEREBY GIVEN ATTACHED COPY OF ADVERTISEMENT, BEING A: that the city commission of the City of Dania Beach, Florida,on September 25, NOTICE FOR PUBLIC HEARING 2001, at 7:00 p.m. or as soon thereafter as the matter may be heard,will conduct a public hearing IN THE MATTER OF: in the City Commission Chambers of the Dania Beach City Hall, 100 West Retirement Dates Dania Beach _Boulevard, Dania Beach, Florida to corisidei—5-Ahe. proposed IN THE CIRCUIT COURT,V AS PUBLISHED IN SAID NEWSPAPER IN THE adoption,buttie following Ordinance entitled: ISSUES OF: AN ORDINANCE OF THE CITY OF DANIA BEACH, 9/16,1 D 10562192 FLORIDA, AMENDING THE CODE OF ORDINANCES RE- LATING TO RETIREMENT AFFIANT FURTHER SAYS THAT THE SAID SUN-SENTINEL IS A NEWSPAPER DATES, PROVIDING THAT MEMBERS MAY ATTAIN PUBLISHED IN SAID BROWARD/PALM BEACH/MIAMI DADE COUNTY, FLORIDA, VESTED STATUS IN THE PENSION PLAN ON COM- AND THAT THE SAID NEWSPAPER HAS HERETOFORE BEEN CONTINUOUSLY PLETION of EIGHT (a) PUBLISHED IN SAID BROWARD/PALM BEACH/MIAMI DADE COUNTY, FLORIDA, YEARS OF CREDITED SER- VICE; PROVIDING FOR ® EACH DAY,AND HAS BEEN ENTERED AS SECOND CLASS MATTER AT THE iCONFLICTS; PROVIDING A SAVINGS CLAUSE; FUR- POST OFFICE IN FORT LAUDERDALE, IN SAID BROWARD COUNTY, FLORIDA, THER,PROVIDING FOR AN FOR A PERIOD OF ONE YEAR NEXT PRECEDING THE FIRST PUBLICATION OF EFFECTIVE DATE. ATTACHED COPY OF ADVERTISEMENT; AND AFFIANT FURTHER SAYS THAT A copy of this proposed, Ordinance is on file in thel HE/SHE HAS NEITHER PAID, NOR PROMISED,ANY PERSON, FIRM, OR office of the City clerk, CORPORATION,ANY DISCOUNT, REBATE,COMMISSION, OR REFUND, FOR THE city Hall, too west Dania Beach`eoulebard; Dania PURPOSE OF SECURING THIS ADVERTISEMENT FOR PUBLICATION IN SAID Beach, Florida,.and may be inspected by the public NEWSPAPER. during normal working hours. Interested parties may ap- etdbohad(SIGNATURE A NT meting an eer with respect to the pro- posed. Any person who SWORN TO AND SUBSCRIBED BEFORE ME decides to appeal any de- cision made by the City ON: 16-September-2001 , A.D. Commission with respect to any matter considered at this hearing will need a record of the proceedings and for such purpose may need to ensure that a ver- (SIGN TURE OF NOTARYP batim record of the pro- ceedings is made, which) ;q..•'••Y4c, Ora L Bezak ,record includes the testi-. MY COM4KSION# DD024939 EXPIRES many and evidence upon) Po. July 20,2005 which the appeal is to be! 'BONDED THRU TROY FAIN INSURANCE,INC Inaccordance with the American with Disabilities Act, persons needing as- (NAME OF NOTARY,TYPED, PRINTED, OR STAMPED) sistance to participate in jany of the proceedings ,should contact Charlene PERSONALLY KNOWN ✓ OR Johnson, Acting city Clerk, 100 West Dania Beach Boulevard, Dania Beach, Florida 33004, PRODUCED IDENTIFICATION (954)924-3622 at least 48 hours prior to the meet- ng. /s/ Charlene Johnson, CIVIC Acting City Clerk September 16,2001