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HomeMy WebLinkAboutO-1964-470 i ORDINANCE; NO, 470 AN ORDINANCE ESTABLISHING AND ADOPTING AN ACTUARIALLY SOUND RETIREMENT AND PENSION PLAN .FOR ALL EMPLOYEES OF THE CITY OF DANIA, FLORIDA, AND REPEALING j ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SIIA L:L BE .IN FORCE AND EFFECT IMMEDL/VI'EL t UPON ITS FINAL PASSAGE AND ADOPTION, WHEREAS, under the provi:; ons c i Ch,1pic,r 2<i"fi£3, 1949 Special Acts of Florida, the City of Dania, Florida, r;ns pc;wer and authority to provide for life and/or disabil:.ty insurance for' il.i of ;is employees and/or agents and/or officers on a group insurance plan aoproved by the City .- Commission and to pay such portions of the prerruurr; or prernlums thereon as said City Commission may deteu Tr r:e, d to e t: ,i sh < n,i create by ordi*,ance 8 pension, annui.ty and I'C'17 re27:E:'tt sv,-,ten for %irly and all CIT oups of officers or employees employed by sL,i d City; :u d WHEREAS, the City COmrrlloslol: fecis -Ii-o a-r; 'ictuarially sound retirement and pension plan or system comb ned with death benefits should he established adopted and put '.7ifn effect r, ;Iddi+Sor: tc social security berefits fled any other benefits, NOW, THEREFORE, BE 1".I' ORDAINEID F1Y THE CITY COMMISSION OF THE CITY OF DANIA, FLOR.IDA. Shy ..or: 1: That the City CmmTyus:,:.n rioris determine i.hat the City of Dania should est rt,lish 'rid .adopt an actuarially sound retirement and pension plan or system avai..lable to all employees, officers, i and agents of the City of Dania. Section 2: Thal there is herein enri, te9 . "City of Dania Employees, I Pension PI_un" readln.I r'(j !v;,)q pis foll.,:,ws: t i FT r CITY OF DANLA EMPi_OYEGS' Rim - Para r T I_ i_ Tho I r i 'I ; c�, Xvr. 'to rerms --- sand rQ. a, f de +f ,ir �i r nwes A 'he C:'v rf Mm 1, jypvA is s- I,' ,"W. lKe funds tr.' P v pa;d -,r:d plirch-a:>cd, Insurer n, D m n i CO i' i., TPr.res >ee., •t Trustees, r,cii - w��. : - ' r : d cv !, ha srah- � and the [:.v anal WOOS S 1 ' lit-r ' ., Or i t. ;; l!u '_t m a....'.. nj�r -f the so.id trio, lqrprm-w ART I C i;lil_ 11 Adm_r s3:t- op Prrragr_ h 2,_I The M;i ,, .r Connr s: .. n nrnmiitF,e ;i I- vc perSr7 _ h _ ,he p qt :dm:rustrrir M. Orc K ;I it rnt ss_on. Paraqri ph2, 2 O'hp ,r 'I-,Lr. 'P dn : o ., dud e<' spons:o 'S,i_es 1 rust agreemenh i 1he 'In. : FYI li!'1 i�.l '' i'omp!cCte cot1{rol i <Yf tPlr? to the s tern: �r,d : �I lr, , r�,�si rr;rccrnenr and rr..y dr!eaf j r ;cc nary lr r ' I . tcirr��n;z,ir- r�r>rr of tla� l?lLtn. J°id Gi'r �i '_ I71. al-I c�}"1 E:r tatJ(,p of the Pu.c,_am K3 The merr•nc+r f A: ;.o: c.,rnrtiltee shall he free Win nit L AP; f v Oy 'I MOP OP , Ken nr omird j ,crpul ar dui s -f administer- ing We 10 er j.' 4w ropulkng Own t.hei-r om willful I I { 1 i li r ParalnopIII "En t ,'(' , a IV Para; r 3r 1. 3 2 "j? a ak r W..: . 1 r I' vers, Prrs P � and Par .ar�iph3, 3 "Lif< ,.' . • 'J c :n 0— bei i D Pia r, a r,lraph 3, 1 °hrr c, " . � ,r ar 9E;5. and c _ ci r) i Fwar. r ach 3, rl "PI r. Yir 1 r" r,.c-,l. __. e.,ning 1mrMecinrldv inn Paragraph 3, 6 "I;rr4 __'vep" r pIPD''•1 regiJi. y (-P.1 1', d: ,. ,_U r7 �t 1"'V e.171ploy_• N r.c�m r : :rs ;n it weel_ and rqP M MTPAW Of ef !i n r•equrc:meras P" prorded. Para,r_up) 3. 8 Pr r vn r Sh J!.! . _ �� _ . . : � r ' ' rrnal i Pa�r,a�gr3�;r_ o U uL s r � ;� ��:.•� . trll.".Il tl'I C' PY'�l Vld(:71% I �. Life ..�.�{ r , n r rny of " LA r1ro rp We ,��;lir � :.i,r:!. _�i _. T, , ,rr,r �,o� r:r•tng a.11 10 nsur- I i Para r.-;ph 33, h. "Trus-s" Si A irl'i:')' i .1Q p A. •.dC'`l1. Life and ! r,' _ _'� 1 j Paragr_uh 3, 12 "Trim A rr " I ,c Nyreemen.t_ brrr�N � n., l ,r., .•r 7 , uslee referred Ic m Pir• , or ilk 1, i Ii I i I ! I I i I I I c cam rr(r.,� lh(' da,.e wr `'I_ I r ce is heirrq co,rrpJjfed �1es estah- i, 1ss}�ed by 'i.� 1'; . ..�. in the case ) .."s, L Yei' 7-� � I "J� 6�.' .f:.l 2i]. SPr`:'1:^e r to rP.c� "Pecl Paragraph 3,, .4 °.Mt hi;.'•i .5'..' i,.r,.n .,. :•,i' .irr ',�InI (.a;.d or, i' II G+ C ,'lldi.' i , . _ , Cl [' iti ii;• Gl her ext.r :rrip( - ; o: h;;r+;r=i nr. is P ,..d r,n :;. w �l !; wy r I,:.> wo.nthly earn... i ! ..'a a, L .'. u�. � _.��i 1'J'„ j On inn NeSidL" 9w;.,ary f o A � :r•n rIs shall be Para�gradi , 1Q "Am aril: ;�cd C' , u;v daie sha11. ..,, __.. rY7.i-'.�lel i (• ",ili 11 f it r (,�. rIDla 11 ells made fi,c 1 r is' in n ri :wn w ! hN igraph I Paragraph_3, 16 "Ar rn of y rl tr !, �., ! �.! it ipa-f 's :ccnrd2nce j W:I'_h! Pi •jr!r. 1 ";., l_r, ' tnillaled IJ?'erest ier -:1. rr� �_hn I dcr ��la;.iy icr the Mr ends of the res ' . Fs[ i�;e ..v�. � pr ci a . ti _ ., �;: r t �, r W .("!+r i"u! nW smV such date, I ARTICLE' I'd ELIGIBILITY FOR PAR 1''C11_,1"t'lr>y Para r b 4, 1 EHCh WPSY.',r : ('r•r;me a� >. + [ � F �.r,icipa.n 1. in (1!ia fit-; d ;te cclj.ded such. employee ::us mo, +cr t 1l wi . requi-rements at such I me i C, I H�. ,i r,r,e I'ull .vear• of Con- 1'n :� � r ,.: 3:rl �1�st i fii Ih' fih ill- I!-,, Cnrnm.i.ttee within tr'ilrl,i r :!cjp1 the written. aj,pl;f� ,u ;-ir:a h ; I}:eCom.rniitee, i r1j,orf d.i pruvldc that the t,ar•i.;ci, •,r:J : t ; I ,ll; .de ov the pro- I ns l Of t+' ' afld 1O m,tke. COntr7- ' i 1 trilinnn k, trl 1 r ij i - r(,uuired her � I Mr 'nr l� I r I i { 11 i 1 ! in ac r'r i i 4, 2, All CIP, J )y( s wl ;;ze Wi_a'.l :A( i %1!id IX C:�, i Par gr•yph 4 _ Of, tl ; as d-r r wj if rn=_� ',Viii.dr . r l !.,: is I e rc m2i.ns ParaC rI h 4, 1 Ary PXUSCW Or '; P Ir st (a.irlible, dcr_-; be �_! r� l(.ci t.o become a JON;Mr V i t u w mrijwirsary dale pr2or 5 In : - 1 In , A on M ' to voWs for such a part ar' K Q in, L Vow, i by multiplying such henef,, l,y ,i rr tr u f which is the nurrrP-�r �[ t Ii : r., �. i �7 .�r.l� . Fits normal is remained i ._ ..:( 1 Pr become ii i 3 I, ----------------. I I Par^ra h `) 1 TV ,�urc, :' i J � :��h r_rr: AnVee shrill. _ be t}r, f1rsi. r , . - •:wit i,>il,)wniq hi.s 651.11. WSW. hd:. F VI the ,11T, P� ,. ✓ ��r� Cnrnmi:Lree a Pari i i;;l.:tl d li `lf;'.C{C,ii On (10) years C(rr.i !r. i;,, I' wployer may retire a;, any IJmw w 'mq 1 i (' p(Crk. d 1rrlrnedl.ale�ly i, r r;i it i,rr rr .rat date. The amount of r_',r .ro , t,,wly ri liremont date SKA! IL' oClli -i warned pension. (is rli i11(`.d � I ' �r',iiii jij�: ! EJ11Ci1 early retlroman. l .ii rojo. `ii) f(_'r (,,ach full year I by wi�< Pi. su< h (r . j,ach participant's , Norm..!. ;i r ,-Ai.orral years shall ! be Si e�,n;tr,h.. I i i l t � I i f `- Para. r- nr rrnr.ri W, ra n unM h Y 1 ._:!. d w_'.1l he the AS i• P�lY'aQPapl; £j, l ll.e �,IP iI'' i)I it it I lo l< ]11ilnt. Min r, t r 'G -l:: [ 1 ..i to., date shot! f r. f:! r i(•tr ] ins ':•a �)V 1 1P)l'. ] u �.J�I Il r( I I s t�i CtU3�.`l ACTOLO, J r q r , r; r f ihr+ M, If I,•� ti I 'V Ylr Yt i E'1�ed dliTing lr tpr.li.'.ii Orly j' Cgd ,Y( ]ng i Para rash g 2 A t. It I r r rJ :i71 0 t Tt 'I ;il} : :h�ir rr �r- 1 i1r �.f iii�l �. I1:,17 i(� fer IS rdiPe Aurlust ]. r1 , it � _�ir r f any date Par�acrraoh 80 3 A n-: �� �• �� sh ad.1. i < l ' cih rr l'- pr o spe ci ive rmr.5ir r ����<< l �t �r :r ' ii� 'he. nunerator i of whip } i:� r,cr Uil7, rrr;nihs of par- AN Tor r. d ,te and the, d�;r •m_ rar r t l I ; t.hr nn= r of full rnr:nt!: it ..11 ;( anon in the Ply! st•MOd w ri reti_rnmimt date, f Rr.C.iCl.t; i , Norm: t , ,-,, ! �-f ,- �.r ,r �. normal. form shall Paragraph Oa I i"' m �ct.ual rctiremcnt *rd hall be payable rnunlhl.y '.h� :r� -ftr=r rlur�n�{ h], lrfei.inle terminating with th, last 1 qrr r�- t 1 ,'Yyjjyj To death of such { Paril.ciprint IMAMS ,wr,"', that if the death. of tO Pn:rUC;! li ' 11 111 r cur after the first such menthly I io re : Ldy (no) guaranteed m,jde, the commuted value Y I of To rern' 'nM i( . nmn,60 t �Runns .S deter-' I 7?7:•-P�i �i„rji, ti . Ci r' lI ._ � ,1 r'l i_ _ W:.;.l. t'C� 1�1.id "i� t.h,(:• ( ._.. "� 'i1J�I 1.,( i !(. reCe1Tt' S'Jch f 1»rr�f: sl�t�, t :�,✓rnrn P. a.r,agir Q J, 2 A parnaij: . . ;r. . rl; ofihenc,rm!+.Lform of pemm n my ; i`.- W form f ponsm payments a•,-i ble ;ndcr the 4erms rf the nr mp Ne nnmract. I i Delhi: Bojlef:l j Parag a -i 10, 1 As of the dP'- ;'f'o a (':,-1.r11.Cif;-;n' under Ks f'z-„ lie hqmir :n-kch it.. nn provided or. l'.fe n&r i!e ^ernis (4 rc qr-j,. ],!ie cordraci in tm rioxd equr.(t. '.o ;. Mari, 00 for c :.P,. 10. 00 of m1h pirVi a,nt's pry „p&" re fens cn as of such date. Paragraph. 0, 2 Or: e is h s 1cc ee&nrt rrlrp� er ar,y date when the prr,sp(. m(, pe Is.r;n ( f Una.l.l. , oni.it ( t rn, d ar c e wi(h the preceding.... f'<.rag r [)i,I.., 't lrj t,�� ! l.. .li!.. .'n!. Llte iTisu r'a71C(', s!u:}- addiii.c d be provided mder t.hr �rt, .tp In rxr effecil.ve aS of such inrt.versary date, Correspondingly, when a parr -,'.(.4 p r osper i -c'. por�sJw.,i. is reduced as cf it ..','(,r ._Ary dliir?. rodl _iic"n n h,'s .1.7.fe insur- :J,r-cc -. ti1' ripl(.` wi J. r C' t frec!ed. I Paraq ra.ph '.0, 3_ No increase �r Jecrc >>e in AN i-rsura.nee coverage ' for rry pat :F i.,,, sh,u,t re effer:;ed after- the ann1 ersary UP fiv_c- years immodiaiely preceding i the F,arirr;FyLit .; rorrnat. refjrorrer;i date, A11 .fife l.nsur 'rce 0( or '0o II'Ider i.i( pI ,n. Sh7..tl continue in. force for mch. i� hr-i'F "Y:il sly :ir?g as he rem2jun.S a f Par,, rarh 1.O. 4 WDh res c.ci 4o ony here.. under, the par(;c ipin! dur-mg his lifeii.me shall. have the tight is na.rnr,. Or d the henefici.ary Turecf and rmv rn( Ja cr rr:eth.r,d of seit.lement, In crdei +.o ctfe,.t any ch=ir;ge in bettefi.ciar9, the pjrt ' 7.p;in!, f;. ': wr--J:nn app]iration. with the Peilic;r! Comm0tee r;n a form furn9.sh.ed by the 1 Pensicin Comrniitr�eo !n the event the designated beneWrary is evil l.;xinq ! ire death of the � partroir;:,ni., the dealt proceeds sha .l he payable to the pa.rtimp int 's (_„r0*e� I I i I i i I I i I Paragraph 10. 5 Any life innsurance benefit in excess of the amount issued a;a4.ornatic»].��,� by the insurance company at. st.::crda.rd rate„ (l.ereinafter referred to as [he "aut :m,Aie limit"), not less than $1.1, 000. 00 for any Fnrticipazit shall be subject to such evidence of insurability as may be ^eq:ured by the in si,r�'Ince companq If the participant is deemed as insut:a ;le at sub- standard rates, such excess J.nsijrizi.cp shall be provided if si;ch participant. agrees to pay the extra premium occasicrted by the sub- star-dard rating, l:f such partici.pani does not agree to pp such extra l)rcm-ji r, an additional amount of life insurance, in excess of the "automatic limit.", shall he purchased at the sub-standard rate i.n such �:tmount. is .may be purchased by th.e total. prernium which would have been payatle for such participant if he had been i.nsurahie at the standard mortality rate. if such. participant is uninsurable, such participant's life insurance coverage shall be limited to the "a.ufornatic limit". ARTICLE X . Disability Benefits Paragraph 11, 1 A participant in the P1ari wi1!. become eligible ' for a disability benefit upon a finding by the j Pension Ccmrnittee that, he has become j permanently i.ncaf 3:bic of t,erform ng the duties v� of his position or of r,.ny other position. offered j to him by the City with the degree of efficiency ! required by the City. Such benefit shall be equal 1 in value to sur_ti participant's earned pension as j of the date disability commenced. i Paragraph 11.2 Payment of such benefit shall be in such form and shall commence at such time as is designated by the Pension Comrnit.tee <,ctin(j in the best interest of such participant. ARTICLE XII Termination of Employment. Paragraph 12. 1 A participant whose employment with the Employer 1 is terminated prior to his normal retirement date and who has been a participant under this plan for Less than ten years at date of termination of employment shall receive a lump sum payment equal to the total of his Accumulated Contri- butions with interest, i s i Paragraph lyj A jawt; i(:.;ni- v 1' 11 r c:rq wnh with the l rnplq er .rs Wn1'c:', I ' wr t ; his Perrnal reti.remc rat an'i J,. r;; .I (.:3.ri.J,(.Lpr'L7rt ender t>7 a plar! !T innre tip.>r; Von years at I dil i.!? of tl T "r1U''.flt. trl (,i t r!Ifl(r;`ir '11�. 7r1.'1`i E'�n,Ct. io r6'('P.1\/B C.LtI":.t`r' tt?.o I'llirlh ]l;:rli. (iaylr:E'.n t. described andur I% i iT wh 12, 1 ,.t,r'ye paid-up rallrer,r r t. ;i wriili.,' of tI e TIOrnl 31 anrrm.t"y ft�rrn. tl llr:;i rr = ih:f;r t vrr. r ' ',( ;,orn.i.nq due on his norit'a,t rLt: I �.1r 0:I', �t �'� . T! . r1.rtiowlt; of such ]. t his r ,a percEn t dry of refirerTent I.;IJil'!r .il'"il ' t,' cmrrred parson �1.1 c'f d:ll<: ct tr,r 1 url;lt,inn of em.p19YPIOni ;is, d'+t2rrn ' r,•t h,r ir.', fnlloru;?Ig schedule:: Years as a F'er'ae!n wge of Earned Under il:.:; It, T Pension Vested At least. 1.0 In je s th s, 1h b0% " At '_east. 15 bui. leis t'h;:n '_"O 7 5 Wo 20 Yaa.rs or Mort; 1.00% AR.TIC I I; XLf1 Cost _,f !'he Pla-n Paragraph 13, 1 Earl: pa.rt.jr:ip,n.f st���ll:l. �WrTute to th.e trust each month during whirl, r'. jz it pj:-tit iptuit in. {.he Plan 00 for c,=tch $10 00 rtf 10—s prospective pension ca11 ul-;.tr'd ,s of tt,' fi ,;t d2', c:f the 1-11a11. Year' di Inn whr h. suc h c. ,n±ri.Lilt:iwi 1.3 being made. Such sh.rdl ba deducted from the par- f, trdals:nil I LOd to the 'Trustee by the City. i Pars rash 13�2 The City calla cnr r r it,ut:: ir, tlre the remaining arrtn;ii.nt rr os£i:iry t; l'"i; 'I iE. t,t'-io bc"l:efits to which the p;;lrtir.ilr"int.s c.'d:�tl.ed ,zndor the plan. A.RTI.0 Lb,; X I v i Assi.gnmt-�ont of Paragraph 14,_1 No assiclnmto!tt. of <rrry rigi: or t:enefi:ts arising under the ITIM, v,i1.1]. N tharrallId or recognized, not' shall any s;uah. r'ITrts or bi:nefits be subject 1 to a.ttac:hrcrc:nt nr Who— laMil or equitable processes. i f r I I � ' 1 I i ARTICLE XV Amendmertis and �i'ermlmil!; t Paragraph 1.5_1. A:ttho%qh the Cl.t ,• intends in c:,ntinue t,h .s Pl.a, i mdefaiDely, if reser ,cs +;he ri�71,1 a! ;any time to amend ter term.i.n.-i+.e the Pl=rr. i_r. ttP.e rnLrn.er and subinrl to restricficros provided in, �he trust agreement, i Paragraph 15, 2 In the event of OnG 'crminai,.on of the Plan, the Pension Corr,n:ikee shall i.nstr!uc!. the Trustee to: i (a) Di.recf. the Ltsurnnce Company to con,rert each certificate under the, group Lie contract to an ir;divjduai life insurance I..-oi.icy and then. trans- fer :End issiyn fe oach !hen living participant the i.ndhAdual life insurance po).Ucy or poUlci.es on such }: irt. c ii,ant's .life. (b) Allocate the remaining assets of the trust after making provision for expenses as pro- Wed in the trust agreement, t,o the extent suffi.clent to purchase rei.i:rement annuities under the terms of the group life contract for participants in the following order of precedence_, in all. cases, the amount of retirement antnul.ty sc purchased for :any participant shall be, limited to such par-• ticipr_int`s earned pOnsion as of date of t.errni.nati.on c;f the plan. reduced by the amount i i of paid- up retirement amwity made available ,. under (a.) above, To purch.a.se retirement annuities for all i pa.rtimpanis who ha-ae reached their normal reii.rprnent. dates but without reference to true r,rder in which th y shall ha�re reached ihei.r normal retirement dates, (i.i) To pr,.rchase reti.remonf annuities com- rn.er;:::.i_: c; :at normal. reti.rem.ent date for all part.i(- .pr.rria acre 55 or over who have competed i.en (1.0) years Continuous j Service flit wi.thout reference to the order in which they shall reach their normal refirernerii, dates. i i 1 i j Oii) To purchase reti.rerneni. annuities com- mencing at normal retirement date for all other participants not included under (i) and 0.0 ibot e but without reference to li the order in which they shall. reach their normal retirement dates. -10_ If I-1 C!rn Tt-js! ire not annuitic,,3 i(, orif DR he applied in L to 1)!'(-)"'dC pl-iH c"jp'lnfs of oqul L to cur amr,:1n1 which, when (I to I,Ito, rVI'l-remerit ltjc's ljlldbj.e 11nd(,r (a) 'thn.,,O, WAI form a. ijrlj.f, such p'!I'ti ci- !IS Mil na on TABLE 1 SCIIEE)-IJLE- OF BENL-Fty-s Month 7 Earnings mollthly Belich.1, Llfe Insurance Up to $175 $ ')0 75. 01 - 40 $.1�25. 01 3, 000 225. 01 - 275. 01, ;-)0 4., WO 275. 01. 325. 01 60 19100() 325. 01 ?j7b. 01 6, 000 375- 01 425. 01 1170 7, 000 -L e 425. 01 41(5. 01. 10030 8,000 475. 01. 525, 01 130 1 0,-600 525. 01 - 575. 01 .13, 000 575. 01 - c)25. 01 .1.5,Soo 625. 01. - 675. 0.1. 2 1.8, 000 675, 01. - 725. 01 foo 725- 01 - 775. 0.1. 2 5 23, 0()0 5 775. 01 - 825. ().L P80 2b,.foo 825. 03 - 875. 01 28: 000 30, 500 In F1,,r1hcr In Farther Steps of Stops of In. Further Steps of $50 $211) $2, mo Formula- A, McnUi�y 0)j)rOyjrn' 0 �'f T' $4 0 earnings in (�Xo in - 507,es,,3 of T 0(). Minimum benefits $30. �)Iu 0 of Section_ 3 That, the city COnjnIjssj,,, dee ms if adj'(L h 0 to enter into a wrltf.en contract. with an insurance company to SUPPIY such Pensions and death and disability ts, in accordance with the pro),�jsionf-, of the PiNr. e�st,,,jhjishc(j and Qd0jr bY this Ordinance. I Section 4: That alt ordinances or parts of ordir,szi^es in crmflict herewith be and the same are hereby repealed to the extent of such conflict. Section 5: That this ordDiarce shall be in force wm.d effect j immediately upon its final passage and adepti.on. PASSED and ADOPTED on First Reading this 21st day of Septomber, i 1964. i i PASSED and ADOPTED on Second Reading this ^� t�? day of October, 1964. p PASSED and ADOPTED on Third and Final Reading this day of October, 1964. Mayor-Cornmi ss.ioner Attest: . City Clerk-Auditor, 1 i i i i i i i f I t i 3 i -12 E I I 1 �