HomeMy WebLinkAboutO-1969-543 Ors .y✓47
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ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ESTAB-
LISHING OF A PENSION AND RETIREMENT
SYSTEM FOR FIREMEN OF THE CITY OF
DANIA, FLORIDA, TO BE KNOWN AS "THE
FIREMEN'S RETIREMENT FUND" , CREATING
A BOARD OF TRUSTEES FOR THE OPERATION
OF SAID PENSION AND RETIREMENT SYSTEM
AND THEIR POWERS : CREATION AND MAIN-
TENANCE OF SAID FUND: KEEPING OF RECORDS,
ACCOUNTS , RECEIPTS, DISBURSEMENTS ,
DEPOSITS : PROVIDING PENSIONS FOR RETIRED
FIREMEN: PROVIDING DEATH BENEFITS FOR
j ACTIVE AND RETIRED FIREMEN; AND REPEAL-
ING ALL ORDINANCES OR PARTS OF ORDINANCES
IN CONFLICT HEREWITH; AND PROVIDING THAT
THIS ORDINANCE SHALL BE IN FORCE AND TAKE
EFFECT IMMEDIATELY UPON ITS FINAL PASSAGE
AND ADOPTION.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
DANIA, FLORIDA:
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Section 1.1 Definitions . - The following words and
phrases as used herein shall have the following meanings, unless
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a different meaning is plainly required by the content:
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(1) FIREMEN means any duly employed Fireman j
in the regular fulltime employ of the City
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as defined in Florida Statute 175.032 (1)
on the active rolls with at least one year
of service.
i (2) AVERAGE SALARY means the average monthly
1 salary of the Fireman for the period of the If
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five contributing years of earnings pre-
ceding his retirement.
(3) CREDITED SERVICE means that period of con-
tinuous uninterrupted employment with the
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City as a Fireman from his date of employ-
� ment and the earlier of his date of termi-
nation of employment and his Normal Retire-
jment Date, as hereinafter described. Time
spent in compulsory military service of the
United States by the Fireman will be credited
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provided the Fireman re-enters the service of
j the City as a Fireman within forty (40) days
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after date of release from such military
service. Credited Service after July 1, 1969,
) shall require Firemen to contribute to the
fund except as defined herein. �
(4) FIREMEN'S RETIREMENT FUND, herein called the
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Fund, shall mean a special fund created exclu-
sively for the purposes provided herein:
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j Section 2 .1 Board of Trustees; Members; Terms of Office.
There is hereby created a BOARD OF TRUSTEES of the Firemen' s
a Retirement Fund. The Board of Trustees shall consist of the j
f Mayor of the City of Dania, Florida, the Chief of the Fire f
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i Department of the City of Dania, Florida, two (2) regularly
employed Firemen of the City of Dania, Florida, upon the recom-
mendation of a majority of the regularly employed Firemen of the
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City of Dania, Florida; to be appointed by the City Commission
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of the City of Dania, Florida, one (1) resident member of the
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City of Dania, Florida, upon the recommendation of the four (4)
members of the Board of Trustees . The Mayor and Fire Chief shall
serve as long as they continue to hold office as Mayor and Fire
Chief, respectively, and upon a vacancy in the office of Mayor
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or Fire Chief, their respective successors shall succeed to
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the positions of Trustees. And each Fireman member of the
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j Board of Trustees shall serve for a period of two (2) years,
Zunless he sooner leaves the employment of the City of Dania,
Florida, as a Fireman, whereupon the City Commission of the j
J City of Dania, Florida, upon a recommendation of a majority of
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the regularly employed Firemen thereof, shall choose his suc-
cessor. The resident member shall serve for a period of two
(2) years . The two (2) Firemen and the resident member may
succeed themselves in office. The Mayor shall be Chairman of
the Board of Trustees. The Board members shall elect any one �
(1) of its members as Secretary of the Board. The Secretary
shall keepcomplete minute book of the a p proceedings of the
Board. The Trustees shall not receive any compensation as such.
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Section 2 .2 Powers of the Board of Trustees. The
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Board of Trustees may:
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(1) Invest and reinvest the assets of the Retire-
ment Fund in annuity, group annuity and life
. insurance contracts of life insurance com-
panies in amounts sufficient to provide, in
whole or in part, the benefits to which all
the participants in the Firemen ' s Retirement j
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Fund shall be entitled in the provisions
herein stated and pay the initial and subse-
quent premiums thereon;
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(2) Invest and reinvest the assets of the Firemen ' s
Retirement Fund in:
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(a) Time and savings accounts of a
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National Bank, a State Bank insured
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by the Federal Deposit Insurance
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Corporation, or a Savings and Loan
Association insured by the Federal
Savings and Loan Corporation.
(b) Obligations of the United States or
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� in obligations guaranteed as to
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+ principal and interest by the United
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j States.
!!� (c) County bonds containing a pledge of
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the full faith and credit of the i
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County or District involved, pro-
vided that such bonds are approved ,
by the State Board of Administration
as to legal and fiscal sufficiency
by the State Board of Administration,
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or other State agency.
li (d) Obligations of any municipal authority
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issued pursuant to the laws of this
state, provided however, that for
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each of the five (5) years next pre-
ceding the date of investment the
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income of such authority available
for fixed charges shall have been
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not less than one and one-half (lz)
times its average annual fixed charges II
requirement over the life of its
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obligations . `}
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(3) Issue drafts upon the Firemen's Retirement
Fund pursuant to the Rules and Regulations
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prescribed by the Board of Trustees. All
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such drafts shall be consecutively numbered j
and must be signed by the Chairman and
Secretary and shall state upon their face
the purpose for which the drafts were drawn.
The Town Treasurer or other Depository shall
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retain such drafts when paid, as permanent
vouchers for disbursements made, and as money
shall otherwise be drawn from the fund. I
(4) Any and all acts and decisions shall be by at
least three (3) members of the Board of
Trustees; however, no Trustee shall take part
in any action in connection with his own
participation in the fund, and no unfair
discrimination shall be shown to any indi-
vidual participating in the fund.
(5) Finally decide all claims to relief under
the Board' s rules and regulations .
i (6) Convert into cash any securities of the Fund.
(7) Keep a complete record of all receipts and
jdisbursements and of the Board's acts and
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3 proceedings .
(8) The general administration of, and the respon-
sibilities for, the proper operation of the
Firemen ' s Retirement Fund are vested in the
Board of Trustees .
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Section 3 .1 Creation and Maintenance of Firemen 's
Retirement Fund. The Firemen ' s Retirement Fund of the City of
Dania, Florida, shall be created and maintained in the following
manner:
(1) By the net proceeds of two (2) per cent
excise or license tax which is imposed by
the City of Dania, Florida, upon certain
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property insurance companies on their gross
I receipts of premiums from holders of policies
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which policies over property within the cor-
porate limits of the City of Dania, Florida . j
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(2) By five (5) per cent of the salary of each
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fulltime Fireman duly appointed and enrolled
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as a member of the Fire Department of the
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City of Dania, Florida, which shall be de-
ducted by the City and paid over to the Board
of Trustees of the Fund.
(3) By payment by the City of Dania, Florida, to
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the Board of Trustees, annually, an amount
which together with the contributions from the
Firemen, the amount derived from the premium
tax and all other income sources will be suf-
ficient to cover the normal cost of the plan
and to fund the actuarial deficiency over a
period not ]nnger than thirty (30) years.
(4) By all gifts, bequests, and devises when
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donated for the Fund.
(5) By all accretions to the Fund by way of interest
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(6) By all other sources of income now or here-
after authorized by law for the augmen-
tation of the Firemen' s Retirement Fund.
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Section 4. 1 Keeping of Records, Accounts, Disburse-
ments, Deposits, Contributions , Actions.
(1) The Board of Trustees shall keep and main-
tain a full and complete permanent record of j
j all accounts, receipts , disbursements, de-
posits, and all other official actions of the
Board. These records shall be available to
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all members participating in the Fund.
(2) Non-Participating: Any person who enters the
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employment of the City of Dania, Florida, as
a fulltime Fireman, after the effective date
of this plan, and who does not desire to
accept the provisions of this plan, shall,
within twelve (12) months after employment,
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notify the Board or office paying the salary
of such Fireman, in writing, to that effect.
Thereafterward, all Firemen who have given
such notice shall be barred from the partici-
pating in the Firemen ' s Retirement Fund.
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(3) A fireman shall not be eligible to participate
j in the plan until he is employed fulltime.
Section 5 .1 Retirement.
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(l) NORMAL RETIREMENT: Any Fireman of the City
of Dania, Florida, who has credited service
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for at least ten (10) years , and is eligible
1 to benefits thereunder, and who has attained
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the age or sixty (60) years, is eligible for
NORMAL RETIREMENT benefits . In such event,
payment of retirement income will be governed j
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by the following provisions of this section.
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(a) The Normal Retirement Date of each
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Fireman will be the first day of
I the month coincident with or next
following the date on which he has
attained the age of sixty (60)
years . A Fireman who retires after
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-a- his NORMAL retirement date will upon
his actual retirement be entitled to
receive the same amount of monthly
retirement income he would have re-
ceived had he retired on his NORMAL
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retirement date.
(b) The amount of monthly retirement
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income payable to a Fireman who
retires on or after his NORMAL
retirement date shall be an amount
equal to 30% of the first $400.00
of monthly earnings plus 45% of
monthly earnings in excess of
$400.00, provided he has at least
15 years of service, proportionately
reduced for less than 15 years plus
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1% of total monthly earnings for
each year over 15 years, but not
less than 1.67% of monthly earnings
times years of credited service.
(c) The monthly retirement income pay- -
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able in the event of NORMAL retire- j
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ment will be payable on the first
day of each month. The first pay-
ment will be made on the Fireman ' s
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NORMAL RETIREMENT DATE, or on the
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first day of the month coincident
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with or next following his actual
retirement, if later, and the last
payment will be the payment due next 4
preceding the Fireman's death, except
that in the event the Fireman dies
after his retirement but before he
has received retirement benefits
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for a period of fifteen (15) years,
the same monthly benefit will be
paid to the beneficiary (or bene-
ficiaries) as designated by the
Fireman, for the balance of such
fifteen (15) year period, or if no
beneficiary is designated by the
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Fireman, to the surviving spouse,
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dependents, heirs at law, or estate
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of the Fireman. If a Fireman
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continues in the service of the City
of Dania, Florida, beyond his NORMAL
retirement date and dies prior to
his actual date of retirement, I
monthly retirement payments will be
made to a beneficiary (or benefici-
aries) designated by the Fireman, or
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if the Fireman had retired on the
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date on which his death occurred,
or if no beneficiary is designated,
J to his surviving spouse, descendants,
heirs at law or estate of the Fireman.
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(2) EARLY RETIREMENT: Early retirement is retire- j
ment as of the first day of any calendar month
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which is prior to the Fireman 's NORMAL retire-
ment date but subsequent to the date as of which
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he has both attained the age of fifty (50)
years and completed at least ten (10) years of
credited service. In the event of early retire-
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ment the monthly amount of retirement income
shall be an amount taking into account his
credited service to his date of early retire-
ment and his average monthly salary as of such
date, such amount of retirement income to be
actuarially revised to take into account the
Fireman's younger age and earlier commencement
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of retirement income payments.
(a) The payments of early retirement I
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income shall be governed by the same
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(3) OPTIONAL FORMS OF RETIREMENT INCOME : In lieu
of the amount and form of retirement income
payable in the event of normal or early
retirement as provided in Section 5 . 1. 1 and
Section 5 .1.2 , a Fireman, upon written request
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to the Board of Trustees, and subject to the
i approval of the Board, may elect to receive
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a retirement income or benefit of equivalent
actuarial value payable in accordance with
one of the following options :
OPTION 1: A retirement income of larger
amount, payable to the Fireman for his
lifetime only.
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OPTION 2 : A retirement income of reduced j
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monthly amount, payable to the Fireman
during the joint lifetime of the Fireman
and a joint pensioner designated by the j
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Fireman, and following the death of
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either of them one hundred (100) per cent,
sixty-six and two-thirds (66-2/3) per cent,
{ or fifty (50) per cent of such monthly
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amount payable to the survivor for the
lifetime of the survivor.
The Fireman electing an option of this i
section will designate the joint pensioner f
or beneficiary (or beneficiaries) to
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receive the benefit, if any, payable
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under the plan in the event of his death,
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and will have the power to change such
such designation from time to time but
any such change will be deemed a new
election and will be subject to approval
by the Board.
Election of either of these options within
i11 three years of the Fireman' s EARLY or i
f NORMAL retirement date will be subject to
the consent of the insurance company
issuing any group annuity contract, pro-
jvided however, that such options may be
elected any time before, without such
consent of the insurance company.
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Section 6 .1 - Notwithstanding any provision of the
retirement plan to the contrary if the monthly retirement income
payable to any person entitled to benefits hereunder is less
than $5.00, such benefit may be cancelled and the actuarial
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equivalent of such benefit paid to such in a lump sum.
Section 7 .1 Death Benefits . Should any Fireman or
former Fireman entitled to a deferred retirement benefit under
the provisions of Section 8.1 participating in the Firemen 's
Retirement Fund die before his normal retirement date, or early
retirement date if applicable, there shall be payable to such
Fireman's or former Fireman ' s designated beneficiary (or bene-
ficiaries) a death benefit equal to: f
An amount equal to 100% of contributions made
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by the Fireman or former Fireman with
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interest at 3-3/4% compounded per annum
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to the first day of the month preceding
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the date of death.
Should any Fireman or former Fireman entitled to a
deferred retirement benefit under the provisions of Section 8.1
participating in the Fireman ' s Retirement Fund die before his
Normal retirement date, but after his early retirement date, if
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? applicable, there shall be payable to such Fireman ' s or former
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Fireman's designated beneficiary (or beneficiaries) a death
benefit equal to:
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j An amount equal to the benefit provided in i
Sub-Section 5. 1 (2) . j
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Section 7.1.2 Disability. For total and permanent
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disability a monthly benefit shall be equal to the same as the
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normal retirement benefit in Section 5 .1 (1) .
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i Section 8.1 Termination Benefits . Should any Fireman
Iparticipating in the Firemen ' s Retirement Fund of the City of
1 Dania, Florida, leave the service of the City of Dania, Florida,
before being eligible to retire under the provisions of the
ordinance, such Fireman in lieu of all other benefits shall be
entitled to a refund equal to :
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An amount equal to 100% of contributions
received with interest at the rate of
3-3/45/ compounded per annum for the first
day of the month in which such Fireman should
elect to receive such refunds .
Should any Fireman participating in the Firemen's
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Retirement Fund of the City of Dania, Florida, leave the service
of the City of Dania, Florida, after having been in the service .
of the Fire Department of the City of Dania, Florida, for at
least ten (10) years, and should such Fireman elect to leave
his contributions in the fund, such Fireman will be entitled
i to a Deferred Retirement to commence as he elects either on
Normal Retirement Date or on Early Retiianent Date as described I
ain Section 5 .1 (1) and (2) , respectively, in amount based on
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service and earnings up to the date such Fireman leaves the
service of the Fire Department of the City of Dania, Florida.
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1, Section 9.1 Termination of the Plan. Upon termi-
nation of the plan for any reason, the fund shall be apportioned
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and distributed in accordance with the Florida Statutes.
Section 10.1 - This ordinance shall be retroactive
and effective as of July 1, 1969.
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Section 10.2 - All existing assets previously committed
?I to the Firemen's Pension Fund shall be transferred to the Trustees
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as assets of the Firemen ' s Retirement Fund.
Section 11.1 - That all ordinances or parts of ordinances
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in conflict herewith be and the same are hereby repealed to the
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f extent of such conflict.
j Section 12 .1 - This ordinance shall take effect 30 days
1 after its final passage by the City Commission, and shall be pub-
lished as required by law.
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PASSED AND ADOPTED on First Reading on the 7 -/4 day
of 1969.
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PASSED AND ADOPTED on Second Reading on the day
of ) •-�•,C c 1969.
PASSED AND ADOPTED on Third Reading on the may' day
of 2 1969.
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Mayor-Commissioner
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Attest:
ity C1erl�P. itor
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