2023-O-23 - Amending Police Pension PlanORDINANCE NO. 2023-0-23
AN ORDINANCE AMENDING THE CITY OF
EDGEWATER, FLORIDA POLICE OFFICERS' PENSION
PLAN; PROVIDING FOR AMENDMENT TO SECTION 2.01,
ACTIVE PARTICIPATION, TO PROVIDE FOR CHIEF OPT
OUT; PRO11iTiNG CAD AN Al WNPMENT TO SECT!
PERCENT FLOOR R—FTPROVIDING 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
WHEREAS, the Board of Trustees desire to amend the Plan to provide for the Police Chief
to opt out of participating in the Plan consistent with Florida Statutes Section 185; and
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eeFtain date; 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. AMEND SECTION 2.01 AND SECTION 4.06 OF THE CITY OF
EDGEWATER, FLORIDA POLICE OFFICERS' PENSION PLAN.
Section 2.01, Active Participation, is amended to provide for Chief opt out and Section
4.06, Supplemental Benefit, is amended to include a zero percent floor return, pursuant to Exhibit
"A", which is attached and incorporated herein
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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are hereby superseded by this ordinance to the extent of such conflict.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.
PASSED AND DULY ADOPTED this day of , 2023.
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Bonnie Zlotnik,`LMC, City Clerk
Passed on first reading on the 541' day of 2023
REVIEWED AND APPROVED:
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Aaron R. Wol e, CAy Attorney
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EXHIBIT "A"
Section 1. Section 2.01, Active Participant, of Article II, Participation, is hereby amended as
follows:
(c) A former Participant shall again become an Active Participant (resume
active participation in the Plan) on the date he again becomes an eligible Employee.
This date is his Reentry Date.
An Active Participant or an Eligible Employee who is promoted to or
employed by the Employer as police chief may elect not to be an Active Participant
in the event he_ has elected to participate in another pension program offered by
the Employer. The election shall be irrevocable---
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Employer and Plan Administrator specifying that he/she will not be an Active
Participant in this plan and therefore shall not be entitled to any benefits afforded
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There shall be no duplication of benefits for a Participant under this Plan
because of more than one period as an Active Participant.
Section 2. Section 4.06, Supplemental Benefit, of Article IV, Retirement Benefits, is
hereby amended as follows:
Supplemental Retirement Benefit: In addition to all other benefits provided
in this section, there is hereby provided for eligible police officers an annual
supplemental retirement benefit. For purposes of this subsection only, "eligible
police officer" shall be defined as an active police officer that has attained Credited
Service of five (5) or more years and that terminates service or retires under the
Pension Plan. Entitlement to such supplemental retirement benefit shall be
determined annually based upon the receipt by the Fund of any "additional
premium tax revenues," as defined in sub -section 185.02(1), Florida Statutes.
Payment of such supplemental retirement benefit shall be made annually to each
eligible police officer no later than the 1st of December after receipt of the
"additional premium tax revenues" from the state, provided that it has been
confirmed in writing that the eligible police officer was alive on September 30th of
such year, beginning with fiscal year 2007. Each eligible police officer shall
receive an equal share of "additional premium tax revenues" each year in which
they are received. Such supplemental benefit for each eligible police officer shall
be credited to an account to be maintained by the Pension Plan, which shall be
credited or debited with the actual rate of investment return (less expenses) of the
Pension Plan and, on retirement or termination (or in the event of death prior to
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retirement paid to a designated beneficiary), shall at the election of the police
officer be (A) rolled over to a designated qualified Plan or (B) paid directly as a
lump sum distribution to the Police Officer subject to a 20% tax withholding or (C)
as a combination of (A) and (B).
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