90-R-60Ir 4-1 S-II �
RESOLUTION NO. 90-R-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDGE -
WATER, FLORIDA, AUTHORIZING THE AMENDMENTS OF THE CITY
OF EDGEWATER POLICE PENSION PLAN, BY DEFINING AVERAGE
COMPENSATION AS THE MONTHLY AVERAGE OF THE THREE
HIGHEST COMPENSATION YEARS RECEIVED PRIOR TO THE NORMAL
RETIREMENT DATE AND THE BENEFIT FORMULA TO BE 2% OF
AVERAGE COMPENSATION MULTIPLIED BY BENEFIT ACCRUAL
SERVICE AND NORMAL RETIREMENT AGE TO BE THE EARLIER OF
ATTAINING AGE 55 AND FIVE YEARS OF SERVICE OR 25 YEARS
OF SERVICE; REPEALING ALL RESOLUTIONS IN CONFLICT
HEREWITH AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Board of Trustees of the City of Edgewater
Police Pension Plan, made a recommendation to amend the Pension
Plan to include a definition of Average Compensation as the month-
ly average of the three highest compensation years of total pay
received prior to Normal Retirement Date; and
WHEREAS, the Board of Trustees of the City of Edgewater
Police Pension Plan, made a recommendation to amend the Pension
Plan to provide that the benefit formula be 2% of Average Compen-
sation multiplied by Benefit Accrual Service, and
WHEREAS, the Board of Trustees of the City of Edgewater
Police Pension Plan, made a recommendation to amend the Pension
Plan to provide that the Normal Retirement age is to be the earl-
ier of attaining age 55 and five years of service or 25 years of
service, and
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA:
SECTION 1. That the Police Pension Plan of the City of
Edgewater, Florida, is hereby amended to include a definition of
Average Compensation as the monthly average of the three highest
compensation years received prior to Normal Retirement Date.
SECTION 2. That the Police Pension Plan of the City of
Edgewater, Florida is hereby amended to provide that the benefit
formula be 2% of Average Compensation multiplied by Benefit
Accrual Service.
SECTION 3. That the Police Pension Plan of the City of
Edgewater, Florida is hereby amended to provide that the Normal
Retirement age is to be the earlier of attaining age 55 and 5
years of service or 25 years of service.
SECTION 4. That all resolutions or parts of resolutions
in conflict herewith, be and the same are hereby repealed.
SECTION 5. That this resolution shall take effect immedi-
ately upon its adoption by the City Council of the City of Edge-
water, Florida, and approval as provided by law.
This Resolution was introduced and sponsored by Councilmember
Bennington , and was read and passed by a vote of the City Coun-
cil of the City of Edgewater, Florida, at a Regular meet-
ing of said Council held on the 15 day of October
1990, and approved as provided by law.
,—
T
. 1990.
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