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Home My WebLink AboutO-1996-019ORDINANCE NO.19-96 AN ORDINANCE OF TTIE CITY OF DANIA FLORID{ AMENDING SECTION 18-29 OF ARTICLE III OF CHAPTER18 OF THE CODE OF ORDINANCES, PROVIDING MEMBERS WITH T}IE OPPORTUNITY TO ELECT TO PURCHASE SERVICE CREDITS FOR TIME SPENT IN MILITARY SERVICE, PROVIDING MEMBERS WITH THE OPPORTI.INITY TO PURCHASE SERVICE CREDITS BEFORE ELECTING TO PARTICIPATE IN THE DEFERRED RETIREMENT OPTION PLAN FOR PRIOR EMPLOYMENT WITH TFIE CITY, PROVIDING FOR A REPEALER; PROVIDING FOR A SAVINGS CLAUSE; PROVIDING FOR CODIFICATION; AND PROMDING FOR AN EFFECTIVE DATE, WHEREAS, the City Commission and the Board of Trustees have independently determined that prior military service ofemployees is beneficial to the City, and consequently, that participants should be able to purchase service credits for their actual military service, and WHEREAS, the City Commission and the Board of Trustees, have independently determined that prior to making an election to participate in the deferred retirement option plan (DROP), that participants should be able to purchase credited service for their prior employment with the City, and WHEREAS, the City Commission and the Board of Trustees, having received and independently reviewed an actuarial impact statement of the changes made by this Ordinancg have determined that it is in the public interest to adopt the following Ordinance. NOW, TI{EREFORE, be it ordained by the City Commission of the City of Dania, Florida as follows: Section 1 That Section 18-29.1 of Chapter 18 ofthe Code of Ordinances ofthe City ofDania, Florida be and the same is hereby amended to add the following subsection: (e) Purchase of credits for military service. The vears or fractional oarts of vears that a participant serves or has s€rved fulltime active duty in the militarv service ofthe Armed Forces ofthe United States. voulntarily or involuntarily. prior to first or initial emoloyment with the citv. shall be added to his or her ]rears of credited service. provided that: The oarticipant did not rccrivc credited seryice for the time spent in the Armed Forces from anv other Drivate.qovemmental or militarv retirement or 2 pension system. 4. The purchase of credited service under this section by a participant shall be made prior to the particiDant makina an election to DarticiDate in the DROP and shall be paid in full prior to the participant's retirement date or conclusion of participation in the deferred retirement ootion plan (DROP)- whichever occurs last. and in accordance with all terms. rules.procedures or regulations established by the board of trustees Section 2.That Section 18-29.1 of Chapter l8 ofthe Code of Ordinances ofthe City ofDania, Florida be and the same is hereby amended to add the following subsection Scction 3. That all sections or parts 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 sirme are hereby repealed to the extent of such conflict. 2 l. The participant did not receive a dishonorable discharee from the Armed Forces. 3. The participant contributes to the fund the full actuarial cost of all service credits purchased. 5. The maximum credit which may be purchased by a participant for anv military service in the Armed Forces of the United States under this section shall be four (.4) years. 6. All credited service purchased oursuant to this section shall count toward Yestinq. O Prior to makins an election to participate in the DROP. a member may purchase or buy back any portion of prior service with the city for which no credited service has been ganted. provided that he or she nays the full actuarial cost thereof bv payment of increased contributions. a lump sum payment or a diversion of his or her pavments from the DROP. or any combination thereof The member's payment must be completed prior to the normal retirement date or conclusion ofparticipation in the DROP. whichever occurs last. Section 4. If any word, phrase, clause, subsection or section of this ordinance is for any reason held unconstitutional or invalid, the invalidity thereof shall not effect the validity of any remaining portions of this ordinance. Section 5. Codification of this ordinance in the City Code of Ordinances is hereby authorized and directed. Section 6.The provisions ofthis ordinance shall take effect immediately upon its final passage and adoption. PASSED AND ADOPTEDonfirst readingthis 26 dayof November 199 6 PASSED AND ADOPTED on second and final reading this 17 day of - Commissioner ATTEST City{lerk APPROVED FOR FORM AND CORRECTNESS By €*r* c. d/4 City Attorney 3 December .1996 S TATE O COUNTY BEFORE FORT BOCA SUN-SENTIt{EL PUSLISHED DAILY LAU DER OALET BROT'ARD COUIITYT FLORIDA RAT0I{r PAL}l EEACH COUl{TYr FL0RIDAllIAllL DADE CoUHtYr FL0RIDA F FLORIDA OF A ROT AR D/ P ALi T NDERSIG E DA}E RITY PERSOITALLY APPEARED I{HO ON CATH SAYS THAT R EP RE SE NTAT IVE OF THE SU N.S ENT IN EL, DAILY D/PALI{ EEACH/DADE COUNTY,y 0F ADyEXIIgE;E1Tr Bg1 N6 LISHED IN SAID NEI'SPAPER BEACH/D AUTHO HE/SHE CLASSIF t{gISPlP FLORIDA t{0TI C E IIt T IIE APPO INT I}I THE THE ISS Ct RIZED OF THE BROI'AR HED COP IAS PUB THAT TH SAID B HAT THE ISHED I DAYr All ST OFIIlr t0R 3LI CAT I IAI{T FU IS A DULY AUTHO I ED DE PA RTllg NTiR PUBLISHED INrHAT TTIE ATTAC ilATTER of rrt ENT AND TERIIS C IRC UIT C 0U RTr UES OF1Zl06t 1 X AFTIANT FURTHER SAYS N€TSPAPER PUALISHED II{6nrY, tLo Rr DA, At{D T 3C:N CONTI UOUSLY PU3L C 0Ut{ TY, tL0RIDAT EACH CLASS I{ATTER AT THE PO SROIARD C0Ut{TYr FL0RID PRECEDII'I6 THE FIRST PU ADYERTISET.TEITT; ANb AFF E SAID SUil.SENTINEL IS A ROI'ARD/PALIt EEAC H/OADE SAID t{EIISPAPER HAS HERE'I,I{ SAID EROTARD/PALII BEAC}] D HAS EEEN ENTERED AS SE(I CE IN FORT LAUDERDALET II A PERIOD OF OI{E YEAR TtEXl ON OF THE ATTACHED COPY ( RTHER sAYS THAT HE/SHE H NEITHER PAID NOR pROilISED ANY PERSOttT FIRiI 0R C0RPoRATI0I AltY DISCOUNTT RE3ATET C0ill{ISSIOn 0R REFUND fOR TllE PURP0SE OF SECURIN6 THIS ADVERTISEI{ENT FOR PUBLICATION Iil SAID ;TEISPAPER. ( SI6NATUR E OF AFFIANT, lc8n wllh D STORil TO ANDTHIS 06 DAYA.0. 1996.'-2 . . . . ./..d: */2,;*,- 44tofu *4 . . . . (S IGNAT UR E OF NOTARY -4. ..i .tlE 0f NOTARY IYPE PERS ONALLY KI{Oi'{ SUBSCRTBED SEFORE I{E OF DECEIIBER UEAPASEIA'{oEtrYFtllB.itdc orklooD Cotir1El Br!. Jrl2a. 2E'' cc r*!rcc57l30 PRODUCED IDEI{TI FICATION OR A ^ Roberl A. suoormon Howord S. Susskind iton,on R. Ort Richord M. Weiner Nooh S. Wormon Dovid E. Robinson SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNF/S AT LAW ROBERT A SU 28Ol Ponce De Leon Boulevord Suite 7SO Corol Gobles, Forido 33134 (3Os) sr-Uol Broword 7632566 loll Frce 1*3D-212. Fox l3OS) 147€l l5 November 20, 1996 Board of Trustees City of Dania General Employees Retirement System c/o Marie Jabalee, Administrator 100 W. Dania Beach Boulevard Dania, FL 33004 Re: Proposed Buy-back Ordinqnce Dear Marie I have placed the requirement that the decision to purchase military time be made prior to participation in the DROP in subparagraph (e)(4) of Section 1 ofthe ordinance. The ordinance is now ready for presentation to the City Attorney for submission to the City Commission. Yours truly, o(P RAS/jd Enclosure DCEN\BuyBkOrdLc Enclosed is the original ofthe buyback ordinance. GABRIEI. ROEDER, SHITH & COMPANY ,^Consultant! & Actuari.. West Broward Prolessioflal B!dg. . 7320 Grittin Rd. . Suite 2OO . Ft. Lauderdate. FL 33314 . 95a-791_5888 . FAX 954_791-82Cs October 23, 199G Ms. Marie Jabalee Finance Director City of Dania 100 West Dania Beach Blvd. Dania, Florida 33004 J. Stephen Palmquist JSP/or Re: General Employees Retirement System Dear Marie: Enclosed is a table that shows how much members of the plan would have to pay to buy variousamounts of past service. We have calculated the buy-back amount as of December 51, 1996 and asof each person's normal retirement date. The buy-bick amounts represent the.full actuarial cosf ofthe extra service. The following o<ample illustrates how a person might determine how he would benefit from buyingpast service. Assume that a member now eams $25,OOO per year and that his final average earningsat normal retirement date will be $30,000. lf this person buys two years of past service, his extraannual pension due to the buy-back would be $3o,o0o x 2 yeirs x 2.so/o = si,soo. He would gain $1.,500 per year for life in retum for paying for a two year buy_back. As we have. explained previously, comparisons by person sometimes seem unreasonable. Generally,the higher the salary and the closer a percon is to normal retirement, the larger the buy-back p.ymentis. The rate of interest used is the funding rate of g%. Please contact us if there are any questions. Sincerely, .dG* Dania General Buyback Study T YRS BOUGHT 1/96 1231196 PLUS - NAME BACK BUYBACK NRD' Prior Members ARRUDA F 1.00 8530 1t1t00 10745ARRUDA F 2.OO 17080 1t1t00 21516 FEASTER DE 1.00 5086 '11t97 5085FEASTER DE 2.00 12880 'U1t97 12880 MORRIS GW 1.00 6851 1iJ1t06 14688 MORRIS GW 2.00 13703 1211t06 204'70 ROSE P 1.00 7127 1t1t98 7698 ROSE P 2.OO 14257 1t1t98 15397 THOMAS CW 1.00 5647 1t1t99 6586 THOMAS CW 2.00 11293 'U1t99 13172 Other Membe6 ANDERSON J 1.00 3633 8t1to1 5'168 ANDERSON J 2.OO 7091 8t1too 9340 ANOERSON J 3.00 11170 8t'U99 13624 MCI.AIN R 1 .00 4187 8t'U10 11907 MCI-AIN R 2.00 8493 Et1t10 24153 PALM RJ '1.00 8498 11t',1t99 10566 PALM RJ 2.00 17492 1111t98 20138 PALM RJ 3.00 29383 11t1197 3',t321 SALTAI.AMACCHIA 1.00 4930 21t07 10708 SALTALqMACCHIA 2.00 10038 i,1t07 21805 SALTAI.AMACCHIA 3.00 15360 ?,1t07 33365 ' No earlier than 1/1/97 due to time needed for passage of ordinance. CIt\T Dania General Buyback Study COST AT YRS_EOUGHf 12t31t96 123't196 PLUS NAME BACK BUYBACK NRD'INT. TO NRD JOHNSON V 1.00 12625 'U1t03 20035 JOHNSON V 2.OO 25250 'v1t03 40068 JOHNSON V 3.00 37875 111t03 60103 JOHNSON V 4.00 50501 111103 80138 JOHNSON V 5.00 63126 1t1t03 '100173 JOHNSON V 6.00 75749 1t'1t03 120205 JOHNSON V 7.00 88375 1t'u03 140240 JOHNSON V 8.00 101000 111103 160275 JOHNSON V 9.00 113626 'U1t03 180310 JOHNSON V 10.00 126250 1l'1t03 200343 JOHNSON V 1 1.00 '138875 1t1t03 220378 JOHNSON V 't2.00 151501 1t1to3 240413 'No earlierthan 1/1/97 due to time needed for passage of ordinance. ,i