HomeMy WebLinkAboutO-1991-004 Yi
04-91
ORDINANCE NO. _
AN ORDINANCE OF THE CITY OF DANIA, FLORIDA AMENDING
CHAPTER 18 OF THE CODE OF ORDINANCES OF THE CITY OF
ENTITLEDDANIA "PENSIONS AND
RETIREMENT"
DEFINITION OF AVERAGEMONTHLYEARNINGS , ADD THE
DEFINITION OF "ACTUARIAL EQUIVALENCE", PROHIBIT
DELAYING A MEMBER'S RETIREMENT BENEFIT BEYOND THE AGE
OF 70-1/21 ADDING THE LIMITATIONS PROVIDED FOR IN
INTERNAL REVENUE CODE SECTION 415 (d) EXPRESSING THE
INTENT TO COMPLY WITH SECTION 414 (h) (2 )
OF INTERNAL REVENUE CODE, PROVIDING FOR EXTENDED
CONTRIBUTIONS, PROVIDING THAT ALL ORDINANCES OR PARTS
OF ORDINANCES AND ALL RESOLUTIONS OR PARTS OF
RESOLUTIONS IN CONFLICT HEREWITH BE REPEALED TO THE
EXTENT OF SUCH CONFLICTS, AND PROVIDING FOR AN
EFFECTIVE DATE.
f WHEREAS, the Board of Trustees of the Dania Police and Fire
Fighters Retirement System has determined that it is in the best
interest of the City, the Retirement System and its employees for
the Retirement System to be qualified as tax-exempt by the
Internal Revenue Service, and
WHEREAS, the Retirement System's actuary has recommended
that certain amendments be made to the pension plan to facilitate
the Internal Revenue Service qualification, and
WHEREAS, the following changes have been approved by the
Board of Trustees of the Dania Police and Fire Fighters
Retirement System, and
WHEREAS, the City Commission wishes to amend Article 18 .
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF DANIA, FLORIDA AS FOLLOWS:
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Section 1. That Section 18-40 (10) of Chapter 18 of the
Code of Ordinances of the City of Dania, Florida is hereby
amended to read as follows:
(10) AVERAGE MONTHLY EARNINGS means one twenty-fourth
(1/24th) of the arithmetic average of earnings
for:
(a) the twelve (12) months immediately preceding
the member's date of termination or the date when he
a; accrues the benefit level of seventy-five percent
(75%) , and
y (b) any other consecutive prior twelve ( 12 )
7 month period, as selected by the member.
Provided however, each member who has accrued the
1 benefit level of seventy-five percent (75%) may elect
to make partial additional contributions as provided
n" hereunder in order to have average monthly earnings
determined as of his actual retirement or termination
date.
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Section 2 . That Section 18-40 of Chapter 18 of the Code
of Ordinances of the City of Dania, Florida is hereby amended to
add the following subsection (16) :
(16) Actuarial equivalence or actuarially equivalent
shall mean that any benefit payable under the terms of
this system in a form other than the normal form of
benefit shall have the same actuarial present value on
the date payment commences as the normal form of
benefit. For purposes of establishing the actuarial
present value of any form of payment, other than a
lump sum distribution, all future payments shall be
discounted for interest and mortality by using seven
percent (7%) interest and the 1983 Group Annuity
Mortality Table for Males, with ages set ahead five
years in the case of disability retirees. In the case
of a lump sum distribution, the actuarial present
value shall be determined on the basis of the same
mortality rates as just described and the Pension
Benefit Guaranty Corporation's interest rates for
terminating single employer plans which rates are in
effect: (a) ninety (90) days prior to the member's
date of termination if distribution is made within six
months of such date of termination, or (b) ninety (90)
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days prior to the distribution date if distribution is
made later than six months after the member's date of
termination.
3• That Sect
.Section ion ion 18-42 of Chapter 18 of the Code
of Ordinances of the City of Dania, Florida is hereby amended to
add subsection (6) to read as follows:
(6) In no event may a member' s retirement benefit be
delayed beyond the later of the April es seventy
ng
the calendar year in which he attains age
following
one-half (70-1/2) or April 1st of the y
the calendar year in which he retires. Distributions
under this plan will be made in accordance with
regulations under Internal Revenue Code Section
401 (a) (9) . Provisions of Internal Revenue Code
Section 401 (a) (9 ) shall override any distribution
options in the plan that may be inconsistent with such
y Section.
Section 4. That Section 18-42 of Chapter 18 of the Code
Florida is hereby amended to
n' of Ordinances of the City of Dania,
add subsection (7) to read as follows:
(7) In no event may a member's annual benefit exceed
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the lesser of:
ing in
(a) $90, 000 (adjusted for cost of li Section
accordance with Internal Revenue year in which ode (IRCsuch adjustment
415(d) , but only for the y
is effective) , or
(b) One hundred percent (100%) of the average
annual compensation for the member's three
eof highest
paid consecutive year aid without regard to the one
oi
to
$10, 000 a year can be
hundred percent ( 100a ) limitation
member the
oaal
retirement benefits p yable
to defined benefit plans (as defined in IRC
ction
414 (j) ) maintained by the employer for the present
any prior year do not exceed $10, 00o and the employer
has not at any time maintained a defined contribution whi
plan (as defined in IRC Section 414 ( i) )
ch the
employee was a member.
If the member has less than ten (10) years
of service with the employer (as defined in IRC
Section 415 (b) (5) and as modified by IRC Section
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415 (b) (6) (D) ) , the applicable limitation in paragraph
(a) or paragraph (b) of this subsection shall be
reduced by multiplying such limitation by a fraction,
not to exceed one. The numerator of such thereof fractiof
shall be the number of years , or p
artservice with the employer; the denominator shall be
ten (10) years.
For purposes of this subsection, the "annual
benefit" means a benefit payable annually in the form
of a straight life annuity with no ancillary or
incidental benefits and with no member or rollover
contributions. To the extent that ancillarybenefits
(a)
are provided, the limits set forth in paragraphs
'}G and (b) above will be reduced actuarially, using an
, ! interest rate assumption equal to the greater of five
percent (5%) or the interest rate used in the most
recent annual actuarial valuation, to reflect such
ancillary benefits.
° If distribution of retirement benefits
the dollar limitation as
begins before age a shall described in paragraph ( a) be reduced
ual to
actuarially using an interest rator stheption interest rate
' the greater of five percent ( 5%)
used in the most recent annual actuarial valuation;
however, retirement benefits shall not be reduced
below $75, 000 if payment of benefits begins at or
after age 55 and not below the actuarial equivalent of
j $75, 000 if payment ge 55.
of benefits begin e 65fo there
dollar
If retirement benefits begin aaft shall 5, increased
limitation of paragraph ( a) equal to the
actuarially using an interest assumption
lesser of five percent (5%) or the interest rate used
in the most recent annual actuarial valuation.
r purposes of this subsection , the
annual
p Pfor
"average annual compensation ears ashalle mean tiree
the
highest paid consecutive y
member' s greatest aggregate compensation during the
period of three consecutive years in which the
individual was an active member of the plan.
Section 5. That Section 18-44 (1) (b) of Chapter 18 of the
Code of the Ordinances of the City of Dania, Florida is hereby
amended to read as follows:
(b) Duration. Contributions by members shall be
deducted from their earnings before the same are paid
until the member has reached his actual retirement or
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termination date or the date when he accrues the
benefit level of seventy-five percent (75%) , whichever
occurs first. Member contributions shall be deposited
in the fund on at least a monthly basis. In the event
that the employer agrees to assume and pay member
contributions in lieu of direct contributions by the
member, such contributions shall accordingly be paid
into the fund in behalf of the members. No member
subject to such agreement shall have the option of
choosing to receive the contributed amounts directly
instead of having them paid by the employer directly
to the fund. All such contributions by the employer
shall be deemed and considered as part of the member's
accumulated contributions and subject to all
provisions of this plan pertaining to accumulated
contributions of members. The intent of this language
9..;
is to comply with Section 414 (h) (2) of the Internal
Revenue Code.
Section 6. That Section 18-44 (1) (c) of Chapter 18 of the
Code of Ordinances of the City of Dania, Florida is hereby
amended to read as follows:
{' e (c) Extended contributions . A member whose
contributions would otherwise cease due to his accrual
r of the benefit level of seventy-five percent (75%) ,
and whose benefit would therefore be fixed in amount
as of that date regardless of future changes in
earnings, may elect to continue making contributions,
but only based on future earnings increases arising
from increases in the regular and overtime rates of
pay. Such election shall be irrevocable; for those so
electing, average monthly earnings shall be determined
as of actual date of retirement, disability, death or
other termination as an employee.
Section 7 . Except as herein amended , all other
provisions of said Article V shall remain in full force and
effect.
Section 8 . That all resolutions or parts of resolutions
and all ordinances or parts of ordinances in conflict herewith be
and the same are hereby repealed to the extent of such conflict.
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Section 9. That this ordinance shall be in full force
and take effect immediately upon its final passage and adoption.
PASSED AND ADOPTED on first reading on this 22nd day of
January
1991.
PASSED AND ADOPTED on second and final reading on this 13th
day of February
1991.
" 68X NCO1MI S g
ATTE T:
/ 2
.,j ITY CLERK - AUDITOR
y q,
I APPROVED FOR FORM AND CORRECTNESS:
h. BY: C
FRANK C. ADLER, CITY ATTORNEY
..e
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RET.ORD
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HOLLYWOOL SUN
Established as The Hollywood Sun - January 4, 1935
HOLLYWOOD, BROWARD COUNTY, FLORIDA
STATE OF FLORIDA
COUNTY OF BROWARD D w_ c m, ewarth
Before the undersigned authority personally appeared —T� g
Who on oath says (h011110 is
Of the Hollywood Sun a daily newspaper published at Hollywood in Broward
county, Florida: that the attached copy of advertisement, being a
in the matter of cityof Dania. meeting On 2/13/91
M'
ry 1
t Y`1j in the ['TTY OF HOT r YWOOD - �dR}Ft,
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was published in said newspaper in the issue of
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Atfient further says that the said Hollywood Sun is a newspaper published at Hollywood in said Broward
County,Florida,and that the said newspaper has heretofore been continuously published In said Broward
County,Florida,each week and ha een entered as a second class matter At the post office in Hollywood in
P said County,Florida,(or lod one year next preceding the first publication of the attached copy of ed-
lertisement:end nt furthe ays that he has neither paid nor promised any person,firm or corporation
any discou abate,Comm' Ion or refund for the purpose of securing loeosF HEARirsiG ant for publication in
the sa' newspaper BEFORE
CITYCMMIISGION
OF
DANIA.FLORIOA
REGARDING
AOOPTiONOFTHE
FOLLOWING PROPOSED
ORDINANCES
Sworn and subscribed before me NOTICE Ia HEREBY GIVEN
that tha Cny Comm s'lon o1
J/ tha Carol anlo,Flodda,on
q� FabruorY 13, IPat a1"0
This day of A.D. 193LT yy,R,or uooantharaanou
rhay b.Iha maltar .bile hur/n
p
a g In
aondua
Ina DaGorrlrrllaalonrl,amol
NOTARY PUBLIC W.I Dania eiaa lNedul.
Vud,Dania.Fkdda to eon•
altar tna pprPPerad adoptlen
(SEAL) 01 Ina Ingowlna erdlnanc+a
entitled:.
NOTARY PUBLIC,STATE OF FLORIDA. AN 0no1NANDR.OF-THE
MY COMMISSION EXPIRES:JULY 31,1993. 'CITY oFDANu.FLORIDA,
PONO&D THRU NOTARY PUPWO UNOPRWRITERS. AMEND ING aECT10N S-
op CHAPTER as OF THE
COOS OF ORDINANCES
of THE cm of oANIA,
FLOESRIDA AY ADDING A
UECTIGN let
REERET In OULATIONS POR TIHC'
BORECNINO OF 'DUMP•
$TERS; AND PROVIDING
OR^TPAR NA
TS OFOROI.
NANCEB AND ALL PESO•
LUTIONS OR PARTS OF
FUTION$ IN
LIOTL HEREWITH BORE•
PEALED TO THE EXTENT
OF SUCH CON FLN)T;AND
FECTIIVEOATE R AN P.
AN ORDINANCE OF THE
CITY OF P ROVIOING NI FOR FLORIDAA. THE
DEDICATION OF LAND TO
BE USED FOR PARK,
OASSIVE OR ACTIVE
PEN SPACE OR RECRE•
PTONAL PURPOSES;
ROVIDING A FORMULA
FOR DEDICATION: PRO'
VIDING FOR PAYMENT OF
A Fee IN LIEU OF DEDICA-
TION; PROVIDING, FOR
y aviV Vu
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F.
r
oR HE
SCREENING JOF DUMP-
STE" AND PROVIDING
TN ORDINANCES
Of S OF OROI-
NI .UO ALL RESO.
LD. OR PARTS OF
RESOLUTIONS IN COW
FLICT HEREWITH SERE-
PEALED TO THE EXTENT
OF SUCH CONFLICT;AND
PROVIDING FOR AN EF-
FECTIVE DATE.
AN ORDINANCE OF THE
CITY OF DANIA,FLORIDA
PROVIDING FOR THE
DEDICATION OF LAND TO
BE USED FOR PARKS,
PASSIVE OR ACTIVE
OPEN SPACE OR RECRG'
ATIONAL PURPOSES;,
PROVIDING A FORMULA
FOR DEDICATION; PRO.,
VIOING FOR PAYMENT OF,
A FEE IN LIEU OF DED ICA•'
TION; PROVIDING FOR,.
THE MAXIMUM TOTAL'
PERCENTAGE OF PLAT
REQUIRED FOR DEDICA•,
TION; PROVIDING FOR
CREDITS FOR PRIVATE
PARKS,OPEN SPACE OR
RECREATIONAL PUR.
POSESAND FOR REGOLA-
TIONS COVERING SAME;
PROVIDING FOR SEPARA.
BILITY; PROVIDING FOR
CODIFICATION;AND PRO-,
VIDING THAT ALL ORDI.
NANCES OR PARTS OF
ORDINANCES AND ALL
RESOLUTIONS OR PARTS
OF RESOLUTIONS IN CON-
;: FLICT HEREWITH BE RE-'
PEALED TO THE EXTENT'
` OF SUCH CONFLICT;AND
PROVIDING FOR AN EF.
I FECTIVEDATE.
�•�� AN ORDINANCE OF THE
CITY OF DANIA,FLORIDA„
AMENDING CHAPTER IS
OF THE CODE OF ORDI•
•i NANCES OF THE CITY OF
DANIA ENTITLED
PENSIONS AND
RETIREMENT- TO
CHANOE THE DEFINITION
OP 'ACTUARIAL,
U EQUIVALENCE-, PRO•,
It HIBIT DELAYING A MEM•
BE R'e RETIREMENT SEW' E FIT BEYOND THE ACE OF
70.1/2,ADDING THE LIMI-
TATIONS PROVIDED FOR
IN INTERNAL REVENUE
I }� COOESECTION41a(d)EX-
PRESSING THE INTENT TO
COMPLY WITH SECTION
414(h) (E) OFTHE INTER-
NAL REVENUE CODE,
PROVIDING FOR EX-
TENDED . CONTRISU.
TIONS, PROVIDING THAT
ALL ORDINANCES On
PARTS OF ORDINANCES
AND ALL RESOLUTIONS
I .OR PARTS OF RESOLU-
ITIONS IN CONFLICT
HEREWITH BE REPEALED
iTO THE EXTENT OF SUCH
CONFLICT, AND PROVID-
ING FOR AN EFFECTIVE
DATE.
AN ORDINANCE OFTHE.
CITY OF DANIA, FLORIDA
AMENDING CHAPTER 18.
OF THE CODE OF OROI-'
NANCES ,OFF THE CITY
OFOANIA ENTITLED
PENSIONS AND
RETIREMENT'. TO
CHANGE THE AMOUNT OF
FIREFIGHTER EMPLOYEE
CONTRIBUTIONS EFFEC-
TIVE OCTOBER 1, 1851,
PROVIDING THAT ALL OR-
DINANCES OR PARTS OF
ORDINANCES AND ALL
RESOLUTIONS AND
PARTS OF RESOLUTIONS
IN CONFLICT HEREWITH
SE REPEALED TO THE EX-
TENT OF OWN CONFLICT;
AND PROVIDING FOR AN
EFFECTIVEOATE;
A COPY Of Ibee Proposed
OrdinAnOOS AM On file Inth.
Office of the On11��CI.M.City
NAZI,loo W..I DanlaB..eh
BOYIe1.Id, Can!,
and iiarioA,-
and maybe In.peeled by IKe
nF,Utlia during normal worL-
g hour..
Info..fee p.Hl.. may NO.
Garear at the afere.Ald
g And be Keats with I.-
.P•eltolA.Propoe.d.
Any person who do.Id..to
APPOM any decision made
by the City COmml..O.with
,..peat IC any m.ROr....
Sidereal at this howirg will
Mood a record at the pro.
Gooding,and 101 Such pur.
POO* may no" to ensure
that A V•ry.11.record OI the
Preceding.N made,which
'.Cord MOWS.. 1n. ..Jr.t
many and •Ild.n.. upon
whin the appeal I. 1. be
made.
IN W ands MulllAln
Cll>Clok
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