HomeMy WebLinkAboutVI(A&B) Ordinance No. 99-33 Re: Police Officers'/Firefighters' Retirement Trust Fund Deferred Retirement Option Plan) Ordiance No. 99-34, Re: General Employees' Retirement Trust Fund Deferred Retirement Option Plan Agenda 10-19-99
Item VIA & B
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" MAYOR•COMMISSIONER
o� Ocoee ' S.SCOTT VANDERGRIFT
/�.1, •�o CITY OF OCOEE COMMISSIONERS
r 4 Q. 150 N.LAKESHORE DRIVE DANNY HOWELL
OCOEE,FLORIDA 34761-2258 SCOTT ANDERSON
RUSTY JOHNSON
(407)656-2322 NANCY J.PARKER
Of GOOD CITY MANAGER
ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and City Commission
FROM: Ellis Shapiro
City Mana
DATE: September , 1999
RE: DROP PLAN ORDINANCES FOR POLICE/FIRE
AND GENERAL EMPLOYEES PENSION FUNDS
Approximately three (3) months ago both pension boards discussed the possibility of
having Drop Plans put into each retirement plan.
The attached proposed ordinances fully discuss what a Drop Plan is but as a generality
it offers pension fund members alternatives to regular retirement methods.
H. Lee Dehner will be present at second reading and public hearings for these
ordinances to answer any questions you may have about these ordinances.
A review by staff of this idea resulted in us seeing no real negative effect on the City
and therefore we respectfully recommend approval of these ordinances.
Attachments
c: H. Lee Dehner, Esq., Christiansen & Dehner
PQ .
Protect Qcoee's Water Resources
LAW OFFICES
CHRISTIANSEN&DEBNER, P.A.
63 SARASOTA CENTER BLVD.
SUITE 107
Scorn R.CHRISTIANSEN SARASOTA,FLORIDA 34240 ' F n_ ;r G MHO�$,(941)377-2200
H.LEE DEFINER i L I i'I ate.,: ((941)377-4848
September 13, 1999
Mr. Ellis Shapiro, City Manager
City of Ocoee
150 N. Lakeshore Drive
Ocoee, Florida 34761-2258
Re: City of Ocoee Municipal Police Officers' and Firefighters' and General
Employees' Retirement Trust Funds
Dear Ellis:
In accordance with our recent conference, I am enclosing DROP plans for the City of
Ocoee Municipal Police Officers' and Firefighters' and General Employees' Retirement Trust
Funds. I will be happy to discuss them with you at any time, although I believe we have
already discussed them thoroughly. If appropriate, please schedule these ordinances to go
before the commission and notify me of the time as I will be happy to be present.
By copy of this letter to the Boards' actuary, Foster&Foster, Inc., I am requesting that
they provide you with a letter indicating that there is no cost associated with the adoption of
these ordinances.
As always, your courtesy and cooperation is appreciated.
Yours very truly,
H. Lee Dehner
HLD/bm
enclosures
cc: Mike Reed, with enclosure
Donald Carter, with enclosure
Foster &Foster, Inc., with enclosures
Agenda 10-19-99
Item VI A
ORDINANCE NO. 99-33 -
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE MUNICIPAL
POLICE OFFICERS' AND FIREFIGHTERS'
RETIREMENT TRUST FUND, ADOPTED AND
RESTATED IN FULL BY ORDINANCE NO. 96-20, AS
SUBSEQUENTLY AMENDED; ADDING SECTION 27,
DEFERRED RETIREMENT OPTION PLAN; PROVIDING
FOR SEVERABILITY OF PROVISIONS;REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND
PROVIDING AN EFFECTIVE DATE.
SECTION 1: Authority. The City Commission of the City of Ocoee has the authority
to adopt this ordinance pursuant to Article VIII of the Constitution of the State of Florida and
Chapter 166, Florida Statutes.
SECTION 2: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby amended by adding Section 27, Deferred Retirement Option Plan, to read
as follows:
SECTION 27. DEFERRED RETIREMENT OPTION PLAN.
L Definitions.
As used in this Section 27, the following definitions apply:"
A,. "DROP" -- The Ocoee Police Officers' and Firefighters' Deferred
Retirement Option Plan.
B, "DROP Account" --The account established for each DROP participant
under subsection 3.
2L Participation.
A.. Eligibility to Participate. .
in lieu of terminating his employment as a Police Officer or Firefighter,
any Member who is eligible for normal retirement under the System may
elect to defer receipt of such service retirement pension and to participate
in the DROP provided that the election to participate in the DROP is
made within twelve (12) months following the date on which the Member
first becomes eligible for normal retirement, or for a Member who first
reached eligibility for normal retirement prior to the effective date of this
Section, the election to participate is made within twelve (12) months
from the effective date of this Section. A Member who fails to make the
election =rithin such twelve (12) month limitation period shall forfeit all
rights to participate in the DROP.
B.. Election to Participate.
A Member's election to participate in the DROP must be made in writing
in a time and manner determined by the Board and shall be effective on
the first day of the first calendar month which is at least fifteen (15)
business days after it is received by the Board.
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Period of participation.
A Member who elects to participate in the DROP under subsection 2.B.,
shall participate in the DROP for a period not to exceed sixty (60)
months beginning on the date which the Member first becomes eligible
for normal retirement. An election to participate in the DROP shall
constitute an irrevocable election to resign from the service of the City
at the time of election into the DROP. A Member may participate only
once.
Termination of Participation.
1,1), A Member participating in the DROP shall cease participating in
the DROP.by:
(a) electing in writing, in a time and manner determined by
the Board, to cease participating in the DROP;
(b) continuing to be employed as a Police Officer or
Firefighter at the end of his period of participation in the
DROP as determined under subsection 2.C.; or
ii terminating his employment as a Police Officer or
Firefighter.
Any election made under clause (a) shall be effective on the first
day of the first calendar month which is at least fifteen (15)
bzsiness days after it is received by the Board.
(2) Upon the Member's termination of participation in the DROP,
pursuant to subsection (1),(a) or (b) above. all amounts provided
for in subsection 3.B.,including monthly benefits and investment
earnings and losses or interest, shall cease to be transferred from
the System to his DROP Account. Any amounts remaining in his
DROP Account shall be paid to him in accordance with the
provisions of subsection 4. when he terminates his employment
as a Police Officer or Firefighter.
•
(3) A Member who elects to terminate his participation in the DROP
under subsection 231 shall not be permitted to again become a
participant in the DROP.
E.g. Effect of DROP Participation on the System.
U) A Member's Credited Service and his accrued benefit under the
System shall be determined on the date his election to participate
in the DROP first becomes effective. The Member shall not
accrue any additional Credited Service or any additional benefits
under the System (except for any additional benefits provided
under any cost-of-living adjustment in the System) while he is a
participant in the DROP. After a Member commences
participation, he shall not be permitted to again contribute to the
System nor shall he be eligible for disability or pre-retirement
death benefits.
? No amounts shall be paid to a Member from the System while the
Member is a participant in the DROP. Unless otherwise specified
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in the System, if a Member terminates his participation in the
DROP other than by terminating his employment as a Police
Officer or Firefighter, no amounts shall be paid to him from the
System until he terminates his employment as a Police Officer or
Firefighter. Unless otherwise specified in the System, amounts
transferred from the System to the Member's DROP Account
shall be paid directly to the Member only on the termination of
his employment as a Police Officer or Firefighter.
Funding.
AL Establishment of DROP Account.
A DROP Account shall be established for each Member participating in
the DROP. A Member's DROP Account shall consist of amounts
transferred to the DROP under subsection 3.B., and earnings or interest
on those amounts.
B.. Transfers From Retirement System.
1 As of the first day of each month of a Member's period of
participation in the DROP, the monthly retirement benefit he
would have received under the System had he terminated his
employment as a Police Officer or Firefighter and elected to
receive monthly benefit payments thereunder shall be transferred
to his DROP Account, except as otherwise provided for in
subsection 2.D.(2)„ A Member's period of participation in the
DROP shall be determined in accordance with the provisions of
subsections 2.C_. and 2.D, but in no event shall it continue past
the date he terminates his employment as a Police Officer or
Firefighter.
(2) Except as otherwise provided in subsection 2.D.(2), a Member's
DROP Account under this subsection 3.B. shall be debited or
credited after each fiscal year quarter with either:
(a) Interest at an effective rate of six and one-half percent
(6.5%) per annum compounded monthly on the prior
month's ending balance; or
0) Earnings, determined as follows:
The average daily balance in a Member's DROP Account
shall be credited or debited at a rate equal to the actual net
rate of investment return realized by the System for that
quarter. "Net investment return" for the purpose of this
paragraph is the total return of the assets in which the
Member's DROP Account is invested by the Board net of
brokerage commissions, transaction costs and management
fees.
Upon electing participation in the DROP, the Member shall elect
to receive either interest or earnings on his account to be
determined as provided above. The Member may, in writing,
elect . to change his election only once during his DROP
participation. An election to change must be made prior to the
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end of a quarter and shall be effective beginning the following
quarter.
(3) A Member's DROP Account shall only be credited or debited
with earnings or interest and monthly benefits while the Member
is a participant in the DROP and after the Member dies, retires or
terminates his employment as a Police Officer or Firefighter. If
a Member is employed by the City Fire and Police Departments
after electing to cease participation in the DROP pursuant to
subsection 2.D..(1)(a) or after particigping in the DROP for five
(5) years, then beginning with the next payment following
cessation of participation or beginning with the Member's 61st
month of DROP participation, whichever occurs first, the
Member's DROP Account will no longer be credited or debited
withrnings or interest, nor will monthly benefits be transferred
to the DROP account. All such non-transferred amounts shall be
forfeited and continue to be forfeited while the Member is
employed by the City Fire and Police Departments. A Member
employed by the City Fire and Police Departments after five (5)
years of DROP participation will still not be eligible for pre-
retirement death or disability benefits, nor will he accrue
additional Credited Service.
4- Distribution of DROP Accounts on Termination of Employment.
Aa Eligibility for Benefits.
A Member shall receive the balance in his DROP Account in accordance
with the provisions of this subsection 4. upon his termination of
employment as a Police Officer or Firefighter. Except as provided in
subsection 4.D., no amounts shall be paid to a Member from the DROP
prior to his termination of employment asa Police Officer or Firefighter.
R. Form of Distribution.
Unless the Member elects otherwise, distribution of his DROP
Account shall be made in a cash lump sum, subject to the direct
rollover provisions set forth in subsection 4.G. A Member may,
however, elect, in such time and manner as the Board shall
prescribe, that his DROP distribution be used to purchase a.
nonforfeitable fixed annuity payable in such form as the Member
may elect. Elections under this paragraph shall be in writing and
shall he made in such time or manner as the Board shall
determine. If the annuity form selected is not a qualified joint and
fifty percent (50%) survivor annuity with the Member's Spouse
as the Beneficiary, the annuity payable to the Member and
thereafter to his Beneficiary shall be subject to the incidental death
benefit rule as described in Section 401(a)(9)(G) of the Code and
its applicable regulations.
(2) If a Member dies before his benefit is paid, his DROP Account
shall be paid to his Beneficiary in such optional form as his
Beneficiary may select. If no Beneficiary designation is made,
the DROP Account shall be distributed to the Member's estate.
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Date of Payment of Distribution.
U) Except as otherwise provided in this subsection 4., distribution of
a Member's DROP- Account shall be made as soon as
administratively practicable following the Member's termination
of employment.
),- In lieu of a distribution as described in paragraph (1) above, a
Member may, in accordance with such procedures as the Board
shall prescnbe, elect to have the distribution of his DROP
Account made as of the first day of any month coincident with or
following his termination of employment as a Police Officer or
Firefighter; provided, however, payments shall be made before
the distribution date elected by the Member to the extent
necessary to comply with the provisions of subsections 4.D. and
4.F.
D— Age Seventy and One-Half 70-1/21 Rea uired Distribution.
In no event shall the provisions of subsection 4. operate so as to allow the
distribution of a Member's DROP Account to be later than the April 1
following the later of the calendar year in which he terminates his
employment as a Police Officer or Firefighter or he attains age seventy
and one-half (70-1/2). .In the event a Member is required to receive
payment while in service under the provisions of this subsection D., he
,Shall receive one lump sum payment on or before his required beginning
date equal to his entire DROP Account balance and annual lump sum
payments thereafter of amounts credited to his DROP Account during
each calendar year. Upon the Member's subsequent termination of
employment, payment of his DROP Account shall be made in accordance
with the provisions of subsection 4.B.
E.. Proof of Death and Right of Beneficiary or Other Person.
The Board may require and rely upon such proof of death and such
evidence of the right of any Beneficiary or other person to receive the
value of a deceased Member's DROP Account as the Board may deem
proper and its determination of the right of that Beneficiary of other
person to receive payment shall be conclusive.
E„. Distribution Limitation.
Notwithstanding any other provision of subsection 4., all distributions
from the DROP shall conform to the regulations issued under Section
401(a)(9) of the Code, including the incidental death benefit provisions
of Section 401(a)(9)(G) of the Code. Further, such regulations shall
override any DROP provision that is inconsistent with Section 401(a)(9)
of the Code.
SI Direct Rollover of Certain Distributions.
This subsection applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the DROP to the contrary that would
otherwise limit a distributee's election under this subsection, a distributee
may elect, at the time and in the manner prescribed by the Board, to have
any portion of an eligible rollover distribution paid directly by the DROP
to an eligible retirement plan specified by the distributee in a direct
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(2) Neither the Board nor any Trustee of the Board shall be
responsible for any reports furnished by any expert retained or
employed by the Board, but they shall be entitled to rely thereon
as well as on certificates furnished by an accountant or an
actuary, and on all opinions of counsel. The Board shall be fully
protected with respect to any action taken or suffered by it in
good faith in reliance upon such expert, accountant, actuary or
counsel, and all actions taken or suffered in such reliance shall be
conclusive upon any person with any interest in the DROP.
General Provisions.
A. Amendment of DROP.
The DROP may be amended by an ordinance of the City at any time and
from time to time, and retroactively if deemed necessary or appropriate,.
to amend in whole or in part any or all of the provisions of the DROP.
However, except as otherwise provided by law, no amendment shall
make it possible for any part of the DROP's funds to be used for, or
diverted to, purposes other than for the exclusive benefit of persons
entitled to benefits under the DROP. No amendment shall be made
which has the effect of decreasing the balance of the DROP Account of
any Member.
facility of Payment.
Tf the Board shall find that a Member or other person entitled to a benefit
under the DROP is unable to care for his affairs because of illness or
accident or is a minor, the Board may direct that any benefit due him,
unless claim shall have been made for the benefit by a duly appointed
legal representative., be paid to his Spouse, a child, a parent or other
blood relative, or to a person with whom he resides. Any payment so
made shall be a complete discharge of the liabilities of the DROP for that
benefit.
Information.
Each Member, Beneficiary or other person entitled to a benefit, before
any benefit shall be pava le to him or on his account under the DROP
shall file with the Board the information that it shall require to establish
his rights and benefits under the DROP.
a. Prevention of Escheat.
If the Board cannot ascertain the whereabouts of any person to whom a
payment is due under the DROP, the Board may, no earlier than three
(3) years from the date such payment is due, mail a notice of such due
and owing payment to the last known address of such person, as shown
on the records of the Board or the City. If such person has not made
written claim therefor within three (3) months of the date of the mailing,
the Board may, if it so elects and upon receiving advice from counsel to
the DROP, direct that such payment and all remaining payments
otherwise due such person be canceled on the records of the DROP.
Upon such cancellation, the DROP shall have no further liability therefor
except that, in the event such person or his Beneficiary later notifies the
Board of his whereabouts and requests the payment or payments due to
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him under the DROP, the amount so applied shall be paid to him in
accordance with the provisions of the DROP.
E.,. Written Elections, Notification.
(.1). Any elections, no1fiications or designations made by a Member
pursuant to the provisions of the DROP shall be made in writing
and filed with the Board in a time and manner determined by the
Board under rules uniformly applicable to all employees similarly
situated. The Board reserves the right to change from the time
and manner for making notifications, elections or designations by
Members under the DROP if it determines after due deliberation
that such action is justified in that it improves the administration
of the DROP. In the event of a conflict between the provisions
for making an election, notification or designation set forth in the
DROP and such new administrative procedures, those new
administrative procedures shall prevail.
.(4 Each Member or Retiree who has a DROP Account shall be
responsible for furnishing the Board with his current address and
any subsequent changes in his address. Any notice required to be
given to a Member or Retiree hereunder shall be deemed given if
directed to him at the last such address given to the Board and
mailed by registered or certified United States mail. If any check
mailed by registered or certified United States mail to such
address is returned mailing of checks will be suspended until
such time as the Member or Retiree notifies the Board of his
address.
E. Benefits Not Guaranteed.
All benefits payable to a Member from the DROP shall be paid only
from the assets of the Member's DROP Account and neither the City nor
the Board shall have any duty or liability to furnish the DROP with any
funds, securities or other assets except to the extent required by any
applicable law.
a. Construction.
The DROP shall be construed, regulated and administered under
the laws of Florida, except where other applicable law controls.
The titles and headings of the subsections in this Section 27 are
for convenience only. In the case of ambiguity or inconsistency,
the text rather than the titles or headings shall control.
a. Forfeiture of Retirement Benefits.
Nothing in this Section shall be construed to remove DROP participants
from the scope of Section 22 above or Section 112.3173, Florida
Statutes. DROP participants who commit a specified offense or whose
employment is terminated as described in Section 22 while employed,
will be subject to forfeiture of all retirement benefits, including DROP
benefits, pursuant to the above provisions of law.
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SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 4. Severability. In the event any section, subsection, paragraph, sentence,
clause, phrase or word of this ordinance shall be held invalid by a court of competent
jurisdiction, then such invalidity shall not affect the remaining portions hereof.
SECTION 5. Effective Date. This ordinance shall take effect upon second reading and
adoption.
PASSED AND ADOPTED this day of , 1999.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
By:
Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL) October 7
ADVERTISED , 1999
READ FIRST TIME October 5 1999
READ SECOND TIME AND ADOPTED
, 1999.
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE,FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS day of , 1999.
CHRISTIANSEN&DEHNER, P.A.
Special Counsel
By:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON , 1999 UNDER
AGENDA ITEM NO.
bm\ocoee\pf\09-10-99.ord
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The Orlando Sentinel
Published Daily
.NOTICE 0PUBLIC MEETING
CITY OF OCOEE
6}}µ}L oflQriVa S S Notice is hereby given pursuant to Arti-
COUNTY OF ORANGE cle VIII of the Constitution of the State
of Florida and Section 166.041 Florida
Statutes,that the Ocoee City Commis-
sion will hold a public hearing in the
Commission Chambers,City Hall,locat-
Before the undersigned authoritypersonallyappeared Julia Nichols ed at 150 N.Lakeshore Drive,Ocoee
g pp Florida during a regular session to be
, who on oath says held on October 19,1999,at 7:15 p.m.,
that he/she is the Legal Advertising Representative of The Orlando Sentinel, a daily or as soon thereafter er as possible,
of the fol-
der to consider the ado
newspaper published at s7?L;A iU fl o in lowing ORDINANCEE NO.99-33
0 Alf;E County, Florida;
that the attached copy of advertisement, being a 311 T : OF I,JL AN ORDINANCE OF THE CITY
OF OCOEE,FLORIDA,RELATING
in the matter of 0 i'D. 9`t—'11 •
TO THE CITY OF OCOEE MUNIC-
IPAL POLICE OFFICERS'AND FI-
REFIGHTERS' RETIREMENT
in the O'?4NGf Court, TRUST FUND, ADOPTED AND
was published in said newspaper in the issue; of 19/f)7/99 RESTATED IN FULL BY ORDI-
NANCE NO.96-20, AS SUBSE-
QUENTLY AMENDED; ADDING
SECTION 27, DEFERRED RE-
TIREMENT OPTION PLAN;PRO- .
VIDING FOR SEVERABILITY OF
PROVISIONS; REPEALING ALL
Affiant further says that the said Orlando Sentinel is a newspaper published at ORDINANCES IN CONFLICT
0in said HEREWITH AND PROVIDING
O D{�N iA,',Iltr,}- County, Florida, AND EFFECTIVE DATE.
and that the said newspaper has heretofore been continuously published in Interested parties may appear at the
meeting and be heard with respect to
said OQitNtrF County, Florida, the proposed action.A copy of the pro-. .
each Week Day and has been entered as second-class mail matter at the post posed ordinance may be examined inp the office of the City Clerk at City Hall,
office in 0 q I 9 tip 0 in said 150 N.Lakeshore Drive,Ocoee,Florida
Qs?lli,3�;F County, Florida, between ours of 8:00 ri ez0pmMdaythroughFriday
for a period of one year next preceding the first publication of the attached cept legal holidays:
copy of advertisement; and affiant further says that he/she has neither paid NOTICE:An person who desires to
an nor promised person, firm • corporation disci.. t, rebate, appeal any decision made by Commis-
sion with respect to any matter consid-
commission or refund for the pu •ose • securing this ..vertisement for ered at such meeting will need a record
of the proceedings and for such pur-
publication in the said newspaper. pur-
pose may need to ensure that averba-
,im record of the proceeding is made,
which record Includes the testimony
and evidence upon which the appeal Is
The foregoing instrument was acknowled�aed •- •re me this day of based.Persons with disabilities need-
October 19 gg , by i ul hols the assistance to participate int any f.
the proceedings should contact the of
lice of the City Clerk,150 N.Lakeshore
who ispersonallyknown to me a •d T. • d to - an ath. t Drive, Ocoee, FL 34761, (407) 656-
2322,Ext.146,48 hours in advance of
r A.
,ad. L. .. 'i. ,`. A.j the meeting.
Jean Grafton, • October 7,1999
City Clerk
(SEAL) •
Ir OLS2947733 OCTOBER 7,1999
Agenda 10-19-99
Item VI B
ORDINANCE NO. 99-3 4
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE. MUNICIPAL
GENERAL EMPLOYEES' RETIREMENT TRUST FUND,
ADOPTED AND RESTATED IN FULL BY ORDINANCE
NO. 96-19, AS SUBSEQUENTLY AMENDED; ADDING
SECTION 25, DEFERRED RETIREMENT OPTION PLAN;
PROVIDING FOR SEVERABILITY OF PROVISIONS;
REPEALING ALL ORDINANCES . IN CONFLICT
HEREWITH AND PROVIDING AN EFFECTIVE DATE.
SECTION 1: Authority. The City Commission of the City of Ocoee has the authority
to adopt this ordinance pursuant to Article VIII of the Constitution of the State of Florida and
Chapter 166, Florida Statutes.
SECTION 2: That Ordinance No. 96-19, adopting the amended and restated City of
Ocoee Municipal General Employees' Retirement Trust Fund, as subsequently amended, is
hereby amended by adding Section 25, Deferred Retirement Option Plan, to read as follows:
SECTION 25. REFERRED RETIREMENT OPTION PLAN.
L Definitions.
As used in this Section 25, the following definitions apply:"
A,. "DROP" --The Ocoee General Employees' Deferred Retirement Option
Plan•
B, "DROP Account" -- The account established for each DROP participant
under subsection 3.
Participation.
A< Eligibility to Participate.
In lieu of terminating his employment as a General Employee, any
Member who is eligible for normal retirement under the System may
elect to defer receipt of such service retirement pension and to participate
in the DROP provided that the election to participate in the DROP is
made within twelve (12) months following the date on which the Member
first becomes eligible for normal retirement, or for a Member who first
reached eligibility for normal retirement prior to the effective date of this
Section, the election to participate is made within twelve (12) months
from the effective date of this Section: A Member who fails to make the
election within such twelve (12) month limitation period shall forfeit all
rights to participate in the DROP.
B, Election to Participate.
A Member's election to participate in the DROP must be made in writing
in a time and manner determined by the Board and shall be effective on
the first day of the first calendar month which is at least fifteen (15)
business days after it is received by the Board.
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so :•0•6 uogoasqns 1apun pautuuatap
su aOtc aqt ut uogudtottzt;d jo pouad stq: jo puo
aqt t13 aaicoidwa itsaua0 SE pa/Coidw° oq of 2utnuttuoo
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itq pautuualap sauuEW put °Lull E ut lupunn ut 2ugoaia re)
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01.gt2ria sawooaq lsiW ragwaw agt 14514M alep ag21 uo Suluui oq sgtuout
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in the System, if a_Member terminates his participation in the
DROP other than by terminating his employment as a General
Employee, no amounts shall be paid to him from the System until
he terminates his employment as a General Employee. Unless
otherwise specified in the_Sy_stem, amounts transferred from the
System to the Member's DROP Account shall be paid directly to
the Member only on the termination of his employment as a
General Employee.
Funding.
A. Establishment of DROP Account.
A DROP Account shall be established for each Member participating in
the DROP. A Member's DROP Account shall consist of amounts
transferred to the DROP under subsection 3.B., and earnings or interest
on those amounts.
B, Transfers From Retirement System.
1,1) As of the first day of each month of a Member's period of
participation in the DROP, the monthly retirement benefit he
would have received under the System had he terminated his
employment as a General Employee and elected to receive
monthly benefit payments thereunder shall be transferred to his
PROP Account, except as otherwise provided for in subsection
2.D.(2). A Member's period of participation in the DROP shall
be determined in accordance with the provisions of subsections
2.C. and 2.D, but in no event shall it continue past the date he
terminates his employment as a General Employee.
(2) Except as otherwise provided in subsection 2.D.(2), a Member's
DROP Account under this subsection 3.B. shall be debited or
credited after each fiscal year quarter with either:
(a) Interest at an effective rate of six and one-half percent
(6.5%) per annum compounded monthly on the prior
month's ending balance; or •
02) Earnings, determined as follows:
The average daily balance in a Member's DROP Account
shall be credited or debited at a rate equal to the actual net
rate of investment return realized by the System for that
quarter. "Net investment return" for the purpose of this
paragraph is the total return of the assets in which the
Member's DROP Account is invested by the Board net of
brokerage commissions, transaction costs and management
fees.
Upon electing participation in the DROP, the Member shall elect
to receive either interest or earnings on his account to be
il,etermined as provided above. The Member may, in writing,
elect to change his- election only once during his DROP
participation. An election to change must be made prior to the
-3-
end of a quarter and shall be effective beginning the following
quarter.
(3) A Member's DROP Account shall only be credited or debited
with earnings or interest and monthly benefits while the Member
is a participant in the DROP and after the Member dies, retires or
terminates his employment as_a General Employee. If a Member
is employed by the City after electing to cease participation in the
DROP pursuant to subsection 2 D.(1)(a) or after participating in
the DROP for five (5) years_, then beginning with the next
payment following cessation of participation or beginning with the
Member's 61st month of DROP participation, whichever occurs
first, the Member's DROP Account will no longer be credited or
debited with earnings or interest, nor will monthly benefits be
transferred to the DROP account. All such non-transferred
amounts shall be forfeited and continue to be forfeited while the
Member is employed by the City. A Member employed by the
City after five (5) years of DROP participation will still not be
eligible for pre-retirement death or disability benefits, nor will he
accrue additional Credited Service.
4— Distribution of DROP Accounts on Termination of Employment.
A. Eligibility for Benefits.
A Member shall receive the balance in his DROP Account in accordance
with the provisions of this subsection 4. upon his termination of
employment as a General Employee. Except as provided in subsection
4.D., no amounts shall be paid to a Member from the DROP prior to his
termination of employment as a General Employee.
R. Form of Distribution.
,(.f) Unless the Member elects otherwise, distribution of his DROP
Account shall be made in a cash lump sum, subject to the direct
rollover provisions set forth in subsection 4.G. A Member may,
however, elect, in such time and manner as the Board shall
prescribe, that his .DROP distribution be used to purchase a
Donforfei tab 1e fixed annuity payable in such form as the Member
may elect. Elections under this paragraph shall be in writing and
shall be made in such time or manner as the Board shall
determine. If the annuity form selected is not a qualified joint and
fifty percent (50%) survivor annuity with the Member's Spouse
as the Beneficiary, the annuity payable to the Member and
thereafter to his Beneficiary shall be subject to the incidental death
benefit rule as described in Section 401(a)(9)(G) of the Code and
its applicable regulations.
(2) If a Member dies before his benefit is paid, his DROP Account
shall be paid to his Beneficiary in such optional form as his
Beneficiary may select. If no Beneficiary designation is made,
the DROP Account shall be distributed to the Member's estate.
-4-
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rollover as otherwise provided under the System in Section 23, herein
incorporated by reference.
Administration of DROP.
A,. Board Administers the DROP.
Tl e general administration of the DROP, the responsibility for carrying
out the provisions of the DROP and the rc.,gponsibility of overseeing the
investment of the DROP's assets shall be placed in the Board. The
members of the Board may appoint from their number such
subcommittees with such powers as they shall determine; may adopt such
administrative procedures and regulations as they deem desirable for the •
conduct of their affairs; may authorize one or more of their number or
Any agent to execute or deliver any instrument or make any payment on
their behalf; may retain counsel., employ agents and provide for such
clerical, accounting, actuarial and consulting services as they may require
in carrying out the provisions of the DROP; and may allocate among
themselves or delegate to other persons all or such portion of their duties
under the DROP, other than those granted to them as Trustee under any
trust agreement adopted for use in implementing the DROP, as they, in
their sole discretion, shall decide. A Trustee shall not vote on any
question relating exclusively to himself.
B_. Individual Accounts, Records and Reports.
The Board shall maintain, or cause to be maintained, records showing the
operation and condition of the DROP, including records showing the
individual balances in each Member's DROP Account, and the Board
shall keep, or cause to be kept, in convenient form such data as may be
necessary for the valuation of the assets and liabilities of the DROP. The
Board shall prepare or cause to be prepared and distributed to Members
participating in the DROP and other individuals or filed with the
appropriate governmental agencies, as the case may be, all necessary
descriptions, reports, information returns, and data required to be
distributed or filed for the DROP pursuant to the Code, the applicable
portions of the Act and any other applicable laws.
Establishment of Rules.
Subject to the limitations of the DROP, the Board from time to time shall
establish rules for the administration of the DROP and the transaction of
its business. The Board shall have discretionary authority to construe
and interpret the DROP (including but not limited to determination of art
individual's eligibility for DROP participation, the right and amount of
any benefit payable under the DROP and the date on which any
individual ceases to be a participant in the DROP). The determination
of the Board as to the interpretation of the DROP or its determination of
any disputed questions shall be conclusive and final to the extent
permitted by applicable law. The Board shall also oversee the investment
of the DROP'S assets.
-6-
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ttmogs si `uosxad gans jo ssaxppu umom put ow oa luawAud 2utmo put
onp Bons Jo aopou t: Iit;w 'onp st luawAud gans olt;p agl wag siEac (£)
aaxgt u>?g2 xagxva ou 'Amu px>?og age 4d0aa ow xapun onp st 2U0u1 ;d
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•luagosg Jo uopuanaia 'J
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tisugulso of axtnboi Rugs ti ugt uopt;wxoJut ow pxt?og agt gttm ow Rugg
dO2IG aqt xapun;un000u saI uo .to wiq alquArd aq Rugs l jouaq /Cue
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xagto xo luaxnd u 'pligo u 'asnods siq of pied aq 'anpuasaxdax I>;ffal
palutoddu AInp u Aq ujouaq ow Joy-aputu uoog anug lugs wit i° ssalun
`wit{ onp ltjauaq Auu lutg loaxip At;w pxuog ow 'xoutw i st io luaptoou
xo ssaupt jo asnt;ooq sxtt?jju stg xoj axuo alquun it Jolla agt xapun
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•luawAEd jo iclgiavd '$
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Jo lun000d dO G ow Jo aouulug aqa 2utst;axoap jo loavva agl sug gotgm
apEW aq Ilt;gs luawpuawE oN •dO' IQ agl xapun slgauaq of pappua
uosiod Jo lgouaq anisnloxa aql xoJ uutp xag4o sasodxnd 'ol pa4.tanip
xo 'xoJ pasn aq of spun] s,dO'Q aqt Jo a.tud Rut xoj algissod It 04uut
'Rugs tuawpuawu ou 'mut cq papinoad astAu tgo sE idaoxa ''xanamog
•dO KI aq1 Jo suoisinoxd ow jo IfE _to Awe d ui xo alo4M ui puawE of
'alEudoxddu .to LxEssaoau pawaap Jt AlanpOo4ax put: 'awp of awp wag
pUE awp AuE 3E X1t3 age Jo aoutsuipxo ut; Aq papuowE aq kew dada mu
•dO'KI Jo luawpuawd` 'V
•suoisinoxd IExau0O
•doua 042 ut lsatolut Attu g4im uosxad AuE uodn antsnlou03
aq Rugs aouutlax tons ut patojjns xo uoNtet suogou Hu pug'Iasunoo
xo LxEntou `wulun000u '410dxa gong uodn °outgo.' ui 4ItE3 poot
tit It &q poionns .to umut uoLPE 1cuu 02 loadsox gtim paloaloxd
Aunj aq Bugs wog 014.E gasunoo Jo suotutdo Ili uo put; `A.turuou
ttt3 xo 11.1E11111000E uE (q pagsiuxnJ sol oppxao uo st? Ilam SU
uoaxatp Alax of pappua aq luugs 1cagt rig 'pxEog atl2 cq padoldwa
xo paumax liodxa .Auu Aq pagstuxnj s iodoi AUE xoj algtsuodsa1
aq Rugs pxt;og mg Jo oolsnii du1; IOU pxt;og agl xagttoM
•dO'IG age Jo spun) 0112 xo dO 1CI aql of uopt;Iax UT 44!ES
pooff ut apEw 'to>; of amp;xo lau AUE xOJ slEnpintput xaglo ICuu Jo
3ltgoq uo xo XIIEnpinzput A.lttr it AuExtrout 3au hugs soolstul,atu,
•A4tltgEt7 Jo uogutuu 1 'tI
the Board may, if it so elects and upon receiving advice from counsel to
1 e DROP, direct that such payment and all .remaining payme_nts
otherwise due such person be canceled on the records of the DROP.
Upon such cancellation, the DROP shall have no further liability therefor
except that, in the event such person or hisBeneficiary later notifies the
Board of his whereabouts and requests the payment or payments due to
him under the DROP, the amount so applied shall be paid to him in
accordance with the provisions of the DROP. '
Written Elections, Notification.
U) Any elections, notifications or designations made-by a Member
pursuant to the provisions of the DROP shall be made in writing
and filed with the Board in a time and manner determined by the
Board under rules uniformly applicable to all employees similarly
situated. The Board reserves the right to change from the time
and manner for making notifications, elections or designations by
Members under the DROP if it determines after due deliberation
that such action is justified in that it improves the administration
of the DROP. In the event of a conflict between the provisions
for making an election, notification or designation set forth in the
DROP and such new administrative procedures, those new
administrative procedures shall prevail.
Each Member or Retiree who has a DROP Account shall be
responsible for furnishing the Board with his current address and
any subsequent changes in his address. Any notice required to be
given to a Member or Retiree hereunder shall be deemed given if
directed to him at the last such address given to the Board and
mailed by registered or certified United States mail. If any check
mailed by registered or certified United States mail to such
address is returned, mailing of checks will be suspended until
such time as the Member or Retiree notifies the Board of his
address.
E. Benefits Not Guaranteed. •
All benefits payable to a Member from the DROP shall be paid only
from the assets of the Member's DROP Account and neither the City nor
the Board shall have any duty or liability to furnish the DROP with any
funds, securities or other assets except to the extent required by any
applicable law.
•
L Construction. '
(1) The DROP shall be construed, regulated and administered under
the laws of Florida, except where other applicable law controls.
(2) The titles and headings of the subsections in this Section 25 are
for convenience only. In the case of ambiguity or inconsistency,
the text rather than the titles or headings shall control.
IL Forfeiture of Retirement Benefits.
Nothing in this Section shall be construed to remove DROP participants
from the scope of Section 20 above or Section 112.3173, Florida
-8-
Statutes. DROP participants who commit a specified offense or whose
employment is terminated as described in Section 20 while employed,
will be subject to forfeiture of all retirement benefits, including DROP
benefits, pursuant to the above provisions of law.
SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 4. Severability. In the event any section, subsection, paragraph, sentence,
clause, phrase or word of this ordinance shall be held invalid by a court of competent
jurisdiction, then such invalidity shall not affect the remaining portions hereof.
SECTION 5. Effective Date. This ordinance shall take effect upon second reading and
adoption.
PASSED AND ADOPTED this day of , 1999.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
By:
Jean Grafton, CityClerk S. Scott Vandergrift, Mayor
(SEAL) October 7
ADVERTISED , 1999
READ FIRST TIME October 5 1999
READ SECOND TIME AND ADOPTED
, 1999.
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND.LEGALITY
THIS day of , 1999..
CHRISTIANSEN &DEFINER, P.A.
Special Counsel
By:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD ON , 1999 UNDER
AGENDA ITEM NO.
bm\ocoee\gen\09-10-99.ord
-9-
The Orlando Sentinel
Published Daily
• 1 I NOTICES RING .
•
*tate of, '[oribct s S NOTICE OF PUBLIC MEETING
COUNTY OF ORANGE clTvoFocoEE .
Notice is hereby given pursuant to Arti-
cle VIII of the Constitution of the State
of Florida and Section 166.041,Florida
Before the undersigned authoritypersonallyappeared Julia Nichols Statutes,that the Ocoee City Commis-
9 pP sion will hold a public hearing In the
, who on oath says Commission Chambers,City Hall,locat-
ed at 150 N.Lakeshore Drive,Ocoee
that he/she is the Legal Advertising Representative of The Orlando Sentinel, a daily Florida during a regular session to be
newspaper published at O +L A N p O in held on October 19,1999,at 7:15 p.m.,
,� or as soon thereafter as possible,in or-
0 ,.AtaGC County, Florida; der to consider the adoption of the fol-
that the attached copy of advertisement, being a Pt!p T T C L OF n 9L: C lowing ordinance:
ORDINANCE NO.99-34
in the matter of ORD. 99_.314
AN ORDINANCE OF THE CITY
OF OCOEE,FLORIDA,RELATING
in the OR 4 l.1 G E Court, TO THE CITY OF OCOEE MUNIC-
IPALW2Spublished in said newspaper in the issue;of l GENERAL EMPLOYEE'S
]if/r,7/99 RETIREMENT TRUST FUND,
ADOPTED AND RESTATED IN
FULL BY ORDINANCE NO.96-19,
AS SUBSEQUENTLY AMENDED;
ADDING SECTION 25, DE-
FERRED RETIREMENT OPTION
Affiant further says that the said Orlando Sentinel is a newspaper published at PLAN;PROVIDING FOR SEVER-
O M_4N DO , in said ABILITY OF PROVISIONS; RE-
PEALING ALL ORDINANCES IN
OW
ANGC County, Florida, CONFLICT HEREWITH AND PRO-
and that the said newspaper has heretofore been continuously published in VIDING AND EFFECTIVE DATE.
said OR 4f1 C,F County, Florida, Interested parties may appear at the
each Week Day and has been entered as second-class mail matter at the post meeting and be heard.A copywith respect to
pro-
office the proposed action.A of the pro-
Office in 0.',LA iNi Di 4 in said posed ordinance may be examined in
the office of the City Clerk at City Hall,
0 i A PT t"F County, Florida, 150 N.Lakeshore Drive,Ocoee,Florida
for a period of one year next preceding the first publication of the attached between the hours of 8:00 a.m. and
5:00 p.m.,Monday through Friday,ex-
copy of advertisement; and affiant further says that he/she has neither paid cept legal holidays.
nor promised any person, firm • corporation any discount, rebate, NOTICE: Any person who desires to
commission or refund for the p i rpose .f securing this advertisement for appeal any decision made by Commis-
sion with respect to any matter consid-
publication in the said newspape . ered at such meeting will need a record
Idlik of the proceedings and for such pur-
pose may need to ensure that a verba-
tim record of the proceeding is made,
The foregoing instrument was ac •owledg:d before me this 7th day of which record incudes the testimony.
19 99 and evidence upon which the appeal Is
October , .y 1 ;a Nichols based.Persons with disabilities need-
ing assistance to participate in any of
who is personally known to me a t,d wh irci-take an oat the proceedings should contact the Of-
fice of the City Clerk,150 N.Lakeshore
-- —�-`�� 23�22 Ext.146,48 hours, Ocoee, FL tin advan soot
(SEAL) :...........:...:... _ ii the October 9
h ting.
Jean Grafton, •
0 7,199 b
'�..., Ij City Clerk
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0LS2947647 OCTOBER 7,1999