2024-O-37 Fire PensionORDINANCE NO.2024-0-37
AN ORDINANCE OF THE CITY COUNCIL OF
EDGEWATER, FLORIDA, AMENDING THE CITY
OF EDGEWATER, FLORIDA FIREFIGHTERS'
PENSION PLAN, BY ADDING SECTION 4.089
ACCRUED BENEFITS, TO PROVIDE FOR THE
PURCHASE OF AN ENHANCED MULTIPLIER IN
BENEFIT CALCULATION; PROVIDING FOR
CONFLICTING PROVISIONS; PROVIDING FOR
SEVERABILITY AND APPLICABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, City of Edgewater sponsors a Firefighters' Pension Plan most recently
reinstated on September 22, 2014, when City Council adopted Ordinance No. 2014-0-20 which
amended and restated the City of Edgewater, Florida Firefighters' Pension Plan; and
WHEREAS, the City of Edgewater has entered into an agreement to provide for
Firefighters to purchase an enhanced multiplier for benefit calculation; and
WHEREAS, such Firefighters desiring to purchase such enhanced multiplier shall pay the
full actuarial cost of such purchase; and
WHEREAS, the City of Edgewater Firefighters' Pension Plan bard, of trustees --
recommends adoption of this amendment to the Plan; and r
v �
WHEREAS, the City Council has received, reviewed, and considered antularialpact
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. Article IV, Retirement Benefits, is hereby amended by adding a new
Section 4.08, Accrued Benefits pursuant to Exhibit "A", which is attached and
incorporated herein.
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2024-0-37
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are hereby superseded by this ordinance to the extent of such conflict.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&1'5�' day of 12024.
.• try .. ,..'r- •• OJa ,
y . Diezel DePew, Mayor
.: —j :AT EWO
• O 1 e s
e Afr�tnik C, City Clerk
Passed on first reading on the ( ' ' day o 2024
REVIEWED AND APPROVED: cl('� In
Aaron R. Wolcoly Attorney
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EXHIBIT "A'
SECTION 4.08 —ACCRUED BENEFITS
Firefighters 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 multiplier of an additional three (3%)percent
resulting in a total multiplier of six (6%) percent for each completed year of service. In order to
qualify for this benefit, the Member must be vested under the terms of the Plan. Members 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. Members 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 purposes 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.
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2024-0-37