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Home My WebLink AboutO-1996-0030RDINAI{CENO. 03-96 AN ORDINANCE OF THE CITY OF DANI,\ FLORIDA AMENDING SECTIONS t8-2e2(b)(1), 18-29.6(a)(1) AND 18-2e6(a)(4) OF ARTICLE III OF CHAPTER T8 OF THE CODE OF ORDINANCES, PROVIDING FOR AN INCREASE I}i TI{E AMOLTNT OF TIIE MONTHLY RETIREMENT BENEFITS FOR GENERAL EMPLOYEES, PROVIDING FOR A CIIANGE IN THE AMOLINT OF MEMBER CONTRIBUTIONS REQUIRED TO FUND SUCH IT\{CREASE, PROVIDING FOR THE CITY'S "PICK UP" OF A PERCENTAGE OF MEMBER CONTRIBUTIONS, PROVIDING FOR A REPEALE& PRO\IDING FOR A SA\TNGS CLAUSE, PROVIDINC FOR CODIFICATION, AND PROVIDING AN EFFECTIVE DATE. WIIEREAS, the City of Dania, has entered into a oollective bargaining agreement which provides for an increase in the aorount of monthly retirement benefits for general employees, and WHEREAS, the City Commission and the Board of Trustees, having received and independently reviewed an actuarial impact statement of the changes nrade by this Ordinance, has determined that t is rr the public interest to adopt the following Ordinance. NOW, THEREFORE, be it ordained by the City Commission of the City of Dania, Florida as follows: S*tion l. That Section l8-29.2(b)(l[a) of Chapter 18 ofthe Code of Ordinances of the City of Dania, Florida tre and the same is hereby amended to add thereto the following underlined language: (b) Normal retirement benefil (I) For those who were not members of the prior plan: (a)Amount. The monthly retirement benefit shall be an amount determined as follows. Two and one-half per cent (2*z7o ) ofaverage monthly eamings times Credited service, Section 2. That Section l8-29 6(a)(l) of Chapter 18 ofthe Code of Ordinances ofthe City of Dania" Florida be and the sarne is hereby amended to add thereto the following underlined language: (a) Membercontributions. (1) Amount, Members of the retirement plan shali make regular contributions at a rate of fiveper een+(S%) eleven and sixty-six one-hundreths oer cent (l 1.66%) of eamings. Member contributions shall be deposited in the fund on at least a monthly basis. Sectiotr 3. That Section l8-29.6(a)(a) of Chapter 18 ofthe Code of Ordinances ofthe City of Dania, Florida be and the same is hereby amended to add thereto the following underlined language: (4) Duration: Contributions shall be deducted from said earnings belbre the same are paid and together with those member contributions which are "picked up" and oaid bv the cit],, shall continue until the member has reached his actual retirement date or his termination date whichever occurs first. o*l+he-members.Effective as of October 1. 1996. tluee and sixtv-six one-hundreths oercent (i.660/o) of the member's ealnings shall be deduoted from the member's earnings. The remaining eisht oercent {8%) ol member's earninss shall be oaid and assumed bv the citv as member I I 5%uction of S Ootober I 1987 1996 I were irnplemented in lieu of a five oercent (59ir)wase iacrease which was scheduled to become aso cched,,le/ to hecnme ellhr:ti I Or:t.lher 1996 No member subject to such agreement shall have the optron of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the plan. All such member contributions by the city 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 is to comply with section 4 l4(h)(2) of the lnternal Revenue Code. Section 4. That all s€ctions or pa(s of sections of the Code of Ordinances, all ordinances or parts of ordinances, all charter sections or parts of sections, and all resolutions or parts of resolutions in conflict herewith, be and the sarne are hereby repealed to the extent of such conllict. Section 5. If any word, pkase, clause, subsection or section of this ordirnnce is tbr any reason held unconstitutional or invalid, the invalidity thereof shall not effect the validity of any remaining portions of this ordinance. Section 6. Corlification of this ordinance in the City Code of Ordinances is hereby authorized and directed- Section 7. The provisions of this ordinance shall take eft'ect retroactive to October I, r995. PASSED AND ADOPTED on fust reading this 12 day of March 1996. PASSED March ATTEST Ciry Clerk AND ADOPTED on second and linal reading this 26 day of 1996. - Commissioner APPROYED FOR FORN{ AND CORRECTNESS 1^Bv k., t* L' (i,u-,'- FRANK C. ADLER, City Attorney ORD]NANCE O3-96 tl// GABRIEL, ROEDER, SMITH & COMPANY Actuaries & Consultants West Broward Profesrional gldg. . 7120 Gtitfin Rd. . suite 20lO . FL Lauderdale, FL 33314 . 95.r-791-5838 FAX . 954-791-6208 February 20, 1996 Ms. Marie Jabalee Finance Director City of Dania 100 West Dania Beach Blvd. Oania, Florida 33004 Dear Marie: Enclosed is our revised Actuarial Impact Statement pertaining to the change to a 2.5% benefit accrual rate under the Retirement Plan for General Employees. We have determined that, if the Clty agrees to conkibute 6.72% ot covered payroll, the additional rate of contribution needed from employees is 5.66%. The 6.72% z,te from the City is the rate the City would have contributed if the salary assumption had not been decreased trom 7Y" to 6.5%. The lmpact Statement must be filed with the listed agenry in Tallahassee before the final public hearing on the ordinance. Please have a member of the Pension Board sign the Statement. Then send the Statement along with a copy of the proposed ordinance to the State. Please contact us if there are any questions. Sincerely yours, ,/G,.,- P"-u-++- J. Stephen PalmquislJ JSP/or CABRIEL, ROEDER, SMITH & COMPANY Actuaries & ConsultanB ,-e_ West Eroward Proiessional 8ldB. . 7320 Criffin Rd. . suite 2oO . FL Lrudendale, FL 13114 ' 95{-:cl'5655 FAX.95.r-i91-8:43 February 20, 1996 Mr. Charles Slavin, Actuary Bureau of Program Services Division of Retirement Cedars Executive Center, Bldg. C 2639 North Monroe Street Tallahassee, Florida 32399-1560 Re: Actuarial tmpact Statement for the Dania Retirement Plan for General Employees Dear Mr. Slavin: Under the proposed ordinance (copy enclosed), the benefit accrual rate would be raised ftom 2% to 2.5% tor each year of service. This change would apply both to past and future service. The employee contribution rate would also be raised from 5% to 11.567". The attached tables show the actuarial impact of these changes. The actuarial impact of these changes has been calculated on the basis of the same participant information, asset information, and actuarial assumption and methods as were used in the October 1, 1995 Actuarial Valuation Report. ln our opinion, the proposed changes are in compliance with Part Vll, Chapter 112, Florida Statutes and Section 14, Article X of the State Constitution. Respectfu lly submitted, By For the Board of Trustees as Plan Administrator /) l-n J Palmquist, ASA, By rolled Actuary No. 93-1560 , MCA $1,836,957$1,836,957 $1,836,957 67 15 B. Covered Annual Payroll 7,393,660 5,222,5M 2,L7L,LL6 2,L7l,Lt6 0 5,332,039 5,222,544 1,109,495 1,109,495 0 6,511,367 5,222,5M L,288,823 1,288,823 C. Actuarial Present Value of Projected Benefits D. Actuarial Value of Assets E. Actuarial Present Value of Future Contributions 1. Total: C-D 2. Portion Assigred to Unfunded Frozen Actuarial Accrued Liability (UFAAL) 3. Portion Assigned to Future Normal Costs 123,506 6.72% 09/30/96 09t30197 09/30/96 09130197 Quarterly 91,069 4.967" 103,130 5.617" 109,053 5.94o/o 123,506 6.72% 09/30/96 09130197 Quarterly L4,443 0.78% F. Annual Payment Needed to Amortize UFML As%ofB G. Annual Employer Normal Cost As%ofB H. lnterest on F and G from Valuation Date to Contribution Date(s) As%ofB l. Required Employer Contribution:F+G+H AsT"ofB J. Year to Which Contributions Apply 1. Plan Year Ending 2. Employer Fiscal Year Ending 3. Assumed Date(s) of Employer Contributions 67 16 67 16 A. Number lncluded in the Valuation 1. Active Members 2. lnactive Members i]. LONG:.'RANGE:: COSM::i: 0 109,063 5.94% Quarterly 0 t4,443 o.78"/" 0 t2,o6L 0.55% : F O RT BOCA S UTI .S EiTIHEL PUALISXED DAILY LIUDERDALET B ROUI RD COUI{TYe FLORlDl RAT0I{e PlLll BEACII COUIITYe FLORI0Aillil e DADE COUilTYT FL0RIDI srATE 0 C OUNTY F RE t{oflcE oFHEARIiIgBEFORE CITY COM.MtsstoN clw oF DANTAFLORIOA REG A ROINGADOPTION OF THE FOL.LOWING P ROPOSED OROINANCE NOTICE IS HEFEAY GIV.EN rhal ths Citv Commrs-sion ol th6 Crti ot DaniaFlonda, o^ M.rch 26, 199G.at 7'30 P.M or as soonih€realtor as ih€ malt€.may be h66.d. witl conducla Public haaing In lhe Crtyuohmrssion .oom ol th6Oanis C,ly Harl. 100 W€srOanis B6.ch Bout€vardDania. Florida, io consrd€;lhe propos€d adoDlron otlhe tollowrng ordr^anc6 .AN ORDINANCE OFTHE CITY OF OANIA,FLORIDA. AELATING TOREVIEW OF DE VE LO P.MEN]S OF REGIONAL IM-PACGT. PFOVIDING FORREVIEW ANO ADVERTIS.ING FEES. PBOVIDING FORSEVEFABILITY, PROVIO.ING THAT ALL ORDI.NANCES OR PARTS OFOBDINANCES ANO ALLRESOLUTIONS OR PAsTS.OF FESOLUTIONS IN CON.f Llcr HEBEW|TH BE FE-PEALED TO THE EXTENfOF SUCH CONFLICI: ANDPBOVIOING FOR AN EF.FECTIVE DATE,".AN OROINANCE OFTHE CITY OF OAN IA,FLORIOA AMENOING SFC.Tlo{s r 8-2C 2rh! . 14-29.6{B11) OF ARTTCLE rOF CHAPTER I8 OF THEcoDE oF OADTNANCESPFOVIDING FOR AN IN.CFEASE IN THE AMOUNTOF TI]E MONTHLY BETIRE.MENT BE N E FIfS FORGENERAL EMPLOYEES, P ROVr0rr{G FoB aCHANGE IN THE AMOUNTOF MEMBER CONTRISU.TIONS NEOUIRED TO FUNO SUCTI INCREASE,PFOVIOINO FOf,'THECITY'S 'PICK UP' OF A PERCENTAGE OF MEM.BER CONT RIBUTIONS.PBOVIDING FOA A NE- PEALER. PROVIOING FOR A SAVINGS CLAUSE, PRO.vrDrNG FOR COOTFTCA- TION, ANO PBOVIOING AN EFFECTIVE OAIE,'A copy ol lhis proposed ordinance 13 on 1116 in lhe oflice ol rhe crrv clerk. cirvHerl roo wesr 6enla B.ech Eoul6vard, Danle. Florida,snd msy b6 rnspecl€d bylhe publlc during normal lnt€iesl6d partiss msy appea. el th6 alo163eldme€llnq 6nd bo heard withrospecl lo lho propos€d. Anv oorson who doci(,63to 6i)p€el 6ny dscisionmade by lho Clly Commis-slon wilh retp€cl lo anymallor congidar€d el lhis h6erind wlllns€d a r€cord ollhe pioco€dlngs snd lo. such purpos€ mey n6€d to €nsur6 lh6t a v€rbEllm ,€- cord ot lh€ Proc€€dlng! l8made. whlch record in- clude! lh€ la3limony andavidanc! uoon whlch lhoappad b lo ba laaad. Maito J$rL., Clty CL.tIt th lt, lLa F FLORIDA OF OIARD/9ALII OER IG BEACH /D ADE D A U TIt OR ITY PERSOI{ALLY TPPEANED dH 0f{ 0lT}r sAYs THAT REPRESEIi]ATIV€ OF THE S UN-S ELTI X ELT DAILY IS FIED LY AUTHORI IRTITE NT O F HE APER PUBLISHED IIt EROUARD/PALIi BEACH'DADE COUI{TYE III THE CINCUIT COURTE UAS IHE ISSUES OFC t03l76t1l PU BL ISHE D II{ SAI D ilET'SPAPER II{ 3D7it0 AFFIANT FURTHER SIYS THAT Tt{E SAID SUI{.SEI{TIX EL IS A I{EI'SPAPER PUBLISHED II{ SAID BROIARD'PALII BEACI{/DADE ^OUllTYe FL0RIDIT AllD TIIAT YHE SAID I{EISPAPER HAS HERETOF0RE -EEI{ C OilTIIIUOUSLY PUBLISI{ED IiI SAID BNOYARD/PILII BEACH/DIDE C0Ul{TIe FL0RIDAT EACH DAYe ^il0 HAS BEEtI €1{TERED ^3 SECO}t0 CLASS IATTER tT TllE P0ST 0FFICE Ill FORT LAUDERDALET lt{ SIID BflOTARD C0UllTYe FL0RIDAe F0R A PERIOD 0F 01{E YEAn I{EXf PRECEDITiIG THE FIRST PUBLICATION OF THE ATIACHED COPY OF ADY€NTISEIIEI'T; AtID AFFIAIiT FURTHER SIYS TH^T HE'SHE HTS t{EITHER PAID lt0R Pf,OltlISED At{Y PERS0llr FInil 0R C0RPOf,rTIOtl AIIV DISCOUI{TU REEATEZ COIIiISSIOil OR REFUiID FOR THE PURPOSE0r s URIN THIS ADYERTISEilENT FOR PUALICATIOIiI II{ SAID N EYS PER URE(IG ) SUONI TO AIID SUBSCRIBED BEFORE IIEIXIS 16 DtY 0f ;AnCil-0. 1996 (SI6II^TURE OF iIOTARY PUALIC) . u[lil$iqqrmwcoEtlrctt@ttr arnBlrL,tIcrtirrrnam!,x. I PE AtE 0f r{0TARY RS otrALL ' (ra0ur TYPEDT t'lT ED 0R STAtIPED) L Hel F P RODUC ED IOEHTIfICATION OR fLONIDA THAT TIIE ATTACHEO' COPY OF ADU€RTtSEiEI{TI 8EIT16 A TIOTICEOFHEARIX6 II TilE ilATTER Of RE6IOI{AL IITPICT