2016-O-24 ORDINANCE NO. 2016-0-24
AN ORDINANCE OF THE CITY OF EDGEWATER,
FLORIDA, AMENDING THE CITY OF EDGEWATER
GENERAL EMPLOYEES' RETIREMENT PLAN BY
MODIFYING ARTICLE I (FORMAT AND DEFINITIONS),
SECTION 1.02 (DEFINITIONS) BY AMENDING THE
DEFINITION OF "COMPENSATION"; PROVIDING FOR
CONFLICTING PROVISIONS, SEVERABILITY AND
APPLICABILITY; PROVIDING FOR CODIFICATION, AN
EFFECTIVE DATE AND ADOPTION.
WHEREAS, the City Council of the City of Edgewater, Florida, has made the following
determinations:
1. The General Employees' Pension Board recommended a modification to the Plan
Document during their December 14, 2015 meeting. The Board wishes to modify Article I
(Format and Definitions), Section 1.02 (Definitions) by amending the definition of
"Compensation".
NOW, THEREFORE, BE IT ENACTED by the People of the City of Edgewater,
Florida:
PART A. AMENDING THE CITY OF EDGEWATER GENERAL
EMPLOYEE'S RETIREMENT PLAN BY MODIFYING
ARTICLE I (FORMAT AND DEFINITIONS), SECTION 1.02
(DEFINITIONS) BY AMENDING THE DEFINITION OF
"COMPENSATION" OF THE CODE OF ORDINANCES
FOR THE CITY OF EDGEWATER, FLORIDA.
The City of Edgewater General Employees' Retirement Plan, Article I (Format and
Definitions), Section 1.02 (Definitions) is hereby modified by amending the definition of
"Compensation"to read as follows:
Accrual Service means the total of an Employee's current and all prior years of service
with the Employer. This total is expressed in whole years and fractional parts of a year (to two
decimal places)on the basis that 365 days equal one year. However, Accrual Service is modified
as follows:
Service while not an Eligible Employee excluded:
Service while an Employee was not an Eligible Employee is excluded.
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Voluntary discontinuance service excluded:
Service while an Employee failed or refused to make a Contribution required
under the Plan is excluded. This provision also applies to an Employee's service
while Contributions were not made because he failed or refused to complete a
written agreement to make such Contributions.
Period of Military Duty included:
A Period of Military Duty shall be included as service with the Employer to the
extent it has not already been credited. Such service shall be deemed to be service
as an Eligible Employee only if an Employee was an Eligible Employee on the
day immediately preceding the Period of Military Duty.
Accrued Benefit means on any date, the amount of monthly retirement benefit under the
Normal Form accrued by an Active Participant as of any date and payable at Normal Retirement
Date,or such date, if later. See the ACCRUED BENEFIT SECTION of Article IV.
Active Participant means an Eligible Employee who is actively participating in the Plan
according to the provisions in the ACTIVE PARTICIPANT SECTION of Article It
Actuarial Equivalent means equality in the value of the aggregate amount expected to
be received for benefits payable at different times or under different forms of distributions.
Actuarial Equivalent for benefits shall be determined on the basis of 7.5 percent interest
and the mortality table as set forth in Revenue Ruling 95-6, 1995-1 C.B. 80, except as otherwise
provided below.
For purposes of determining the amount of a distribution other than an annual benefit that
is nondecreasing for the life of the Participant or, in the case of a preretirement survivor annuity,
the life of the Participant's spouse; or that decreases during the life of the Participant merely
because of the death of the surviving annuitant (but only if the reduction is to a level not below
50% of the annual benefit payable before the death of the surviving annuitant)or merely because
of the cessation or reduction of Social Security supplements or qualified disability payments,
Actuarial Equivalent shall be determined on the basis of interest on 30-year Treasury securities
and the 1994 Group Annuity Reserve (GAR) Mortality Table. The look-back month applicable
to the stability period is the second calendar month preceding the first day of the stability period.
The stability period is the successive period of one calendar month that contains the Annuity
Starting Date for the distribution and for which the Applicable Interest Rate remains constant.
In any event, the preceding paragraphs shall not apply to the extent they would cause the
Plan to fail to satisfy the requirements of the REQUIRED CONTRIBUTION ACCRUED
BENEFIT SECTION and the BENEFIT LIMITATION SECTION of Article IV.
Affiliated Service Group means any group of corporations, partnerships or other
organizations of which the Employer is a part and that is affiliated within the meaning of Code
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Section 414(m) and the regulations thereunder. Such a group includes at least two organizations
one of which is either a service organization (that is, an organization the principal business of
which is performing services), or an organization the principal business of which is performing
management functions on a regular and continuing basis. Such service is of a type historically
performed by employees. In the case of a management organization, the Affiliated Service
Group shall include organizations related, within the meaning of Code Section 144(a)(3), to
either the management organization or the organization for which it performs management
functions.
Alternate Payee means any spouse, former spouse, child, or other dependent of a
Participant who is recognized by a qualified domestic relations order as having a right to receive
all,or a portion of,the benefits payable under the Plan with respect to such Participant.
Annuity Contract means the annuity contract or contracts into which the Primary
Employer enters with the Insurer for guaranteed benefits, for the investment of Contributions in
separate accounts,and for the payment of benefits under this Plan.
Annuity Starting Date means, for a Participant, the first day of the first period for which
an amount is payable as an annuity or any other form. The Annuity Starting Date for disability
benefits shall be the date such benefits commence if the disability benefit is not an auxiliary
benefit. An auxiliary benefit is a disability benefit that does not reduce the benefit payable at
Normal Retirement Date.
Applicable Interest Rate means, on any given date, the rate of interest set forth in Code
Section 417(e)(3). A plan amendment that changes the date for determining the Applicable
Interest Rate (including an indirect change such as the result of a change in Plan Year when the
stability period is the Plan Year), shall not be given effect with respect to any distribution during
the period commencing one year after the later of the amendment's effective date or adoption
date, if, during such period and as a result of such amendment, the Participant's distribution
would be reduced.
Applicable Mortality Table means, on any date, the table according to the method set
forth in Code Section 417(e)(3).
Average Compensation means, on any given date, the average of an Employee's
Monthly Compensation for those three Compensation Years (all Compensation Years, if less
than three) which give the highest average out of the ten latest Compensation Years (all
Compensation Years, if less than ten). In computing Average Compensation, the Plan will
include only Compensation Years ending before such given date.
Beneficiary means the person or persons named by a Participant to receive any benefits
under the Plan when the Participant dies. See the BENEFICIARY SECTION of Article X.
nCode of
Code means the Internal Revenue 1986, as amended.
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Compensation means the total earnings, except as modified in this definition, from the
Employer during any specified period.
For service earned on or after October I, 2013 when calculating retirement benefits,
Salary may include up to three hundred(300)hours of overtime compensation per calendar year,
but may not include any payments for accrued unused sick leave or annual leave. Any payments
for overtime compensation in excess of three hundred (300) hours per calendar year earned prior
to October 1, 2013, may still be included in Salary when calculating retirement benefits even if
the payment is not actually made until on or after October 1, 2013. The sum total of unused sick
leave and unused annual leave that was accrued prior to October 1. 2013, for which the retiree
receives payment at the time of retirement, will also be considered as Salary when calculating
retirement benefits.
"Earnings" in this definition means wages, salaries, and fees for professional services and
other amounts received (without regard to whether or not an amount is paid in cash) for personal
services actually rendered in the course of employment with the Employer maintaining the Plan
to the extent that the amounts are includible in gross income (including, but not limited to,
commissions paid to salespersons, compensation for services on the basis of a percentage of
profits, commissions on insurance premiums, tips, bonuses, fringe benefits, and reimbursements
or other expense allowances under a nonaccountable plan (as described in section 1.62-2(c) of
the regulations)), and excluding the following:
(a) employer contributions (other than elective contributions described in Code
Section 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b)) to a plan of deferred
compensation (including a simplified employee pension described in Code
Section 408(k) or a simple retirement account described in Code Section 408{p),
and whether or not qualified) to the extent such contributions are not includible in
the Employee's gross income for the taxable year in which contributed, and any
distributions (whether or not includible in gross income when distributed) from a
plan of deferred compensation(whether or not qualified);
(b) amounts realized from the exercise of a nonstatutory stock option (that is, an
option other than a statutory stock option as defined in section 1.421-Kb) of the
regulations), or when restricted stock (or property) held by the Employee either
becomes freely transferable or is no longer subject to a substantial risk of
forfeiture;
(c) amounts realized from the sale, exchange or other disposition of stock acquired
under a statutory stock option;
(d) other amounts that receive special tax benefits, such as premiums for group-term
life insurance (but only to the extent that the premiums are not includible in the
gross income of the Employee and are not salary reduction amounts that are
described in Code Section 125); and
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(e) other items of remuneration that are similar to any of the items listed in (a)
through (d)above.
Except as provided herein, Compensation for a specified period is the Compensation
actually paid or made available(or if earlier,includible in gross income)during such period.
For Plan Years beginning on or after July 1, 2007, Compensation for a Plan Year shall
also include Compensation paid by the later of 2 1/2 months after an Employee's Severance from
Employment with the Employer maintaining the Plan or the end of the Plan Year that includes
the date of the Employee's Severance from Employment with the Employer maintaining the
Plan, if the payment is regular Compensation for services during the Employee's regular working
hours, or Compensation for services outside the Employee's regular working hours (such as
overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a
Severance from Employment, the payments would have been paid to the Employee while the
Employee continued in employment with the Employer.
Any payments not described above shall not be considered Compensation if paid after
Severance from Employment, even if they are paid by the later of 2 1/2 months after the date of
Severance from Employment or the end of the Plan Year that includes the date of Severance
from Employment, except, payments to an individual who does not currently perform services
for the Employer by reason of qualified military service (within the meaning of Code Section
414{u)(1)) to the extent these payments do not exceed the amounts the individual would have
received if the individual had continued to perform services for the Employer rather than
entering qualified military service.
Back pay, within the meaning of section 1.415(c)-2(g)(8) of the regulations, shall be
treated as Compensation for the Plan Year to which the back pay relates to the extent the back
pay represents wages and compensation that would otherwise be included in this definition.
Compensation paid or made available during a specified period shall include amounts
that would otherwise be included in Compensation, but for an election under Code Section
125(a), 132(0(4), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). Compensation shall also include
employee contributions "picked up" by a governmental entity and, pursuant to Code Section
414(h)(2),treated as Employer contributions.
For Plan Years beginning on or after January 1, 2002, the annual Compensation of each
Participant taken into account in determining contributions and benefits for any determination
period (the period over which Compensation is determined) shall not exceed $200,000, as
adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B). The cost-
of-living adjustment in effect for a calendar year applies to any determination period beginning
with or within such calendar year.
Provided, however,with respect to an eligible Participant, the reduced dollar limitation in
the preceding paragraph does not apply to the extent that the amount of Compensation allowed to
be taken into account under the Plan is reduced below the amount that was allowed to be taken
into account under the Plan as in effect on July 1, 1993. For this purpose, "eligible Participant"
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means an individual who first became a Participant in the Plan during a Plan Year beginning
before the first Yearly Date in 1996.
If a determination period consists of fewer than 12 months,the annual compensation limit
is an amount equal to the otherwise applicable annual compensation limit multiplied by a
fraction. The numerator of the fraction is the number of months in the short determination
period,and the denominator of the fraction is 12.
If Compensation for any prior determination period is taken into account in determining a
Participant's contributions or benefits for the current Plan Year, the Compensation for such prior
determination period is subject to the applicable annual compensation limit in effect for that
determination period. For this purpose, in determining contributions and benefits in Plan Years
beginning on or after January 1, 2002, the annual compensation limit in effect for determination
periods beginning before that date is $150,000 for any determination period beginning in 1996 or
earlier; $160,000 for any determination period beginning in 1997, 1998, or 1999; and $170,000
for any determination period beginning in 2000 or 2001, for a Participant who is not an eligible
Participant. For this purpose, in determining contributions or benefits in Plan Years beginning on
or after January 1, 2002, the annual compensation limit in effect for determination periods
beginning before January 1, 1990 is $200,000 for a Participant who is an eligible Participant.
Compensation means, for a Leased Employee, Compensation for the services the Leased
Employee performs for the Employer, determined in the same manner as the Compensation of
Employees who are not Leased Employees, regardless of whether such Compensation is received
directly from the Employer or from the leasing organization.
Compensation Year means the one-year period ending on each September 30.
Contingent Annuitant means an individual named by the Participant to receive a
lifetime benefit after the Participant's death in accordance with a survivorship life annuity.
Contributions means Employer Contributions and Participant Contributions as set out in
Article III,unless the context clearly indicates only specific contributions are meant.
Direct Rollover means a payment by the Plan to the Eligible Retirement Plan specified
by the Distributee.
Distributee means 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
former spouse who is the Alternate Payee under a qualified domestic relations order, as defined
in Code Section 414(p), are Distributees with regard to the interest of the spouse or former
spouse.
Early Retirement Date means the first day of any month before a Participant's Normal
Retirement Date that the Participant selects for the start of his retirement benefit. This day shall
be on or after the date he has a Severance from Employment and the date he meets the following
requirement(s):
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(a) He has attained age 50 and completed five Years of Service with the Employer,
or.
(b) He has completed 20 Years of Service with the Employer.
In any event, for a Participant who became an Active Participant on February 1, 1978,
Early Retirement Date shall mean the earlier of the date provided above, or the later of (i)
February 1, 1978,or(ii)the date he has attained age 61 and completed 17 years of service.
Eligible Employee means any Employee of the Employer excluding the following:
Not employed as a General Employee.
Eligible Retirement Plan means an eligible plan under Code Section 457(b) that 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, an individual retirement account described in Code Section 408(a),
an individual retirement annuity described in Code Section 408(b), an annuity plan described in
Code Section 403(a), an annuity contract described in Code Section 403(b), or a qualified plan
described in Code Section 401(a), that accepts the Distributee's Eligible Rollover Distribution.
The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a
surviving spouse, or to a spouse or former spouse who is the Alternate Payee under a qualified
domestic relations order, as defined in Code Section 414(p).
Eligible Rollover Distribution means 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 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 Beneficiary,
or for a specified period of ten years or more; (ii) any distribution to the extent such distribution
is required under Code Section 401(a)(9); (iii) the portion of any other distribution(s) that is not
includible in gross income (determined without regard to the exclusion for net unrealized
appreciation with respect to employer securities); and (iv) any other distribution(s) that is
reasonably expected to total less than $200 during a year.
A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely
because the portion consists of after-tax employee contributions that are not includible in gross
income. However, such portion may be transferred only to an individual retirement account or
individual retirement annuity described in Code Section 408(a) or (b), or to a qualified defined
contribution plan described in Code Section 401(a) or 403(a) that agrees to separately account
for amounts so transferred, including separately accounting-for the portion of such distribution
that is includible in gross income and the portion of such distribution which is not so includible.
Employee means an individual who is employed by the Employer or any other employer
required to be aggregated with the Employer under Code Sections 414(b), (c), (m), or (o). The
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term Employee shall also include any Leased Employee deemed to be an employee of any
employer described in the preceding paragraph as provided in Code Section 414(n)or(o).
Employer means, except for purposes of the BENEFIT LIMITATION SECTION of
Article IV, City of Edgewater, Florida.
Employer Contributions means contributions made by the Employer to fund this Plan.
See theEMPLOYER CONTRIBUTIONS SECTION of Article III.
Employment Commencement Date means the date an Employee first performs an hour
of service for the Employer.
Entry Date means the date an Employee first enters the Plan as an Active Participant.
See the ACTIVE PARTICIPANT SECTION of Article II.
Fiscal Year means the Employer's accounting year. The last day of the Fiscal Year is
September 30.
Inactive Participant means a former Active Participant who has an Accrued Benefit.
See the INACTIVE PARTICIPANT SECTION of Article II.
Insurer means Principal Life Insurance Company or the insurance company or
companies named by the Employer.
Investment Manager means any fiduciary(other than a trustee)
(a) who has the power to manage, acquire,or dispose of any assets of the Plan;
(b) who (i) is registered as an investment adviser under the Investment Advisers Act
of 1940; (ii) is not registered as an investment adviser under such Act by reason
of paragraph (1) of Section 203A(a) of such Act, is registered as an investment
adviser under the laws of the state (referred to in such paragraph (1)) in which it
maintains its principal office and place of business, and, at the time it last filed the
registration form most recently filed by it with such state in order to maintain its
registration under the laws of such state, also filed a copy of such form with the
Secretary of Labor; (iii) is a bank, as defined in that Act; or (iv) is an insurance
company qualified to perform services described in subparagraph(a)above under
the laws of more than one state; and
(c) who has acknowledged in writing being a fiduciary with respect to the Plan.
Joint and Survivor Form means, for a Participant who has a spouse, a survivorship life
annuity, where the survivorship percentage is 50% and the Contingent Annuitant is the
Participant's spouse. If a Participant does not have a spouse, the Joint and Survivor Form means
the Normal Form. This Joint and Survivor Form shall be at least the Actuarial Equivalent of any
form of benefit offered under the Plan.
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Late Retirement Date means the first day of any month that is after a Participant's
Normal Retirement Date and on which retirement benefits begin. If a Participant continues to
work for the Employer after his Normal Retirement Date, his Late Retirement Date shall be the
earliest first day of the month on or after the date he has a Severance from Employment. An
earlier Retirement Date may apply if the Participant so elects. A later Retirement Date may apply
if the Participant so elects. See the WHEN BENEFITS START SECTION of Article VI.
Leased Employee means any person (other than an employee of the recipient) who,
pursuant to an agreement between the recipient and any other person ("leasing organization"),
has performed services for the recipient (or for the recipient and related persons determined in
accordance with Code Section 414(n)(6))on a substantially full time basis for a period of at least
one year, and such services are performed under primary direction or control by the recipient.
Contributions or benefits provided by the leasing organization to a Leased Employee, which are
attributable to service performed for the recipient employer, shall be treated as provided by the
recipient employer.
A Leased Employee shall not be considered an employee of the recipient if:
(a) such employee is covered by a money purchase pension plan providing (i) a
nonintegrated employer contribution rate of at least 10 percent of compensation,
as defined in Code Section 415(c)(3), (ii) immediate participation, and (iii) full
and immediate vesting,and-.
(b) Leased Employees do not constitute more than 20 percent of the recipient's
nonhighly compensated work force.
Monthly Compensation means, for any Compensation Year, 1112th of an Employee's
Compensation for such year. To determine Monthly Compensation if an Employee is an
Employee for only part of a Compensation Year, his Compensation for that Compensation Year
shall be converted to an annual basis as though he were employed for the full Compensation
Year.
Monthly Date means each Yearly Date and the same day of each following month
during the Plan Year beginning on such Yearly Date.
Normal Form means a single life annuity with modified cash refund of Participant's
Required Contribution Account.
Normal Retirement Date means the earliest first day of the month on or after the earlier
of the following:
(a) The date he has reached age 55 and has completed five years of service with the
Employer, or
(b) The date he has completed 25 years of service with the Employer. Unless
otherwise provided in this Plan, a Participant's retirement benefits shall begin on
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his Normal Retirement Date if he has had a Severance from Employment on such
date. Subject to the provisions of the BENEFITS UPON EMPLOYMENT
AFTER RETIREMENT DATE SECTION of Article IV, even if the Participant is
an Employee on his Normal Retirement Date, he may choose to have his
retirement benefit begin on such date.
Participant means either an Active Participant or an Inactive Participant.
Participant Contributions means Required Contributions as set out in Article III.
Period of Military Duty means, for an Employee
(a) who served as a member of the armed forces of the United States,and
(b) who was reemployed by the Employer at a time when the Employee had a right to
reemployment in accordance with seniority rights as protected under Chapter 43
of Title 38 of the U.S. Code, the period of time from the date the Employee was
first absent from active work for the Employer because of such military duty to
the date the Employee was reemployed.
Plan means the defined benefit retirement plan of the Employer set forth in this
document, including any later amendments to it.
Plan Administrator means the person or persons who administer the Plan. The Plan
Administrator is the Employer.
Plan Participation means the period of time during which a Participant has been an
Active Participant.
Plan Year means a period beginning on a Yearly Date and ending on the day before the
next Yearly Date.
Preretirement Survivor Annuity means a straight life annuity payable to the surviving
spouse of a Participant who dies before his Annuity Starting Date. Benefits shall be determined
as if the Participant had a Severance from Employment on the date of his death (date he last had
a Severance from Employment, if earlier) and survived to retire on the earliest date on or after
the date of his death on which he could have elected to retire. The monthly benefit payable to the
spouse shall be equal to the survivorship benefit that would have been payable to the spouse if
the Participant retired under an immediate survivorship life annuity, with a survivorship
percentage of 50% and a Contingent Annuitant who is the Participant's spouse, on such date and
died. A former spouse will be treated as the surviving spouse to the extent provided under a
qualified domestic relations order as described in Code Section 414(p).
Present Value means an immediate single sum payment that is the Actuarial Equivalent
of another benefit.
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Reentry Date means the date a former Active Participant reenters the Plan. See the
ACTIVE PARTICIPANT SECTION of Article II.
Required Contribution Account means, on any date, the total of a Participant's
Required Contributions. Contributions previously paid to the Participant or applied for him shall
be excluded.
Required Contribution Accrued Benefit means the amount of monthly retirement
benefit under the Normal Form accrued by an Active Participant as of any date and payable at
Normal Retirement Date that is derived from his Required Contributions. See the REQUIRED
CONTRIBUTION ACCRUED BENEFIT SECTION of Article IV.
Required Contributions means nondeductible contributions required from a Participant
in order to participate in this Plan. See the REQUIRED CONTRIBUTIONS BY
PARTICIPANTS SECTION of Article M.
Retirement Date means the date a retirement benefit will begin and is a Participant's
Early,Normal,or Late Retirement Date,as the case may be.
Severance from Employment means, except for purposes of the BENEFIT
LIMITATION SECTION of Article IV, an Employee has ceased to be an Employee. The Plan
Administrator shall determine if a Severance from Employment has occurred in accordance with
section 1.401 (k)-1 (d)(2)of the regulations.
Totally and Permanently Disabled means that a Participant is disabled, as a result of
sickness or injury, to the extent that he is prevented from engaging in any substantial gainful
activity, and is eligible for and receives a disability benefit under Title II of the Federal Social
Security Act.
Vested Accrued Benefit means, on any date, the Participant's Accrued Benefit resulting
from Employer Contributions multiplied by his Vesting Percentage on such date, plus his
Required Contribution Accrued Benefit.
Vesting Percentage means the percentage used to determine that portion of a
Participant's Accrued Benefit resulting from Employer Contributions which is nonforfeitable
(cannot be lost since it is vested). A Participant's Vesting Percentage is shown in the following
schedule opposite the number of whole years of his Plan Participation.
• YEARS VESTING
OF SERVICE PERCENTAGE
(whole years)
Less than 5 0
5 or more 100
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The Vesting Percentage for a Participant who is an Employee on or after his Normal
Retirement Date or the date he meets the requirement(s) for an Early Retirement Date shall be
100%.
If the schedule used to determine a Participant's Vesting Percentage is changed, the new
schedule shall not apply to a Participant unless he is credited with an hour of service with the
Employer on or after the date of the change.
Voluntary Discontinuance Date means the date a Participant fails or refuses to make a
Required Contribution.
Yearly Date means February 1, 1978,and each following October 1.
Years of Service means the total number of years and fractional parts of years of service
as a general employee with member contributions, when required, omitting intervening years or
fractional parts of years when such member was not employed by the city as a general employee.
A member may voluntarily leave his accumulated contributions in the fund for a period of five
(5) years after leaving the employ of the city pending the possibility of being reemployed as a
general employee, without losing credit for the time that he was a member of the system. If a
vested member leaves the employ of the city,his accumulated contributions will be returned only
upon his written request. If a member who is not vested is not reemployed as a general
employee with the city within five (5) years, his accumulated contributions, if one thousand
dollars (S1,000.00) or less, shall be returned. If a member who is not vested is not reemployed
within five (5) years, his accumulated contributions, if more than one-thousand dollars
($1,000.00), will be returned only upon the written request of the member and upon completion
of a written election to receive a cash lump sum or to rollover the lump sum amount on forms
designated by the board. Upon return of a member's accumulated contributions, all of his rights
and benefits under the system are forfeited and terminated.
The years or parts of a year that a member performs "Qualified Military Service"
consisting of voluntary or involuntary "service in the uniformed services" as defined in the
Uniformed Services Employment and Reemployment Rights Act (USERRA) (P.L.103-353),
after separation from employment as a general employee to perform training or service, shall be
added to his years of service for all purposes,including vesting,provided that:
(a) The member is entitled to reemployment under the provisions of USERRA.
(b) The member returns to his employment as a general employee within one(1) year
following the earlier of the date of his military discharge or his release from
service,unless otherwise required by USERRA.
(c) The member deposits into the fund the same sum that the member would have
contributed, if any, if he had remained a general employee during his absence.
The maximum credit for military service pursuant to this subdivision shall be five
(5) years. The member must deposit all missed contributions within a period
equal to three times the period of military service, but not more than five (5)
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years, following re-employment or he will forfeit the right to receive service for
his military service pursuant to this paragraph.
(d) This paragraph is intended to satisfy the minimum requirements of USERRA. To
the extent that this paragraph does not meet the minimum standards of USERRA,
as it may be amended from time to time, the minimum standards shall apply.
In the event a member dies on or after January 1, 2007, while performing USERRA
Qualified Military Service, the beneficiaries of the member are entitled to any benefits (other
than benefit accruals relating to the period of qualified military service) as if the member had
resumed employment and then died while employed.
Beginning January 1, 2009, to the extent required by section 414(u)(12) of the code, an
individual receiving differential wage payments (as defined under section 3401(h)(2) of the
code) from an employer shall be treated as employed by that employer, and the differential wage
payment shall be treated as compensation for purposes of applying the limits on annual additions
under section 415(c) of the code. This provision shall be applied to all similarly situated
individuals in a reasonably equivalent manner.
PART B. CONFLICTING PROVISIONS.
All conflicting ordinances and resolutions, or parts thereof, in conflict with this.
ordinance, are hereby superseded by this ordinance to the extent of such conflict.
PART C. SEVERABILITY AND APPLICABILITY.
If any portion of this ordinance is for any reason held or declared to be unconstitutional,
inoperative, or void by a court of competent jurisdiction, 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 by a court of competent jurisdiction,
such holding shall not affect its applicability to any other person,property, or circumstance.
PART D. CODIFICATION.
Provisions of this ordinance shall be incorporated in the Code of Ordinances of the City
of Edgewater, Florida, and the word "ordinance", may be changed to "section", "article", or
other appropriate word, and the sections of this ordinance may be renumbered or re-lettered to
accomplish such intention.
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PART E. EFFECTIVE DATE.
This Ordinance shall take place upon adoption.
PART F. ADOPTION.
NOT ADOPTED/APPROVED at first reading- During the March 7, 2016 Council
Meeting, a Motion to by Councilwoman Bennington, with Second by Councilwoman Power to
direct staff to make recommendations for language changes that would provide clarity to
compensation definitions and to send their recommendations back to the General Pension Board
for consideration. COUNCIL APPROVED to bring back for fist reading.
After Motion to approve by Councilwoman Bennington with Second by Councilwoman
Power, the vote the vote on the first reading of this ordinance held on November 14, 2016, was
as follows:
AYE NAY
Mayor Mike ignasiak X
Councilwoman Christine Power X
Councilwoman Gigi Bennington X
Councilman Dan Blazi X
Councilman Gary T. Conroy X
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After Motion to approve by C'c- =iGrh,c3r) nrc3�/ with
Second by �. ,. )et.Z ( , the vote on the
second reading/public hearing of this ordinance held on December 5, 2016, was as follows:
AYE NAY
Mayor Mike Ignasiak
Councilwoman Christine Power
Councilwoman Amy Vogt '.
Councilman Dan Blazi
Councilman Gary T. Conroy
PASSED AND DULY ADOPTED this 5 day o -Cer & , 2016.
ATTEST: CITY COUNCIL OF THE
CITY OF EDGEWATEi FLORIDA
A
13V L.:42
Robin Matusi k Mike gnasiak V
City Clerk/Paralegal Mayor
For the use and reliance only by the City of Approved by the City Council of the City of
Edgewater, Florida. Approved as to form and Edgewater at a meeting held on this 5`h day of
legality by: Aaron R. Wolfe, Esquire December, 2016 under Agenda Item No. 8 Q.
City Attorney
Doran, Sims, Wolfe&Ciocchetti
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TA FOSTER & FOSTER
ACTUARIES AND CONS,LTANTS
September 8,2015
VIA EMAIL
Ms.Ferrell Jenne
Lead Plan Administrator
Foster&Foster, Inc.
13420 Parker Commons Blvd.
Fort Myers,FL 33912
Re: City of Edgewater
General Employees' Retirement Plan
Dear Ferrell:
In response to your August 2, 2015 email,we have reviewed the proposed ordinance(identified on page 2
as kshledge/gen105-06-15.ord),amending the definition of Salary to comply with Senate Bill 1128,and
have determined that adoption of these changes will have no impact on the assumptions used in
determining the funding requirements of the program.
While in most instances an Impact Statement would be issued for this type of change, we do not feel a
change in the Final Salary Load Assumption is warranted, given that the seven remaining active
participants(as of October 1,2014)are nearing Normal Retirement eligibility in the next several years.
Because the changes do not result in a change in the valuation results, it is our opinion that a formal
Actuarial Impact Statement is not required in support of its adoption. However,since the Division of
Retirement must be aware of the current provisions of all public pension programs,it is required that you
send a copy of this letter and a copy of the fully executed Ordinance to the following office:
Mr.Keith Brinkman
Bureau of Local Retirement Systems
Division of Retirement
P.O. Box 9000
Tallahassee,FL 32315-9000
If you have any questions,please let me know.
Sincerely,
Douglas n. Lozen, EA,MAAA
Cc via email: H. Lee Dehner,Board Attorney
13420 Parker Commons Blvd.,Suite 104 Fort Myers,FL 33912-(239)433-5500•Fax(239)481-0634•www.foster-foster.com