2022-O-18 - Police Pension Plan Amendment ORDINANCE NO. 2022-0-18
AN ORDINANCE OF THE CITY COUNCIL OF EDGEWATER,
FLORIDA, AMENDING THE CITY OF EDGEWATER POLICE
OFFICERS' PENSION PLAN; PROVIDING FOR THE PURCHASE OF
AN ENHANCED MULTIPLIER; PROVIDING FOR CONFLICTING
PROVISIONS, SEVERABILITY AND APPLICABILITY; PROVIDING
FOR AN EFFECTIVE DATE AND FOR ADOPTION.
WHEREAS, City of Edgewater sponsors a Police Officers' Pension Plan ("Plan") most
recently restated in Ordinance No. 2016-0-34; and
MWEREAS, the City ef bhaFgaiiiiiig5
previdinb
pur-peses-i and
WHEREAS, the Board of Trustees of the City of Edgewater Police Officers' Pension
Plan recommend adoption of this amendment to the Plan; and
WHEREAS, the City Council has received, reviewed, and considered an actuarial impact
statement describing the actual impact of the amendments provided for herein;
NOW THEREFORE, BE IT ENACTED by the City Council of the City of Edgewater,
Florida:
PART A. AMENDING THE CITY OF EDGEWATER POLICE OFFICERS'
PENSION PLAN BY MODIFYING SECTION 4.01 TO READ AS FOLLOWS:
Section 4.01 —Accrued Benefits
An Active Participant's Accrued Benefit as of any date. subject to the
modifications below, will be equal to the product of(a) and (b) below:
(a) 2% of average compensation multiplied by accrued service up to
10/1/87.
(b) 3% of average compensation multiplied by accrued service on or
after 10/1/87
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Adjusted Accrued Benefit:
An Active Participant's monthly Accrued Benefit shall be reduced by the
amount of deferred monthly retirement benefit on the Normal Form beginning on
his Normal Retirement Date in lieu of which lie has received a single sum
payment under the Plan or prior plan.
Police Officers shall have the option to purchase up to five (5) years of
additional Accrued Benefits which shall be calculated in the form of an enhanced
benefit multiplier. Eligible Participants shall have the option to purchase an
additional three (3%)percent benefit multiplier resulting in a maximum total
benefit multiplier of six (6%) percent for each completed year of service. In order
to qualify for this benefit, the Participant must be vested under the terms of the
Plan. Participants electing this additional Accrued Benefit option shall contribute
to the Plan the full actuarial cost. as calculated by the Plan's actuary of applying
such enhanced multiplier benefit. All required additional contributions shall be
paid prior to retirement and may be made through either lump sum qualified
rollover. automatic payroll deductions or any combination thereof. Participants
shall only receive Accrued Benefits as described in this section commensurate
with the contribution amounts actually paid to the Plan. Accrued Benefits
purchased under this section shall not be counted for vesting or benefit eligibility
imposes and there shall be no refunds of any such additional contributions made
unless a member has requested a refund of all member contributions in lieu of
retirement benefits.
PART B. CONFLICTING PROVISIONS
All conflicting ordinances and resolutions, or parts thereof in conflict with this ordinance
are hereby superseded by this ordinance to the extent of such conflict.
PART C. SEVERABILITY AND APPLICABILITY
If any portion of this ordinance is for any reason held or declared to be unconstitutional,
inoperative, or void, such holding shall not affect the remaining portions of this ordinance. If
this ordinance or any provisions thereof shall be held to be inapplicable to any person, property,
or circumstances, such holding shall not affect its applicability to any other person, property or
circumstance.
PART D. EFFECTIVE DATE
This ordinance shall take effect upon adoption.
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PART E. ADOPTION
After Motion to approve by Councilwoman Dolbow, with Second by Councilwoman
Power,the vote on the first reading of this ordinance held on,August 1,2022,was as follows:
AYE NAY
Mayor Mike Thomas X
Councilwoman Christine Power X
Councilwoman Gigi Bennington X
Councilwoman Debbie Dolbow X
Councilman Jonah Powers X
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After Motion to approve by � iiic with Second
by l, a :'1(-,t QYYY�.�'1 -j-)t ,-C hl� the vote on
the second reading of this ordinance held on September 12, 2022, was as follows:
AYE NAY
Mayor Mike Thomas
Councilwoman Christine Power X
Councilwoman Gigi Bennington K
Councilwoman Debbie Dolbow X
Councilman Jonah Powers
PASSED AND DULY ADOPTED this 12`h day of September, 2022.
CITY COUNCIL OF THE
CITY OF EDGEWATER,
dj FLORIDA
Mike Thomas
1 ~ r Wa--or
y
ATTEST:. = ry
Bonnie Zlotnik, &MIC
City Clerk
For the use and reliance only by the City of Edgewater,
Florida Approved as to form and legality by:
Aaron R. Wolfe, Esquire
City Attorney
Doran, Sims, Wolfe&Yoon
Approved by the City Council of the City of Edgewater at a
meeting held on t Lis 12`h day of September, 2022, under
Agenda Item No 8
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