2020-O-33 - Police Pension Plan Amendment ORDINANCE NO. 2020-0-33
AN ORDINANCE OF THE CITY COUNCIL OF EDGEWATER,
FLORIDA, AMENDING THE CITY OF EDGEWATER, FLORIDA
POLICE OFFICERS' PENSION PLAN TO AMEND THE MANNER IN
WHICH SUPPLEMENTAL BENEFITS ARE DISTRIBUTED;
PROVIDING FOR EFFECTIVE DATE; PROVIDING FOR REPEAL
OF LAWS IN CONFLICT; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CODIFICATION; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, City of Edgewater sponsors a Police Officers' Pension Plan most
recently restated in Ordinance No. 2016-0-34; and
WHEREAS, section 4.06 of the Pension Plan creates a Supplemental Retirement
Benefit funded by insurance premium tax revenues collected under Chapter 185, Florida
Statutes and allows police officers upon termination or retirement to receive payouts of their
accumulated supplemental retirement benefit account balances via rollover to a designated
qualified plan; and
WHEREAS, it was the intent of the City of Edgewater that such police officers also be
able to receive such payouts directly; and
WHEREAS, the City of Edgewater wishes to clarify that annual supplemental
retirement benefits may be received by members via distributions in addition to rollover; and
WHEREAS, the City Council has received, reviewed, and considered an actuarial
impact statement describing the actual impact of the amendments provided for herein;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER FLORIDA,THAT:
PART A. Section 4.06 is hereby amended as follows:
Section 4.06—SUPPLEMENTAL BENEFIT
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2020-0-33
(i) Supplemental Retirement Benefit In addition to all other benefits
provided in this section, there is hereby provided for eligible police
officers an annual supplemental retirement benefit. For purposes of this
subsection only, "eligible police officer" shall be defined as an active
police officer that has attained Credited Service of five (5) or more
years and that terminates service or retires under the Pension Plan.
Entitlement to such supplemental retirement benefit shall be
determined annually based upon the receipt by the Fund of any
"additional premium tax revenues," as defined in sub-section
185.02(1), Florida Statutes. Payment of such supplemental retirement
benefit shall be made annually to each eligible police officer no
later than the 1st of December after receipt of the "additional premium
tax revenues" from the state, provided that it has been confirmed in
writing that the eligible police officer was alive on September 30th of
such year, beginning with fiscal year 2007. Each eligible police officer
shall receive an equal share of "additional premium tax revenues"
each year in which they are received. Such supplemental benefit for
each eligible police officer shall be credited to an account to be
maintained by the Pension Plan, which shall be credited or debited
with the actual rate of investment return (less expenses) of the
Pension Plan and on retirement or termination (or in the event of death
prior to retirement paid to a designated beneficiary), shall at the
election of the police officer either be (Al rolled over to a designated
qualified Plan or (B) paid directly as a lump sum distribution to the
Police Officer subject to a 20% tax withholding or (C) as a
combination of (A) and (B). and sh".,a-s,n„ be-roe --"-" over to a dcsignate4
the event of death
_ paid . .. designated beneficiary.
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PART B. SEVERABILITY AND APPLICABILITY.
If any section,subsection,clause,phrase,sentence or portion of this Ordinance is for any
reason declared by a court of competent jurisdiction to be invalid, such decision shall be
deemed a separate, distinct and independent provision and such holding shall not affect the
validity of the remaining portions hereof.
PART C. CONFLICTING PROVISIONS
All sections or parts of sections of the Code of Ordinances, all ordinances or parts
of ordinances, and all resolutions or parts of resolutions, in conflict herewith, be and the same,
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2020-0-33
are hereby repealed to the extent of such conflict.
PART D. EFFECTIVE DATE.
This Ordinance shall take place effect retroactively on September 1, 2016
PART E. ADOPTION.
After Motion to approve by Councilwoman Power, and second by Councilwoman O'Keefe, the
vote on the first reading of this ordinance on December 7, 2020, was as follows:
AYE NAY
Mayor Mike Thomas X
Councilwoman Christine Power X
Councilwoman Gigi Bennington X
Councilwoman Megan O'Keefe X
Councilman Jonah Powers X
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2020-0-33
After Motion to approve by CCU 110I . u) 1� 0I and second by
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`,QLUIed HibMfa 1 a .)C( , the vote on the second reading/public hearing of this
ordinance on January I I, 2021,was as follows:
AYE NAY
Mayor Mike Thomas x.
Councilwoman Christine Power K
Councilwoman Gigi Bennington
Councilwoman Megan O'Keefe K
Councilman Jonah Powers X
PASSED AND DULY ADOPTED this 11'"day of January,2021.
ATTEST: CITY CO CIL OF TH•
/I CITY I �t G ATE F r i DA
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Bonnie Brown,CMC Mike Th
City Clerk Mayor
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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 116 day of
legality by: Aaron R. Wolfe, Esquire January, 2021 under Agenda Item 148 Q.
City Attorney
Doran, Sims, Wolfe &Yoon
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2020-0-33