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Home My WebLink AboutVI (A3&4) Second Reading of Ordinance No. 2001 & Ordinance No. 2001-23 - Police Retirement Funds Agenda 8-21-2001 Item VI A 3&4 -CFN IT OF GOOD LIVINGPRIDE OF WEST ORANGE" S SC()li VANIIRR(iRIFI (0-coee a,h,mIs,orve CITY OF OCOEE DANNY IH)W LO sco1T ANDiiRsoN 0 fit 150 N. LAKI.SHORF DRNR RUSTY JOHNSON _ a Ocoee. FLORIun 34761-2258 K NA➢VCY 1.NARKI4n (407)905-3100t'rtv MANAnIi�i\iPJIM GLEASON s a000 MEMORANDUM To: The Honorable Mayor and City Commissioners From: James Gleason, City Manager Date: August 1, 2001 Re: Ordinances for the Police Officers' and Firefighters' Retirement Trust Fund These ordinances have been requested by the Board of Trustees. Ordinance No. 2001-22 amends the benefit amounts and eligibility section of the pension plan to add a three percent reduction cap to the early retirement benefit, as required by Chapter 99-1, Laws of Florida and Ordinance No. 2001-23 provides for a 25 year and out retirement option. A letter is en route from Foster and Foster, actuaries for the Pension Board, stating there will be no impact to the City in the adoption of these ordinances,because of the increase in the funds provided by the State of Florida for this Trust Fund. 1 POWit ORDINANCE NO. 2001-22 AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND; AMENDING ORDINANCE NUMBER 96-20, AS SUBSEQUENTLY AMENDED; AMENDING SECTION 6, BENEFIT AMOUNTS AND ELIGIBILITY; 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 Statues. 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 further amended by amending Section 6, Benefit Amounts and Eligibility, subsection 4, Early Retirement Benefit, to read as follows: 4. Early Retirement Benefit. A Member retiring hereunder on his or her early retirement date may receive either a deferred or an immediate monthly retirement benefit payable for life as follows: A. A deferred monthly retirement benefit which shall commence on what would have been his or her normal retirement date determined based upon his or her actual years of Credited Service and shall be continued on the first day of each month thereafter. The amount of each such deferred monthly retirement benefit shall be determined in the same manner as for retirement on his or her normal retirement date except that Credited Service and Average Final Compensation shall be determined as of his or her early retirement date, determined based upon his or her actual years of Credited Service; or B. An immediate monthly retirement benefit which shall commence on his or her early retirement date and shall be continued on the first day of each month thereafter. The benefit payable shall be as determined in paragraph A above, i lwluLh hL oI she would have,born 11btlLd had hl, ul shL 1Ldl„d ull 1us ul hcin V111'al 1Lt11lr.IlLi It date nal with tic sa.iic IllllllblA of yens of Cm.ditri So vice as at 11 tIo. t11G his ui h01 bLIR.fib LL L uII111AILl, and basiA T Uhl It's ul IRA AvLIagc l illal COI pcilsativit at that dab- reduced by three pLcent (1%) for a h year to age 0 and actuarial y dr ed from aee 50 to age 45 by which the commencement of benefits precedes the date which would have been the Member's normal retirement date determined based upon his actual years of credited service had he continued employment as a Police Officer or Firefighter. SECTION . Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. 1 ,SECTION 4. Effective Date. This ordinance shall take effect retroactively on December 31, 1999. PASSED AND ADOPTED this day of , 2001. APPROVED: ATTEST: CITY OF OCOEE, FLORIDA By: Jean Grafton, City Clerk S. Scott Vandergrift, Mayor (SEAL) ADVERTISED READ FIRST TIME READ SECOND TIME AND ADOPTED FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO FORM AND LEGALITY THIS day of CHRISTIANSEN & DEHNER, P.A. Special Counsel By: APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON AG ND ITEM N . nm\Ocoee\pt02-20-0 Lord 2 ORDINANCE NO. 2001-23 AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING TO TILE CITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND; AMENDING ORDINANCE NUMBER 96-20, AS SUBSEQUENTLY AMENDED; AMENDING SECTION 6, BENEFIT AMOUNTS AND ELIGIBILITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN E}1 LCTIVE 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 further amended by amending Section 6, Benefit Amounts and Eligibility, subsection 1, Normal Retirement Date, to read as follows: 1. Normal Retirement Date. A Member's normal retirement date shall be the first day of the month coincident with, or next following the earlier of the attaiimwid of age fifty-two (52) a,111 the completion of twenty-five (25) years of Credited Service, regardless or age or the attainment of age fifty- five (55) and the completion of ten (10) years of Credited Service. A Member may retire on his or her normal retirement date or on the first day of any month thereafter, and each Member shall become 100% vested in his or her accrued benefit on the Member's normal retirement date. Normal retirement under the System is Retirement from employment with the City on or after the normal retirement date. SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 4. Effective Date. This ordinance shall take effect upon second reading and adoption. PASSED AND ADOPTED this day of , 2001. APPROVED: ATTEST: CITY OF OCOEE, FLORIDA By: Jean Grafton, City Clerk S. Scott Vandergrift, Mayor 1 (SEAL) ADVERTISED READFIRSTTIME READ SECOND TIME AND ADOPTED FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO FORM AND LEGALITY THIS day of , 2001. CHRISTIANSEN & DEHNER, P.A. Special Counsel By: APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON , 2001, UNDER AGENDA ITEM NO. nor\ocoee\p(\02-09-01.ord 2