HomeMy WebLinkAboutO-2009-012 SB 538 Amendment Police & Firefighters Retirement System ORDINANCE NO. 2009-012
AN ORDINANCE OF THE CITY OF DANIA BEACH, FLORIDA,
AMENDING THE CODE OF ORDINANCES RELATING TO THE POLICE
AND FIREFIGHTERS' RETIREMENT SYSTEM; AMENDING SECTION 18-
46, PROVIDING FOR FOUR YEAR TERM LIMITS; AMENDING SECTIONS
18-43, 18-47 AND 18-48 IN COMPLIANCE WITH CHAPTER 2009-97, LAWS
OF FLORIDA; PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; FURTHER, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the 2009 Florida Legislature enacted Chapter 2009-97, Law of Florida,
which mandates certain amendments to the City's Police and Firefighters' Retirement System;
and
WHEREAS, an amendment to the City Code of Ordinances is necessary to permit such
new statutory obligations and conditions; and
WHEREAS, the trustees of the City of Dania Beach Police and Firefighters' Retirement
System have approved such an amendment as being in the best interests of the participants and
beneficiaries and as an improvement to the administration of the plan; and
WHEREAS, the City Commission has received and reviewed the actuarial impact
statement concerning the cost impact of this Ordinance amendment prepared by the Retirement
System's actuary; and
WHEREAS, the proposed ordinance amendment has been approved and recommended
by the Police and Firefighters' Retirement System Board of Trustees;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA, AS FOLLOWS:
Section 1. The foregoing WHEREAS clauses are ratified and confirmed as being true
and correct and they are made a specific part of this Ordinance upon its adoption.
Section 2. Subsection (a) of Section 18-43, "Optional Forms of Benefits", of the
Dania Beach Code is amended to read as follows:
See. 18-43 (a). Optional forms of benefits.
OPTION 1--JOINT AND LAST SURVIVOR OPTION. The member may elect
to receive a modified benefit, which shall include but not be limited to the
provisions of Sections 175.171 and 185.161, of the Florida Statutes, during the
member's lifetime and have such benefit (or a designated fraction thereof)
continued after the member's death to and during the lifetime of the member's
designated joint pensioner or beneficiary. The election of Option 1 shall be null
and void if the designated beneficiary dies before the member's benefit payments
commence. A retired member may change his or her designation of a joint
annuitant or beneficiary up to two times as provided in Section 175.333, Florida
Statutes, without the approval of the board of trustees or the current joint
annuitant or beneficiary. The retiree need not provide proof of the good health of
the joint annuitant or beneficiary being removed, and the joint annuitant or
beneficiary being removed need not be living.
Section 3. Section 18-46, "Administration", of the Dania Beach Code is amended to
read as follows:
(2) Each resident member shall serve for a period of two (2) four 4 years, unless
sooner replaced by the city commission at whose pleasure he or she shall serve, and may succeed
himself or herself in office. Each member elected by other members of the system shall serve for
a period of two (2) four 4 years, unless he or she sooner leaves the employment of the city as a
firefighter or police officer, whereupon his or her successor shall be chosen to complete the term
in the same manner as the trustee originally chosen. whe_etipen the eity eammission shall ehoese
his sueeesser in the same FaanneF as m original appointment. Each firefighter and police officer
member may succeed himself or herself in office. The ninth member of the board shall have the
same rights as each of the other eight (8) members and may succeed himself or herself in office.
13 The Board of Trustees may, upon the written request of the retiree of the
Fund, authorize the plan administrator to withhold from the retirement payment
those funds that are necessary to pay for premiums for accident, health, and long-
term care insurance for the retiree and the retiree's spouse and dependents. The
Fund, and its Board of Trustees, shall not incur any liability for participation in
this permissive program if its actions are taken in good faith.
Section 4. Subsection (6)(b) of Section 18-47, "Finances and Fund Management,
Establishment and Operation of Fund", of the Dania Beach Code is amended to read as follows:
(6) The board of trustees shall have the following investment powers and
authority:
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(b) Within the restrictions and requirements contained in Sections
175.071 and 185.06, Florida Statutes, the fund may be invested and
reinvested in such securities or property, real or personal, wherever
situated and of whatever kind, as shall be approved by the board of
trustees, including but not limited to stocks, common or preferred, and
bonds, and other evidences of indebtedness or ownership. The board shall
identify and publicly report any direct or indirect holdings it may have in
any scrutinized company, as defined in Florida Statutes, Section 215.473,
and proceed to sell, redeem, divest, or withdraw all publicly traded
securities it may have in such company beginningJanuary anuary 1, 2010. The
divestiture of any such security must be completed by March 1, 2010. For
the purposes of effecting compliance with Section 215.473, Florida
Statutes, the pension fund shall designate terror-free plans that allocate
their funds among securities not subject to divestiture. No person may
bring any civil, criminal, or administrative action against the Board of
Trustees or any employee, officer, director or advisor of the System based
upon the divestiture of any security pursuant to this section.
Section 5. Subsection(2)(a) of Section 18-48, "Repeal, Modification or Termination
of System", of the Dania Beach Code is amended to read as follows:
2) If this article shall be repealed, or upon written notice to the board by the city
that contributions to the system are discontinued, the board shall continue to
administer the system in accordance with the provisions of this article, for the sole
benefit of the then members, any beneficiaries then receiving retirement
allowances, and any future persons entitled to receive benefits under one of the
options provided for in this article who are designated by any of said members. In
the event of repeal, or if contributions to the system are discontinued there shall
be full vesting one hundred (100) percent of benefits accrued to date of repeal or
discontinuance of contributions and the fund shall be apportioned and distributed
in accordance with the following procedures:
(a) The board shall determine the date of distribution and the asset value
required to fund all the non-forfeitable benefits to be distributed, after
taking into account the expenses of such distribution. The Board shall
inform the municipality, or then current plan sponsor, if additional assets
are required, in which event the municipality or then plan sponsor shall
continue to financiall}_support the Sim until all non-forfeitable benefits
have been funded.
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Section 6. 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 with this Ordinance are repealed to the extent of such conflict.
Section 7. If any word, phrase, clause, subsection, or section of this Ordinance is for
any reason held unconstitutional or invalid, the invalidity shall not affect the validity of any
remaining portions of this Ordinance.
Section 8. This Ordinance shall take effect upon adoption.
PASSED AND ADOPTED on first reading on July 28, 2009.
PASSED AND ADOPTED on second reading on August 11, 2009.
ANNE CASTRO
�pRD's FII}ST MAYOR-COMMISSIONER
ATTEST: Aso
LOUISE STILSON, CMC ry
CITY CLERK
ATED 19"
APPROVED AVE M AND CORRECTNESS:
THOM S J,/ANSbR0
CITY ATTORNEY
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