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HomeMy WebLinkAboutO-1994-005 � ��A4 /,4 .� 1 �53+� t�'r+e N V y�• e Ip-•u 4� F"k}'��'} WW .�o 'SJ v,,� 1 Y Yr(f rL f�h'F( !L LJ NXi� Y 5 z wFkTill ``TY ccyy�aTT� �W. el lt 4( b} i�r�.. •f t �My.9La •yi��y�. Cy • {� f� a AiMF ,1.�l�k�F P` i i• F•3r � c. . • • • • }��;AYv t n"x�.. • • � St( x. z eyF iYJ �l � • • •• • • r F ��, �err}a . • • • • •• • • `t ,r5 w}yye to t }S � • ♦ • ••� >,r c��� is r+ri'A+4 r { �lt� • _ • �J �a r yi 1 r r .... • • • 53, t ((('S IPAI b y 1 A a /t-��` • • • • • th y l �1 - li ON >J Y i • - • • A QFJ t i 1.. F 1t't auv`f,�'ti:G d f tr: • • •. � r GIlk i,G • • • �j!Y ? �5 �: r + � • Y � x 7zb' `.r` 1� • • . :•. • • - _ _ _ wit IN. to S° • • �ut���y Y�S� F t + IV lil ' !c '• �'0 51 el e: • r ( • • - • •. •. • • • - • • • - - _• ' ♦,yet �yYl,�? J�rrc r +r �f t i1uF� r '1 r s s 9 .l �"��y,���`'ff o l . 'c yri�.J S !! ,try�s ql s♦ s •lY VriS ' ft ! 71. S G 11 C ♦ Ig Y ��, � , r L�iw FR y 1�.a a�nS'+p SZ` � '.♦ '.a .S 1r <•, Yh �l qF. • i`t3 `3 ''¢'t \ /' r x T y a a �a r s( r' .0 Te a P P>:,nwA 101 R! A ^ _I;j[L+nlil+.M � 1! � + � � t fyA S ��,�yg,��• +, Rrvt �y..ypo �pY M ti+ 1 Y * J 5 t� t M1 P G >f, WHEREAS, the City Commission and the Board of Trustees have further determined Y � ' that participants should be entitled to purchase service credits for up to four years of service as a volunteer fire-fighter for the City of Dania, Florida, and .N WHEREAS, recent legislative changes to the Internal Revenue Code require the adoption of certain amendments to the Plan so as to bring it into compliance with the Internal Revenue Code, and u tG � WHEREAS, f T the City Commission and the Board orustees, are desirous of z ' 7 �J implementing a system of cost of living adjustments to the retirement benefits received by the V�14 LEA plan participants, and WHEREAS, the City commission is desirous of increasing the maximum serviceA a connected disability benefit for fire fighters from sixty (60%) percent of average monthly 68% earnings to sixty-eight g ( ) percent of average monthly earnings, and the City Commission J and the Board of Trustees having received and independently reviewed an actuarial impact statement of the changes has determined that it is in the public interest " anges made by this Ordinance tr: to adopt the following Ordinance. ^' NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA, FLORIDA, AS FOLLOWS: Section 1. That Section 18-42(4)(b)(3) of the Code of Ordinances of the City of Dania, Florida, be and the same is hereby amended by deleting said subsection (3) and by substituting `'- the following in its place: 41 The child's benefits provided for in paragraphs (a) and (b) above shall be x offset by any social security death benefits payable to the spouse of a ' member on behalf of said member's children. Section 2. That Section 18-42 (4) of Chapter 18 of the Code of Ordinances of the City of t r^ 1 ;= Dania, Florida, be and the same is hereby amended by adding the following:(c) Vested Members (1) If a member with ten or more years of continuous service should die while ' employed by the Citym h' shall receive the benefit Provided in paragraphs aphs (a) onormal ar (b) abovrement eeunt I de the ath or 2 ORDINANCE NO. 05-94 i i i �" � Y�r�ll'�� 4j i a R M Sr tvsvS'l"�rsy+rr31 � .A ., xl ..Y P> � ✓ Hr \ {,s' �w .., x�,y«vn r> :T.?un ' .. J�_t , w?:n_ w .AR w U. ( t.�R ++ vti N � y u , Y re-marriage. On the first day of the month after the member would have 1 g ~ i id3c 9tvn�"k �'. reached normal retirement age and thereafter, the spouse shall receive the greater of the benefit provided by paragraphs (a) or (b) above (if the spouse has not remarried), or the vested survivor benefit provided by paragraph (3), below, (whether or not remarried). (2) If a member with ten or more years of continuous service has not withdrawn �� his contributions from the Fund and should die after terminating employment with the City but before reaching normal retirement age, the spouse shall °f4fi g pc°� a y < receive the benefit provided in paragraph (3) below, payable on the first day of the month after the member would have reached normal retirement age. (3) Vested Service Benefit: ` ''�" On the first day of the month after the member would have reached normal °ads f retirement age, the surviving spouse shall receive monthly ,< 4� 'U equal to the same pension benefit that would have ben payable torthe f spouse if the member had survived to normal retirement age, had retired with K` a 50% joint and survivor annuity with service credits only for years of actual a� u tax service, and had died on the first day of the month after reaching normal retirement age. v° (4) Vested Members Working Past Normal Retirement Age: a, The amount of the survivor benefit for the spouse of a member who dies after reaching normal retirement age but before receiving any other benefits from x F "w the System, shall be the greater of any of the benefits provided by Section (a), T` (b), (c) (1), or (c) (2) above, or the following, as elected by the spouse, 3"�of� vx?�NY (i) a 100% joint and survivor pension continuing for the life of the ,, spouse in the amount which the member would have received had he retired on the date of his death (having received payment for all 'earned wages and unused accrued leave) having elected a 100/o N joint and survivor benefit, or ' a ten year certain and life thereafter pension continuing only for tent " i± years after the member's death in the amount which the member �' ^ ; . would have received had he retired on the date of his death (having F ^received payment for all unearned wages and unused accrued leave) having elected a ten year certain and life thereafter benefit. Section 3. That the first sentence of Section 18-43 of Chapter 18 of the Code of } x Ordinances of the City of Dania, Florida be and the same is hereby amended by deleting said first sentence and substituting the following in its place: k'+ Each member entitled to a normal service-connected disability, non-service- connected disability, or vested retirement benefit, shall have the right at any time i prior to the date on which benefit payments begin to elect to have his benefit i payable under any one of the options hereinafter set forth in lieu of the benefits otherwise provided herein, and to revoke any such elections and make a new election at any time prior to the actual beginning of payments. i t r�r5 wStt�E t Y�k al a 3 ORDINANCE NO. 05-94 y mar +v W '•.p,��N'''_'YH"'. '. 4 .r agc l r, ^.;id uKbnalr..w n�, tii Y S y t' i Awc '�t'kr A h. n G u 4'tu; { 13 Y 41 ti t� _ • _ _ •— •. . • — • — • • — • • M+(1,3}YYjcY„Jt,�}�'s+` `'�. �'�,c�. f� "k In + I • • • • :• • '� it ,• �µ�n��n�4 • • yYlr�j fx�"�F cryS�Yt r at1 \v �?%�i. ti G 14 3. f ' try% • . • _ _ t ' 'Sz.1�7`r`i L h4 p S=. i • •_ _ A 7���YY 4y� is,t i — • �R ` 0 a 4 <tn f i y\ Ir 'I ti y o 1 - A ey f ` .ii'f. /hr;G4�l 'tlLjy *i .. '4ftY� fAP r t 1 a' r ity i S • _ � tl, it d''tlWt i - • • • -• - • -. - art ��r,.is �y , �r tr R yi�t;r*wt�t ZS�,>,t • _ Yy,� Y! �I�1 • . • • Y.e�j. f„X T� hl • • • • `V;X�fi�y%� 1 F7 /rINA • L1 i� x" YC k • • . . _ _ _ v r� 1 7p t ,i ". ySrXIta��rA�� nrS vrt. 1 1 • � � � • _ _ _ _ _ _ _ EF`�d+tZl 51 lJ _ • • • • • � �V �t:il �Ifi • ' • • -•• _ • _ - tl�y�G'�'��tlti+ v 1 x • • - • — — • •� L��k�Yt f��` �{,, is _ hs dr+ 4 rf� i t r xs )rl 1 k WIZ rv," y �a"fn�f4af vi Y>' 5T^ ,rrl • _ - • _• � �'f YtS • tl �o >, a � e tl. pq tn. 1 , i M 1 n w� 1' tYT y S+:y✓ °�r1:-'+ g rc Y„�a. � t L y r e�. :�r �., rx .. . .-0•:d>._I{.h'',� _ x"PA`.rn".�vAS■FGFi¢`"' t M: 1..�� u I �} �� _ �V.a,-1�5 A Y J t � � � l � .x,•.. � Y}.A4 1�� �1 r,. �� 'M�c iT� M�`�b.�v 1 x�, 5 � +• t a r Y��y ��µ � � •..mom� i d�K..? {�r���+_,�_. 5 +�' r � "yC`Mr }fr�,�.��,y��� l'. .1 V• M �Y't y.��r{ M �y, greater than 50 percent of the limit in effect under IRC Section 415 b 1 A for ra6h4 d < any such plan year. The number of officers shall be limited to the lesser of(i) �� r 50 employees; or (ii) the greater of 3 employees or 10+ ,. percent of all i employees. If the City does not have at least one officer whose annual 415 Compensation" is in excess of 50 percent of the IRC Section 415(b)(1)(A) ,y;r limit, then the highest paid officer of the City will be treated as a highly compensated employee. w. r a (e) Employees who are in the group consisting of the 100 employees paid they;, ✓ . �t greatest "415 Compensation" during the "determination year" and are also w H described in (b), (c) or (d) above when these paragraphs are modified to substitute "determination year"for"look-back year". `, f The "determination year" shall be the plan year for which testing is beingsY AYsY}�, performed, and the "look-back year" shall be the immediately preceding twelve-month period. op ` "Top paid group" means the top 20 percent of employees who performed services for the City during the applicable year ranked according to the amount of '415 Compensation' received from the City during such year. For the purpose of determining the number ofY . x active employees in any year, the following employees shall be excluded; however, such - employees shall still be considered for the purpose of identifying the particular employees in ` the "to "•p paid group": ` Employees with less than six(6)months of service; ` 1. 2. Employees who normally work less than 17-1/2 hours per week. 4NAffl± f 3. Employees who normally work less than six (6) months during a year; and a�4. Employees who have not yet attained age 21. .p y The foregoing exclusions set forth in this section shall be applied on a uniform and ,e` r consistent basis for all purposes for which the IRC Section 414(q) definition is applicable. y "Family member" means, with respect to an affected participant, such participant's spouse, �r P P P P P such participant's lineal descendants and ascendants and their spouses, all as described in tk " IRC Section 414(q)(6)(B). ` Section 8. That Section 18-42(6) of chapter 18 of the code of Ordinances of the City of � F ` Dania, Florida be and the same is hereby amended by renumbering same as Section 18-42(8). `y y• 4 tt Section : That Section 18-42(7) of the Code of Ordinances of the City of Dania, Florida ' .,..'S be and the same is hereby amended by adding the following language thereto: m Defined contribution plan limits of IRC Section 415(c) and regulations thereunder, and combined plan limits of IRC Section 415(e) and regulations thereunder, are hereb 1 ' a5 fed° incorporated by reference to the extent that such provisions may apply to this plan. Y If, as a result of this allocation of forfeitures, a reasonable error in estimating a member's compensation or other facts and circumstances to which regulation 1.415-6(b)(6) shall be applicable, the annual additions under this plan would cause the maximum annual additions u; to be exceeded for any member, the administrator shall 1 return an employee ^n '( ) Y „ . contributions credited for the "limitation year" to the extent that the return would reduce the excess amount in the member's accounts; (2) hold any "excess amount" remaining after thew, 6 ORDINANCE NO. 05-94 a rrerc�..tau } ry • .�{'F�'rY� q'Jd '25� 41C.�VSv4�" 'FM1'M���`ut . . ,f i�. 5 K� { i' 1 • '^I n.,.5 }� by I s � ^.w ,� c ^• t , r ix b 1 W:,�i�`j- r �1 �4 r h. d r -p• M' `"vyF" -: t i ] i 't i e t �.^ �•'v^` t .,1.J'V 1 �taY Y� ;1. (:.la g 4 return of any employee contributions in a "Section 415 suspense account"; (3) use the t "Section 415 suspense account" in the next limitation year (and succeeding limitation years if necessary) to reduce employer contributions for that member if that member is covered by ,• the plan as of the end of the limitation year, or (4) reduce employer contributions to the plan for such limitation year by the amount of the "Section 415 suspense account" allocated and reallocated during such "limitation year". ,s For purposes of this section, "excess amount" for any member for a limitation year shall ; `4 ' mean the excess, if any, of (1) the annual additions which would be credited to his account t ` I under the terms of the plan without regard to the limitations of IRC Section 415 or (2) the maximum annual additions determined pursuant to the previous paragraph. F f For purposes of this section, "Section 415 suspense account" shall mean an unallocated account equal to the sum of "excess amounts" for all members in the plan during the limitation year. The "Section 415 suspense account" shall not share in any earnings or tt losses of the fund. �a lion 107 That Section 18-44 of Chapter 18 of the Code of Ordinances of the City of 3 Dania, Florida be and the same is hereby amended by adding the following subsection: (6) The plan shall meet the nondiscrimination test set forth in IRC Section 401(m)(2)(A). Applicable provisions of IRC Section 401(m) and regulations thereunder are hereby incorporated by reference. In accordance with regulation 1.401(m)-1(e)(1)(i), the plan shall limit employee contributions in a manner that . prevents excess aggregate contributions from being made t ; µ ?. Section 11. That Section 18-42(3)(a) of Chapter 18 of the Code of Ordinances of the City of Dania, Florida, be and the same is hereby deleted and replaced with the following: (a) Service Incurred. Any member who receives a service-connected injury, disease or disability, which ' injury, disease or disability permanently incapacitates the member, physically or M. mentally from the member's regular and continuous duties as a fire fighter or police officer shall receive a monthly disability benefit equal to the member's average d' monthly earnings in effect as of the date of disability minus the offsets described in subsection (d) below, provided that the benefit paid by the System to a disabled fire fighter shall not exceed sixty-eight percent of the member's average monthly earnings in effect as of the date of disability and the benefit paid by the System to a disabled police officer shall not exceed sixty percent of the member's average ;a monthly earnings in effect as of the date of disability. The disability shall be paid ' until recovery from disability or if the member d , death. An optional w , ss does not recover, form of benefit, providing death benefits, may be elected. .� Section 1 • That Section 18-42 of Chapter 18 of the Code of Ordinances of the City of YY u ri�Aa Dania, Florida, be and the same is hereby amended by adding the following subsection: t; gib' +•, 7 ORDINANCE NO. 05-94 R'K�ieAYr' ,"Y i� } \ °V'i gGYAS/,r' fyr rp 713�0 !y�e . Y a 'err n � r irk � >h r p 1 jriW lI [ 1 41 • / 1 •dV l _ 31 x • . • 1 • • Zti`h All ! Y • • • • � 1 1 ,y� t!Y fA �y V3i° Y� A S } 5j ��� • _ wt 5 � � try �' / 1 • 1 /- • • - � � .���."��G;, t • . . Fr �"b 'zsT 5f15�G IM- 1 }n5 u '� cr . / / • • . • � • • . . . L Ifi`ell lz , 5 • i�u'`rCF'r�Y' .'i51�'Y`5�3�4\r9r��, • Y,te��,lS�rzm v t � • � ! ,� h5�R v s ' > � , • � r �' w''�br+`r�1f5'a a n y h e \pyK yr' P r r' aP rr t ..t z r ���'."j2y.�F^y4„N'` r .. .�.s. �,� .� .. .5,. r.:fad\�%W� .'"' .. M'�.`3�°�.��'•�hl.,>'r�-ry,.sa a,-. ... : '.�•;. „i... a 'L �.i � ��1�S � a f$. �J3k� Yl• � i" r 7q+ fy salk'�t`xrd, it � AS,ft -✓�'a .t • r-.w '.r T i �yp1 A t��• - • fill fY � l' 'L'i7�v�J1� A .J A� CITY OF DANIA INTEROFFICE MEMORANDUM Date April1994 Charlene Saltalamacchia I + \ From: Personnel . I Director ,a SUBJECT t ' � f , PENSIONORDINANCE �,•�.r i�, a +' 'p + 1 pacmen 1 tam. 1 Police .. �,✓r . x t / 1 , 1nsion Board 1. 1 the Fire Pension , 1 program agreed 1in theAFF coective r bargaining agreement. Please 1 1 , 1 1 1 •cond reading) the City `. ✓ ° - / 1 I I I• I on April1• . . , information provided 1.1 h rry tip et r r ) II proceed please advise or VinceThompson once. ��##n�n �. ThankA t 14 f �SsY you for1 Yx :1.y7���+isG k r,r sL y. r �'c`yl °IYYr i' + 1 t "'✓� F 'R' jz*t^Ky(wf3�x r fl dY.! v 't zr' RIG 14 , r �'2furfvriz,ai F ' ( ( M RKM tiSINM N •'"k-j'j' '''h•L f+ I Ctyt 4u r w ll sk �nLvU" � I rfP t 1 i s 1 f ...� . . ° .,t . .t a. ... .r..ru++ stdl'lfd+,r.+:AT.N _ .. �.��.d���M`u.r^.f-w iaY•.. �.� . .. _� ,. .'G' ♦ f4' � .� y °b 1�,+"A y°'ia't ram` y ] ! "` pt 4a it� r +� YYY wPi }"M1�yl ,i —1' n r fYm a dS w4 r• � �.iv R c ..} x CITY OF DANIA Police and Fire Fighters Retirement System .r Board of Trustees , 100 W. Dania Beach Blvd. =` Dania,FL 33004 u ' Tel.(305)921-8700,Ext.309 Fax(305)921-2604 J. 1'S�yz=�A 10�iiittt���t�i� 112 April 6. 1994 •�:�� �t fx I i, t t, Mr. Michael Smith, Personnel Director r City of Dania r� 100 West Dania Beach Boulevard r ; s " {{ 33004 X b�.i f Dania FL 1, L N Dear Mr. ,Smith: r „, : Attached is the Ordinance which pertains to changes to the City Code F , i g 4 , regarding the Police and Fire Fighters Retirement System. y Included with this is the actuarial im pact statement prepared by Mr. ate Stephen Palmquist from the actuarial firm of Kruse, O'Connor and Ling, Inc. r">' "N P*t As you can see in the cover letter, the r Y' would rise by .72% of covered approximately y $16 employer contribution payroll, or approximately $16,000.00. 1 fy Please provide this information to the necessary t it for public hearing as required. If you have n city staff and advertise r contact me. Y questions or comments, please Cord* .i 7 "} ;'2Mffv yi Vincent J. Thompson, Chairman " Board Trustees enc. (2) r. x a r F t tf S� 5y QA.`� r 1 Ta l���rn♦'� t I F F T7 1, y s- s s i tR ,j+1 s�VV-L��n��"e�'� p •+..xy�xrd��AA�t Cn�< � r p t yC<.=Y�s•),yk" ,,,f.,i,,�f ,�.yrrlF 3 ,r r 1 rr C r r . �ry�' '1'• r� t� a% D r 1 ya t 'I � }��1 lfi f 5yP� f"15}f•1G � i � , , • ;Stix5Y f12�.r.�fiy`71i,3'Y,yK.�tf, r r (w ,y}k qjr✓, _ Sq ikikkplrsx:w ti+ Yj k�Y( a � arc!, �u✓,^ ;tx fit 'S • .., ftti; ��' v�. � SYar� 5 sY✓ FPr1i 5 1 -• • 7�'r"1 f eJ�ll .dr r ) }N Jia+�i Yr➢ a W -•• - M y i �, •. •• • (rtia' ���r k i _ • dV r�ti<:µ'�t1i:xF • re t t , • •. 1 1 �( s a 1 • •. •• � tr�.xbt{.S iN • 1 �i Xs•r �� k I 4ky{+ iy rJ , ar is L ,R 4 r Vti 41 t� • •• • 11• •• • I • • •. _ _ �^,Yyr Y�Yn22Y� � tYF Q ,S . • •• •. • •1 • • • •I •. I • 1 •� • ' •1'. • yy��s�'�: ens i r faka sa 4{ t . a r � I •• I • III .• �?�'�S��fr + k x t; , • I , 4 t J • • • - I • • I• L! �Yt'I k4 cY +�. • :•. 1 1 e t� ��� rkr} l l I Ak *r + \ f �'•I I fbi'�t}y��Fn��+C 'L i I -• I • td3`73'`itr t4 , a� p� F 71 , t• � L '.J+r /.t.�,yu�"v�yg .rsr�. fy.S.rs�,�.(�r��'i ate. a �%b. . � . c.wF�uS rig P�%t-[•- °"ti �.� tiA t ♦ 4 7 1r4, �,{yz ,,,�'r^ Y Y�. ["t n" 'sr r s ! CITY OF DANIA POLICE AND FIREFIGHTERS RETIREMENT SYSTEM ' SUMMARY OF OCTOBER 1, 1993 VALUATION RESULTS r FIREFIGHTERS Before Changes After Changes s ss�, � In Benefits In Benefits .'fix �M �4t��r 4 ✓ COVERED GROUP � V ti{ A. Number Included in the Valuation �" k I. Active Members X 32 ?s ti 2. Inactive Members 32 8 B. Covered Annual! Payroll LONG RANGE COST ' C. Actuarial Present Value of Projected Benefits 10,386,777 ..a i 10 278 900 D. Actuarial Value of Assets 7,219,193 7,219,193 E. Actuarial Present Value of Future Contributions •' 1. Total: C - D 2. Portion Assigned to Unfunded Frozen 3,059,707 3,167,584 tnl Actuarial Accrued Liability (UFAAL) 3. Portion Assigned to Future Normal Costs 0 0 ' 3,059,707 3,167,584 4 t CURRENT ANNUAL COST F. Annual Payment Needed to Amortize UFAAL s As % ofB 0 0 G. Annual Employer Normal Cost s}' ' As % of B 102,517 116,560 o H. Interest on F + G from Valuation Date 6.80% 7.73/o to Contribution Date(s) 14 As % of B ,008 15,927 .t 0.93% 1.06% I. Required Employer/State Contribution F+G+H As % of B 116,52573/° 132,487° ° 8.79/o t; J. Estimated State Premium Tax Refund As % of B 34,193 34,193 - 2.27% 2.27% 4 K. Balance Required from Employer: I-J ti ^ As % of B 82,332 98,294 ., e L. Year to Which Contributions Apply 1. Plan Year Ending ? ' 2. Employer Fiscal Year Ending 09/30/9409/30/94 3. Assumed Date(s) of Employer 09/30/95 09/30/95 }rp-ntip. Contributions Quarterly Quarterly ' i` ( f. of tC. i1 s" pyieg4 f1 dxPg ,'y s`i+,d'�k t ' CITY OF DANIA POLICE AND FIREFIGHTERS � RETIREMENT SYSTEM SUMMARY OF OCTOBER 1, 1993 VALUATION RESULTS ha d I POLICE OFFICERS fi?' Before Changes t ; i g �, In Benefits In Benefits ,�,`tiy�;nT �",�`, 1 �, COVERED GROUP A. Number Included in the Valuation FYI Al "df 4f��+ 1. Active Members ' 2. Inactive Members 15 15 �, ,<•�, ,,�y ,�� B. Covered Annual Payroll $ 684,972 $ 684,972 °' s ' LONG RANGE COST C. Actuarial Present Value of Projected Benefits 4,836,009 4,836,009 D. Actuarial Value of Assets 3 ,590,831 3,590,831 E. Actuarial Present Value of Future Contributions 1. Total: C - D S r ' p 2. Portion Assigned to Unfunded Frozen 1,245,178 1,245,178 Actuarial Accrued Liability (UFAAL) 0 }x %s 3. Portion Assigned to Future Normal Costs 1,245,178 0 Fj " 1,245,178 f . CURRENT ANNUAL COSTcz ' I P�Y�t.ht4�` t a F. Annual Payment Needed to Amortize UFAAL � ' As % of B 0 0 xx, G. Annual Employer Normal Cost ° 143,434 x : As % of B ° 143,434 m. 20.94/° 20.94% H. Interest on F + G from Valuation Date to Contribution Date(s) As % of B 19,599 19,599 2.86% 2.86% Required Employer/State Contribution F+G+H ". As % of B 163,033 16%0.33 +x 23.80% 23.80% A 4' J. Estimated State Premium Tax Refund 50 763 As % of B � ° 50,763 7.41 /° 7.41% K. Balance Required from Employer: I-J As % of B 112,270 112,270 16.39% 16.39°/, L. Year to Which Contributions Apply °?`I Gr ., 1. Plan Year) Ending �, a+�� IM` 09/30/94 r 2. Employer Fiscal Year Ending 09/30/94 3. Assumed Date(s) of Employer 09/30/95 09/30/95 Contributions ' C4 Quarterly Quarterly i y �nr sM e n 11 �, I XiM. YV i A S^D W,I ,t MA+r 4� •. L ..°' IAI* v.o. �•C; 'w.� Ax�*J yy���{`'''�� Y� � i I,' , N,� '�M. b'�`K�Y X�0. Y-,..yw4Y y � ' � +. y .��7• rr r i:.( "�'R . %%-0-0� Y 'T � I� "� t �g>• n:}t�V Fitt ': .: L � r � � r .n � _.A'"` � i I 1 .i�A� ` '+Y.•{`-'.'�Y•r.--.��:� s W_i-..,_r-` i _ •. u, r 't. r �� 'r �. 1, •{T�v�' v`.' \:.•h � ]�u1i1-. Jd. eT c1 t j CITY OF DANIA POLICE AND FIREFIGHTERS - RETIREMENT SYSTEM 4 SUMMARY OF OCTOBER 1, 1993 VALUATION RESULTS t POLICE & FIREFIGHTERS COMBINE t` I D yl Before Changes g After Changes w r,.4c� s In Benefits In Benefits V'• COVERED GROUP A. Number Included in the Valuation 1. Active Members 47 v of 3 n 2. Inactive Members 47 xC ;H r Ur 19 19 B. Covered Annual Payroll $ 2,192 568 t�' y"# LONG RANGE COST C. Actuarial Present Value of Projected Benefits 15,114,909 ' � 1 - 15,222,786 D. Actuarial Value of Assets 10,810,024 10,810,024 '. ' +' E. Actuarial Present Value of Future Contributions I. Total: C- D 4,304,885 4,412,762 r kti 2. Portion Assigned to Unfunded Frozen Actuarial Accrued Liability (UFAAL) 0 0 x' tIr" 3. Portion Assigned to Future Normal Costs ' 4,304,885 4,412,762 CURRENT ANNUAL COST F. Annual Payment Needed to Amortize UFAAL '1 As % of B 0 0 G. Annual Employer Normal Cost " Y" As % of B 245,951 259,994ta�. Ir 11.86% 11.22% H. Interest on F + G from Valuation Date to Contribution Dates) 33,607 hc' As % of B 35,526 1.53% 1.62% ?` I. Required Employer/State Contribution F+G+H As % of B 279,558 295,520 =' 12.75% 13.48% " J. Estimated State Premium Tax Refund .H� As % of B 84,956 84,956 3.87% 3.87% K. Balance Required from Employer: 1-1 As % of B 194,602 210,564 ° 8.88% 9.60% L. Year to Which Contributions Apply 1. Plan Year Ending 09/30/94 2. Employer Fiscal Year Ending 09/30/94 09/30/95 09/30/95 3. Assumed Date(s) of Employer Contributions 3 u Quarterly' Y Quarterly '�,�• 1 (+a ryitah t.. P vu 1 - t�w'rk IE ' . +�q'�n•'�yy"`}C .. 'Yap ✓! �' i .. � i v �",'ty3'�Z+ST3^.YS'` 4 ^! .+a.: K', F�::'C+�rw.y'C..o:�•Y 4+ •`'�w•,• ~, y Ad> ��`r�'G' �mG$1 y'CCV t�< i CITY OF DANIA POLICE AND FIREFIGHTERS RETIREMENT SYSTEM 1 w Y DERIVATION OF OCTOBER 1, 1993 EMPLOYER NORMAL COST POLICE OFFICERS AND FIREFIGHTERS COMBINED ' •i�ti � xk :.e�t1 Before Changes After Changes In Benefits In Benefits 4 A. Actuarial Present Value of Projected Benefits for r 1. Active Members a a. Normal Retirement Benefits ' b. Vesting and Early Retirement Benefits $1 ,243,246 $10,841,149 1 c. Disability Benefits , 3,243 1,156,271 316,458 399,157 d. Preretirement Death Benefits 213,261 e. Return of Member Contributions 207,338r :,;�b { A f. Other 60,635 60,635 0 e a g. Total 12,556,673 0 12,664,550 Y 2. Inactive Members a. Service RetireesT r „ r b. Disability Retirees 364,860 364,860 ' c. Beneficiaries Receiving Benefits 1,681,624 1,681,624 �+, ? 015 + d. Terminated Vested Members 315, 315,015 t; m - ' e. Total 196,737 _196.737 2,558,236 2,558,236 ` 3. Total for All Members 909 15,114, 15'2— 2—2,6 B. Actuarial Value of Assets 10,810,024 10,810,024 { C. Unfunded Frozen Actuarial Accruedt iLiability (UFAAL) i{�• k E t•, D. Actuarial Present Value of Projected Member ' 4rt Contributions I 2,912,545 2,855,396 ' Fu E. Actuarial Present Value of Projected Employer Normal Costs: A3 . B - C _ D 1,392,340 1,557,366 �. F. Actuarial Present Value of Projected Covered Payroll 19,153,400 18,838300 G. Emplo er Norm al mal Cos t Rate. I>� 100 x (F,/F) NA NA o- H. Annual Payroll of Active Members ' Below the Assumed Retirement Age 1 y 1A, 2,192,568 ' 2,129,335 ;t>�r d I. Assumed Amount of Administrative Expenses 71,259 69,204 ' J. Employer Normal Cost: (G x H) + 1 245,951 259,994 ,n t# fe �'p\ � \ ) 1°'1tf�°}!t �1p; \` R•yy�p�] i' rK 11 v '� ` \ \ f„ }� Iktyl�a'•��r`+r� n ar,N;�v y s. r i !4 •L'ro IL t♦ .. .. o _ tJ fl�ktf+r �"E J ',1 + s{ r M1�s (�Drr�A•?r G i \ �r l r t 1.,):`tr �' Hrs\!{•q.,yr�a 1 ��jjry��ryjj r PLOYER NORMAL COST FIREFIGHTERS r� RETIREMENT SYSTEM CITY OF DANIA POLICE AND FIREFIGHTERS After Changes A. Actuarial JTlir', lv r�, Present of Projected Benefits for 1. Active D. fitYr kFt J��\• Members a. Normal Retirement Benefits b. n r Vesting 596 562 c. • nefits •••,534 R�t�G 5r 6 • • • �. i F 251 e. turn Otherf. • • •• •• . . •1enefits 301,636 374 60,374 tr. o- S Rev �p8,950,619 496 embers rr Service Retireesb. Disability Retirees 142319 _ r 142,319 c. Beneficiaries Receiving d. Terminated e. • Vested145 Benefitsrers •1 1: tl Wit. ;l Sr if'. 1 tit 4}t.4 r : rK in:, r tY3. Total for All Members 10,278,900 1 q] 1Q�p f W'a 6,777 B.C. A ,193 ctuarial Value Frzen •• M1x "t1t ! �v •• Liability 1 F _ IICC4444" 1 1 - :Wp p resent value of Projected Member Contributions E. Actuarial Present Value Of Projected 5v v 1500,260 665,286 F. Actuarial Present Value of Projected ..... Covered Payroll a ra '1 s { { Emplyer• Normal •st 14,109,200 11 H. Annual Payroll of 4 Below the Assumed Retirement Age • 1,444,363 �f+p's,Au E + xn t Assumed Amount of Administrative Expenses _ �r _y r e t t! ,•,t t 5. 1_,1, 1t r . 4 . ( r J. 1 J t , '' - ✓}�a�,�ftt��a 9'r �'S h`rJN aNnl,.-•c'iwt��A'r"i �` '4 1 .. ♦.'nr. . . ., + . ,�,� ..{>,d.+Er�:;�'la`7�� - S.c:i??eiv+�.. ti, .. .. nr+fw.IiS$ 11 d i fl,. w`t�y' '�[ti��-.'t 4't t.$* 1.` t f N� � �{�`�ift J$.X� ''+ud2:•'P I � �� ys��h k��'x•�i;y 0.E ,>' � t � n f'yw^.""i-`�t�"�Y�J�wyC s y" h Y 11"W'{YT��9 rl S, ty�Y \e ' L , J� y ft! 1�1 "" rY c��5 htim'�tixy{.�4 CITY OF DANIA POLICE AND FIREFIGHTERS 7 RETIREMENT SYSTEM DERIVATION OF OCTOBER 1, 1993 EMPLOYER NORMAL COST POLICE OFFICERS _ r,kt x Before Changes After Changes In Benefits In Benefits a + A. Actuarial Present Value of Projected ` . Benefits for 1. Active Members sl. a. Normal Retirement Benefits $ 2,872,553 b. Vesting and Early Retirement Benefits $2,872,553 573,709 573,709 c. Disability Benefits �� s°x ' d. Preretirement Death Benefits 97,521 97,521 62,010 , e. Return of Member Contributions 62,010 r rY l' f. Other 2601 261 ` g. Total 0 3,606,054 3,606,054 V « r ` 2. Inactive Members x . a. Service Retirees fiw� b. Disability Retirees 222,541 222,541 fa r , $ "al C. Beneficiaries Receiving Benefits 640,749 640,749 41 � �-r d. Terminated Vested Members 169,928 169 928 t i 5 e. Total 196737 _196,737 + m= 1,229,955 1,229,955 hn fi w 3. Total for All Members � 4,836,009 4,836,009a:' • �1 " B. Actuarial Value of Assets �� x�„. a 3,590,831 3,590,831 t n ' ` C. Unfunded Frozen Actuarial Accrued " f`` !r ' Liability (UFAAL) ` ` ' •�� ' e D. Actuarial Present Value of Projected Member Contributions k'" 353,098 353,098 E. Actuarial Present Value of Projected ' Employer Normal Costs: A3 - B - C - D y 892,080 F. Actuarial Present Value of Projected 892,080 ' ', Covered Payroll i. 5,044,200 5,044,200 G. Employer Normal Cost Rate: , 100 x (E/F) 17.69% 17.69°/, Annual Payroll ayroll of Active Members v. 1� Below the Assumed Retirement Age j 684,972 684,972 I. Assumed Amount of Administrative Expenses : 22,262 22,262 Y' J. Employer Normal Cost: (G x H) + 1 t' 143,434 143,434 ` Y k K w , �Y h � vv't S4•. T..� a r rG�� f A.h ,,��' rry r '• ia, S r'rtryiP �,p'�w�lr�kii !u r 0 40 .tir • ` I; S � J J I.: r � I y� �ry t 4 1•. 1 Ut(t9' ,InA t..: Ub yr�4 '�n rq a 1 k, rt 41 r r: Y, 'r"T�;At"}�t s"fir •: r , ,'; Broward Daily Business Review WITH THE INTERNAL REVE- S n �t Publishea Daily except Saturday,Suday and NOTION OF HUMINO NUE CODE; PROVIDING Legal Holidays BEFORE CITY FOR A COST OF LIVING rr " f y�l'' Ya=;•1 Fort Lauderdale,Broward County,Florida. COMMISSION ADJUSTMENT; TO IN. 7 • ' STATE OF FLORIDA CIITV OF DANIA,FLORIDA, CREASE THE AMOUNT OF COUNTY OF BROWARD: RNOARDINO SERVICE CONNECTED DIS• ADOPTION OF THE ABILITY BENEFIT PRO. Before the undersigned authority personal) a FOLLOWING PROPOSED VIDED HEREUNDER; PRO- C. Lands, who on oath says that she is the Administrative sP alive ORDINAMCle VIDING FOR A SAVINGS I ( ,� e .Assistant of the Broward Daily Business Review,a newspaper NOTICE IS HEREBY GIVEN CLAUSE;PROVIDING FORA That the 'k+` r7 � published at Fort Lauderdale, In Broward County, Florida; �Y Commission Of the REPEALER; AND PflOVID- Ls @' that the attached co City of Dania, Florida,on April 20, AN EFFECTIVE I " Advertisement of Notice In the matter o advertisement, being a Legal ING FOR K y f 1894, at 7:30 p,m, or as seen DATE RETROACTIVE TO�at,f1 NOTICE OF Ihereafter as the matter may be MARCH 1,1994. PUBLIC MEETING 1 heard,WWII conduct a public hearing A copy of this proposed ordi• in the City Commission roan of the rants is on file In the office of the CITY OF DANIA Dania City Hall, 100 West DWe City Clerk, City Hall, 100 West ' � '', ".'; ;3>fq; Beach Boulevard,Dania,Florida to Denis Beech Boulevard, Dante, consider the proposed adoption of Florida, aril may be inspected byg ON following ordinance entitled: Me Public during normal-vorldn XXXXX AN ORDINANCE OF THE ,hours. r Iy f "�s15 In the ......... CITY OF DANIA, FLORIDA, Interested Parties may appear at . Court, AMENDING CHAPTER 18 OF the aforeeaidmestm li a s was published In said newspaper in the Issues of with respect IO he 9 nd be heard ° Apr 15 THE CODE OF ORDINANCES proposed. P , 1994 OF THE CITY OF DANIA I Any person who decides des to ENTITLED 'PENSIONS AND Peel anY de dsion made at Rt F'RIEMENT' TO CLARIFY Commission with respect t o any matter considered pact a any THE OFFSET OF CHILD'S 'it at this hewing ar v BENEFR PAYABLE AFTER sari a record of the proceed- � THE DEATH OF A MEMBER; Inge and for such purpose may Allsnl further Bays that the said Broward Daily easiness TO ESTABLISH PRE•RE- n�to ensure that a verbatim re- Review Is a newspaper published at Fort Lauderdale, In said FITSTIREMFOR VESTEp MEM•ENT DEATH RE ��of the proceedings We made, .� Broward County, Florida, and that the sold newspaper has which record Includes tits Ieell- Florldtore been continuous(beeenterY published in said Broward County, BERS; TO AFFORD Op• mony and evidenceU n Florida, snd has been enter as second class mall mailer at appeal is t0 be b Whrdl the +. the post allies In Fart Lauderdale In said Broward County, TIONAL FORMS OF GENE• based. ' Florida,for a pedod or one FITS TO PERSONS RECEl bit - /at We Mullikin of the site a Copy l edvertisexmem�andgallllenlmlo Ihercalays ING NON-SERVICE•CON- I City Clerk r that she has nellhar aid nor NECTED DISABILfTY PEN• 4115 ggq_4-041ragl corpora on any disco 1, rebele,pcommisslon any liornihe v ti purp a securing his aeverlise0 i for publlcfund in the BOARD TO AUTHORIZE THE ! `a'f '4, 9el neW apeL + " + SERVICES OF ATTORNEYS, ' INVESTMENT MANAGER$, n r f � tl AND TO PURCHASE ADE- z~n>,z1 OVATE INSURANCE TO a .r Sword to and suD4erID before me this AFFORD PARTICIPA $AN ' 15 as Aril OPPORTUNITY TO PUR- P 94 CHASE SERVICE CREDITS x 3r, FOR THE TIME SPENT IN - • , f ,�, THE MILITARY SERVICE;TO PROVIDE PARTICIPANTS (SEAL WITH SERVICE CREDITS FOR UP TO FOUR YEARS " 3"t4 YFKM1. s C. Lan persons)) known to me. SERVICE AS A VOLUNTEER FIREFIGHTER WITH THE +n a! ra ' r y CITY OF DANIA, FLORIDA } fi n JULIANA H.CURRAN FIRE DEPARTMENT; TO IN• r p , •.= 'Cri';ntISSICN M CCYA CORPORATE CHANGES RE. QUIRED 963 EXPIRES FOR COMPLIANCE x� r August 1997 CE .f. MDED TIMiU TROY fAINIHSUAAMCF,IND, 3r{ I✓•c ��-I,ry u�' 1�ytfyM+�l' y�r i�•. 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