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HomeMy WebLinkAbout4086 notated ORDINANCE NO. 4086 AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA, AMENDING CHAPTER 2, ADMINISTRATION, ARTICLE XVI (RECODIFIED AS CHAPTER 66, PENSIONS AND RETIREMENT, ARTICLE III), FIREFIGHTERS' RETIREMENT SYSTEM; AMENDING SECTION 2-281 (RECODIFIED AS SECTION 66-71), DEFINITIONS, BY AMENDING THE DEFINITION OF "BASE PAY"; AMENDING SECTION 2-287 (RECODIFIED AS SECTION 66-77), OPTIONAL FORMS OF BENEFITS; PROVIDING FOR SEVERABILITY OF PROVISIONS; PROVIDING FOR CODIFICATION; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. BE IT ENACTED BY THE PEOPLE OF THE CITY OF SANFORD, FLORIDA: SECTION 1: That Chapter 2, Administration, Article XVI (Recodified as Chapter 66, Pensions and Retirement, Article III) of the City Code of the City of Sanford entitled Firefighters' Retirement System, is hereby amended by amending Section 2-281 (Recodified as Section 66-71), Definitions, by amending the definition of Base pay, to read as follows: Base pay means the pay for the grade and step in the salary classification pay plan in the city for the given fIScal year, including all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions and otherwise includible in base pay. Base pay shall also include "Education Incentive".L "Enqineer Incentive", as well as .Paramedic Incentive" paid to firefighters who are certified as paramedics and Specialty Pay. Compensation in excess of the limitations set forth in Section 401 (a){17) of the Code shall be disregarded. The limitation on compensation for an "eligible employee" shall not be less than the amount which was allowed to be taken into account hereunder as in effect on July 1, 1993~ "Eligible employee" is an individual who was a member before the first Qlan year beginning after December 31, 1995. SECTION 2: That Chapter 2, Administration, Article XVI (Recodified as Chapter 66, Pensions and Retirement, Article III) of the City Code of the City of Sanford entitled Ordinance No. 4086 - , Firefighters' Retirement System, is hereby amended by amending Section 2-287 (Recodified as Section 66-77), Optional forms of benefits, subsection (1) to read as follows: Sec. 2-287 (Recodified as Sec. 66-77). Optional forms of benefits. (1) In lieu of the amount and form of retirement income payable in the event of normal or early retirement as specified herein, a member, upon written request to the board, may elect to receive a retirement income or benefit of equivalent actuarial value payable in accordance with one of the following options: (a) A retirement income of a monthly amount payable to the retiree for his lifetime only. (b) A retirement income of a modified monthly amount, payable to the retiree during the lifetime of the retiree and following the death of the retiree, one hundred (100) percent, seventy-five (75) percent, sixty-six and two-thirds (66 2/3) percent or fifty (50) percent of such monthly amount payable to a joint pensioner for his lifetime. Except where the retiree's joint pensioner is his spouse, the payments to the joint pensioner as a percentage of the payments to the Retiree shall not exceed the applicable percentage provided for in the applicable table in the Treasury regulations. (c) If a member retires prior to the time at which social security benefits are payable, he may elect to receive an increased retirement benefit until such time as social security benefits shall be assumed to commence and a reduced benefit thereafter in order to provide, to as great an extent as possible, a more level retirement allowance during the entire period of retirement. The amounts payable shall be as recommended by the actuaries for the system, based upon the social security law in effect at the time of the member's retirement. Ordinance No. 4086 - - @ For Members who do not participate in the DROP pursuant to Section 2-296 (Recodified as Section 66-86), the Member mav elect a percentage of benefit in a lump sum as follows: a. Ten percent (10%) of the total value of the benefit paid as a lump sum with the remaininQ ninety percent (90%) paid under the normal form or as per (a), (b), or (c) above. b. Fifteen percent (15%) of the total value of the benefit paid as a lump sum with the remaining eighty-five percent (85%) paid under the normal form or as per (a), (b), or (c) above. c. Twenty percent (20%) of the total value of the benefit paid as a lump sum with the remaininQ eighty percent (80%) paid under the normal form or as per (at (bt or (c) above. d. Twenty-five percent (25%) ofthe total value ofthe benefit paid as a lump sum with the remaining seventy-five percent (75%) paid under the normal form or as per (a), (b), or (c) above. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 4: Specific authority is hereby granted to codify and incorporate Sections 1 and 2 of this Ordinance in the existing Code of Ordinances of the City of Sanford. SECTION 5: If any section, subsection, sentence, clause, phrase ofthis ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 6: That this Ordinance shall become effective upon adoption. Ordinance No. 4086 Paae 3 PASSED AND ADOPTED this 14th day of January, A.D. 2008. Attest: City Commission of the City of Sanford, Florida Janet Dougherty, City Clerk Linda Kuhn, Mayor Certificate I, Janet R. Dougherty, City Clerk of the City of Sanford, Florida, do hereby certify that a true and correct copy of the foregoing Ordinance No. 4086, Passed and Adopted by the City Commission of the City of Sanford, Florida, on the 14th day of January, 2008, was posted at the front door of the City Hall in the City of Sanford, Florida, on the 16tll day of January, 2008. Janet R. Dougherty, City Clerk of the City of Sanford, Florida Ordinance No. 4086 Paae 4 ORDINANCE NO. 4086 AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA, AMENDING CHAPTER 2, ADMINISTRATION, ARTICLE XVI, FIREFIGHTERS' RETIREMENT SYSTEM; AMENDING SECTION 2-281, DEFINITIONS, BY AMENDING THE DEFINITION OF "BASE PAY"; AMENDING SECTION 2-287, OPTIONAL FORMS OF BENEFITS; PROVIDING FOR SEVERABILITY OF PROVISIONS; PROVIDING FOR CODIFICATION; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. BE IT ENACTED BY THE PEOPLE OF THE CITY OF SANFORD, FLORIDA: SECTION 1: That Chapter 2, Administration, Article XVI of the City Code of the City of Sanford entitled Firefighters' Retirement System, is hereby amended by amending Section 2-281, Definitions, by amending the definition of Base pay, to read as follows: Base pay means the pay for the grade and step in the salary classification pay plan in the city for the given fiscal year, including all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions and otherwise includible in base pay. Base pay shall also include "Education Incentive"... "Enaineer Incentive", as well as "Paramedic Incentive" paid to firefighters who are certified as paramedics and Specialty Pay, Compensation in excess of the limitations set forth in Section 401 (a)( 17) of the Code shall be disregarded. The limitation on compensation for an "eligible employee" shall not be less than the amount which was allowed to be taken into account hereunder as in effect on July 1, 1993. "Eligible employee" is an individual who was a member before the first Qlan year beginning after December 31, 1995. SECTION 2: That Chapter 2, Administration, Article XVI of the City Code of the City of Sanford entitled Firefighters' Retirement System, is hereby amended by amending Section 2-287, Optional forms of benefits, subsection (1) to read as follows: Sec. 2-287. Optional forms of benefits. Ordinance No. 4086 Page 1 (1) In lieu of the amount and form of retirement income payable in the event of normal or early retirement as specified herein, a member, upon written request to the board, may elect to receive a retirement income or benefit of equivalent actuarial value payable in accordance with one of the following options: (a) A retirement income of a monthly amount payable to the retiree for his lifetime only. (b) A retirement income of a modified monthly amount, payable to the retiree during the lifetime of the retiree and following the death of the retiree, one hundred (100) percent, seventy-five (75) percent, sixty-six and two-thirds (66 2/3) percent or fifty (50) percent of such monthly amount payable to a joint pensioner for his lifetime. Except where the retiree's joint pensioner is his spouse, the payments to the joint pensioner as a percentage of the payments to the Retiree shall not exceed the applicable percentage provided for in the applicable table in the Treasury regulations, (c) If a member retires prior to the time at which social security benefits are payable, he may elect to receive an increased retirement benefit until such time as social security benefits shall be assumed to commence and a reduced benefit thereafter in order to provide, to as great an extent as possible, a more level retirement allowance during the entire period of retirement. The amounts payable shall be as recommended by the actuaries for the system, based upon the social security law in effect at the time of the member's retirement. @ For Members who do not participate in the DROP pursuant to Section 2-296, the Member may elect a percentaae of benefit in a lump sum as follows: Ordinance No, 4086 Page 2 a. Ten percent (10%) of the total value of the benefit paid as a lump sum with the remainina ninety percent (90%) paid under the normal form or as per (a), (b), or (c) above. b. Fifteen percent (15%) of the total value of the benefit paid as a lump sum with the remainina eiahty-five percent (85%) paid under the normal form or as per (a), (b). or (c) above. c, Twenty percent (20%) of the total value of the benefit paid as a lump sum with the remainina eiahty percent (80%) paid under the normal form or as per (a), (b). or (c) above, d. Twenty-five percent (25%) of the total value of the benefit paid as a lump sum with the remainina seventy-five percent (75%) paid under the normal form or as per (a). (b). or (c) above, SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 4: Specific authority is hereby granted to codify and incorporate Sections 1 and 2 of this Ordinance in the existing Code of Ordinances of the City of Sanford. SECTION 5: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 6: That this Ordinance shall become effective upon adoption. PASSED AND ADOPTED this 14th day of January, A.D. 2008, 'I , 1(\ ! ill/if . / ~ )' , ?,' g'anet Dougherty, Cit City Commission of the City of Sanford, Florida ...-_1'/ ~ ",/1.. '~ r'" ~ Linda Kuhn, Mayor Attest: Ordinance No. 4086 Page 3 Certificate I, Janet R. Dougherty, City Clerk of the City of Sanford, Florida, do hereby certify that a true and correct copy of the foregoing Ordinance No, 4086, Passed and Adopted by the City Commission of the City of Sanford, Florida, on the 14th day of January, 2008, was posted at the front door of the City Hall in the City of Sanford, Florida, on the 16th day of January, 2008, dmlsanlfir/11-30-07.ord Ordinance No. 4086 Page 4