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Home My WebLink AboutO-1978-185 17 ORDINANCE NO. 185 AN ORDINANCE AMENDING ORDINANCE NO. 132 OF CITY OF DANIA, FLORIDA, WHICH WAS ADOPTED ON FINAL READING ON FEBRUARY 22 , 1977 , BY DELETING SECTION 8 AND ADDING A NEW SECTION 8 THERETO: AND PROVIDING THAT ALL OTHER PROVISIONS OF SAID ORDINANCE 132 SHALL REMAIN IN FULL FORCE AND EFFECT; AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND PRO- VIDING THAT THIS ORDINANCE SHALL BE IN FULL FORCE AND EFFECT IMMEDIATELY UPON ITS FINAL PASSAGE AND ADOPTION. I BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF 1 DANIA, FLORIDA: Section 1: That Ordinance No. 132 of City of Dania, 3 Florida, which was adopted on final reading on February 22 , 1977, be and the same is hereby amended by deleting in its entirety Section 8 of said Ordinance and inserting in lieu thereof the following: Section 8 REPEAL OR TERMINATION OF SYSTEM i f1. This Ordinance establishing the System and Fund, and subsequent Ordinances pertaining to { said System and Fund, may be modified, terminated, or amended, in whole or in part; provided that if this or any subsequent Ordinance shall be amended or repealed in its application to any member or beneficiary benefiting hereunder, the amount of benefits which at j the time of any such alteration, amendment, h or repeal shall have accrued to such person shall not be affected thereby, except as set forth herein. 2. If this Ordinance shall be repealed, or upon written notice to the Board by the City that contributions to the System are discontinued, the Board shall continue to administer the System in accordance with the provisions of this Ordinance, for the sole benefit of the then Members, any Beneficiaries then receiving retirement allowances, and any future persons { entitled to receive benefits under one of the Options provided for in this Ordinance who are designated by any of said Members. In the event of repeal, or if contributions to the System are discontinued there shall be full vesting (100%) of benefits accrued to date of repeal or discontinuance of contribu- tions and the Fund shall be apportioned j and distributed in accordance with the following procedures : r ! t 7 If j (a) The Board lthedetermine date of distribution and value to be distributed account the expenses taking into ' p off such distribution. method b) The Board shall determine the distribution of the asset I value, that is, whether distribution shall be by payment in cash, the maintenance of another or substituted trust fund, by the purchase of insured annuities or otherwise, for each police fireman entitled to officer and Officer under the System, as specified in subsection (c) . (c) The Board shall apportion the asset value as of the date of termination or discontinuance of contributions in the manner set forth below, on the basis that the amount required to provide any actuarially atl income shall mean the such retirmentpincometed , except value of the method of distribut ' de that if j under subsection (b) involvesttheined of an insured Purchase to provide the annuity, the amount required shall mean the given retirement income single for such annuity. Premium payable j made in) Apportionment shall first be respect of each retired police Officer and fireman receiving a retirement income hereunder on such date, each Person receiving a retirement income such date on account of a retired b ton since deceased) Police officer or fireman, and each police officer and fireman who normaiyretirement such date �bubecome eligible for j ( in the amount re has not yet retired, i retirement incomeui Pro to provide such such asset value berovided, that if Of such less than the aggregate amounts such amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such asset value. (ii) If there be an remaining after the) y asset value I subparagraph (i apportionment under P next made in ' apportionment shall respect of each police Officer and fireman in the service City on such date who has completedoatthe least ten years of credited service and who � has contributed to this System or its predecessor, Policemen ' s Retirement Fund or Firemens ' Retirement Fund for at � least ten years and who is not entitled I ' I i i _z_ , Wn.nw.wwan . J to an apportionment under subparagraph (i) , in the amount required to provide the actuarial equivalent of the accrued normal retirement income, based on the police officer's or fireman 's credited service and earnings to such date, and each former participant then entitled to a benefit under the provisions of Section 1 3, Paragraph 5 (b) , who has not, by such date, reached his normal retirement date, in the amount required to provide the actuarial equivalent of the accrued normal retirement income to which he is entitled under Section 3, Paragraph 5 (b) provided that, if such remaining asset value be less than the aggregate of the amounts apportioned hereunder, such latter amounts shall be proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value. (iii) If there be an asset value after the apportionments under subparagraphs (i) and (ii) apportionment shall lastly be made in respect of each police officer and fireman in the service of the City on such date who is not entitled to an apportionment under subparagraphs (i) fand (ii)_ in the amount equal to his Accumulated Contributions to the plan to date of termination or discontinuance of contributions, provided, that if j such remaining asset value be less than the aggregate of the amounts apportioned j hereunder such latter amounts shall be JI proportionately reduced so that the aggregate of such reduced amounts will be equal to such remaining asset value. (iv) In the event that there be asset value remaining after the full ! apportionment specified in (i) , (ii) and (iii) , such excess shall be returned to j the City, less return of State ' s contributions to the State, provided that, if the excess is less than the total contributions I made by the City and the State to date of termination of the plan or discontinuance of contributions such excess shall be divided proportionately to the total ' contributions made by the City and the State. I j (v) The Board shall distribute, , 1 in accordance with the manner of distribu- tion determined under paragraph (b) the { amounts apportioned under (c) . o If. , at any time during the first ten years after the Effective Date of the System as respects the i City, the System shall be terminated or the full I I I -3- j I ,1 J a current costs of the System (consisting of the normal costs and interest on any accrued liability) shall not have been met, anything in the System to the contrary notwithstanding, City contributions 1 which may be used for the benefit of any one of i the twenty-five (25) highest paid Employees of the City on the Effective Date , whose anticipated i annual retirement allowance provided by the City ' s Icontribution at his Normal Retirement Date would exceed $1 , 500, shall not exceed the greater of either (a) $20 ,000 or (b) an amount computed by multiplying the smaller of $10 , 000 or twenty percent of such Employee' s average annual earnings during his last five years of service by the number of years of service since the Effective Date. In the event that it shall hereafter be determined by statues , court decision ruling by the Commissioner of Internal Revenue or otherwise , that the provisions of this paragraph are not then necessary to qualify the System under the Internal Revenue Code, this paragraph shall be ineffective 1 without the necessity of further amendment of this Ordinance. i i Section 2 . That all provisions of said Ordinance 132 i shall remain in full force and effect . Section 3 . That all ordinances or parts of ordinances j in conflict herewith be and the same are hereby repealed to the extent of such conflict . Section 4 . That this ordinance shall be in force and f i effective immediately upon its final passage and adoption. ii PASSED and ADOPTED on First Reading this 25th day of July 1978 . PASSED and ADOPTED on Second and Final Reading this 8th day of August 1978. r Maycr-Comnti ioner Attest: i a ' City Clerk-Auditor i I I -4- ,