2025-O-11 - Amending & Restating the Firefighters' Pension PlanORDINANCE NO. 2025-0-11
AN ORDINANCE OF THE CITY COUNCIL OF
EDGEWATER, FLORIDA, REPEALING
ORDINANCE NUMBERS 2014-0-20, 2016-0-33, 2019-
0 -03,2019 -0 -26,2021-0-36,2023-0-11,
019-
0-03,2019-0-26,2021-0-36,2023-0-11, AND 2024-0-37
IN THEIR ENTIRETY AND AMENDING,
RESTATING AND ADOPTING THE CITY OF
EDGEWATER, FLORIDA, FIREFIGHTERS'
PENSION PLAN, PROVIDING FOR FILING WITH
THE DIVISION OF RETIREMENT OF THE
FLORIDA DEPARTMENT OF MANAGEMENT
SERVICES; PROVIDING FOR CONFLICTING
PROVISIONS; PROVIDING FOR SEVERABILITY
AND APPLICABILITY; AND PROVIDING FOR AN
EFFECTIVE DATE AND FOR, ADOPTION.
WHEREAS, the City of Edgewater sponsors a Firefighters' Pension Plan most recently
restated on September 22, 2014, when the City Council adopted Ordinance No. 2014-0-20 which
amended and restated the City of Edgewater, Florida Firefighters' Pension Plan; and
WHEREAS, the City Council of the City of Edgewater, Florida has made the following
detenninations.
1. On. June 6, 2016, the City Council adopted Ordinance #2016-0-33, which provided
for purchase of past credited service by installment payments.
2. On June 3, 2019,.the City Council adopted Ordinance #2019-0-03, which amended
the definition of "average final compensation" in the Firefighters Pension Plan so
that the definition is the same as that found in the Police Officers' Pension Plan
3. On January 6, 2020, the City Council adopted. Ordinance #2019-0-26, which
provided for compliance with Chapter 2019-21, Laws of Florida
4. On September 13, 2021, the City Council adopted Ordinance #2021-0-36, which
provided clarification of the annual distribution of the state provided excess reserve
funds through a sum of years (seniority) share plan.
2025-0-11
5. On February 6, 2023, the City Council adopted Ordinance #2023-0-11, which
provided for eliminating the line of duty injury insurance benefit for firefighters
after effective date of the ordinance,
6. On October 21, 2024, the City Council adopted Ordinance #2024-0-37, which
added section 4.08 accrued benefits to provide for the purchase of an enhanced
multiplier in benefit calculation; and
WHEREAS, the City of Edgewater Firefighters' Pension Plan board of trustees
recommends adoption of this amendment to and restatement of the Plan; and
WHEREAS, the City Council has 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. REPEAL OF ORDINANCE NO. 2014-0-20, 2016-0-33, 2019-0-03,
2019-0-26, 2021-0-36, 2023-0-11, AND 2024-0-37 IN THEIR
ENTIRETY.
Ordinance No. 2014-0-20, 2016-0-33, 2019-0-03, 2019-0-26, 2021-0-36, 2023-0-11,
and 2024-0-37 are hereby repealed.
PART B. RESTATEMENT OF CITY OF EDGEWATER, FLORIDA,
FIREFIGHTERS' PENSION PLAN.
The restaternent of the City of Edgewater, Florida, Firefighters' Pension Plan, attached
hereto and incorporated herein by reference as Exhibit "A" is hereby adopted.
PART C. FILING WITH THE DIVISION OF RETIREMENT.
Upon adoption, a copy of this Ordinance shall be filed with the Division of Retirement of
the Florida Department of Management Services,
2
2025-0-11
PART D. 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 E. 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 o 120
Diezelk6eVew, Mayor
, A 'T ST,'
Morique To pin, Acting Citylerk'
Passed on first reading on the day ofseDLZ�Wixy' 12025.
REVIEWED AND APPROVED: A//V
Aaron k-.—Wop'� C ' Attorney
3
2025-0-11
EXHIBIT "A'
2025-0-11
CITY OF EDGEWATER, FLORIDA FIREFIGHTERS'
04 10:4 IVII-da"I Z
TABLE OF CONTENTS
ARTICLE I FORMAT AND DEFINITIONS
Section1.01 --- Format ................................................................................
Section 1.02 --- Definitions.... .................................. ...............
ARTICLE 11 PARTICIPATION
Section 2.01 --- Active Participant. ...............................................................
Section 2.02 --- Inactive Participant .............................................................
Section 2.03 --- Cessation of Participation ...................................................
Section 3.01 --- Employee Contributions .....................................................
Section 3.02 --- State Contributions .............................................................
Section 3.03 --- Employer Contributions ............ ........... ..........
Section 3.04 --- Other Contributions ............................................................
Section 3.05 --- Return of Overpayments ....................................................
Section 3.06 --- Rollover Contributions ........................................................
ARTICLE IV RETIREMENT BENEFITS
Section 4.01 --- Normal Retirement Benefit .................................................
Section 4.02 --- Delayed Retirement Benefit ................................................
Section 4.03 --- Early Retirement Benefit ....................................................
Section 4.04 --- Termination benefit (Generally) ..........................................
Section 4.05 --- Optional Forms of Benefits .................................................
Section 4.06 --- Deferred FRetirement Option Plan (DROP) ........................
Section 4.07 --- Supplemental Benefit .........................................................
Section 5.01 --- Disability Benefits on -duty ..................................................
Section 5.02--- Disability Benefits off-duty ..................................................
Section 5.03--- Death Benefits ....................................................................
Section 5.04 --- Vested Benefits ..................................................................
a(L,
D
ARTICLE VI INTERNAL REVENUE CODE COMPLIANCE
Section 7.01 --- When Benefits Start............................................................
Section 7.02 --- Election Procedures ..........................................................
Section 8.01 --- Application ..........................................................................
Section 8.02 --- Required Minimum Distributions ........................................
ARTICLE IX TERMINATION OF THE PLAN
Section 10.01 --- Board of Trustees .............................................................
Section 10.02 --- Finances and Fund Management ...................................
Section10.03 --- Records ....... .................................................................
Section 10.04 --- Rights to Plan Assets .....................................................
Section 10.05 --- Beneficiary .......................................................................
Section 11.01 --- Amendments ............................................... ....................
Section 11.02 --- Direct Rollovers ................................................................
I I kil I 11:10111-1 lie 0 Is] 41
The City of Edgewater ("City") established on November 13, 1989, a defined
benefit retirement Plan is known as the
City of Edgewater, Florida Firefighters' Pension Fund., restatiRg said Plan OR Nevember
4-3-949 a R eGlai:.'ne The City declared the Plan a Local Law Plan (as defined in
Chapter 175, Florida Statutes) on May 16, 1994 and restated the Plan effective
September 22, 2014. The present is a restatement of the Plan, effective [datel, and shall
constitute a continuation of the Plan. Except as specifically provided herein, The the
provisions of Chapter 175, Florida Statutes, shall be -el., F14-GGR-- to the Gity Gf
-- " --+ -F—+k
Fs' pen S;,GRfun-deXGeptasS 1--;C-1111-11y — —1— k-; 11-1-1R apply
to the Plan, and the Plan shall at all times be operated in compliance therewith.
AGGerdiR is inse-H-1--ated by Fe-'--FenGe.
.qly, Chapter 175, Flenda Statutes
The provisions of the present restatement shall aDDIV only to Firefiahters in active service
on or after the effective date hereof. Any Retiree receiving benefits prior to the effective
date of this restatement, and any former Firefighter who terminated service with the City
before said date, shall have his or her rights to benefits determined under the Plan in
effect when his or her service with the City terminated, and shall not be entitled to an
additional benefits under this Restatement, unless stoecificallv orovided otherwise by
ordinance of the City.
ARTICLE I
FORMAT AND DEFINITIONS
SECTION 1.01 -FORMAT
The Wefds words and phrases defined in the DEFINITIONS SECTION (SECTION
1.02) of Article I shall have that defined meaning when used in this Plan, unless4aIn.,
Gentext f",d*E;ates otherwi-se-
TI—se 1. FA_ -4 -1k, 1M.0-1 ,
-_ -, , - 11111 _Sus W4� appear throughout this document with an initial
capital letter to aid identifying them as defined terms.
SECTION 1.02—DEFINITIONS
following terms shall have the specific, indicated meaning:
N
r�Tx, ; FERWOUNN MUNMUN-Mi"Mo r
,:MM.
Accumulated Contributions means a Member's GWn GGntributiens employee contributions
(as described in Section 3.01) without interest. For those who purchase Credited Service
with interest and at no cost to the Plan, any payment representing the amount attributable
to mer employee contributions based on the applicable mernber employee
contribution rate, and any actuarially calculated payments for their purchase, shall be
included in aGGYFaWated Accumulated Contributions.
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I MQNA9 1101 FFE RM FES r .�Igdg.W-1.% .
r="MIS I
Actuarial Equivalent means a benefit or amount of equal value, based upon the Mast
-4--+-A
recent wnnuitymortality table and interest rate iR investment Fetu-11n. --- 1-1 �
assumptions adopted by the Board of Trustees upon the recommendation of the Plan's
actuary. Said assumptions shall be stated in the most recent -actuarial valuation report
and in the minutes of the meetina at which anv chanae to said assumptions is adopted.
M -M -2,70-95r:
Average Final Compensation means on any given date, the average of an Employe a
Firefighter's Monthly Compensation Salary for those three Gamjaepsati�n� ears (all
Compensation Years, if less than three) which give the highest average out of the five
latest Compensation Years (all Compensation Years, if less than five) before the earlier
of such given date, or his Normal Retirement Date.
F, a �q 12
In computing Average Final Compensation on any given date before the first Yearly Date
in 1994, the Plan will include only Compensation Years ending before such given date.
In computing Average Final Compensation on any given date on or after the first Yearly
Date in 1994, the Plan will exclude Compensation Years in which the Employee
terminates employment with the Employer.
Beneficiary means the person or persons entitled to receive benefits hereunder at the
death of a Member of this Plan.
Board means the Board of Trustees constituted in accordance with Section 10.01 hereof
and Section 175.061, Florida Statutes, which shall ------ -
herein provided and qtzpep ;4S trustees f the fund be solely responsible for the
G
administration of the Plan.
City means City of Edgewater, Florida.
Code means the Internal Revenue Code of 1986, as amended from time to time.
Credited Service means the total number of years and fractional parts of years of service
as a Firefighter with m r nber employee contributions, when required, omitting intervening
years or fractional parts of years when such Member was not employed by the City as a
Firefighter. A Member who is not vested may voluntarily leave his contributions in the Plan
for a period of up to five (5) years after leaving the employ of the City pending the
possibility of being re-employed as a Firefighter without losing credit for the time that he
was a Member of the Plan, if after -he is rehired within the five-year period and he remains
re-employed with the same department not less than three (3) years after rehire,
otherwise all of his rights under and participation in, the Plan shall be forfeited and
terminated as of the date of his initial termination a44d, his, ghaqll -heretuFned
and the Firefighter shall be entitled to a refund of his or her Accumulated Contributions
without interest. If theme %.AVhe eft the empley Gf th--li-Fe dle--FtmeRt shni -1d met he
Fe ern loyed as a-4�ghte. I f;"- /r% kfP.Arcz then ar-r-urniflated
— \-1 1-11 Accumulated
Contributions will be returned upon the written request of the Member, but all rights under
the Plan shall terminate as provided above, regardless of whether the Member has made
such a request or whether the Accumulated Contributions have yet been refunded and
W44r,
all of his Fights and benefits under the Plan shal be fe �f-;f-A -4 +-,
P,G No Member will receive credit for service for which the Member has withdrawn the
Member's contributions unless the Member pays into the Plan the contributions
withdrawn, with interest, at the actuarially assumed rate within ninety (90) days of
reemployment. Years and completed months of employment with the City during which
time the Member is participating in the deferred retirement option Plan (DROP) as
described in this Plan, shall not be counted as Credited Service for benefit purposes
unless the Member elects to continue employment with the City following the completion
P a g ( 13
of the DROP period and makes payment of the omitted Member contributions. In the
event of continued employment following participation in the DROP program, the Member
will receive credit for the DROP period in accordance with the required procedure.
In the event that a Member of this Plan has also accumulated Credited Service in
another pension Plan maintained by the City, or has a period or periods of previous
employment as a Firefighter, but is not eligible to receive Credited Service for this period
or periods of previous employment for benefit calculation purposes, then such other
Credited Service shall be used in determining eligibility for early or normal retirement.
Such other Credited Service will not, however, be considered in determining benefits
under this Plan. Unless otherwise provided herein only the Member's Credited Service
and compensation under this Plan on or after the Member's latest date of membership in
this Plan will be considered for benefit calculation. In addition, any benefit calculation for
a Member of this Plan who is or becomes eligible for a benefit from this Plan after the
Member has become a member of another pension Plan maintained by the City, shall be
based upon the Member's Average Final Compensation, Credited Service and benefit
accrual rate as of the date the Member ceases to be a Firefighter.
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In determining the Creditable service of any Firefighter, credit for up to 5 years of
the time spend spent in the military service of the Armed Forces of the United States shall
be added to the years of actual service if:
(1) The Firefighter is in the active employ of the City of Edgewater
immediately prior to such service and leaves a firefighter position; for the
purposes of voluntary or involuntary service in the Armed Forces of the
United States.
(2) The Firefighter is entitled to reemployment under the provisions of
the Uniformed Services Employment and Reemployment Rights Act
(USERRA).
(3) The Firefighter returns to employment as a Firefighter of the City of
Edgewater within 1 year from the date of release from such active service.
P a q (.,, 14
In-deteffnip4l-._ -b e seNiGe for, military SeNiGe in the aFMed femes_Gf4he
United States, service as a f'refkjhter-w4h-a449thef— eye4:-p4Gk-e-emp!Gyment with Git
ef-�ewater --- G, 41' the -City .he Gity of Edgewater, service up to five (5)
years fer the years er fraGtional paas of yea -Fs that a fiFefighter seFved in the aFMed-fGFGes
Af the United State&,,is-a firefighter with any ether em,player or as a volunteer firef'gNe-r
with the City of Edgewater may be purchased provided that A Firefighter may purchase
up to a combined total of five (5) years of Credited Service for years or fractional parts o
years of: service as volunteer firefighter with the City of Edgewater prior to covered
employment under the Plan: military service prior to covered employment under the plan:
and/ or service as a Firefighter for some other emDlover prior to covered emDlovment
under the plan, provided:
(1) The Firefighter did not receive Credited Service, for time spent in such prior
service in the armed forces of the United States, in such prior service as a
Firefighter with another employer or as a Volunteer Firefighter for the City
of Edgewater Fire Department, from any other private or governmental
retirement or pension Plan.
(2) The Firefighter purchases such Credited Service at the full actuarial cost of
such Credited Service.
L Payment for said purchase of Credited Service may be made as a
lump sum, by direct in-service transfer into the pension fund from any
deferred compensation account pursuant to Section 457(e)(17) of
the Code, or by installments not to exceed five (5) years, provided
that all installment payments are completed prior to retirement or
termination.
ii. Installment payments shall require interest at the actuarial rate of
return at the time of purchase, provided that the Firefighter shall pay
for all actuarial calculations after the first inquiry. Such purchase of
Credited Service shall take effect upon vesting. If a Member
terminates service prior to vesting and receives a refund of emoqyee
eGn#kA4tio44s Accumulated Contributions, the amount paid for
Credited Service shall also be refunded.
Division means the State of Florida Division of Retirement.
Effective date means is hereby restated to be effer--five as;-G�November 13, 1989.
M weme
M.1 W1:r_!PM.W:4=t � MIMM-
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Page 15
Firefighter means any person employed full-time in the City of Edgewater fire department
who is certified as a Firefighter as a condition of employment in accordance with the
provisions of Florida Statute §633.408. Full-time employment shall be deemed to be
employment of a minimum of 40 hours per week.
Fund means the trust fund established herein as part of the Plan, which shall receive,
hold, and from which shall be invested, all contributions and assets attributable to the
Plan. and from which benefits and expenses shall be paid.
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Plan means these rules governing the administration of benefits from the City of
Edgewater, Florida Firefighters' Pension Fund the City of Edgewater Firefighter's Pensioni
P4a4-an4-Tp4st.
Plan Year means the twelve (12) month period beginning October I and ending
September 30 of the following year. Tile -Plan years be the GEWR tati-GR-tv-,
1-
pArno ,ses efthe Pla.
L
...... I M ^I LIM tic] I I.ITATITA 1* 1.1.11. — 9 MMI-TtIdbTel ftfl H' ISOM . _Mwe W ......
Retiree means a Member who has entered Retirement status.
Fla g e,16
Retirement means a Firefighter's separation from the City employment as a Firefighter
with immediate eligibility for receipt of benefits under the Plan. For purposes of a Plan
that4n4A,es-a With respect to a Member who participates in the Deferred Retirement
Option Plan (DROP), "Retirement" means the date a Firefighter enters the DROP.
Salary prior to October 1, 2012, means total cash remuneration paid a Firefighter for
service rendered, reported on the Member's W-2 form, plus all tax deferred, tax sheltered
or tax exempt items of income derived from elective employee payroll deductions or
salary reductions. Compensation in excess of limitations set forth in Section 401 (a)(1 7)
of the Internal Revenue 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 in effect on July 1, 1993. The City understands and aGknowledges
that it has no authority to amend Chaptef4-75.
Salary on October 1, 2012 and thereafter means the fixed monthly remuneration paid a
Firefighter, pfeY44e, provided that when calculating retirement benefits, up to three
hundred (300) hours per year in overtime compensation and any accrued leave balance
shall be included, but payments for accrued unused sick or vacation leave accrued after
said date may not be included.
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Volunteer Firefighter means any person whose name is carried on the active volunteer
membership roll of gthe City of Edgewater fire department and whose duty it is to
extinguish fires, to protect life, and to protect property. Compensation for services
rendered by a Volunteer Firefighter shall not disqualify him or her as a volunteer. A
person shall not be disqualified as a Volunteer Firefighter solely because he or she has
cye 7
other gainful employment. Any person who volunteers assistance at a fire but is not an
active member of a department described herein is not a Volunteer Firefighter within the
meaning of this paragraph. Volunteer Firefighters for the City of Edgewater shall not be
eligible to participate in this pension Plan.
PARTICIPATION
SECTION 2.01—Active Participant
Conditions of eligibility.
All full-time Firefighters -,--a_n4-_a#4-wtuFe new full time firefighters, shall become
Members of this Plan as a condition of employment with the City of Edgewater,
(1) For the purpose of this flan, the The Fire Chief shall have an option to
participate, or not, in this pension Plan.
k2+—Such option shall be exercised within ninety (90) days of initial employment
or promotion and shall be irrevocable.
All future 'newly -hired Firefighters shall be required to complete a medical
examination as prescribed by the City. Based upon medical evidence of a pre-existing
adverse health condition, resulting from the prescribed examination or other records or
medical history, the Board may declare any Member ineligible for disability benefits
hereunder, as related to such preexisting condition. Each declaration must also be
reflected in the minutes of the meeting of the Board at which such declaration was formally
adopted or established by the Board, except as otherwise restricted by law.
Application for membership. Each Firefighter shall complete a form prescribed by
the Board providing the following information:
(1) Acceptance of the terms and conditions of the retirement Plan;
(2) Designation of a Beneficiary or Beneficiary;
(3) A sworn statement as to prior medical history;
(4) A written release and waiver of right to privacy permitting the Board to
obtain, discuss and distribute all medical records to the Board, the Board attorney
and any medical professions retained by the Board; and
(5) Authorization for payroll deductions payable to the Plan.
WTI==
102" VITAr A
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SECTION 2.03 - Cessation of Participation
A participant, h-etheff --Gfive G -F iRaGti' shall cease to be a participant on the
earlier of the following:
(1) The date of death
(2) The date he/she received a single sum distribution that is in lieu of all
benefits under the Plan if veStiRg perGentage as 1 09-1k.
(3) The date all benefits to which the participant is entitled have been paid.
110
ARTICLE III
SECTION 3.01 - Employee contributions.
Amount. Each Member of the Plan shall be required to make regular contributions
to the Plan in the amount of six (6) percent. Mem Employee contributions shall be
withhel picked -up by the City in accordance with Section 414(h)(2) of the Internal
Revenue Code on behalf of the Member and shall be deposited with the Board each
payroll period. For all other purposes of the Plan other than the pick up, such contributions
shall be considered to be member employee contributions. Such eontributions shall be
made by payroll dedyetien. Ne firefighter shall have any the meney-ss-pa44rite
the fu n d e x G - p t -- -- pf G.1A4,ed4-iere4P,.
SECTION 3.02 - State Contributions
Any monies received or receivable by reason of laws of the state for the express
purpose of funding and paying for retirement benefits for Firefighters of the City shall be
deposited in the Plan immediately, and under no circumstances more than five (5) days
after receipt by the City.
SECTION 3.03 - Employer Contributions
So long as this Plan is in effect, the City shall make quarterly contributions to the
Plan in an amount required equal to the difference in each year between the-tota4
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SECTION 3.04 - Other Contributions
Private donations, gifts and contributions may be deposited to the Fund, but such
deposits must be accounted for separately and kept on a segregated bookkeeping basis.
Funds arising from these sources may be used only for additional benefits for Members,
as determined by the Board, and may not be used to reduce what would have otherwise
been required City contributions.
SECTION 3.05 - Return of Overpayments Member or Beneficiary
P a() e 111
Any overpayment OF URd_eFpaymeR1 rom the Fund to a Member or Beneficiary
Gau-Sedby er-FGFs--9f--GGm-pLA-ΰ shall be
appreved by the bea., resolved in accordance with applicable IRS guidance.
ayment shall be charged against payments next suGGeed4i94he GGFreGtiOR-. Any
underpayment Underpaym hall be made up from the Fund.
SECTION 3.06 - Rollover contributions
The Plan does not permit member rollover contributions, or voluntary contributions
other than the mandatory contribution required pursuant to the Plan.
RETIREMENT BENEFITS
SECTION 4.01 - Normal Retirement
Normal retirement date. A Member's Normal Retirement Date shall be the first day
of the month coincident with, or next following the date the Member attains his or her
Normal Retirement Aae. which is defined as the earlier of:
(1) Age acre fifty-five (55) with five (5) or more years of Credited Service; or
(2) Gop4p[ete-& the completion of twenty (20) years of Credited Service.
day -cif
A-rnernber-, Fe'e -_R44s--9T --- he-r-Rw+Ral4e#remeR:t-date-,-.e.r en hle fil,8"
erea#er-. Normal retirement under the Plan is retirement from employment
with the City on or after attainment of Normal Retirement Age the R9FFAal Fet&iemeRt date.
Each Member who retires on or after his Normal Retirement Age shall receive a normal
retirement pension.
Normal retirement benefit. A Member retiring hereunder on or after his or her
Normal Retirement Date shall receive a monthly benefit consisting of a single life annuity
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 for a Firefighter shall equal: (i) three percent of Average Final Compensation, for
each year of Credited Service. The normal retirement date shall -b --the f„ -s+ A- _-F +k-
Rth G-GiRG-il eRt k ilih, OF next fGI!Gwi� �,ual retirern.. If a Firefighter continues in
the service of the municipality orspecial fire control district beyond his or her Normal
Retirement Date and dies prior to his or her date of actual retirement, without an option
made pursuant to s. 175.171 FS beinq in effect, monthly retirement income payments will
be made fora period of 10 years to a BeneficiaEy (or Beneficiaries) designated by the
Firefighter as if the Firefighter had retired on the date on which his or her death occurred.
SECTION 4.02 - Delayed retirement.
P a g (*- 112
Retirement may be delayed by a Member until a date after Normal Retirement Age,
and shall not be mandatory solely by reason of attainment of Normal Retirement Age-p4or
to the req4ifed-beg4iP44gdate. The delayed retirement date shall be the first day of the
month coincident with, or next following, actual retirement.
SECTION 4.03 - Early retirement date.
A Member may retire prior to attaining his or her Normal Retirement Age, on or
after the date upon which the Member attains his or her Early Retirement Age date, which
shall be the first day of any month coincident with or next following the attainment of age
fifty (50) and the completion of ten (10) years of Credited Service. Early retirement under
the Plan is Retirement from employment with the City on or after the- Early Retirement
date Awe_and prior to the -Normal Retirement date Age.
Early retirement benefit. A Member retiring hereunder on or after reaching his or
her Early Retirement date Age and before reaching his or her Normal Retirement Ag
may receive either a deferred or an immediate monthly retirement benefit payable for life,
with one hundred twenty (120) monthly payments guaranteed, as follows:
A deferred monthly retirement benefit which shall commence on what would
have been the Member's Normal Retirement Date had he rernaiRed a firefighter
And- sl all 1_-,e--G9R#P,-ued-<n4he first day A -f. ear-n.h. imonth theFeafte-r. The amount of
each such deferred monthly retirement benefit shall be a4 e-aRRUit" -determined in
the same manner as for retirement at Normal Retirement date Age except that
Credited Service and ay-e-m9e Average Final Compensation shall be determined
as of the Early Retirement Date; or
An immediate monthly retirement benefit which shall commence on the
Member's Early Retirement Date and shall be continued on the first day of each
month thereafter. The benefit payable shall be as determined in subsection (1)
above, whiGh4s then actuarially reduced from the amount to which the Member
would have been entitled had the Member retired on his Normal Retirement Date
and with the same number of years of Credited Service as at the time benefits
commence and based on the Members Average Final Compensation at that date.
In no event shall the early retirement reduction exceed three (3) percent for each
year by which the Members age at retirement precedes the Member's Normal
Retirement Age.
Immediate and deferred payment of early retirement benefit. The Board shall
commence payment of the immediate early retirement pension on the first day of the
month designated by the Member as the annuity starting date, so long as such date
follows the Member's termination of service with the City. If a Member elects a deferred
early retirement pension, or fails to designate an annuity starting date, the Board shall
commence payment following the Member's attainment of Normal Retirement Age.
F1 a !,j e 113
SECTION 4.04 - Termination benefit—Generally.
A Member who has at least five (5) years Of GCredited Service and whose
employment terminates for any reason prior to becoming eligible for an early or normal
retirement pension, shall receive either a deferred pension, calculated in the manner set
forth herein; or a refund benefit in an amount equal to the total GGR#4b+Ak*isa 44y4I4e
member to the Plan wit,hout inteFest Member's Accumulated Contributions. APembef
s4
.1 d-
a1l-G�R"e eRtilted-pe4isjeR Of he ha -e 5 yeaTs-Gf G-fed#ed
se,, vi(3e. Notwithstanding the provisions of this section, a Member, at any time prior to the
commencement of his normal retirement pension, his early retirement pension or his
deferred pension, may elect to receive a refund benefit in lieu thereof.
Amount of deferred pension. The Member's deferred pension shall be a single life
annuity, with a one hundred twenty -month guarantee, computed in the same manner as
the early retirement pension if the Member elects to begin receiving his monthly pension
before age fifty-five (55) and has at least ten years of service, or it shall be a single life
annuity, with a one hundred twenty -month guarantee, computed in the same manner as
the normal retirement pension if the Member elects to begin receiving his pension on or
after age fifty-five (55), or if the Member has fewer than ten years of service, with such
benefit to be determined as of the date on which his termination of employment occurs.
Payment of deferred pension. A terminated Member's deferred pension shall
commence on or after the terminated Member's Normal Retirement Date and be beGeme
payable in the same manner as a normal retirement pension, or if elected by the Member
and if the Member has at least ten years of service) , the benefit shall commence on or
after the terminated Member's Early Retirement Date but prior to the terminated
Member's Normal Retirement Date and shall be payable in the
same manner as an early retirement pension.
SECTION 4.05 - Optional forms of benefits.
In lieu of the amount and form of retirement income payable in the event of normal,
early, or delayed retirement, or deferred pension, as specified herein, a Member, upon
written request to the Board, which request shall be retained by the Board, may elect to
receive a retirement income or benefit of equivalent actuarial value payable in accordance
with one (1) of the following options:
A retirement income of a larger monthly amount, payable to the Member for
his or her lifetime only.
A retirement income of a fne4ffied reduced monthly amount, payable to the
Member during the lifetime of the Member, and following the death of the Member,
one hundred (100) percent, seventy-five (75) percent, sixty-six and two-thirds (66
2/3) percent, or fifty (50) percent of such monthly aRiGu4#s amount payable to a
joint pensioner for his or her lifetime. Except where the Retiree's joint pensioner is
his or her spouse, the present value of payments to the Retiree shall not be less
than fifty (50) percent of the total present value of payments to the Retiree and his
or her joint pensioner.
An actuarially equivalent larger monthly amount, with a reduction in the
monthly amount when the Member's social security benefits are estimated to start
so that the Member's total monthly benefit, inclusive of social security benefits, will
remain constant upon the starting date of his social security benefits.
The Member, upon electing any joint pensioner option of this section, shall will
designate the joint pensioner (subseGtion (a)(2) above' or beneficiary (ar benef'Giaries)to
receive the benefit, if any, payable under the Plan in the event of Member's death, and
w&shall have the power to change such designation from time to time. �ueh-dasigffs ►
wilt -shall -mar a joint peRsiORer OF ene (1.11 E)F Fnere pp4n
f4i apy-bellef'Giades Where
applica If a Member has elected an option with a joint pensioner or be-nefir-A-ary and
the Member's retirement income benefits have commenced, the Member may thereafter
change his or herd si—f-;
nated 13-;-, - -
— k-,
... ..... Y up te- twe (2) t and may -han 4
Y
joint pensioner up to two (2) times without the approval of the Board or the current
designated survivor. The Retiree Member need not provide proof of the good health of
the designated survivor being removed, and the designated survivor being removed need
not be living. Provided that in the absence of proof of good health, the actuary will assume
that the designated survivor being removed has deceased for purposes of calculating the
new benefit payment.
The consent of a Member's or retiree's joint pensioner er hene-finiary-to any such
- ----------
change shall not be required. The rights of all previously designated benefiGiaries iq Lnt
pensioners to receive benefits under the Plan shall thereupon cease.
Upon change of a Retiree's beRefm-;-,,,'Y or Joint pensioner in accordance with this
section, the Board shall adjust the Retiree's monthly benefit by application of actuarial
calculations to in-&ure ensure that the benefit paid is the Actuarial Equivalent of the
Retiree's then current benefit. Any such Retiree shall pay the actuarial recalculation
expenses and shall make repayment of any overage of previously paid pension benefits
as a result of said recalculations. Each request for a change will be made in writing on a
form prepared by the Board and on completion will be filed with the Board. In the event
that no designated beneficiary survives the Retiree, such benefits as are payable in the
event of the death of the Retiree subsequent to his or her retirement shall be paid as
provided herein.
Retirement income payments shall be made under the option elected in
accordance with the provisions of this section and shall be subject to the following
limitations:
(1) If a Member dies prior to his or her Normal Retirement Date or Early
Retirement Date, whichever first occurs, no retirement benefit will be
payable under the option to any person, but the benefits, if any, will be
determined under the provisions of the Plan.
(2) If the designated Beneficiary (or Beneficiaries) or joint pensioner dies before
the Member's retirement under the Plan, the option elected will be canceled
automatically and a retirement income of the normal form and amount will
be payable to the Member upon his or her retirement as if the election had
not been made, unless a new election is made in accordance with the
provisions of this section or a new Beneficiary is designated by the Member
prior to his or her retirement.
(3) If both the Retiree and the Beneficiary (or Beneficiaries) designated by
Member or Retiree die before the full payment has been effected under any
option providing for payment for a period certain and- life +..-. f+—
-- , —
ma -dA
e
pursuant to the previsions of Subse-c4ion (a), the Board may, in its discretion,
direct that the commuted value of the remaining payments be paid in a lump
sum and in accordance with applicable law.
(4) If a Member continues beyond his or her Normal Retirement Date pufsuant
to the provisiens ef and dies prior to his or her actual retirement and while
an option made pursuant to the provisions of this section is in effect, monthly
retirement income payments will be made, or a retirement benefit will be
paid, under the option to a Beneficiary (or Beneficiaries) designated by the
Member in the amount or amounts computed as if the Member had retired
under the option on the date on which his or her death occurred.
Except as set forth herein a Retiree may not change his or her retirement option after the
date of cashing or depositing his or her first retirement check.
The Board of Trustees shall, upon written request by a retired Firefighter of the
Plan, and in accordance with applicable law, withhold from the monthly retirement
payment those funds that are necessary to pay for the benefits being received through
the City of Edgewater, to pay the certified bargaining agent of the City of Edgewater
Firefighters and to make payment for child support or alimony.
Notwithstanding anything herein to the contrary, the Board in its discretion, may
elect to make a lump sum payment to a Member or a Member's Beneficiary #"he -event
that the t --t--! ed-value-G4ho4ep+a+R4ng-R-iGRtl4 Payments to b --;,4 A-
V— --
net eXG--- P4494 FS--( ,000.98" if the monthly retirement income payable to
any person entitled to benefits hereunder is less than $100, or if the single-surn value of
the accrued retirement income is less than $5,000, as of the date of retirement or
termination of service, whichever is applicable. Any such payment made to any person
pursuant to the power and discretion conferred upon the Board by the preceding sentence
shall operate as a complete discharge of all obligations under the Plan with the regard to
such Member and shall not be subject to review by anyone, but shall be final, binding and
conclusive on all persons.
P a �) e 116
SECTION 4.06 — Deferred Retirement Option Plan
A Firefighter may retire for all purposes of the Plan and defer receipt of retirement
benefits into a DROP account while continuing employment with the City as follows:
Eligibility
=MT M
... qFMMM
of Greditable serviGe, or has twenty (20) yeaFs of Greditable service, A Firefighter
who has reached Normal Retirement Age, may elect to participate in the DROP.
partiE;ipation Participation in the DROP shall commence on the
., .4
first day of the month coincident with or next following such election., wki--k da
shall Gonstitute the "initial date of eligibility."
Written Election
An -elle Firefighter electing to participate in DROP must complete and execute
such forms as may be required by the Board of Trustees not less than thirty (30)
days prior to entering into the DROP. The forms shall include, but not be limited
to, an irrevocable letter of resignation effective no later than the conclusion of the
maximum period of DROP participation. Election into DROP is irrevocable
provided, however, there is no minimum period of participation.
Limitation/disqualification for other benefits
An--e4kjib1e. Firefighter may elect to participate in the DROP only once. After
commencement of participation in DROP, a Firefighter shall no longer earn, accrue
or purchase additional service credits towards retirement benefits and shall not be
eligible for disability retirement benefits, pre -retirement death benefits or later
enhancements to the City of Edgewater Firefighters' Pension Plan.
Cessation or reduction of contributions
Upon the effective date Of aP,--eligible, firefighter's Firefighter's participation in
DROP, all contributions by and on behalf of the Firefighter to the Plan shall be
discontinued.
Benefit calculation
For all Plan purposes, service and vesting credits of an-ef4iable Firefighter electing
DROP shall be fixed as of the effective date of commencement of DROP
participation, and the Firefighter shall be a Retiree. Any service as a Firefighter
after entry into DROP shall not be used for calculation or determination of benefits
payable by the Plan. The Average Final Compensation of a participant, as defined
in this Plan, shall be determined as of the effective date of commencement of
F1 a g e 117
DROP participation and any subsequent earnings shall not be used for calculation
or determination of benefits payable by the Plan.
Benefit Credits to DROP account
Upon entry into DROP, the monthly retirement benefit which would have been
payable had the Firefighter ceased employment and commenced receiving a
normal retirement benefit shall be credited to the Firefighter's DROP account on a
monthly basis. No benefit credits from the Plan shall be made to a DROP account
for more than the maximum period of DROP participation.
No Firefighter shall receive a credit to the Firefighter's DROP account until the
required DROP forms have been submitted including the Firefighter's irrevocable
letter of resignation and the City has actually discontinued the Firefighter's
contributions to the Plan.
DROP account earnings
Each DROP account shall be eligible to earn interest in accordance with the
following method, which may be amended by the Board of Trustees periodically:
The DROP account shall earn interest equal to the actual earnings of the
investments of City of Edgewater Firefighters' Pension Plan, net of fees as
determined by the actuary using the standard IRS formula for purposes of reporting
the annual investment return on Schedule B (Form 5500), whether or not such
form is actually required for this Plan and less an administrative fee to be
established annually on October 1 sl of each fiscal year by the Board of Trustees.
Maximum period of participation
AR-e1igiWe-Firefighter may elect to participate in DROP for a maximum of sixty (60)
months. At the conclusion of the maximum period of DROP participation,
retirement benefit payments to the DROP account shall cease and the Firefighter's
termination from employment with the City shall become effective pursuant to the
irrevocable letter of resignation.
Administrative Fee for DROP account
An annual administrative fee shall be charged on each October 1st for the
administration and operation of a Firefighter's DROP account at a rate established
by the Board of Trustees. In the case of a participant who separates from service
after October 1st, the administrative fees shall be paid on a prorated basis for the
partial year of participation.
Distribution of DROP account
F1 a g e 118
Upon termination of a Firefighter's City employment, whether by retirement,
resignation, discharge or death, no further benefit credits shall be made to the
DROP account.
All retirement benefits paid after termination of employment shall be made directly
to the Firefighter, or in the case of death, in accordance with any survivorship
option which the Firefighter elected.
The Firefighter must elect the method of payment within thirty (30) days following
the end of DROP participation to receive his or her account balance in the form of
a lump sum payment or to have it directly rolled -over to another qualified retirement
plan, _and the election shall be irrevocable. Failure to elect a payment within the
prescribed time shall be deemed an election to receive payment of the entire
DROP account balance in cash, less required income tax withholding.
Within sixty (60) days following the end of the month in which the Firefighter
terminated employment, the balance of the Firefighter's DROP account shall be
paid to the Firefighter in accordance with the Firefighter's election. as a lump surn
or by rellever-4crrrrvr e"44alklf i r e rmn A.t I Ian.
Notwithstanding the option selected by the Firefighter, the Board of Trustees
reserves the right to accelerate payments to comply with the minimum distribution
provisions of the Internal Revenue Code or to defer payments to comply with the
maximum benefit provisions of the Internal Revenue Code. A Member's final
DROP aCCOLIM value r011 termination of DROP participation shall be the value of
the account at the end of the quarter irnmediateIV precedincl termination of
participation (to include riet plan earnings using investment aerformance
determined b the Plan's investment consultant plus any monthlyperiodic
additions made to the DROP account Subsequent to the end of the previous
g u a rte r.
Disability of a DROP participant
If the City determines that a Firefighter has become unable to perform the duties
of an Edgewater Firefighter due to service or non -service related disability and
terminates the employment of the Firefighter for this reason, the Firefighter shall
be deemed to have retired on a service retirement upon entry into DROP and
DROP participation shall end. Distribution of the DROP account balance shall be
made in accordance with the provisions and requirements of this section in the
manner elected by the Firefighter.
Death of a DROP participant
If a DROP participant dies, the fiF ighter shall be deerned to have retired UpOn
entry inte DROP and the balance in the DROP account shall be distributed in
accordance with the diStFibHtiGR methadelogy (10a,,agraph 10 above) ele
election made by the Firefighter as provided under the heading "Distribution of
Page 119
DROP Account" above,, or if no such election has been made, the Firefighter's
designated Beneficiary may elect the method of payment in accordance with the
time and Gn--requ#&n4ents Gf paragFaph-44-abGve provisions under said
heading. Survivorship benefits, if any, shall be paid in accordance with the
Firefighter's benefit elections upon entry into DROP.
Forms
All forms and notices used in the administration of the DROP shall be prepared
through joint cooperation between the City of Edgewater and the Board of
Trustees.
4. MWW#11101�
Eligibility; Duration of Back DROP election.
The Back -DROP shall be defined as a partial lump sum distribution with a forward
annuity for the remainder of the lifetime of the participant available only to
participants who have passed the initial DROP eligibility date, which is defined as
the first day of the month coincident with or next following the month in which the
Firefighter attained Normal Retirement Age. This subsection sets forth rights for
participation in the Back -DROP.
Participation in Back DROP.
Participants who have attained age fifty-five (55) and have five (5) years of
creditable service, or have twenty (20) years of creditable service, as of the
effective date of the ordinance shall be eligible to elect to participate in the Back
DROP. Back DROP benefits shall be up to twenty-four (24) months of
accumulated pension payments utilizing service accrued and Average Final
Compensation based on what would have been the participant's selected date of
eligibility then in existence, but not before earlier than the Firefighter's attaiR444e-Rt
Gf—Normal Retirement Date. Any contributions paid by the eligible participant
during the Back DROP period, not to exceed twenty-four (24) months, shall be
transferred to the participant's Back DROP account. The Back DROP account
shall be credited with interest equal to the net investment return of the Plan
annually from the selected date of Back Drop initiation to the date of the
participant's retirement or resignation from employment with the City. In the case
of a partial year's participation, interest shall be prorated to achieve that applicable
rate of interest set forth in this section on an annualized basis. Interest shall be
compounded annually. As part of the application process for Back Drop,
participants shall submit an irrevocable letter of resignation to take effect
immediately upon completion of the Back Drop application process. Participants
electing the Back DROP shall also elect a form of distribution ffiet4e4eiGgy of the
Back DROP account on the same basis as a DROP participant as provided herein.
SECTION 4.07 — Supplemental Benefit
F, a() r- 120
Supplemental Retirement Benefit. There is hereby provided, subject to the
conditions set forth below, for firefighters -that attain Credited serviGe of five (5.) or more
years, and in addition to all other benefits provided in this Plan SeGtiOn, an annUal a
supplemental retirement benefit, which shall be a defined contribution benefit, constituted
of annual contributions, FEntitip-mo-nt to suGh supplemental retirersent benefit shall be
determinp-d RnntiAl
ly based upon the reGeipt4y to the Fund of any "additional premium
tax revenues," as defined in sub-section 175.162(2)(a), of the Florida Statutes. P��_�
ofsuGh-supplemen',a-iret'rement---nef,*,-"sha be made annually to eaGh eligible firefighte
N
of five (5) or mGre years and teFrriinat the City or an ----tve
I
4-
retires t er-�4F&MeRt ne late ..,he-4�
aft
reGeipt of the "additional premium tax revenues" rem t1he t provided thaWt-has-been
th
e-enfirmed in that year,
The annual amount, if any, of such supplemental
retirement benefit shall be equal to the 4quGtieptaL(Lduct of: the total amount of all
"additional premium tax revenues" received by the Fund during that calendar year
(regardless of the year to which the revenues relate), multiplied by each eligible
Firefighter's (including DROP participants) percentage of the total number of combined
years of service for all eligible firefighters Firefighters (including DROP participants).
Such supplemental benefit for each eligiblefirefighter Firefighter (including DROP
participants) shall be credited, no later than the 1s of December after receipt of the
"additional premium tax revenues" from the state, provided that it has been confirmed in
writing that the eligible fiFefiqhter Member was alive on September 30th of such year,
beginning with fiscal year 2007, to an account to be maintained by the Pension Fund,
which shall be credited with the actual rate of investment return (less expenses) of the
Pension Fund and shall be distributed as-a-!,-,—
on retirement (other than DROP retirement), G-r
termination (or attainment of Normal Retirement Age with respect to a vested terminated
Member who elects at the time of termination to leave his supplemental benefit in the
Plan (see heading "Distribution" below)), termination of DROP, or in the event of death
prior to retirement or termination of DROP, shall be paid to a designated Beneficiary. If
for any year the actual rate of investment return (less expenses) is less than zero, the
return (less expenses) shall be deemed to be equal to zero.
Firefighters shall vest their respective supplemental benefit accounts, including earnings,
on the same date they vest under the terms of the Retirement Plan. Vested supplemental
benefit accounts are non -forfeitable to the extent permitted by law. Should a non -vested
Member die before vesting, the account of said non -vested Firefighter shall be forfeited.
Should a non -vested Member separate from employment or otherwise cease to be an
eligible Firefighter, the supplemental benefit account of such non -vested Firefighter shall
be forfeited. Forfeited supplemental benefit accounts shall be allocated pro rata to the
supplement benefit accounts of all remaining eligible Firefighters in the year after
termination of employment.
F' <9 c) E) 121
Co -mingling of assets: For investment purposes all supplemental benefit accounts shall
be co -mingled with other assets of the Retirement Plan. However, there shall be a
separate accounting for each individual supplemental benefit account.
Distribution: Within ninety (90) days after retirement (other than entry into the DROP),
e+ termination of employment prior to retirement (except as provided below), or
termination of DROP, whichever the case may be, each vested Firefighter shall be issued
a distribution of the individual's supplemental benefit account balance equivalent to the
prior year's ending account balance. There may be a second distribution of any
subsequent allocations that are credited during the following year.
Notwithstanding the foregoing, a vested Firefighter whose employment is terminated prior
to his or her Normal Retirement Age, and who has not elected a refund of Accumulated
Contributions, may elect to leave his or her supplemental benefit in the Plan until the
earlier of the commencement of normal retirement benefits, or any subsequent refund of
Accumulated Contributions. In such case, the Member's account shall not be credited
with any allocations in a calendar year following the calendar year in which employment
terminated. but shall continue to be credited with investment returns as provided above.
a. Share account balances shall be calculated as a lump sum.
b. Distribution of the supplemental benefit balances shall be by:
M Direct lump sum distribution to the Firefighter subject to a 20% tax
withholding, or
Qii As a direct rollover to a qualified plan (IRA, etc.), or
fi�Cij As a partial direct lump sum subject to a 20% tax withholding and a
partial direct rollover.
Section 415 Limits: All distributions are subject to the maximum benefit limitation of
section 415 of the Internal Revenue Code. Such limitation shall be calculated in
combination with other benefits that may be payable under the Retirement Plan.
Limitation: Firefighters shall have no right or access to the individual supplemental
benefit account balances until retirement or termination of employment. Payments shall
comnIv with Section 401(a)(9) of the Internal Revenue Code.
Inalienability: Share accounts shall not be subject to execution or attachment of, to any
legal process whatsoever, and shall be unassignable.
Death: In the event a vested Firefighter dies prior to termination of employment, the
Firefighter's supplemental benefit account shall be paid to his or her designated
Beneficiary, or in the absence of a living designated Beneficiary, to his or her estate.
22
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 bV 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.
Page 123
FWANW-OW611WA
OTHER BENEFITS
SECTION 5.01 --- Disability Benefits on -duty
Disability benefits in -duty. Each Firefighter who is a Member in the Plan and who
shall have become totally and permanently disabled, while, actively employed as a
Firefighter with the City to the extent that he is unable, by reason of a medically
determinable physical or mental impairment, to render useful and efficient service as a
Firefighter, and which disability was directly caused by the performance of his duty as a
Firefighter shall, upon establishing the same to the satisfaction of the Board, be entitled
to a monthly pension equal to either, (i) accrued normal retirement benefit or (ii) a
minimum amount paid to the Member of not less than forty-two (42) percent of the
Member's compensation. For the purposes of this paragraph, compensation shall be
deerned to be the greater of the Member's monthly compensation based upon his or her
pay status at the time the disability occurred or his or her Average Final Compensation.
Any condition or impairment of health of a Firefighter caused by tuberculosis,
hypertension or heart disease resulting in total or partial disability or death shall be
presumed to have been suffered in the line of duty unless the contrary is shown by
competent evidence; provided, that such Firefighter shall have successfully passed a
physical examination upon entering into such service, including a cardiogram, which
examination failed to reveal any evidence of such condition; and provided further, that
such presumption shall not apply to benefits payable or granted in a policy of life
insurance or disability insurance.
The presumption provided for in this paragraph shall apply only to those conditions
described in this subsection that are diagnosed on or after January 1, 1996.
Definitions. As used in this section, the following definitions apply:
(1) "Body fluids" means blood and body fluids containing visible blood and other
body fluids to which universal precautions for prevention of occupational
transmission of blood-borne pathogens, as established by the Centers for
Disease Control, apply. For purposes of potential transmission of
meningococcal meningitis or tuberculosis, the term "body fluids" includes
respiratory, salivary, and sinus fluids, including droplets, sputum, and
saliva, mucous, and other fluids through which infectious airborne
organisms can be transmitted between persons.
(2) "Emergency rescue or public safety member" means any Member
employed full-time by the City as a Firefighter, paramedic, emergency
medical technician, law enforcement officer, or correctional officer who, in
F1, a e, 124
the course of employment, runs a high risk of occupational exposure to
hepatitis, meningococcal meningitis, or tuberculosis and who is not
employed elsewhere in a similar capacity. However, the term "emergency
rescue or public safety member" does not include any person employed by
a public hospital licensed under F.S. Ch. 395, or any person employed by
a subsidiary thereof.
(3) "Hepatitis" means hepatitis A, hepatitis B, hepatitis non-A, hepatitis non-B,
hepatitis C, or any other strain of hepatitis generally recognized by the
medical community.
(4) "High risk of occupational exposure" means that risk that is incurred
because a person subject to the provisions of this subsection, in performing
the basic duties associated with his or her employment:
L Provides emergency medical treatment in a non -healthcare setting
where there is a potential for transfer of body fluids between persons;
ii. At the site of an accident, fire, or other rescue or public safety
operation, or in an emergency rescue or public safety vehicle,
handles body fluids in or out of containers or works with or otherwise
handles needles or other sharp instruments exposed to body fluids;
(5) "Occupation exposure," in the case of hepatitis, meningococcal meningitis,
or tuberculosis, means an exposure that occurs during the performance of
job duties that may place a worker at risk of infection.
Presumption. Any emergency rescue or public safety member who suffers a
condition or impairment of health that is caused by hepatitis, meningococcal meningitis,
or tuberculosis, that requires medical treatment, and that results in total or partial disability
or death shall be presumed to have a disability suffered in the line of duty, unless the
contrary is shown by competent evidence; however, in order to be entitled to the
presumption, the Member must, by written affidavit as provided in F.S. §92.50, verify by
written declaration that, to the best of his or her knowledge and belief:
(1) In the case of a medical condition caused by or derived from hepatitis, he
has not:
Been exposed, through transfer of bodily fluids, to any person known
to have sickness or medical conditions derived from hepatitis,
outside the scope of his employment;
Had a transfusion of blood or blood components, other than a
transfusion arising out of an accident or injury happening in
connection with his present employment, or received any blood
P a g e 125
products for the treatment of a coagulation disorder since last
undergoing medical tests for hepatitis, which tests failed to indicate
the presence of hepatitis;
iii. Engaged in unsafe sexual practices or other high-risk behavior, as
identified by the Centers for Disease Control or the Surgeon General
of the United States or had sexual relations with a person known to
him to have engaged in such unsafe sexual practices or other high-
risk behavior; or
iv. Used intravenous drugs not prescribed by a physician.
(2) In the case of meningococcal meningitis, in the ten (10) days immediately
preceding diagnosis he or she was not exposed, outside the scope of his or
her employment, to any person known to have meningococcal meningitis or
known to be an asymptomatic carrier of the disease.
(3) In the case of tuberculosis, in the period of time since the Member's last
negative tuberculosis skin test, he or she has not been exposed, outside
the scope of his or her employment, to any person known by him or her to
have tuberculosis.
Cancer Presumption. As provided and subject to the limitations in section
112.1816, Florida Statues, effective July 1, 2019, a Firefighter (as defined in section
11 2.1816(l), Florida Statutes) Member shall be considered to be totally and permanently
disabled in the line of duty if he or she meets the Plan's definition of Totally and
Permanently Disabled due to a diagnosis of cancer (as defined in section 112.1816(1),
Florida Statutes) or circumstances that arise out of the treatment of such cancer (as
defined in section 112,1816(1), Florida Statutes).
Immunization. Whenever any standard, medically recognized vaccine or other
form of immunization or prophylaxis exists for the prevention of a communicable disease
for which a presumption is granted under this section, if medically indicated in the given
circumstances pursuant to immunization policies established by the Advisory Committee
on Immunization Practices of the U.S. Public Health Service, an emergency rescue or
public safety member may be required by the City to undergo the immunization or
prophylaxis unless the Member's physician determines in writing that the immunization or
other prophylaxis would pose a significant risk to the Member's health. Absent such
written declaration, failure or refusal by an emergency rescue or public safety member to
undergo such immunization or prophylaxis disqualifies the member from the benefits of
the presumption.
Record of exposures. The City shall maintain a record of any known or reasonable
suspected exposure of an emergency rescue or public safety member in its employ to the
disease described in this section and shall immediately notify the member of such
�M
exposure. An emergency rescue or public safety member shall file an incident or accident
report with the City of each instance of known or suspected occupational exposure to
hepatitis infection, meningococcal meningitis, or tuberculosis.
Required medical tests, pre-employment physical. In order to be entitled to the
presumption provided by this section:
(1) An emergency rescue or public safety member must, prior to diagnosis,
have undergone standard, medically acceptable tests for evidence of the
communicable disease for which the presumption is sought, or evidence of
medical conditions derived therefrom, which tests fail to indicate the
presence of infection. This paragraph does not apply in the case of
meningococcal meningitis.
(2) On or after June 15, 1995, an emergency rescue or public safety member
may be required to undergo a pre-employment physical examination that
tests for any evidence of hepatitis or tuberculosis.
SECTION 5.02 - Disability benefits off-duty.
Every Firefighter who is a Member in the Plan with five (5) years or more Credited
Service who shall have become totally and permanently disabled to the extent that he is
unable, by reason of a medically determinable physical or mental impairment, to render
useful and efficient service as a Firefighter, which disability is not directly caused by the
performance of his duties as a Firefighter, shall be entitled to a monthly pension equal to
either: (i) two and one-half (21/2) percent of monthly compensation for a Member
separating from service prior to October 1, 1998, or (ii) three (3) percent of monthly
compensation for a Member separating from service on or after October 1, 1998,
multiplied by the total years of Credited Service, but in any event, the minimum amount
paid to the Member shall be twenty-five (25) percent of his compensation. This provision
shall not apply to a Member who has reached Early or Normal Retirement Age. Any
disability occurring after termination shall not constitute a basis for disability payments.
For the purposes of this paragraph, compensation shall be deemed to the greater of the
Member's monthly compensation based upon his or her pay status at the time the
disability occurred or his or her Average Final Compensation.
Conditions disqualifying disability benefits. Each Firefighter who is claiming
disability benefits shall establish, to the satisfaction of the Board, that such disability or
death was not occasioned primarily by:
(1) Excessive or habitual use of any drugs, intoxicants or narcotics.
(2) Injury or disease sustained while willfully and illegally participating in fights,
riots or civil insurrections.
P r- g rz, 12 7
(3) Injury or disease sustained while committing a crime.
(4) Injury or disease sustained while serving in any branch of the armed forces.
(5) Injury or disease sustained after his employment as a Firefighter with the
City shall have terminated.
(6) A condition pre-existing the Firefighter's membership in the Plan. No
Member shall be entitled to a disability pension because of or due to the
aggravation of a specific injury, impairment or other medical condition pre-
existing at the time of membership in the Plan; provided, that such
preexisting condition and its relationship to a later injury, impairment or
other medical condition be established by competent substantial evidence.
Nothing herein shall be construed to preclude a disability pension to a
Member who, after membership in the Plan, suffers an injury, impairment or
other medical condition different from some other injury, impairment or other
medical condition existing at or prior to said membership.
Physical examination requirement. A Firefighter shall not become eligible for
disability benefits until and unless he undergoes a physical examination by a qualified
physician or physicians and/or surgeon or surgeons, who shall be selected by the Board
for that purpose. The Board shall not select the Members treating physician or surgeon
for this purpose except in an unusual case where the Board determines that it would be
reasonable and prudent to do so,
Any Firefighter receiving disability benefits under provisions of this section shall be
periodically re-examined by a qualified physician or physicians and/or surgeon or
surgeons, who shall be selected by the Board, to determine if such a disability has ceased
to exist. If the Board finds that the Retiree is no longer permanently and totally disabled
to the extent that he is unable to render useful and efficient service as a Firefighter, the
Board shall recommend to the City that the Retiree be returned to performance of duty as
a Firefighter and that the disability retirement income be discontinued and the Retiree so
returned shall enjoy the same rights that Member had at the time he was placed upon
pension.
The cost of the physical examination and/or re-examination of the Firefighter
claiming and/or receiving disability benefits shall be borne by the Board of this Plan. All
other reasonable costs as determined by the Board incident to the physical examination,
such as, but not limited to, transportation, meals and hotel accommodations, shall be
borne by the Board,
If the Firefighter recovers from disability and re-enters the service of the City as a
Firefighter, his service will be deemed to have been continuous, but the period beginning
with the first month for which he received a disability retirement income payment and
ending with the date he re-entered the service of the City will not be considered as
Credited Service for the purposes of the Plan.
The Board shall have the power and authority to make the final decisions regarding
all disability claims.
Disability payments. The monthly benefit to which a Member is entitled in the event
of the Member's disability retirement shall be payable on the first day of the first month
after the Board determines such entitlement. However, the monthly retirement income
shall be payable as of the date the Board determined such entitlement, and any portion
due for a partial month shall be paid together with the first payment. The last payment will
be:
(1) If the Firefighter recovers from the disability prior to his Normal Retirement
Date, the payment due next preceding the date of such recovery; or
(2) If the Firefighter dies without recovering from disability or attains his Normal
Retirement Date while still disabled, the payment due next preceding his
death or the one hundred twentieth monthly payment, whichever is later.
(3) Any monthly retirement income payments due after the death of a disabled
Firefighter shall be paid to the Firefighter's designated Beneficiary or
Beneficiaries as provided in Florida Statutes §§ 175.181 and 175.201.
A disabled Member may select an actuarially equivalent optional form of benefit in
the same manner as a retired Member, or in such other actuarially equivalent form as
may be allowed by the Board.
SECTION 5.03 — Death Benefits
Death prior to retirement; refunds of contributions; death benefits.
If a Firefighter dies prior to retirement and has at least 5 years of contributing
service, his Beneficiary is entitled to the benefits otherwise payable to the Firefighter at
Early or Normal Retirement Age or the immediate refund of one -hundred (1100%) percent,
without interest, of the contributions made to the Firefighters' pension trust fund by such
deceased Firefighter. As provided and subject to the limitations in section 112.1816,
Florida Statutes, effective July 1, 2019, a Firefighter (as defined in section 112.1816(1),
Florida Statutes) Member is considered to have died in the line of duty if he or she dies
as a result of cancer (as defined in section 112.1816(1), Florida Statutes) or
circumstances that arise out of the treatment of such cancer (as defined in section
112.1816(1), Florida Statutes).
Death while performing USERRA-qualified active military service.
P cl g E� 129
In the case of a Member who dies on or after January 1, 2007 while performing
"Qualified Military Service" under Title 38, United States Code, Chapter 43, Uniformed
Services Employment and Reemployment Rights Act ("USERRA") within the meaning of
Section 414(u) of the Internal Revenue Code, any "additional benefits" (as defined by
Section 401(a)(37) of the Internal Revenue Code) provided under the Plan that are
contingent upon a Member's termination of employment due to death shall be determined
as though the Member had resumed employment immediately prior to his death. With
respect to any such "additional benefits," for vesting purposes only, credit shall be given
for the period of the Member's absence from covered employment during "Qualified
Military Service".
SECTION 5.04 — V -& R^ -nef46 Refund of Contributions upon non -vested separation
from service
If a Firefighter leaves the service of the City before accumulating aggregate time
of five (5) years toward retirement and before being eligible to retire under the provisions
of this chapter, the Firefighter shall be entitled to a refund of all of his or her contributions
made to the Firefighters' pension trust fund, without interest. if a fiFefiqhte-F��as-14ee44
n the seFviGe of the City for at 4east-fi e ICZ\
years anrd has. rseentributed to the firefig-hte-r-s!
1 t-USt fu -d f--, at 1 y -a -r -s le-G-ts to leave his GF#or �rGr- � 44ute44s
R. the firefighters' PeRSi9R tFUSt filnd, -,--h fiFe4q.4te-r-Won-a years
n;-ay4e*e a the -1--+ -f the
alent -1 ,, amount of s h-Fetife-mentiR4aG44ie--(A�S�
payable. in Ra event shall the early -Fe#r-&FP,--+— A , , ^+; e eXGeed three (3) PeFGent fa
eaGh year by whir --h the member's age at the
fe#F&meRt-aqe-.
SECTION 5.05 — Line -of -Duty InjuEy Health Insurance Benefit.
(a) Eligibility. The City of Edgewater shall continue health insurance coverage for
any Firefighter who has five or more Vears of Credited Service under the City o
Edqewater Firefighters'_ Pension Fund, and who, on or after January 1, 1995,
suffers an iniury in the line of duty that would qualify him or her for an On -Duty
Disability within the meaning of section 5.01 of this Plan. A Firefighter who suffers
a catastrophic iniury while in fresh pursuit within the meaning of section
112.191(g), Florida Statutes, shall not be entitled to the benefit described in this
section but instead shall be entitled to the benefit described in section 112.191(g),
Florida Statutes. This benefit shall apply only to an injury that occurred while on
duty and while the Firefighter is acting within the scope of employment. The
Firefighter shall not be eligible for this benefit for an injury sustained in connection
with any unlawful acts or any activities not related to a Firefighter assignment,
Eligibility for this benefit shall be determined by the Board of Trustees. Eligibility
shall cease if the Board of Trustees finds that the Firefighter receiving a disability
retirement is no longer disabled, in which event the Board of Trustees shall notify
the City. Eligibility shall cease when a disabled Firefighter reaches age 65. If after
F1ac e 130
reaching age 65 a disabled Firefighter is not eligible for Social Security benefits
under 42 U.S.C. § 402 or 423, the City shall provide supplemental insurance or
premium reimbursements in a manner equivalent to those benefits that the
Firefighter would have received if he or she were eligible for Social Security
benefits. Any fact or circumstance that would disqualify a Firefighter from
receiving a benefit under either section 5.01 or 5.02 of the Plan shall likewise
disqualify the Firefighter from receiving a benefit under this section 5.05. Effective
February 7, 2023, the City of Edgewater shall no longer provide the benefits
afforded in this section for continuation of health insurance coverage for
line -of -duty injuries sustained by Firefighters. Notwithstanding, any Partici ant
who is currently receiving such benefits or having claims paid in connection with
receipt of the benefits afforded herein prior of the adoption of this language shall
continue to receive such benefit coverage without interruption,
(b) Amount. The health insurance provided under this section 5.05 shall beequal t
that coverage as provided to the City's current active employees and may only
be amended if such plan is amended for all current employees or as otherwise
amendable in accordance with this section.
(c) Offsets. Health insurance benefits or reimbursements payable from any policy,
plan, settlement, judgment, private or public benefit, worker's compensation, or
any other source shall reduce the benefits payable under this section.
(d) Fraud. It is unlawful fora person to willfully and knowingly make, or cause to be
made, or to assist, conspire with, or urge another to make, or cause to be made,
any false, fraudulent, or misleadinq oral or written statement to obtain this health
insurance coverage. In addition to any applicable criminal penalty, upon
conviction for a violation as described in this subsection (d), a Firefighter or other
Beneficiary who receives or seeks to receive health insurance benefits under this
section shall forfeit the right to receive such health insurance benefits and shall
reimburse the City for all benefits paid due to the fraud or other prohibited activity.
For purposes of this subsection, "conviction" means a determination of quilt that
is the result of a plea or trial, regardless whether adjudication is withheld.
P a () e 131
ARTICLE VI
INTERNAL REVENUE CODE COMPLIANCE
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F1 a g e, 133
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---
The above limitations are intended G-Gomqplywith the previsiens of Sectien 415 a
the-Gede, as ameRded,-.-G-44at-t��mwm beRefits provi d by RaRS Of th
City shall ba�_exl-_Gtly equal te the ma -i. imtq ;4IIAwpd 1 indpr 2pr_tinn 4
the Gode and regulations theFeW F. if there is any diserepanGy between the
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ta. -- .... _ . - the-Gade-aR4
FegwIa#GRS thereURder-, sudh dii-s-repa44Gy-�♦e resolved in suGh a way as to
give full effeGt to the pm w• -of SeGt;^n 41 F:i r)f thp Cndp T-he-v,-4ue--iaf-a44y
be44efits-ferfeited-a6-a4e-&u4t-iGhG-appl.iGati,ea#i-�,�bseG+;--- (al, shaltr. e4
to-4eGrease future employer G. +r
(a) Maximum amount of retirement income:
(1) The limitations of this subsection al shall apply in limitation years beginning
on or after July 1, 2007, except as otherwise provided herein, and are
intended to comply with the requirements of the Pension Protection Act of
2006 and shall be construed in accordance with said Act and guidance
issued thereunder. The provisions of this subsection (a) shall supersede
any provision of the Plan to the extent Such provision is inconsistent with
this subsection.
The annual pension as defined in DaraaraDh (2) below otherwise Davable
to a participant at any time shall not exceed the dollar limitation for the
Member multiplied by a fraction whose value cannot exceed one (1), the
numerator of which is the participant's number of years (or part thereof, but
not less than one (1) year) of service with the City and the denominator of
which is ten (10). For this purpose, no more than one (1) year of service
may be credited for any Plan Year. If the benefit the participant would
otherwise accrue in a limitation year would produce an annual pension in
excess of the dollar limitation, the benefit shall be limited (or the rate of
accrual reduced) to a benefit that does not exceed the dollar limitation.
1-1 a g e.,, 135
SEEM o,
of a straight life annuity. Benefits payable in a
to the larger of:
a. For limitation years beginning on or after July 1, 2007:
(1) the straight life annuity (if any) payable to the participant under
the Plan commencing at the same annuity starting date as the
participant's form of benefit: o
(11) the actuarially equivalent straight life annuity commencing at
the same annuity starting date, computed using a five (5.00)
percent interest rate and the mortality basis prescribed in
Code section 415(b)(2)(E)(v).
b. For limitation years beginning before July 1, 2007:
(1) the actuarially equivalent straight life annuity commencing at
the same annuity starting date, computed using the interest
rate and mortality basis specified by the Board of Trustees for
determining actuarial equivalence under the Plan for the
particular form of payment; o
(11) the actuarially equivalent straight life annuity commencing at
same annuity starting as
,ent interest rate and th
Code section 415(b)(2)(E)(v).
No actuarial adiustment to the benefit shall be made for benefits that
are not directly related to retirement benefits such as a qualified
disability benefit. preretirement incidental death benefits. and
rim or Me,
benefit is not subject to section 417(e)(3) of the Internal Revenue
Code and would otherwise satisfv the limitations of this subsection
(a), and the amount payable under the form of benefit in any
limitation year shall not exceed the limits of this subsection (a)
applicable at the annuity starting date, as increased in subsequent
years pursuant to section 415(d) of the Code. For this purpose, an
automatic benefit increase feature is included in a form of benefit if
the form of benefit orovides for automatic. periodic increases to the
benefits paid in that form.
3) "Dollar limitation" means, effective for the first limitation year beginning after
January 1, 2001, one hundred sixty thousand dollars ($160,000.00),
automatically adwusted under Code section 415(d), effective January 1 of
each year, as published in the Internal Revenue Bulletin, and payable in the
form of a straight life annuity. The new limitation shall apply to limitation
years ending with or within the calendar year of the date of the ad'ustment,
but a participant's benefits shall not reflect the adjusted limit prior to January
Fw4 f a 36
I of that calendar year. The dollar limitation shall be further adjusted based
on the age of the participant when the benefit begins as follows:,
a. For Annuity Starting Dates in limitation years beginning on or after
July 1, 2007:
(1) If the annuity starting date for the participant's benefit is after
age sixty-five (65):
(i) If the Plan does not have an immediately commencing
straight life annuity payable at both age sixty-five (65
and the age of benefit commencement: The dollar
limitation at the participant's annuity starting date is the
annual amount of a benefit payable in the form of a
straight life annuity commencing at the participant's
annuity starting date that is the actuarial equivalent of
the dollar limitation with actuarial equivalence
computed using a five (5.00) percent interest rate
assumption and the mortality basis prescribed in Code
section 415(b)(2)(E)(v) for that annuity starting date
(and expressing the participant's age based on
completed calendar months as of the annuity starting
date.
(ii) If the Plan does have an immediately commencing
straight life annuity payable at both age sixty-five (65)
and the age of benefit commencement: The dollar
limitation at the participant's annuity starting date is the
lesser of (aa)the dollar limitation multiplied by the ratio
of the annual amount of the adjusted immediately
commencing straight life annuity under the Plan at the
participant's annuity starting date to the annual amount
of the adjusted immediately commencing straight life
annuity under the Plan at age sixty-five (65), both
determined without applying the limitations of this
subsection (a), and (bb) the limitation determined
under subparagraph (3)a.(I)(i) of this subsection (a).
For this purpose, the adjusted immediatel
commencing straight life annuity under the Plan at the
participant's annuity starting date is the annual amount
of such annuity payable to the participant, computed
disregarding the participant's accruals after age sixty-
five (65) but including actuarial adjustments even if
those actuarial adjustments are used to offset accruals:
and the ad'usted immediately commencing straight life
annuity under the Plan at age sixty-five (65) is the
annual amount of such annuity that would be payable
under the Plan to a hypothetical participant who is age
F1 a g e, 137
sixty-five (65) and has the same accrued benefit as the
participant.
(11) Except with respect to a participant who is a ""qualified
Member" as defined in section 415(b)(2)(H) of the Code, for
benefits (except survivor and disability benefits as defined in
section 415(b)(2)(1) of the Code), if the annuity starting date
for the partiicpant's benefit is before age sixty-two (62):
W If the Plan does not have an immediately commencing
straight life annuity payable at both age sixty-two (62)
and the age of benefit commencement: The dollar
limitation at the participant's annuity starting date is the
annual amount of a benefit payable in the form of a
straight life annuity commencing at the participant's
annuity starting date that is the actuarial equivalent of
the dollar limitation with actuarial equivalence
computed using a five (5.00) percent interest rate
assumption and the mortality basis prescribed in Code
section 415(b)(2)(E)(v) for that annuity starting date
(and expressing the participant's age based on
completed calendar months as of the annuity starting
datej
(ii) If the Plan does have an immediately commencing
straight life annuity payable at both age sixty-two (62
and the age of benefit commencement: The dollar
limitation at the participant's annuity starting date is the
lesser of (aa) the dollar limitation multiplied by the ratio
of the annual amount of the adjusted immediately
commencing straight life annuity under the Plan at the
participant's annuity starting date to the annual amount
of the adjusted immediately commencing straight life
annuity under the Plan at age sixty-two (62), both
determined without applying the limitations of this
subsection (a), and (bb) the limitation determined
under subparagraph (3)a,(11)(i) of this subsection (a).
b. For annuity starting dates in limitation years beginning before July 1,
2007:
Age as of Annuity
Startbg_pate:
Adjustment of Dollar Limitation:
Over 65
The smaller of:
(a) The Actuarial Equivalent of the limitation for age 65,
computed using the interest rate and mortality basis specified
(4) With respect to clause (3)a.(I)(i), clause (3)a.(11)(i) and paragraph (3)b.
above, no adjustment shall be made to the dollar limitation to reflect the
probability of a participant's death between the annuity starting date and
age sixty-two (62), or between age sixty-five (65) and the annuity starting
date, as applicable, if benefits are not forfeited upon the death of the
participant prior to the annuity starting date. To the extent benefits are
forfeited upon death before the annuity starting date, such an adjustment
shall be made. For this purpose, no forfeiture shall be treated as occurring
upon the participant's death if the Plan does not charge participants for
providing a qualified preretirement survivor annuity, as defined in Code
section 417(c), upon the Member's death.
(5) The term "limitation year" is the 12 -month period which is used for
application of the limitations under Code section 415 and shall be the
calendar year,
(6) The limitations set forth in this subsection (a) shall not apply if the annual
pension does not exceed ten thousand dollars ($10,000.00) provided the
P a g e 139
by the Board of Trustees for determining actuarial equivalence
under the Plan; or
(b) The actuarial equivalent of the limitation for age 65,
computed using a 5.00 percent interest rate and the mortality
basis prescribed in Code section 415(b)(2)(E)(v),
Any increase in the Dollar Limitation determined in accordance
with this Para -graph shall not reflect a mortality decrement
between age 65 and thea e at which benefits commence if
benefits are not forfeited upon the death of the participant. I
any benefits are forfeited upon death, the full mortality
decrement is taken into account.
62 to 65
No ad'ustment.
Less than 62
The smaller of:
(a) The Actuarial Equivalent of the limitation for age 62
computed using the interest rate and mortality basis specified
by the Board of Trustees for determining actuarial equivalence
under the Plan: or
(b) The actuarial equivalent of the limitation for age 62,
computed using a 5.00 percent interest rate and the mortality
basis prescribed in Code section 415(b)(2)(E)(v).
This adjustment shall not apply to any "qualified Member" as
defined in section 415(b)(2)(H), nor to survivor and disability
benefits as defined in section 415(b)(2)(1) of the Code.
(4) With respect to clause (3)a.(I)(i), clause (3)a.(11)(i) and paragraph (3)b.
above, no adjustment shall be made to the dollar limitation to reflect the
probability of a participant's death between the annuity starting date and
age sixty-two (62), or between age sixty-five (65) and the annuity starting
date, as applicable, if benefits are not forfeited upon the death of the
participant prior to the annuity starting date. To the extent benefits are
forfeited upon death before the annuity starting date, such an adjustment
shall be made. For this purpose, no forfeiture shall be treated as occurring
upon the participant's death if the Plan does not charge participants for
providing a qualified preretirement survivor annuity, as defined in Code
section 417(c), upon the Member's death.
(5) The term "limitation year" is the 12 -month period which is used for
application of the limitations under Code section 415 and shall be the
calendar year,
(6) The limitations set forth in this subsection (a) shall not apply if the annual
pension does not exceed ten thousand dollars ($10,000.00) provided the
P a g e 139
participant has never participated in a defined contribution plan maintained
by the City.
(7) Cost -of -living adjustments in the dollar limitation for benefits shall be limited
to scheduled annual increases determined by the Secretary of the Treasury
under subsection 415(d) of the Code.
8) In the case of a participant who has fewer than ten vears of oarticiDation in
the Plan, the dollar limitation set forth in paragraph (3) of this subsection (a)
shall be multiplied by a fraction - (i) the numerator of which is the number of
years (or part thereof) of participation in the Plan, and (ii) the denominator
of which is ten (10).
(9) Any portion of a participant's benefit that is attributable to mandatory
participant contributions (unless picked -up by the Citv) or rollover
regulations under section 415 of the Code.
(10) Should any Participant participate in more than one (1) defined benefit plan
maintained by the City, in any case in which the Member's benefits under
all such defined benefit plans (determined as of the same age) would
exceed the dollar limitation applicable at that age, the accrual of the
participant's benefit under this Plan shall be reduced so that the participant's
combined benefits will equal the dollar limitation.
(11) For a participant who has or will have distributions commencing at more
than one (1) annuity starting date, the annual benefit shall be determined
as of each such annuity starting date and shall satisfy the limitations of this
section as of each such date), actuarially adiusting for past and future
distributions of benefits commencing at the other annuity starting dates. Far
this purpose, the determination of whether a new starting date has occurred
shall be made without regard to 1.401 (a)-20, Q&A 10 d and with regard
to §1.415(b)1(b)(1iii)(B) and (C) of the Income Tax Regulations.
(12) The determination of the annual pension under paragraph a.(1) of this
subsection (a) shall take into account in the manner prescribed by the
regulations under section 415 of the Code) social security supplements
described in section 411 (a)(9) of the Internal Revenue Code and benefits
transferred from another defined benefit plan, other than transfers of
distributable benefits pursuant -§1.411(d)-4, Q&A -3(c) of the Income Tax
Regulations.
(13) The above limitations are intended to comply with the provisions of section
415 of the Code, as amended, so that the maximum benefits provided by
plans of the City shall be exactly equal to the maximum amounts allowed
under section 415 of the Code and regulations thereunder. If there is any
discrepancy between the provisions of this subsection (a) and the
provisions of section 415 of the Code and regulations thereunder, such
discrepancy shall be resolved in such a way as to give full effect to the
�Mf
provisions of section 415 of the Code. The value of any benefits forfeited as
a result of the application of this subsection (a) shall be used to decrease
future employer contributions.
(14) For the purpose of applying the limitations set forth in sections 401 (a)(1 7
and 415 of the Internal Revenue Code, compensation shall include any
elective deferral (as defined in Code section 402(8)(3) of the Internal
Revenue Code), and any amount which is contributed or deferred by the
employer at the election of the Member and which is not includible in the
pross income of the participant by reason of section 125 or 457 of the
Internal Revenue Code. For limitation years beginning on and after January
1, 2001, for the purposes of applying the limitations described in this
subsection (a), compensation paid or made available during such limitation
years shall include elective amounts that are not includible in the gross
income of the participant by reason of section 132(f)(4) of the Internal
Revenue Code. For limitation years on or after July 1, 2007, compensation
shall include payments that otherwise qualify as compensation and that are
made by the later of: (a) two and one-half (21/2t) months after severance from
employment with the employer, and (b) the end of the limitation year that
includes the date of severance.
b) Reauired beainnina date: Notwithstandina anv other orovision of the Plan
payment of a participant's retirement benefits under the Plan shall commence not
later than the participant's required beginning date, which effective January 1,
2023, is defined as April I of the calendar year that next follows the later of (1) and
(2), where (1) is the calendar year in which the Member attains his or her
Applicable Age as defined in Section 401 (a)(9) of the Code and (2) is the calendar
year in which the participant retires.
(c) Required minimum distributions.
(1) Required beginning date. The participant's entire interest will be distributed,
or begin to be distributed, to the participant no later than the participant's
required beginning date as defined in subsection (b) of this section 58-104.
(2) Death of padicoant before distributions begin.
a. If the participant dies before distributions begin, the participant's
entire interest will be distributed, or begin to be distributed, no late
than as follows:
If the DarticiDant's surviving SDOuse is the participant's sole
designated beneficiary, then distributions to the surviving
spouse will begin by December 31 of the calendar year
immediately following the calendar year in which the
participant died, or by December 31 of the calendar year in
which the participant would have attained his or her
Applicable Age.
Pagr 141
designated beneficia�y, then distributions to the designated
beneficiary will begin by December 31 of the calendar year
immediately following the calendar year in which the
participant died.
of the calendar year containing the fifth anniversarV of the
participant's death.
b. The participant's entire interest shall be distributed as follows:
Participant survived by designated beneficiary. If the
participant dies before the date distribution of his or her
interest begins and there is a designated beneficiary, the
participant's entire interest will be distributed, beginning n
later than the time described in subparagraph (2)(A) above,
over the life of the designated beneficiary or over a period
certain not exceeding:
(1) Unless the annuity starting date is before the first
distribution calendar year, the life expectancy of the
designated beneficiary determined using the
beneficiary's age as of the beneficiary's birthday in the
calendar year immediately following the calendar year
of the participant's death; o
(11) If the annuity starting date is before the first distribution
calendar year, the life expectancy of the designated
beneficiary determined using the beneficiary's age as
of the beneficiary's birthday in the calendar year that
contains the annuity starting date.
(ii) No designated beneficiary, If the participant dies before the
date distributions begin and there is no designated beneficiary
as of September 30 of the year following the year of the
participant's death, distribution of the participant's entire
interest will be completed by December 31 of the calendar
year containing the fifth anniversary of the participant's death.
C. Death of surviving spouse before distributions to surviving spouse
begin. In any case in which (i) the participant dies before the date
distribution of his or her interest beoins. (ii) the r)articiDant's survivino
surviving spouse dies before distributions to the surviving spouse
begin, Subparagraphs (2)(A) and 2(B) above shall apply as though
the surviving spouse were the participant.
P a g (,,, 142
(3) Requirements for annuity distributions that commence during participant's
lifetime.
a. Joint life annuities where the beneficiary is not the participant's
spouse. If the participant's interest is being distributed in the form of
a joint and survivor annuity for the joint lives of the participant and a
nonspousal beneficiary, annuity payments to be made on or after the
participant's required beginning date to the designated beneficiary
after the participant's death must not at any time exceed the
applicable percentage of the annuity payment for such period that
would have been payable to the participant using the table set forth
in Q&A -2 of section 1.401(a)(9)-6 of the Treasury regulations. If the
form of distribution combines a joint and survivor annuity for the ioin
lives of the participant and a nonspousal beneficiary and a period
certain annuity, the requirement in the preceding sentence will apply
to annuity payments to be made to the designated beneficiary after
the expiration of the period certain.
b. Period certain annuities. Unless the participant's spouse is the sole
designated beneficiary and the form of distribution is a period certain
and no life annuity, the period certain for an annuity distribution
commencing during the participant's lifetime may not exceed the
applicable distribution period for the participant under the Uniform
Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury
regulations for the calendar year that contains the annuity starting
date. If the annuity starting date precedes the year in which the
participant reaches age seventy (70), the applicable distribution
period for the participant is the distribution period for age seventy
(70) under the Uniform Lifetime Table set forth in section 1.401(a)(9)
9 of the Treasury regulations plus the excess of seventy (70) over
the age of the participant as of the participant's birthday in theyear
that contains the annuity starting date. If the participant's spouse is
the participant's sole designated beneficiary and the form of
distribution is a period certain and no life annuity, the period certain
may not exceed the longer of the participant's applicable distribution
period, as determined under this subparagraph (3)(B), or the 'Dint life
and last survivor expectancy of the participant and the participant's
spouse as determined under the Joint and Last Survivor Table set
forth in section 1.401(a)(9)-9 of the Treasury regulations, using the
participant's and spouse's attained a f
ages as o the participant's and
spouse's birthdays in the calendar year that contains the annuity
starting date,
(4) Form of distribution. Unless the participant's interest is distributed in the
form of an annuity purchased from an insurance company or in a single sum
on or before the required beginning date, as of the first distribution calendar
year distributions will be made in accordance with subparagraphs (4)(A),
P a g (:,, 143
buted in th
of an annuity purchased from an insurance comDanv. distributions
thereunder will be made in accordance with the requirements of section
401(a)(9) of the Code and the Treasury regulations. Any part of the
participant's interest which is in the form of an individual account described
in section 414(k) of the Code will be distributed in a manner satisfvinq the
reauirements of section 401(a)(9) of the Code and the Treasury reaulations
that apply to individual accounts.
a. General annuity requirements. If the participant's interest is paid in
the form of annuity distributions under the Plan, payments under the
annuity will satisfy the following requirements:
(i) The annuity distributions will be paid in periodic payments
made at intervals not longer than one (1) year;
(ii) The distribution period will be over a life (or lives) or over a
period certain, not longer than the distribution period
described in paragraphs (2) or (3) above, whichever is
applicable, of this subsection (c);
(iii) Once payments have begun over a period certain, the Rgii[gd
certain will not be chanced even if the period certain is shorter
than the maximum permitted:
(iv) Payments will either be non -increasing or increase only as
follows:
(1) By an annual percentage increase that does not
exceed the annual percentage increase in a cost -of -
living index that is based on prices of all items and
issued by the Bureau of Labor Statistics;
11) To the extent of the reducl
rticioant'S Davments to provide for
upon death, but only if the beneficiary whose life was
being used to determine the distribution period dies or
is no longer the participant's beneficiary pursuant to a
qualified domestic relations order within the meaning o
section 414(p) of the Code:
(111) To provide cash refunds of emploVee, contributions
upon the participant's death; or
(IV) To pay increased benefits that result from a plan
amendment.
b. Amount required to be distributed by required beginning date. The
amount that must be distributed on or before the participant's
required beginning date or if the participant dies before distributions
begin, the date distributions are required to begin under
P ,,� q e 144
subparagraph (2)(A)(i) or (2)(A)(ii), whichever is applicable) is the
payment that is required for one (1) payment interval. The second
Payment need not be made until the end of the next payment interval
even if that payment interval ends in the next calendar year. Paymen
intervals are the periods for which payments are received, e.g., bi
monthly, monthly, semi-annually, or annually. All of the participant'
benefit accruals as of the last day of the first distribution calendar
year will be included in the calculation of the amount of the annuity
payments for payment intervals ending on or after the participant's
required beginning date.
C. Additional accruals after first distribution calendar year. Any
additional benefits accruing to the participant in a calendar year after
the first distribution calendar year will be distributed beginning with
the first payment interval ending in the calendar year immediate[
following the calendar year in which such amount accrues.
(5) For purposes of this subsection (c), distributions are considered to begin on
the participant's required beginning date. If annuity payments irrevocably
commence to the participant or to the participant's surviving spouse) before
the participant's required beginning date or if to the participant's surviving
spouse, before the date distributions are required to begin in accordance
with subparagraph (2)(A) above), the date distributions are considered to
begin is the date distributions actually commence.
(6) Definitions.
a. Designated beneficiaty. The individual who is designated as the
beneficiary under the Plan and is the designated beneficiary under
section 4011(a)(9) of the Code and section 1.401(a)(9)-4, of the
Treasury regulations.
b. Distribution calendar vear. A calendar vear for which a minimum
distribution is required. For distributions beginning before the
participant's death, the first distribution calendar year is the calendar
year immediately preceding the calendar year which contains the
participant's required beginning date. For distributions beginning
after the participant's death, the first distribution calendar year is the
calendar year in which distributions are required to begin pursuant to
paragraph (2) of this subsection (c).
C. Life expectancy, Life expectancy as computed by use of the Single
Life Table in section 1.401(a)(9)-9 of the Treasury regulations.
(d) Eligible rollover distributions:
(1) Notwithstanding any provision of the Plan to the contrary that would
otherwise limit a distributee's election under this section, a distributee may
elect, at the time and in the manner prescribed by the administrator, to have
portion_ of an eligible rollover d
retirement plan specified by the distributee in a direct rollover.
(2) Definitions. The following definitions apply to this section:
a. Eligible rollover distribution: An eligible rollover distribution is any
distribution of all or any portion of the balance to the credit of the
distributee, except that an eligible rollover distribution does not
include:
(i) any distribution that is one (1) of a series of substantially equal
periodic payments (not less frequently than annually ) made
for the life (or life expectancy) of the distributee or the joint
lives (or joint life expectancies) of the distributee and the
distributee's designated beneficiarv. or for a specified' Deriod
of ten (10) years or more;
(ii) any distribution to the extent such distribution is required
under section 401(a)(9) of the Code;
(iii) the portion of any distribution which is made upon hardship o
the participant; and
(iv) the portion of any distribution that is not includible in gross
income (determined without regard to the exclusion for net
unrealized appreciation with respect to employer securities),
provided that a portion of a distribution shall not fail to be an
eligible rollover distribution merely because the_ portion
consists of after-tax employee contributions which are not
includible in gross income. However, such portion may be
transferred only to an individual retirement account or annuity
described in section 408(a) or (b) of the Code, or to a qualified
defined contribution plan described in section 401(a) or 403(a)
of the Code that agrees to separately account for amounts so
transferred, including separately accounting for the portion o
such distribution which is includible in gross income and the
portion of such distribution which is not so includible.
b. Eligible retirement plan: An eligible retirement plan is an individual
retirement account described in section 4080 of the Code, an
individual retirement annuity described in section 408(b) of the Code,
an annuity plan described in section 403(a) of the Code, an annuity
contract described in section 403(b) of the Code, a qualified trust
described in section 401(a) of the Code, an eligible plan under
section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately
account for amounts transferred into such plan from this Plan, or,
with respect to distributions on or after January 1, 2008, a Roth IRA
(subject to the limitations of Code section 408A(c)(3)) that accepts
the distributee's eligible rollover distribution.
C. Distributee: A distributee includes an employee or former employee.
In addition, the employee's or former employee's surviving spouse
and the employee's or former employee's spouse or formers ouse
who is the alternate payee under a qualified domestic relations order,
as defined in section 4140) of the Code, are distributees with regard
to the interest of the spouse or formers ouse. Furthermore, effective
January 1, 2007, a surviving designated beneficiary as defined in
section 401 (a)(9)(E) of the Code who is not the surviving spouse and
who elects a direct rollover to an individual retirement account
described in section 408(a) of the Code or an individual retirement
annuity described in section 408(b) of the Code shall be considered
a distributee.
d. Direct rollover., A direct rollover is a payment by the Plan to the
eligible retirement plan specified by the distributee.
Notwithstanding any other provision of this Plan, the maximum amount of any
mandatory distribution, as defined in section 401(a)(31) of the Code, payable
under the Plan shall be one thousand dollars ($1.000.00).
Compensation limitations under 40ILal(17): In addition to other applicable
limitations set forth in the Plan, and notwithstanding any other provision of the Plan
to the contra!y, the annual compensation of each participant taken into account
under the Plan shall not exceed the EGTRRA annual compensation limit for
limitation years beginning after December 31, 2001. The EGTRRA annual
compensation limit is two hundred thousand dollars ($200,000.00), as adjusted by
the commissioner for increases in the cost of living in accordance with section
401 (a)(17 B of the Code. The cost -of -living adjustment in effect for a calendar
year applies to any period, not exceeding twelve (12) months, over which
compensation is determined (determination period) beginning in such calendar
year. If a determination period consists of fewer than twelve (12) months, the
EGTRRA annual compensation limit will be multiplied by a fraction, the numerator
of which is the number of months in the determination period, and the denominator
of which is twelve 02).
Any reference in the Plan to the limitation under section 401(a)(17) of the Code
shall mean the EGTRRA annual compensation limit set forth in this provision.
(g) At no time prior to the satisfaction of all liabilities under the Plan with respect to
participants and their spouses or Beneficiaries, shall an part of the corpus o
income of the fund be used for or diverted to any purpose other than for their
exclusive benefit.
Page 147
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F -I a g e 149
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ARTICLE IXARTICLE VII
TERMINATION OF THE PLAN
Termination of Plan and distribution of fund.
Upon termination of the Plan by the municipality for any reason, or upon written
notice by the municipality to the Board of Trustees that contributions under the Plan are
being permanently discontinued, the fund shall be apportioned and distributed in
accordance with the following procedures:
(1) The Board of Trustees shall determine the date of distribution and the asset
value to be distributed, after taking into account the expenses of such distribution.
(2) The Board of Trustees shall determine the method of distribution of the
asset value, that is, whether distribution shall be by payment in cash, by the
maintenance of another or substituted trust fund, by the purchase of insured
annuities, or otherwise, for each Firefighter entitled to benefits under the Plan as
specified in subsection (3).
(3) The Board of Trustees shall apportion the asset value as of the date of
termination in the manner set forth in this subsection, on the basis that the amount
required to provide any given retirement income shall mean the actuarially
computed single -sum value of such retirement income, except that if the method
of distribution determined under subsection (2) involves the purchase of an insured
annuity, the amount required to provide the given retirement income shall mean
the single premium payable for such annuity.
(4) Apportionment shall first be made in respect of each retired Firefighter
receiving a retirement income hereunder on such date, each person receiving a
retirement income on such date on account of a retired (but since deceased)
Firefighter, and each Firefighter who has, by such date, become eligible for normal
retirement but has not yet retired, in the amount required to provide such retirement
income, provided that, if such asset value is less than the aggregate of such
amounts, such amounts shall be proportionately reduced so that the aggregate of
such reduced amounts will be equal to such asset value.
(5) If there is any asset value remaining after the apportionment under
paragraph (4), apportionment shall next be made in respect of each Firefighter in
the service of the municipality or special fire control district on such date who has
completed at least 10 years of Credited Service, who has contributed to the
Firefighters' pension trust fund for at least 10 years, and who is not entitled to an
apportionment under paragraph (a), in the amount required to provide the Actuarial
Equivalent of the accrued normal retirement income, based on the Firefighter's
Credited Service and earnings to such date, and each former participant then
entitled to a benefit under the provisions of §175.211 Florida Statutes who has not
F) ) g 0, 156
by such date reached his or her Normal Retirement Date, in the amount required
to provide the Actuarial Equivalent of the accrued normal retirement income to
which he or she is entitled under §175.211 Florida Statutes; provided that, if such
remaining asset value is less than the aggregate of the amounts apportioned
hereunder, such latter amounts shall be proportionately reduced so that the
aggregate of such reduced amounts will be equal to such remaining asset value.
(6) If there is any asset value after the apportionments under paragraphs (4)
and (5), apportionment shall lastly be made in respect of each Firefighter in the
service of the municipality or special fire control district on such date who is not
entitled to an apportionment under paragraphs (a) and (b) in the amount equal to
the Firefighter's total contributions to the Plan to date of termination; provided that,
if such remaining asset value is less than the aggregate of the amounts
apportioned hereunder, such latter amounts shall be proportionately reduced so
that the aggregate of such reduced amounts will be equal to such remaining asset
value,
(7) In the event that there is asset value remaining after the full apportionment
specified in paragraphs (4), (5), and (6), such excess shall be returned to the
municipality or special fire control district, less return to the state of the state's
contributions, provided that, if the excess is less than the total contributions made
by the municipality or special fire control district and the state to date of termination
of the Plan, such excess shall be divided proportionately to the total contributions
made by the municipality or special fire control district and the state.
(8) The Board of Trustees shall distribute, in accordance with the manner of
distribution determined under subsection (2), the amounts apportioned under
subsection (3).
If, after a period of 24 months after the date on which the Plan terminated or the
date on which the Board received written notice that the contributions thereunder were
being permanently discontinued, the municipality or special fire control district or the
Board of Trustees of the Firefighters' pension trust fund affected has not complied with
all the provisions in this section, the Division shall effect the termination of the fund in
accordance with this section.
['-1 a g e 157
ARTICLE XVIII
ADMINISTRATION OF THE PLAN
SECTION 4-08.01—Board of Trustees
Make-up of Board. The sole and exclusive administration of and responsibilities for the
proper operation of the pension Plan and for making effective the provisions of this article
are hereby vested in a Board herein designated the Plan administrator, consisting of five
(5) trustees, two (2) of whom, unless otherwise prohibited by law, shall be legal residents
of the City, who shall be appointed by the City GGm-missiG+4Councll, and two (2) of whom
shall be full-time Firefighter Members of the Plan, who shall be elected by a majority of
the Firefighters who are Members of the Plan. The fifth trustee shall be chosen for a
:fourtwo-year term by a majority of the previous four (4) trustees as provided for herein,
and such person's name shall be submitted to the City eem+*s_&iGnCou n ci 1. Upon receipt
of the fifth person's name, the City GGM-R#&,-A-9nCounci1 shall, as a ministerial duty, appoint
such person to the Board as its fifth trustee. The fifth trustee shall have the same rights
as each of the other four (4) trustees appointed or elected as herein provided and shall
serve a fourtwo-year term unless the office is sooner vacated and may succeed himself
in office. Each resident trustee shall serve as trustee for a period of two (2) years, unless
sooner replaced by the City e-Gn:irn�ssiGpQouncil at whose pleasure each trustee shall
serve, and may succeed himself as a trustee without limitation. Each Firefighter trustee
shall serve as trustee for a period of two (2) years, unless he sooner leaves the
employment of the City as a Firefighter or otherwise vacates his office as trustee,
whereupon a successor shall be chosen in the same manner as the departing trustee.
Each Firefighter may succeed himself in office.
Terms and election. The regular term of office shall be two (2) years. Employee Members
shall be elected in the following manner:
(1) No less than thirty (30) days before the expiration of a regular term or
immediately upon notice of a vacancy on the Board, the City G�Qlerk will notify all
actively employed Members that an employee Member must be elected to the
Board and request nominations. Such notification will be in writing and will include
a nomination form and a list of all employees eligible for nomination. Employees
eligible for nomination will include all actively employed Members. Nominations will
be forwarded to the City c�Clerk before the time and date specified on the
nomination form,
(2) If one (1) nominee receives a minimum of fifty-one (51) percent of the
nominations, that nominee shall be declared elected and shall take office
immediately upon commencement of the term of office for which elected.
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(3) If no nominee receives fifty-one (51) percent of all nominations, the City
c -clerk will prepare an election ballot listing the nominees receiving the three (3)
largest number of nominations and forward a ballot to all actively employed
Members. Election ballots shall be returned to the City G�Clerk before the time and
date specified on the ballot. The nominee receiving the highest number of votes for
office shall be declared elected and shall take office immediately upon
commencement of the term of office for which elected.
(4) If two (2) or more nominees tie for the highest number of votes, a runoff
ballot shall be prepared and a runoff election shall be conducted.
(5) An election shall be held not more than thirty (30) and not less than ten (110)
days prior to the commencement of the term for which a Board member is to be
elected. The City shall establish and administer the nominating and election
procedure for each election.
Vacancies. If a vacancy occurs in the office of trustee, the vacancy shall be filled for the
unexpired term in the same manner as the office was previously filled.
Resignation. TheEach trustee may resign at any time as a trustee of the Plan by giving
thirty (30) days written notice in advance to the City and to the Board.
Removal. The Board, upon the vote of a majority of its members, may submit to the
City Gemm-i-&&i-enCouncil its recommendation that the City Paetnmi&s[GnCOUncil remove
any appointed trustee who neglects the duties of his office. The City ccs mmi-gs-i-anCouncil
may, by majority vote, thereafter remove such member as a trustee.
Expenses. The trustees shall serve without compensation, but they may be reimbursed
from the fund for all necessary expenses which they may actually expend through service
on the Board, as provided by law.
Oath of office. Each trustee shall, within ten (10) days after his appointment or
election, take an oath of office before the City GCIerk, that he will diligently and honestly
administer the affairs of the Board, and that he will not knowingly violate or willingly permit
to be violated any of the provisions of the law applicable to the pension Plan. Such oath
shall be subscribed to by the members making it and certified by the City GQIerk and filed
in the office of the City cn�CIerk.
Officers. The Board shall elect annually by majority vote from among its members a
chairman, and secretary.
Voting. Each trustee shall be entitled to one (1) vote on the Board, Three (3)
affirmative votes shall be necessary for a decision by the trustees at any meeting of the
Board. The chairman shall have the right to one (1) vote only.
Rules. Subject to the limitations of this section, the Board shall from time to time establish
uniform rules and regulations for the administration of funds created by this Plan and for
transaction of its business.
Services. The Board shall engage such actuarial, accounting and other services as
shall be required to transact the business of the retirement Plan. The compensation of all
persons engaged by the Board and all other expenses of the Board necessary for the
operation of the retirement Plan shall be paid from the fund at such rates and in such
amounts as the Board shall agree. Funds may be disbursed by the City finance
department or other disbursing agent as determined by the Board, but only upon written
authorization by the Board.
Professionals. The Board may employ and pay from the fund reasonable
compensation to agents, attorneys, accountants and other persons to advise the Board
as in its opinion may be necessary. The Board may delegate to any agent, attorney,
accountant or other person selected by it any non -trustee power or duty vested in it by
the Plan, and the Board may act or refrain from acting on the advice or opinion of any
agent, attorney, accountant or other person so selected.
Powers and duties. The powers, duties and responsibilities of the Board shall include the
power and duty to:
(1) Construe the provisions of the Plan and determine all questions arising
thereunder;
(2) Determine all questions relating to eligibility and participation;
(3) Determine and certify the amount of all retirement allowances or other
benefits hereunder;
(4) Establish uniform rules and procedures to be followed for administrative
purposes, benefit applications and all matters required to administer the
Plan;
(5) Distribute to Members at regular intervals information concerning the Plan;
(6) Receive and process all applications for participation and benefits;
(7) Authorize all payments whatsoever from the fund, and to notify the
disbursing agent, in writing, of approved benefit payments and other
expenditures arising through operation of the Plan and fund;
(8) Have performed actuarial studies and annual actuarial valuations and make
recommendations regarding any and all changes in the provisions of the
Plan;
Page 160
(9) Select a secretary, who shall keep a complete minute book of the actions,
proceedings, or hearings of the Board and who shall keep a record of all
persons receiving pension payments, noting the time of commencement
and cessation thereof. Minutes prepared by the secretary shall be filed with
the City o�qlerk and made part of the official records of the City;
(10) Enforce the terms of the Plan and the rules and regulations it adopts;
(11) Direct the crediting and distribution of the trust;
(12) Review and render decisions respecting a claim for (or denial of a claim for)
a benefit under the Plan;
(13) Furnish the City with information which the City may require for tax or other
purposes;
(14) Engage the services of aR itm- e -Rt professional money manager G4�
eaoh-of whom shall have such power and authority to manage, acquire or
dispose of any Plan asset under its control as authorized by the Board;
(15) Establish and maintain a funding standard account and to make credits and
charges to the account to the extent required by and in accordance with the
provisions of the pension Plan;
(16) Perform such other duties as are specified in this document; and
(17) Any and all other actions within the scope of the Board's powers provided
in Chapter 175.
Manner of action. The Board shall exercise all of its powers, duties and discretion under
the Plan in a uniform and nondiscriminatory manner.
Legal entity. The Board represents a legal entity with, in addition to other powers and
responsibilities contained herein, the power to bring and defend lawsuits of every kind,
nature, and description.
Meetings. The Board shall hold meetings, at least quarterly, determining the notice,
place and time of each. A majority of its members shall constitute a quorum.
Recusal. A trustee shall have the right to recuse himself or herself from voting as the
result of a conflict of interest provided that the trustee complies with the provisions of
Florida Statute §112.3143.
Authorized representative. The Board may authorize any one (1) of its members, to sign
on its behalf any notices, directions, applications, certificates, consents, approvals,
Page 161
waivers, letters or other documents. The Board must evidence this authority by an
instrument signed by all members and filed with the trustee.
Third party. No person dealing with the Board shall be obligated to see to the proper
application of any money paid or property delivered to the Board, or to inquire whether
the Board has acted pursuant to any of the terms of the Plan. Each person dealing with
the Board may act upon any notice, request or representation in writing by the Board, or
by the Board's duly authorized agent, and shall not be liable to any person whomsoever
in so doing. The certificate of the Board that it is acting in accordance with the Plan shall
be conclusive in favor of any person relying on the certificate.
Member records. The Board shall keep such records and shall prepare such reports
concerning Members' accounts as required. Upon a Member's written request, the Board
shall furnish the Member the information requested.
Annual review. The Board shall review, not less often than annually, all pertinent
employee information and Plan data in order to establish the funding policy of the Plan
and to determine the appropriate methods of carrying out the Plan's objectives. The Board
shall communicate periodically, as it deems appropriate, to any Plan
+n- str -r tprofessionai pnoney manager the Plan's short-term and long-term financial
needs so investment policy can be coordinated with Plan financial requirements.
Parties to litigation. Except as otherwise provided by the act, only the y -and -the Board
shall be a necessary paft4e-s pg_ay to any court proceeding involving the Plan. No Member,
beneficiary or other person having an interest in the fund shall be entitled to any notice of
process unless required by the Act.
SECTION 4-08.02 Finances and fund management.
Establishment and operation of fund.
As part of the Plan, there exists the fund, into which shall be deposited all of the
contributions and assets whatsoever attributable to the Plan, which are hereby retained
in this fund.
The actual custody and supervision of the fund (and assets thereof) shall be vested
in the Board. Payment of benefits and disbursements from the fund shall be made by the
disbursing agent designated by the Board but only upon written authorization from the
Board.
-0 _W9 2.- . mill -i
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P a cE, 162
the Board shall deposit the funds of the Plan in a qualified public depository as defined in
F.S. §280.02, which depository with regard to such funds shall conform to and be bound
by all of the provisions of F.S. Ch. 280, as it may be amended from time to time. In order
to fulfill its investment responsibilities as set forth herein, the Board may retain the
services of a custodian bank, an investment advisor registered under Investment Advisors
Act of 1940 or otherwise exempt from such required registration, an insurance company,
or a combination of these, for the purposes of investment decisions and management.
Such investment manager shall have discretion, subject to any guidelines as prescribed
by the Board, in the investment of all fund assets.
All funds and securities of the Plan may be commingled in the fund, provided that
accurate records are maintained at all times reflecting the financial composition of the
fund, including accurate current accounts and entries as regards the following:
(1) Current amounts of Accumulated Contributions of Members on both an
individual and aggregate account basis;
(2) Receipts and disbursements;
(3) Benefit payments;
(4) Current amounts clearly reflecting all monies, funds and assets whatsoever
attributable to contributions and deposits from the City;
(5) All interest, dividends and gains (or losses) whatsoever; and
(6) Such other entries as may be properly required so as to reflect a clear and
complete financial report of the fund.
An audit shall be performed annually by a certified public accountant chosen by
the Board for the most recent fiscal year of the City showing a detailed listing of assets
and a statement of all income and disbursements during the year. Such income and
disbursements must be reconciled with the assets at the beginning and end of the year.
Such report shall reflect a complete evaluation of assets on both a cost and market basis,
as well as other items normally included in a certified audit.
The Board shall have the following investment powers and authority:
(1 ) The Board shall be vested with full legal title to said fund, subject, however,
in any event to the authority and power of the City caor-n m*ss Gr-iCouncll to amend
or terminate this fund, provided that no amendment or fund termination shall ever
result in the use of any assets of this fund except for the payment of regular
expenses and benefits under the Plan, except as otherwise provided herein. All
contributions from time to time paid into the fund, and the income thereof, without
distinction between principal and income, shall be held and administered by the
a e 16 3
Board or its agent in the fund and the Board shall not be required to segregate or
invest separately any portion of the fund.
(2) All monies paid into or held in the fund shall be invested and reinvested by
the Board and the investment of all or any part of such funds shall be limited to:
A. Foreign securities in an amount not to exceed twenty-five (25)
percent of the assets of the fund at market value.
B. Notwithstanding any limitation in prior City ordinances to the
contrary, pursuant to §175.071(1), Fla. Stat., the City Council has passed
an ordinance granting the Board a variance so that all monies paid into or
held in the Fund may be invested and reinvested in such securities,
investment vehicles or property wherever situated and of whatever kind, as
shall be approved by the Board, including but not limited to common or
preferred stocks, bonds, and other evidences of indebtedness or
ownership.
(3) The Board shall not invest more than five (5) percent of its assets in the
common stock or capital stock of any one (1) issuing company, nor shall the
aggregate investment in any one (1) issuing company exceed five (5) percent of
the outstanding capital stock of that company; nor shall the aggregate of its
investments in equities (common stock or capital stock) at cost exceed seventy
(70) percent of the Pension Fund's assets and the aggregate of the Pension Fund's
investments in fixed income securities at cost shall not be less than 30% of the
Pension Fund's assets.
(4) The Board may retain in cash and keep unproductive of income such
amount of the fund as it may deem advisable, having regard for the cash
requirements of the Plan.
(5) The Board may cause any investment in securities held by it to be registered
in or transferred into its name as trustee or into the name of such nominee as it
may direct, or it may retain them unregistered and in form permitting transferability,
but the books and records shall at all times show that all investments are part of
the fund.
(6) The Board is empowered, but is not required, to vote upon any stocks,
bonds, or securities of any corporation, association, or trust and to give general or
specific proxies or powers of attorney with or without power of substitution; to
participate in mergers, reorganizations, recapitalizations, consolidations, and
similar transactions with respect to such securities; to deposit such stock or other
securities in any voting trust or any protective or like committee with the trustees
or with depositories designated thereby; to amortize or fail to amortize any part or
all of the premium or discount resulting from the acquisition or disposition of assets;
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and generally to exercise any of the powers of an owner with respect to stocks,
bonds, or other investments comprising the fund which it may deem to be in the
best interest of the fund to exercise.
(7) The Board shall not be required to make any inventory or appraisal or report
to any court, nor to secure any order of court for the exercise of any power
contained herein.
(8) Where any action which the Board is required to take or any duty or function
which it is required to perform either under the terms herein or under the general
law applicable to it as trustee under this article, can reasonably be taken or
performed only after receipt by it from a Member, the City, or any other entity, of
specific information, certification, direction or instructions, the Board shall be free
of liability in failing to take such action or perform such duty or function until such
information, certification, direction or instruction has been received by it.
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(1 D) The Board shall sustain no liability whatsoever for the sufficiency of the fund
to meet the payments and benefits herein provided for.
(11) In any application to or proceeding or action in the courts, any judgment
entered in such a proceeding or action shall be conclusive upon all persons.
(12) Any of the foregoing powers and functions reposed in the Board may be
performed or carried out by the Board through duly authorized agents, provided
that the Board at all times maintains continuous supervision over the acts of any
such agent; provided further, that legal title to said fund shall always remain in the
Board.
The Board shall not have any obligation or responsibility with respect to any action
required by the Plan to be taken by the City or, any Member, nor shall the Board be
required to collect any contribution required under the Plan, or determine the correctness
of the amount of any contribution. The Board need not inquire into or be responsible for
any action or failure to act on the part of the others.
The Board and the City in no way guarantee the trust fund from loss or
depreciation. The City does not guarantee the payment of any money which may be or
F, a g e 165
becomes due to any person from the fund. The liability of the Board to make any payment
from the fund at any time and all times is limited to the then available assets of the fund,
The Board shall not be liable for the acts or omissions of any investment manager
or managers the Board may appoint, nor shall the Board be under any obligation to invest
or otherwise manage any asset of the Plan which is subject to the management of a
properly appointed investment manager. The Board and any properly appointed
investment manager may execute a letter of agreement as a part of this Plan delineating
the duties, responsibilities and liabilities of the investment manager with respect to any
part of the trust fund under the control of the investment manager.
At least once every three (3) years, the Board shall retain an independent
consultant professionally qualified to evaluate the performance of professional money
managers. The independent consultant shall make recommendations to the Board
regarding the selection of money managers for the next investment term. These
recommendations shall be considered by the Board at its next regularly scheduled
meeting. The date, time, place, and subject of this meeting shall be advertised in a
newspaper of general circulation in the municipality at least ten (10) days prior to the date
of the hearings.
The Board shall identify and publicly report any direct or indirect holdings it may
have in any scrutinized company, as defined in Florida Statutes, §215.473, and proceed
to sell, redeem, divest, or withdraw all publicly traded securities it may have in such
company beginning January 1, 2010 and shall thereafter be prohibited from purchasing
or holding such securities. The divestiture of any such security must be completed by
September 30, 2010. In accordance with Ch. 2009-97, Laws of Florida, no person may
bring any civil, criminal, or administrative action against the Board or any employee,
officer, director, or advisor of such Board based upon the divestiture of any security
pursuant to this paragraph.
1- M.S. Mi. " M 0
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SECTION 498.03 — Records.
Employment records required to be kept by secretary of Board of Trustees.
The secretary of the Board of Trustees shall keep a record of all persons receiving
retirement payments under the provisions of this chapter, in which shall be noted the time
when the pension is allowed and when the pension shall cease to be paid. In this record,
the secretary shall keep a list of all firefighters employed by the municipality or special fire
control district. The record shall be kept in such manner as to show the name, address,
F1 a g c,, 166
and time of employment of such Firefighters and when they Gases Firefighters ceased to
be employed by the municipality or special fire control district.
Annual report to Division of Retirement, actuarial reports.
(1) Each year, the chair or secretary of the Board of Trustees shall file a report
with the Division which contains:
(A) A statement of whether in fact the municipality or special fire control
district is within the provisions of §175.041.
(B) An independent audit by a certified public accountant if the fund has
$100,000 or more in assets, or a certified statement of accounting if
the fund has less than $100,000 or more in assets, for the most
recent fiscal year of the municipality or special fire control district,
showing a detailed listing of assets and methods used to value them
and a statement of all income and disbursements during the year.
Such income and disbursements shall be reconciled with the assets
at the beginning of and end of the year.
(C) A statistical exhibit showing the total number of Firefighters on the
force, the number included in the retirement Plan and the number
ineligible, classified according to the reason for their being ineligible,
and the number of disabled Firefighters and retired Firefighters and
their Beneficiaries receiving pension payments and the amounts of
annual retirement income or pension payments being received by
them.
(D) A statement of the amount the municipality or other income source,
has contributed to the retirement fund for the most recent fiscal year
and the amount the municipality will contribute to the retirement fund
during its current fiscal year.
(E) If any benefits are insured with a commercial insurance company,
the report should include a statement of the relationship of the
insured benefits to the benefits provided by this chapter as well as
the name of the insurer and information about the basis of premium
rates, mortality table, interest rates, and method used in valuing
retirement benefits.
(2) By February 1 of each triennial year, beginning with Feb---
at least every 3 years GernmenGing 47 m thelast aGtuarial rep-4-14h,e Nan-ar-PLia-p
A r fr" p within the 3 yea
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to February 1, 996, the chair shall report to the Division such data that
it needs to complete an actuarial valuation of each fund. The forms for each
municipality shall be supplied by the Division. The expense of this actuarial
valuation shall be borne by the firefighters' pension trust fund.
F1 a g e 167
An Employee shall not have any right to or interest in any assets of the Plan upon
termination of employment or otherwise except as specifically provided under this Plan,
and then only to the extent of the benefits payable to such Employee according to the
Plan provisions.
SECTION 4-08.05 — Beneficiary.
Beneficiaries.
(1) Each Firefighter may, on a form provided for that purpose, signed and filed
with the Board of Trustees, designate a Beneficiary (or Beneficiaries) to receive the
benefit, if any, which may be payable in the event of his or her death; and each
designation may be revoked by such Firefighter by signing and filing with the Board of
Trustees a new designation -of -beneficiary form.
(2) If a deceased Firefighter fails to name a beneficiary in the manner
prescribed in subsection (1), or if the Beneficiary (or Beneficiaries) named by a deceased
Firefighter predecease the Firefighter, the death benefit, if any, which may be payable
under the Plan with respect to such deceased Firefighter may be paid, in the discretion
of the Board of Trustees, either to:
(A) The spouse or dependent children of the Firefighter; or
(B) The dependent living parents of the Firefighter.
(3) Notwithstanding any other provision of law to the contrary, the surviving
spouse of any pension participant Member killed in the line of duty shall not lose survivor
retirement benefits if the spouse remarries. The surviving spouse of such deceased
Member whose benefit terminated because of remarriage shall have the benefit
reinstated as of July 1, 1994, at an amount that would have been payable had such benefit
not been terminated.
P a q e 168
ARTICLE XIX
GENERAL PROVISIONS
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The City may amend w at any time by ordinance, Any such ordinance shall
com olv witli CitaDter 175, Florida Statutes, Section 401 (a) of the Internal Revenue Code,
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ad4ite-r+,�e—E-n* yee's or fermer Employee's S-Upli GDeuse and the
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payee ur. rillafifil9d domestic relatr4e-r-,-as-,fir fiae in Se -tion 414(p) of
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Furthermore, effeGtiVe janUaFy 1, 2007, -- suw;g . Rg4&&gRate� rrRek4py-a-s
def;Re-d ;,R SeGtion-44"�9#:) of the Cede who is not the SUrV'V'Rg speuse and
who e!eGts a doreGt rellever tie an individual retirement aGGGunt4eszAbed4n-,S)eGtioq
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By executing this Plan, the Employer Primary Employer acknowledges having
counseled to the extent necessary with selected legal and tax advisors regarding the
Plan's legal and tax implications.
Executed this day of
.2024.
CITY OF EDGEWATER, FLORIDA
M -
Title
ACKNOWLEDGED as PLAN ADMINISTRATOR this - day of
2024.
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Title
F, a q e 71