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HomeMy WebLinkAboutO-1969-542 i ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ESTAB- LISHING OF A PENSION AND RETIREMENT SYSTEM FOR POLICEMEN OF THE CITY OF DANIA, FLORIDA, TO BE KNOWN AS "THE POLICEMEN' 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 RE- TIRED POLICEMAN: PROVIDING DEATH BENEFITS FOR ACTIVE AND RETIRED POLICE- MEN; AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HERE- WITH; AND PROVIDING THAT THIS ORDINANCE i SHALL BE IN FORCE AND TAKE EFFECT IMMEDIATELY UPON ITS FINAL PASSAGE i AND ADOPTION. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY < OF DANIA, FLORIDA: i Section 1. 1 Definitions. - The following words and phrases as used herein shall have the following meanings, I I ? unless a different meaning is plainly required by the content: .« ? (1) POLICEMEN means any duly employed Policemen in the regular fulltime employ of the City as defined in Florida Statute 185. 032 (1) on the active rolls with at least one year of service. (2) AVERAGE SALARY means the average monthly � a salary of the Policeman for the period I of the five contributing years of eerning''s i preceding his retirement. (3) CREDITED SERVICE means that period of i I ,l d i i continuous uninterrupted employment with j the City as a Policeman from his date of 1 j employment and the earlier of his date of termination of employment and his Normal Retirement Date, as hereinafter described. Time spent in compulsory military service of the United States by the Policeman will 1 + be credited provided the Policeman re-enters the service of the City as a Policeman t i within forty (40) days after date of release ft 1 from such military service. Credited Service after July 1, 1969, shall require Policeman ...,, to contribute to the fund except as defined C herein. i j (4) POLICEMEN ' S RETIREMENT FUND, herein called the Fund, shall mean a special fund created exclusively for the purposes provided herein: I Section 2.1 Board of Trustees • Members • Terms of Office. There is hereby created a BOARD OF TRUSTEES of the Policemen ' s Retirement Fund. The Board of Trustees shall consist of the Mayor of the City of Dania, Florida, the Chief of the Police Department of the City of Dania, Florida, two (2) regularly employed Policemen of the City of Dania, Florida, upon the recom- mendation of a majority of the regularly employed Policemen of the City of Dania, Florida, to be appointed by the City Commission of the City of Dania, Florida, one (1) resident member of the City of Dania, Florida, upon the recommendation of the four (4) J I members of the Board of Trustees. The Mayor and Police Chief -2- r l x. Y t shall serve as long as they continue to hold office as Mayor and Police Chief, respectively, and upon a vacancy in the office of Mayor or Police Chief, their respective successors shall succeed to the positions of Trustees. And each Policeman member j of the Board of Trustees shall serve for a period of two (2) years, unless he sooner leaves the employment of the City of Dania, Florida, as a Policeman, whereupon the City Commission of the f I City of Dania, Florida, upon a recommendation of a majority of the regularly employed Policemen thereof, shall choose his suc- cessor. The resident member shall serve for a period of two (2) years. The two (2) Policemen 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 ! I (1) of its members as Secretary of the Board. The Secretary shall keep a complete minute book of the proceedings of the Board. The Trustees shall not receive any compensation as such. Section 2. 2 Powers of the Board of Trustees. The 1 Board of Trustees may: j (1) Invest and reinvest the assets of the Retire- {{j ment Fund in annuity, group annuity and life j insurance contracts of life insurance com- panies in amounts sufficient to provide, in s whole or in part, the benefits to which all the participants in the Policemen ' s Retirement Fund shall. be entitled in the provisions herein stated and pay the initial and subse- quent premiums thereon; i i j i I (2) Invest and reinvest the assets of the Policemen' s Retirement Fund in: (a) Time and savings accounts of a j National Bank, a State Bank insured by the Federal Deposit Insurance Corporation, or a Savings and Loan I Association insured by the Federal a Savings and Loan Corporation. j (b) Obligations of the United States or j in obligations guaranteed as to j I principal and interest by the United I States. (c) County bonds containing a pledge of the full faith and credit of the i County or District involved, pro- 1 vided that such bonds are approved ' by the State Board of Administration as to legal and fiscal sufficiency i by the State Board of Administration, or other State agency. (d) Obligations of any municipal authority issued pursuant to the laws of this state, provided however, that for iii each of the five (5) years next pre- ceding the date of investment the income of such authority available for fixed charges shall have been not less than one and one-half (1' ) i I -4- I E 3 I times its average annual fixed charges requirement over the life of its obligations. (3) Issue drafts upon the Policemen ' s Retirement Fund pursuant to the Rules and Regulations 999 prescribed by the Board of Trustees. All such drafts shall be consecutively numbered and must be signed by the Chairman and Secretary and shall state upon their face 4 the purpose for which the drafts were drawn. The Town Treasurer or other Depository shall I retain such drafts when paid, as permanent vouchers for disbursements made, and as money fshall otherwise be drawn from the fund. (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 l 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. (6) Convert into cash any securities of the Fund. (7) Keep a complete record of all receipts and disbursements and of the Board ' s acts and I proceedings. I (8) The general administration of, and the respon- sibilities for, the proper operation of the f -5- I 1 �•1 f� { r I i7 I Policemen ' s Retirement Fund are vested in the Board of Trustees. I i Section 3 . 1 Creation and Maintenance of Policemen' s Retirement Fund. The Policemen ' s Retirement Fund of the City of Dania, Florida, shall be created and maintained in the following manner: i (1) By the net proceeds of one (1) per cent i excise or license tax which is imposed by the City of Dania, Florida, upon certain d I property insurance companies on their gross receipts of premiums from holders of policies I which policies over property within the cor- porate limits of the City of Dania, Florida. I (2) By five (5) per cent of the salary of each fulltime Policeman duly appointed and enrolled as a member of the Police Department of the I City of Dania, Florida, which shall be de- ducted by the City and paid over to the Board f i of Trustees of the Fund. ! (3) By payment by the City of Dania, Florida, to the Board of Trustees, annually, an amount which together with the contributions from the Policemen, 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 longer than thirty (30) years. (4) By all gifts, bequests, and devises when donated i for the fund. I s,+ L� s I F7 i (5) By all accretions to the Fund by way of I interest on bank deposits or otherwise. (6) By all other sources of income now or here- after authorized by law for the augmentation of the Policemen ' s Retirement Fund. Section 4. 1 Keeping of Records, Accounts, Disburse- ments, Deposits, Contributions, Actions. i I i (1) The Board of Trustees shall keep and maintain a full and complete permanent record of all i { accounts, receipts, disbursements, deposits, � and all other official actions of the Board. i I These records shall be available to all i 4 members participating in the Fund. (2) Non-Participating: Any person who enters the employment of the City of Dania, Florida, as a fulltime Policeman, after the effective date of I this plan, and who does not desire to accept I I the provisions of this plan, shall, within twelve (12) months after employment, notify the Board or office paying the salary of such Policeman, in writing, to that effect. There- afterward, all Policemen who have given such notice shall be barred from the participating in the Policemen' s Retirement Fund. (3) A Policeman shall not be eligible to participate i in the plan until he is employed fulltime. Section 5.1 Retirement. (1) NORMAL RETIREMENT: Any Policeman of the City j of Dania, Florida, who has credited service I I ti i -7- F _.. __.... _ i i for at least ten (10) years, and is eligible P to benefits thereunder, and who has attained I the age of sixty (60) years, is eligible for � NORMAL RETIREMENT benefits. In such event, i payment of retirement income will be governed by the following provisions of this section. i (a) The Normal Retirement Date of each j Policeman will be the first day of I i the month coincident with or next following the date on which he has attained the age of sixty (60) years. A Policeman who retires after I 1 ) his NORMAL retirement date will upon I i his actual retirement be entitled to receive the same amount of monthly retirement income he would have received had he retired on his NORMAL retirement date. i i (b) The amount of monthly retirement a income payable to a Policeman who retires on or after his NORMAL I retirement date shall be an amount equal to 30% of the first $400. 00 1 of monthly earnings plus 45% of 3 monthly earnings in excess of I $400.00, provided he has at least I i 13 years of service, proportionately reduced for less than 15 years plus i I i I 4 r5bi' A l i 1% of total monthly earnings for i each year over 15 years, but not j i i less than 1.67% of monthly earnings times years of credited service. (c) The monthly retirement income pay- able in the event of NORMAL retire- ment will be payable on the first day of each month. The first pay- . i ment will be made on the Policeman' s i NORMAL RETIREMENT DATE, or on the i t first day of the month coincident with or next following his actual retirement, if later, and the last f payment will be the payment due next ipreceding the Policeman' s death, except I that in the event the Policeman dies 4 i after his retirement but before he f has received retirement benefits for a period of fifteen (15) years, I the same monthly benefit will be paid to the beneficiary (or bene- ficiaries) as designated by the Policeman, for the balance of such I i fifteen (15) year period, or if no beneficiary is designated by the Policeman, to the surviving spouse, I dependents, heirs at law, or estate i of the Policeman. If a Policeman -9- L' 1 1't It�l 'F f continues in the service of the City of Dania, Florida, beyond his NORMAL retirement date and dies prior to I his actual date of retirement, monthly retirement payments will be i made to a beneficiary (or benefici- aries) designated by the Policeman, or I { if the Policeman had retired on the 1 date on which his death occurred, i or if no beneficiary is designated, 1 to his surviving spouse, descendants, I heirs at law or estate of the Policeman. I i (2) EARLY RETIREMENT: Early retirement is retire- ment as of the first day of any calendar month which is prior to the Policeman 's NORMAL retire- ment date but subsequent to the date as of which he has both attained the age of fifty (50) i + " years and completed at least ten (10) years of I credited service. In the event of early retire- 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 Policeman 's younger age and earlier commencement I of retirement income payments. i (a) The payments of early retirement I I I 1 - -10- I : f r i i I I income shall be governed by the same provisions as SUB SECTION 5 .1 (1) (c) . i (3) OPTIONAL FORMS OF RETIREMENT INCOME : In lieu I; of the amount and form of retirement income payable in the event of normal or early i retirement as provided in Section 5 .1.1 and Section 5 . 1.2, a Policeman, upon written request { I a i to the Board of Trustees, and subject to the j 1 approval of the Board, may elect to receive j a retirement income or benefit of equivalent i] I actuarial value payable in accordance with I one of the following options: I e.� OPTION 1: A retirement income of larger I I amount, payable to the Policeman for his iI lifetime only. J OPTION 2 : A retirement income of reduced I monthly amount, payable to the Policeman ,,. during the joint lifetime of the Policeman I f� and a joint pensioner designated by the j 1 Policeman, and following the death of � either of them one hundred (100) per cent, a sixty-six and two-thirds (66-2/3) per cent, or fifty (50) per cent of such monthly amount payable to the survivor for the i lifetime of the survivor. i The Policeman electing an option of this section will designate the joint pensioner j i or beneficiary (or beneficiaries) to I t 1 r IT J J 1 i j f receive the benefit, if any, payable under the plan in the event of his death, f and will have the power to change such such designation from time to time but I any such change will be deemed a new election and will be subject to approval by the Board. i 3 9 Election of either of these options within three years of the Policeman 's EARLY or i NORMAL retirement date will be subject to i the consent of the insurance company j issuing any group annuity contract, pro- j 11 vided however, that such options may be j elected any time before, without such consent of the insurance company. Section 6 . 1 - Notwithstanding any provision of the retirement plan to the contrary if the monthly retirement income i payable to any person entitled to benefits hereunder is less I � < than $5 .00, such benefit may be cancelled and the actuarial equivalent of such benefit paid to such in a lump sum. Section 7 .1 Death Benefits Should any Policeman or former Policeman entitled to a deferred retirement benefit under the provisions of Section 8.1 participating in the Policeman 's Retirement Fund die before his normal retirement date, or early retirement date if applicable, there shall be payable to such Policeman 's or former Policeman's designated beneficiary (or bene- ficiaries) a death benefit equal to: i An amount equal to 100% of contributions made i -12- OL f r r r r I by the Policeman or former Policeman with I interest at 3-3/4% compounded per annum i to the first day of the month preceding i j the date of death. Should any Policeman or former Policeman entitled to a i deferred retirement benefit under the provisions of Section 8.1 participating in the Policeman 's Retirement Fund die before his 1 I A i Normal retirement date, but after his early retirement date, if i applicable, there shall be payable to such Policeman 's or former i Policeman 's designated beneficiary (or beneficiaries) a death benefit equal to : I f j IAn amount equal to the benefit provided in .. Sub-Section 5 .1 (2) , j I i Section 7.1.2 Disability. For total and permanent disability a monthly benefit shall be equal to the same as the normal retirement benefit in Section 5 .1 (1) . i Mom y,{ Section 8. 1 Termination Benefits . Should any Policeman ` i participating in the Policemen' s Retirement Fund of the City of f Dania, Florida, leave the service of the City of Dania, Florida, before being eligible to retire under the provisions of the ordinance, such Policeman in lieu of all other benefits shall be entitled to a refund equal to : � An amount equal to 100% of contributions i Jreceived with interest at the rate of p3-3/4% compounded per annum for the first I day of the month in which such Policeman should elect to receive such refunds . Should any Policeman participating in the Policemen's III � { -13- , 9 i t i I i Retirement Fund of the City of Dania, Florida, leave the service I 1 of the City of Dania, Florida, after having been in the service of the Police Department of the City of Dania, Florida, for at 1, �I least ten (10) years, and should each Policeman elect to leave i 1 his contributions in the fund, such Policeman will be entitled i ' to a Deferred Retirement to commence as he elects either on Normal Retirement Date or on Early Retirement Date as described r in Section 5 .1 (1) and (2) , respectively, in amount based on i service and earnings up to the date such Policeman leaves the g service of the Police Department of the City of Dania, Florida. 3 i Section 9.1 Termination of the Plan. Upon termi- nation of the plan for any reason, the fund shall be apportioned i and distributed in accordance with the Florida Statutes . Section 10.1 - This ordinance shall be retroactive w-,4 and effective as of July 1, 1969. i Section 10.2 - All existing assets previously committed to the Policemen' s Pension Fund shall be transferred to the Trustees as assets of the Policemen's Retirement Fund. Section 11.1 - That all ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed to the extent of such conflict. Section 12 .1 - This ordinance shall take effect 30 days after its final passage by the City Commission, and shall be pub- lished as required by law. a PASSED AND ADOPTED on First Reading on the 7 rr-1 day of 1969. -14- I ' � I PASSED AND ADOPTED on Second Reading on the - r /r day of , 1969. i PASSED AND ADOPTED on Third Reading on the day iof 1969. IMayor-Commissioner Attest: !) City Clerk-Au itor ( ✓ I I I i i i i, f I d i i ll� p1 i I -15- f l;