HomeMy WebLinkAboutO-1977-162 1
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IORDINANCE N0. 162=
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AN ORDINANCE OF THE CITY OF DANIA, FLORIDA,
AMENDING THE PENSION PLAN FOR THE GENERAL
EMPLOYEES OF THE CITY OF DANIA, FLORIDA BY
j AMENDING ARTICLES I AND VI OF ORDINANCE NO .
541 AND PROVIDING THAT ALL RESOLUTIONS OR
PARTS OF RESOLUTIONS AND ALL ORDINANCES OR
PARTS OF ORDINANCES IN CONFLICT HEREWITH BE
REPEALED TO THE EXTENT OF SUCH CONFLICT; AND
PROVIDING FOR AN EFFECTIVE DATE.
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WHEREAS , the City of Dania, Florida adopted a Pension Plan
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amendments thereto by Ordinance No . 75 adopted August 14, 1975 , and
WHEREAS , further amendments to the Pension Plan are necessary
to conform with new pension reform legislation and actions of the
f pension plan committee, and
WHEREAS, the City Commission of the City of Dania, Florida
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desires to confirm these amendments in ordinance form,
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{ NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
q THE CITY OF DANIA, FLORIDA:
{ Section 1. That Ordinance No . 541 of the Code of Ordinance
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of the City of Dania, Florida, is hereby amended as follows :
(a) Paragraph 7 of Article I is hereby amended in
its entirety to read as follows :
"7 . 'Average Monthly Earnings ' means a Participant ' s
Monthly Earnings as determined by the City, averaged
j over the 3 highest paid consecutive years of the last
1 10 years of employment . " This Amendment shall be
known as Amendment No. 12 and shall be effective
retroactive to January 1, 1976 .
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I (b) Article VI thereof is hereby amended by the
addition of Section 5 thereto to read as follows :
"5 . Maximum Retirement Benefit for Highly i
Compensated Participants - Retirement Benefits
I payable hereunder are subject to the benefit amount
limitations of Section 415 of the Internal Revenue
{ Code and shall be reduced, to the extent necessary,
+ to meet the requirements of such Section. Such
limitations do not affect any Retirement Benefit
payments which do not exceed annually a certain
j specified allowed amount and which are nayable to
1 Participants who are not, and have not been,
participants under any other retirement plan of the
City or any supplemental program under this Plan. i
Such specified allowed amount is (a) $10 ,000. 00 with
respect to Participants having at least ten years of
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Credited Service and (b) a fraction of $10 , 000 . 00
with respect to Participants having less than ten
years of Credited Service , such fraction having a
numerator which is the actual number of. years (or
part thereof) of Credited Service and a denominator
which is 10.
Retirement Benefits which are affected by said
Section 415 are limited so that the sum of the
Retirement Benefit payments received annually will
' not exceed a specified maximum annual amount . Such
maximum annual amount is subject to cost-of-living
adjustments by the Secretary of the Treasury or his
delegate, however, initially such maximum annual j
amount is , with respect to Participants having at
least ten years of Credited Service, the lesser of
j (a) $75 , 000. 00, and (b) 100% of the Participants
average annual compensation for the three consecutive
calendar years during which the Participant was
participating under this Plan, employed as an active
Employee of the City and earning his greatest aggregate
compensation from the City. With respect to
Participants having less than ten years of Credited
Service , such initial maximum annual amount is a
fraction of the lesser of said (a) and (b) described
in the immediately preceding sentence, such fraction
having a numerator which is the actual number of
years (or part thereof) of Credited Service and a
denominator which is 10.
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For the purpose of determining the maximum limitation
under this section there shall be excluded from the
total Retirement Benefit that portion which is
j attributable to the greater of:
I (a) Participant contributions which are '
not in excess of 6% of the Participant ' s
Basic Monthly Earnings , or
{ (b) 50% of the Participant ' s Contributions .
In any case where a Participant is , or has been, also
participating in another retirement program of the ;
City or in a supplemental program under this Plan, the j
specified maximum annual amount for such Participant
will be reduced to the extent required under said
Section 415 of the Internal Revenue Code if the
required reduction is not accomplished under such other
J retirement program or such supplemental program.
Such specified allowed amount and such specified
maximum annual amount of Retirement Benefit are based {
j on payment in the Life Annuity Form or the Joint and
Survivor Form if applicable. In the event payment is
made under a different form of annuity as set forth in
Article VII hereunder such specified allowed amount and
j such specified maximum annual amount shall be subject
to adjustment to reflect the difference in the value j
of the form of payment chosen hereunder as compared to
the Life Annuity Form. " This Amendment shall be known
as Amendment No . 11 , and shall be effective retroactive
to July 1, 1976 .
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Section 2. Except as herein specifically amended all '
other provisions of said Ordinance No . 541 and previous amendments
thereto shall remain in full force and effect .
Section 3. That all resolutions or
parts of resolutions
and all ordinances or parts of ordinances in conflict herewith be
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{ and the same are hereby repealed to the extent of such conflict .
Section 4. That this ordinance shall be in force and take
effect immediately upon its passage and adoption.
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PASSED and ADOPTED on First Reading on the 22nd day of
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NOVEMBER 1977. j
PASSED and ADOPTED on Second and Final Reading on the 13th
day of DECENBER 1977 .
r�,.OR CO rONE`R
ATTEST:
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;+ CITY CLERK - AUDITOR
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APPROVED FOR FORM AND CORRECTIVENESS
CITY ATTORNEY- CITY OF DANIA,FLORIDA
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