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HomeMy WebLinkAboutOrdinance 97-28 ORDINANCE NO. 97- 28 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; AMENDING SECTION 4, FINANCES AND FUND MANAGEMENT; AMENDING SECTION 5, CONTRIBUTIONS; AMENDING SECTION 6, BENEFIT AMOUNTS AND ELIGmILITY; AMENDING SECTION 8, DISABILITY; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. SECTION 1: Authority. The City Conunission 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, adoptin~ the amended and restated City of Ocoee Municipal Police Officers' and Firefighters Retirement Trust Fund, is hereby amended by amending Section 4, Finances and Fund Management, subsection 6.C., to read as follows: C. The Board shall not invest more than five percent (5 %) of its assets in the common stock, capital stock, or convertible securities of anyone issuing company, nor shall the aggregate investment in anyone issuing company exceed five percent (5 % r of the outstanding capital stock of that cOlJlpany; nor shall tl1~ aggregate of its investments in common stock, . ~ital s~ock and convertible securities at cost exceed fifty percenr~%) SIXty percent "(60%) of the assets of the Fund. SECTION 3: That Ordinance No. 96-20, adoptin~ the amended and restated City of Ocoee Municipal Police Officers' and Firefi~hters Retirement Trust Fund, is hereby amended by amending Section 5, ContrIbutions, subsection 1, Member Contributions, to read as follows: 1. Member Contributions. A. Amount. Each Member of the System shall be required to make regular contributions to the Fund in the amount of five seven and six- tenths percent (~ 7.6%) of his or her Salary. Member contributions withheld by the City on behalf of the Member shall be deposited with the Board at least monthly. The contributions made by each Member to the Fund shall be designated as employer contributions pursuant to ~414(h) of the Code. Such designatIOn is contingent upon the contributions being excluded from the Members' gross income for Federal Income Tax purposes. For all other purposes of the System, such contributions shall be considered to be Member contributions. B. Method. Such contributions shall be made by payroll deduction. - 1 - SECTION 4: That Ordinance No. 96-20, adopting the amended and restated City of Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, is hereby amended by amending Section 6, Benefit Amounts and Eligibility, subsection 2, Normal Retirement Benefit, to read as follows: 2. Normal Retirement Benefit. A Member retiring hereunder on or after his or her normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following his or her Retirement and be continued thereafter during Member's lifetime, ceasing upon death, but with one hundred twenty (120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal two and one half three percent (MG 3.0%) of Average Final Compensation, for each year of Credited Service. SECTION 5: That Ordinance No. 96-20, adoptin, the amended and restated City of Ocoee Municipal Police Officers' and Firefighters Retirement Trust Fund, is hereby amended by amending Section 8, Disability, subsection 1, Disability Benefits In- Line of Duty, and subsection 3, Disability Benefits Not-in-Line of Duty, and by adding subsection 7., Benefit Offsets, to read as follows: 1. Disability Benefits In-Line of Duty. . Any Member who shall become totally and permanently disabled to the extent that he or she is unable, by reason of a medically determinable physical or mental impair- ment, to render useful and efficient service as a Police Officer or Firefighter, which disability was directly caused by the performance of his or her duty as a Police Officer or Firefighter, shall, upon establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to two and one half three percent (M 3.0 %) of his or her Average Final Compensation multiplied by the total years of Credited Service, but in any event the minimum amount paid to the Member shall be forty-two percent (42 %) of the Average Final Compensation of the Member. Terminated persons, either vested or non-vested, are not eligible for disability benefits. 3. Disability Benefits Not-In-Line of Duty. Any Member with ten (10) years or more Credited Service who shall become totally and permanently disabled to the extent that he or she is unable, by reason of a medi- cally determinable physical or mental impairment, to render useful and efficient service as a Police Officer or Firefighter, which disability is not directly caused by. the performance of his or her duties as a Police Officer or Firefighter shall, upon establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to two and one half three percent (M 3.0%) of his or her Average Final Compensation multiplied by the total years of Credited Service... , but in any event the minimum amOtlnt paid to the Member shall be twenty fi"6 pereent (25%) of the f..'lerage Final Compensation of the Member. Terminated persons, either vested or non-vested, are not eligible for disability benefits. 7. Benefit Offsets. When a Retiree is receiving a disability pension and workers' compensation benefits pursuant to Florida Statute Chapter 440 or Social Security disability benefits. for the same disability. and the total monthly benefits received from each combined exceed 100% - 2 - SECTION 6. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 7. Severabilitv. 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 8. Effective Date. This ordinance shall take effect retroactively on October 1, 1997 except that Section 4 and Section 5 shall take effect retroactively on June 15, 1997. ~ PASSED AND ADOPTED this d I v day of DcoJ 't17 ~.s-A.. , 1997. APPROVED: CITY OF OCOEE, FLORIDA By:a:5' ~4t!~ S. Scott Vandergrift, Mayo ATTEST: (SEAL) ADVERTISED OctnhPr q , 1997 READ FIRST TIMEOctober 7 , 1997 READ SECOND TIME AND ADOPTED Dc l'uiH: ~ ~\ , 1997 FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROY~D AS TO FO~ND LEGALITY TillS -2LJ- day of 0(;. .. r , 1997. CHRISTIANSEN & DEHNER, P .A. Special Counsel By:4w~~ APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON DC.:Tb9't 2.1 ,1997 UNDER AGENDA ITEM NO. -on P\ , dm\ococc\pI\~26-97 .ord - 3 -