HomeMy WebLinkAboutOrdinance 2005-007
ORDINANCE NO. 2005-07
AN ORDINANCE OF THE CITY OF OCOEE, FWRlDA,
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
ELIGmILITY; 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 further amended by amending Section 6, Benefit Amounts and Eligibility,
to read as follows:
SECTION 6. BENEFIT AMOUNTS AND ELIGmILITY.
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 completion of twenty-five (25) years of
Credited Service regardless of 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.
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 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 three percent (3.0%) of Average
Final Compensation, for each year of Credited Service.
3. Early Retirement Date.
A Member may retire on his or her early retirement date which shall be the
first day of any month coincident with or next following the attainment of age forty-five
(45) and the completion of five (5) years of Credited Service. Early retirement under the
System is Retirement from employment with the City on or after the early retirement date
and prior to the normal retirement date.
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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, reduced by three percent (3 %) for each year to age
50 and actuarially reduced from age 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 employ ment as a rolicc.
Offkc.I 01 PiIcfightc.I.
5. Supplemental Benefit
Effective October 1.2004. all current and future retirees. retired under the early
or normal retirement provision. their loint pensioners or beneficiaries. shall receive a
supplemental benefit in the amount of two hundred dollars ($200) per month reduced as for
early retirement if applicable. Disability retirees and vested terminated persons shall not
receive this supplement.
SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 4. Effective Date. This ordinance shall take effect upon second reading
and adoption.
PASSED AND ADOPTED this ~ day of ~(, 1 ,2005.
ATTEST:
APPROVED:
CITY OF OCOEE, FLORIDA
B~$v t1~'I-4-
S. Scott Vandergrift, Mayor
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(SEAL)
ADVERTISED.t\t('\' \ q, 2OD~-
READFIRSTTIM .Ap{" , S~ ~()os.-
READ SECOND TIME AND ADOPTED
A2>f ,\ ,q ::)OClS""
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS -L/- day of 11 ~ ,2005.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON ~i' \~ ,2005, UNDER
AGE A ITEM NO. la.
noc\ocoee\pf\03-16-05.ord
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