Ord 30-99 ORDINANCE NO. 30-99
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH,
FLORIDA, AMENDING CHAPTER 35, "EMPLOYEES POLICIES AND BENEFITS",
SUBHEADING "RETIREMENT PLAN", OF THE CODE OF ORDINANCES OF THE
CITY OF DELRAY BEACH BY AMENDING SECTION 35.089, "DEFINITIONS", TO
PROVIDE CHANGES IN THE DEFINITIONS OF "NORMAL RETIREMENT DATE",
"RETIREMENT" AND "TERMINATED PARTICIPANT"; A/vIENDING SECTION
35.095, "CONTRIBUTIONS OF PARTICIPANT AND CITY", SUBSECTION 35.095(A),
"PARTICIPANT'S CONTRIBUTION ACCOUNT", TO PROVIDE FOR CHANGES TO
CERTAIN PARTICIPANT CONTRIBUTIONS, AND TO PROVIDE FOR VARIABLE
INTEREST ON CONTRIBUTIONS WITHDRAWN BY CERTAIN PARTICIPANTS
PRIOR TO NORMAL RETIREMENT; AMENDING SECTION 35.097, "RETIREMENT
INCOME; BASIS, AMOUNT, AND PAYMENT", SUBSECTION 35.097(D), "BENEFITS
OTHER THAN ON RETIREMENT", PART 35.097(D)(1), "BENEFIT ON
TERMINATION OF SERVICE AND ON DEATH AFTER TERMINATION OF
SERVICE", PARAGRAPHS (A) & (E), TO PROVIDE FOR INTEREST ON CERTAIN
PARTICIPANT CONTRIBUTIONS WITHDRAWN PRIOR TO RETIREMENT;
CREATING A NEW SECTION 35.110, "DEFERRED RETIREMENT OPTION PLAN",
PROVIDING A DROP PLAN FOR CERTAIN ELIGIBLE PARTICIPANTS; PROVIDING
A GENERAL REPEALER CLAUSE, A SAVING CLAUSE, AND AN EFFECTIVE
DATE.
WHEREAS, the City Commission of the City of Dekay Beach desires to enhance certain retirement
benefits to certain participants of the General Employees' Retirement Plan by changing the normal
retirement date, providing for no employee contributions, providing interest on contributions withdrawn by
participants prior to their normal retirement date and by providing for a Deferred Retirement Option Plan.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH AS FOLLOWS:
Section 1. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of
the Code of Ordinances of the City of Delray Beach is hereby amended by amending Section 35.089,
"Definitions", to read as follows:
Section 35.089 DEF/NITIONS.
(G) "Normal retirement date" is the first day of the month coincident with or next following the
date a participant attains the age of 60 and completes ten years of credited service., or the date on which a
participant attains thirty (30) years of credited service, regardless of age, whichever occurs first. A
~pant may continuh in the employ of the city and continue to participate in the plan beyond the normal
retirement date.
(I) "Retirement" means either termination of citY employment with immediate entitlement to
receive normal, early or disability retirement income under the plan, or entry into the Deferred Retirement
Option Plan ("DROP") with immediate entitlement to receive normal retirement income from the General
Employees Retirement Plan to the DROP.
(K) "Terminated Participant" means a plan participant with 'o'~ t~n~ ......
.... ,_ _, ........ 3'e~: at least five
(5) years of credited service whose City employment is terminated for any reason other than death, early
retirement or disability retirement prior to the normal retirement date.
Section 2. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of
the Code of Ordinances of the City of Delray Beach is hereby amended by amending Section 35.095,
"Contributions of Participant and City", Subsection 35.095(A), "Participants contribution account" to read
as follows:
Section 35.095 CONTRIBUTIONS OF PARTICIPANT AND CITY.
(A) Participant's contribution account.
(1) For the purpose of this division "PARTICIPANT'S CONTRIBUTION ACCOUNT"
will consist of tax deferred participant contributions. Effective the first pay period beginning on or after
October 1, 1989, employee contributions will be picked up by the citY and shall be treated as employex
contributions for tax purposes. However, for all purposes of determining benefits under the plan, they will
be considered participant contributions.
(2) Each participant will contribute toward the cost of the plan an amount equal to three
percent (3%) of the first $4,800 of his basic annual compensation, and six percent (6%) of basic annual
compensation in excess of $4,800 until the beginning of the first pay period after September 25, 1984.
Beginning with the first pay period after September 25, 1984, each participant will contribute toward the
cost of the plan an amount equal to six percent (6%) of basic compensation. Effective as of the first pay
period beginning on or after October 1, 1989, participant contributions will be equal to four and one-half
percent (4.5%) of basic compensation on a tax-deferred basis. Beginning with the first pay period after
September 1, 1999~ participants shall not be required to contribute to the plan~ except those participants
described in paragraph (4) of this Section.
ORD. NO. 30-99
(al.)(3) Anything in the plan to the contrary notwithstanding, the total benefits payable under
tile plan to, or with respect to, a participant shall not be less than the benefits that can be provided by the
participant's contributions, and further provided, if a ~fina~[ participant: who is terminated~ elects to
withdraw participant contributions ,~ .................................... ,
interest, in lieu of all other benefits payable under the plan. Effective September ]~ ]999~ if a pm'ticipant
has ten (l 0) or more yem's of credited service under the plan a non-compounded simple interest rate of five
(5%) percent per year shall be applied to the principal bal~mce of the participant's contribution as accrued
on December 3] of each year. Effective September l~ 1999, if a participant has Jess than ten (l 0) yeaJ's of
credited service under the plan a non-compounded simple interest rote of tl~ee (3%) percent shall be
applied to the principal balance of the participant's contribution as accrued on December 3 ] o£ each year.
Participant contributions CarLnOt be withdrawn while a participant remains in the employ o£ the city or after
the payment of benefits under the plan has commenced.
(4) Applicability to Bargaining Unit Employees. Participants who are part of a
bargaining unit which currently has not entered into a collective bargaining agreement or is operating under
an expired collective bargaining agreement with the City shall continue contributing to the plan in the same
~nanner and amount as previously required prior to the effective date of this ordinance and shall receive no
interest on participant contributions upon termination from the plan. Should the City and the affected
bargaining units enter into and ratify a collective bargaining agreement the affected participants shall not be
required to contribute to the plan, and may receive interest on monies withdrawn in accordance with
paragraph (3), from the date of the final execution of the collective bargaining agreement forward and shall
retain status quo ante rights thereafter.
Section 3. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of
the Code of Ordinances of the City of Delray Beach is hereby amended by amending Section 35.097,
"Retirement Income; basis, amount, and payment", Subsection 35.097(D), "Benefits other than on
retirement", Part 35.097(D)(1), "Benefit on termination of service on death after termination of service",
Paragraph (a), to read as follows:
3 ORD. NO. 30-99
Section 35.097 RETIREMENT INCOME; BASIS~ AMOUNT~ AND PAYMENT.
(D) Benefits other than on retirement.
(1) Benefit on termination of service and on death after termination of service:
(a) If a participant's city employment is terminated after completion of five (5)
years of credited service but before the normal retirement date, and the termination of employment is for
any reason other than the participant's death, early retirement as described in division (B) of this section, or
disability retirement as described in division (C) of this section, the participant shall, if then living, be
entitled to a deferred monthly retirement income commencing on the normal retirement date. The mount
of the deferred monthly retirement income shall be computed in the same manner as normal retirement
income under division (B)(2) of this section, based upon the terminated participant's vested percentage,
credited service and final monthly compensation at the date of termination of city employment. A
participant who terminates city employment after completion of five (5) years of credited service may
alternatively elect, in lieu of any other plan benefits, to withdraw participant contributions
in accordance with Section 35.095(A). e_'_'ch e!ect~.en te ':.~.thdr:':; ~_"fic;.gznt 'zentrib'_'t;.ev.: :ha!! be_
........ r ..... r ........................................ d .................. r
Section 4. That Chapter 35, "Employee Policies and Benefits't, subheading, "Retirement Plan", of
the Code of Ordinances of the City of Del:ay Beach is hereby amended by amending Section 35.097,
"Retirement Income; basis, amount, and payment", Subsection 35.097(D), "Benefits other than on
retirement", Part 35.097(D)(1), "Benefit on termination of service on death after termination of service",
Paragraph (e), to read as follows:
Section 35.097 RETIREMENT INCOMEI BASIS~ AMOUNT~ AND PAYMENT.
(D) Benefits other than on retirement.
(1) Benefit on termination of service and on death after termination of service:
(e) Except as provided in division (A) of this section with respect to normal
retirement, division (C) of this section with respect to disability retirement, and division (D) of this section
with respect to death, a participant whose employment is terminated prior to the completion of five (5)
years of credited service shall be entitled only to the return of participant contributions ~gtl~a~,-kn~;,~ in
accordance with Section 35.095(A).
4 ORD. NO. 30-99
Section 5. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of I
the Code of Ordinances of the City of Delray Beach is hereby amended by creating Section 35.110,
"Deferred Retirement Option Plan", to read as follows:
Section 35.110 DEFERRED RETIREMENT OPTION PLAN.
(A) Beginning with the first pay period after September 1~ 1999~ any employee who is eligible
for normal retirement, as defined in Section 35.089(G), may elect to participate in the Deferred Retirement
Option Plan ("DROP"), except as provided in Section 35.110(L), in accordance with this section. An
employee is considered retired for pension plan purposes upon entering into the DROP plan.
(B) An election to participate in the DROP plan must be made in writing and shall become
effective thirty (30) days following the date it is received by the Retirement Committee or pension plan
administrator, or on a later date if specified by the employee.
(C) An employee who elects to participate in the DROP plan may participate in such plan for a
maximum of sixty (60) months.
(D) An employee's credited service and accrued benefit under the system shall be determined on
the effective date of the employee's election to participate in the DROP plan. An employee shall not accrue
any additional benefit under the plan after entering the DROP plan~ except as afforded other eligible retirees
under the plan. After entering the DROP plan~ a participant shall not be eligible for disability or pre-
retirement death benefits under the retirement plan.
(E) A DROP plan account shall be established for each employee who elects to participate in the
DROP plan in accordance with this section. During the period of the employee's participation in the DROP
plan, the employee's normal retirement benefit shall be paid into the employee's DROP plan account. The
employee's DROP plan account shall be invested by the Retirement Committee and credited with interest
equal to the overall net (earning less costs) investment rate of return on the Retirement Plan assets during
the period of the employee's participation in the DROP plan. Provided~ however~ the Committee, in its sole
diseretion~ may establish a separate plan for DROP accounts that would be invested by the retiree and for
which special rules may be applied consistent with Internal Revenue Service regulations.
(F) At the conclusion of the retiree's participation in the DROP plan~ and as a condition of
participating in such Plan, the retiree will continue his retirement and terminate City employment. The
retiree will thereafter receive a normal retirement benefit at the same rate as previously calculated but the
monthly amount will be paid to the retiree and not deposited in the DROP plan account. The retiree's
DROP plan account will thereafter be distributed to the retiree in a cash lump sum, unless the retiree elects
an alternative distribution as described below:
5 ORD. NO. 30-99
(1) Phyments in approximately equal quarterly or annual installments over a period
designated by the retiree not to exceed the life expectancy of the retiree or the joint life expectancy
of the retiree and the retiree's designated beneficiary. In the event that the retiree dies before all
installments have been paid, the remaining balance in the DROP plan account shall be paid in an
immediate cash lump sum to the retiree's designated beneficiary~ or
(2) The purchase of a non-forfeitable fixed annuity payable in such form as the
employee may elect. Elections shall be in writing and shall be made at such time or in such manner
as the Retirement Committee shall determine. If the annuity form selected is not a qualified joint
and fifty (50) percent survivor annuity with the retiree's spouse as the beneficiary~ the annuity
payable to the retiree and thereafter to the retiree's beneficiary shall be subject to the incidental
death benefit rule as described in Section 401 (a) (9)(G) of the Internal Revenue Code and applicable
regulations.
(G) Notwithstanding the provisions of paragraph (F)~ if a retiree dies before distribution of the
retiree's DROP plan account commences, the account balance shall be paid to the retiree's designated
beneficiary in such optional form as the beneficiary may select. Notwithstanding, the provisions of
Paragraph F, if the retirement committee adopts a separate plan in accordance with 35.110(E)~ distribution
in accordance with rules established by the retirement committee under such separate plan will apply.
(H) Except as otherwise provided in this Section, distribution of an employee's DROP plan
account shall begin as soon as administratively practicable following the employee's termination of
employment. A retiree may, in accordance with such procedures as the Retirement Committee may
prescribe, elect to defer distribution of the DROP plan account until the first day of any month coincident
with or following the termination of the retiree's City employment; provided~ howeveb distribution shall be
made before the distribution date elected by the employee to the extent necessary to comply with the
Internal Revenue Code and regulations thereunder. Any mounts in a retiree's DROP plan account shall
continue to be invested by the Retirement Committee and shall be credited with the net investment return
on the Retirement Fund until the balance of the DROP plan account is fully distributed to the retiree or the
retiree's beneficiary. Provided~ however~ if the Committee establishes a separate plan as set forth in
Section 35.110(E)~ the earnings will be invested and distributed pursuant to the rules of the separate plan.
(I) In no event shall the provisions of this Section operate so as to allow the distribution of a
retiree's DROP plan account to begin later than April I following the later of the calendar year in which the
retiree terminates City employment or attains age seventy and one-half (70 ½).
(J) Notwithstanding any other provisions of this Section~ all distributions from retiree DROP
plan accounts shall conform to applicable provisions of the Internal Revenue Code and regulations issued
thereunder and as provided under a separate plan if adopted by the retirement committee.
6 ORD. NO. 30-99
(K) Notwithsianding any provision of this Section to the contrary~ a retiree or beneficiary
receiving distributions from a DROP plan account may elect, at the time and in a manner prescribed by the
Retirement Committee~ to have any portion of an eligible rollover distribution paid directly fi.om the DROP
plan account to an eligible retirement plan specified by the retiree or beneficiary in a direct rollover~
provided~ however~ if the committee establishes a separate plan as set forth in Section 35.110(E), the
eligible rollover distribution of the DROP plan allotment will be distributed pursuant to the rules of the
separate plan. The following definitions apply to the terms used in this paragraph:
(!) "Eligible rollover distribution" means any distribution of all or any portion of the
balance to the credit of the distributee under the DROP plan, except that an eligible rollover
distribution does not include 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 (10) years or more, any distribution to the extent such
distribution is required under Section 401(a)(9) of the Internal Revenue Code, and the portion of
any distribution that is not includible in gross income.
(2) "Eligible retirement plan" means an individual retirement account described in
Section 408(a) of the Internal Revenue Code, an individual retirement annuity described in Section
408(b) of the Internal Revenue Code, an annuity plan described in Section 403(a) of the Internal
Revenue Code, or a qualified trust described in Section 401(a) of the Internal Revenue Code, that
accepts the distributee's eligible rollover distribution. However~ in the case of an eligible rollover
distribution to the surviving spouse, an eligible retirement plan is an individual retirement account
or individual retirement annuity.
(3) "Distributee" means an employee or former employee. In addition, the employee's
or former employee's surviving spouse is a distributee with regard to the interest of the spouse.
(4) ."Direct rollover" means a payment by the DROP plan to the eligible retirement plan
specified by the distributee. The direct rollover may be accomplished by any reasonable means
determined by the Retirement Committee.
(L) Participants who are part of a bargaining unit which currently has not entered into a
collective bargaining agreement or is operating under an expired collective bargaining agreement with the
City shall not be allowed to participate in the DROP plan. Should the City and the affected bargaining
units enter into and ratify a collective bargaining agreement the affected participants shall be allowed to
enter into the DROP plan as of the date the collective bargaining agreement is executed.
Section 6. That all ordinances or parts of ordinances in conflict herewith be, and the same
are hereby repealed.
7 ORD. NO. 30-99
Section 7. That should any section or provision of this ordinance or any portion thereof,
any paragraph, sentence, or word be declared by a court of competent jurisdiction to be invalid, such
decision shall not affect the validity of the remainder hereof as a whole or part thereof other than the part
declared to be invalid.
Section 8. That this ordinance shall become effective immediately upon its passage on
second and final reading, except as to general employee plan participants who are covered under an expired
collective bargaining agreement; or belong to a bargaining unit that has not executed a collective bargaining
agreement. This ordinance shall become effective as to the excluded employees immediately upon the date
of ratification and execution of a collective bargaining agreement applicable to such employees.
PASSED AND, ADOPTED in regular session on second and final reading on this the
day of ~ 1999.
ATTEST:
City Clerk
First Reading _~?~ ,~ ?~ ~9~
Second Reading ~/~ /
8 ORD. NO. 30-99
MEMORANDUM
TO: MAYOR AND CITY COMMISSIONERS
FROM: CITYMANAGER~/1
SUBJECT: AGENDA ITEM # /~ - REGULAR MEETING OF AUGUST 17, 1999
ORDINANCE NO. 30-99 (GENERAL EMPLOYEES RETIREMENT PLAN)
DATE: AUGUST 12, 1999
This is second reading and a public hearing for Ordinance No. 30-99
which amends Chapter 35, ~Employee Policies and Benefits", of the City
Code to enhance certain retirement benefits to certain participants of
the General Employees Retirement Plan by changing the normal retirement
date, providing for no employee contributions, providing interest on
contributions withdrawn by participants prior to their normal
retirement date and by providing for a Deferred Retirement Option Plan.
The following is a summary of the changes proposed:
1. Changes the eligibility for a fully normal retirement benefit by
adding a 30 years of credited service threshold regardless of age to
the age 60 with ten years of service threshold for eligibility that
currently exists.
2. Adds a Deferred Retirement Option Plan (DROP Plan).
3. Provides for interest of three percent (3%) with less than 10 years
of service and 5% with 10 or more years of continuous service on
employee contributions when withdrawn.
4. Brings employee contributions into the retirement plan to zero.
5. These changes as drafted exclude union members who are currently
operating under an expired Collective Bargaining Agreement (CBA) or
those that have not yet entered into a CBA.
6. Establishes a 1% matching program to a deferred compensation plan.
This change is not a part of the pension ordinance, but is outlined
in an administrative policy (#EB-14, copy attached).
At first reading on August 3, 1999, the City Commission passed the
ordinance by unanimous vote.
Recommend approval of Ordinance No. 30-99 on Second and Final Reading.
C i't y ol!f ADMINISTRATIVE su.a~.c?..~.M~,OYE~. B~.N~.FITS
POLICIES AN[} PROCEDURES Deferred Compensation
O elf a.y MA,UAL Matching Program
Beach
, EB-1 4 0 1 oF 2
SUPERSEDES APPROVED BY:
0
.. DAVID T. ItARDEN, City Manage. r
EB-]4.0 Purpose:
The purpose is to establish a voluntary one percent (! %) matching program.
EB- 14.0 ] Applicability
This policy applies to all regular full-time employees of thc City of Dclray Beach who arc
members of the General Employee's Retirement Plan, except it does not apply to those
employees who upon the effective date of this policy are covered by an expired collective
bargaining agreement or are pad of
collective bargaining agreement. This policy shall be effective as to those excluded employees
when a current collective bargaining agreement providing for this program is ratiO|ed and
executed.
EB-]4.2 Policy:
Thc City shall contribute one percent (]%) of the employee's base compensation to a deferred
compensation plan designated by the City, if an
percent (l%) of thc employee's base compensation to thc same deferred compensation plan for
thc employee's benefit, in accordance with thc following terms:
A. In order to
deducted from his/her
may not exceed thc amount allowed per Internal Revenue Service regulations.
B. City and employee contributions to a deferred compensation plan, pursuant to this policy,
shall cease upon thc date thc employee no longer works for thc City as a regular £ull-timc
employee, enters thc Deferred Retirement Option Plan (DROP plan), or if thc employee
becomes a member of a defined benefit plan (other than thc General Employees
Retirement Plan).
C. A re-hired employee who previously participated or was previously eligible to
participate in thc matching program shall not have any buy back rights under thc
" matching program.
D. An eligible employee who desires to participate in this matching program may contribute
more than one-percent (1%) of the employee's base compensation (subject to IRS
regulations), however, the City's contribution shall not exceed one percent (1%).
SUBJECT: EMPLOYEE BENEFITS
Deferred Compensation l'lan for Non-Participating Employees
Page 2
E. An eligible em, ployee who participates in the matching program may later elect to not
participate in tJ~e matching program upon giving thirty (30) days prior written notice to
the City. The City's matching contribution shall also cease at the time that the employee's
contribution ceases.
F. An eligible employee who desires to or does not desire to participate in the matching
progrmn or who wishes to terminate participation must complete all paper work and
lbrms required by the Finance Department.
CITY OF DELRAY BEACII
ELECTION OF I'ARTICIPATION OR NON-PARTICIPATION IN CITY'S
ONE I'ERCENT MATCIIING PROGILAM
I have reviewed tile City of Dehay Beach Administrative Policy m~d Procedure Nmnber
EB-14, "One l'ercent Matching l'rogrmn". In complinnce with that procedure, the
following request is made:
1 elect not to participate in the City's One Percent Matchiug Program.
,1 elect to participate in the City's One Percent Matching Program.
I further tmderstaud that if I elect to participate in the Matching Progrmn,
Internal Revenue Service Regulations governing the 457 Deferred
Compensation l'lan limits Ihe mnount of mmual contributions made to my
I.C.NI.A. 457 Deferred Compensation accotmt to 25% of my mutual salary
up to a maximum of $8,000. I further tmderstm~d that if I elect to
participate in the 457 Delbrred Compensation Plan, the combined
contributions of the City and myself lo my Deferred Compensation Plan
account cmmot exceed the IRS maximum allowable total in any calendar
year.
i uuderstand that I will need to contact the Finance Department in order to
complete the necessary l.C.M.A. 457 Deferred Compensation Plan
Enrollment l:orm to begiu participation in the 457 Deferred Compensatiou
Plan.
I elect to no longer participate in the City's One Percent Matching
Program. ! undetslm~d that if I no longer participate by contributing at
least one-percent of my base compensation, the City shall also not
contribute to the Match l'rogrmn.
Employee's Signatme Date
Employee's Name (Print) Employee's Social Security Number
Employee's l'osition Title Employee's Departmeut
Witness Signature Date
tJligi.al lo: I lumn. Resomccs
Copy lo: FI.mice - I'Aymll Dlvhlo.
Copy It): Fhmncc ^dmlnlsl~atlon
CITY OF UELRn¥ BENCH
CITY ATTORNEY'S OFFICE .w
p~LR~ B~A~ wrist's Direct Linc: 561/243-7091
Al~ea C~
:~ DATE: J~y 29, 1999
1993
TO: Ci~ Co~ission
FROM: S~ A. Ruby, Ci~ A~omey
SUB,CT: Ord~ce No. 29-99 (Police ~d Fire Retirement PI~) ~d Ord~ce No.
30-99 (General Emplogees Reti~ment PI~)
The following is a summary of the changes proposed:
Ordinance No. 30-99 - General Employees Pension Changes
1. Changes the eligibility for a fully normal retirement benefit by adding a 30 years of
credited service threshold regardless of age to the age 60 with ten years of service
threshold for eligibility that currently exists.
2. Adds a DROP Plan.
3. Provides for interest of 3% with less than 10 years of service and 5% with 10 or more
years of continuous service on employee contributions when withdrawn.
4. Brings employee contributions into the retirement plan to zero.
5. These changes as drafted exclude union members who are currently operating under an
expired CBA or those that have not yet entered into a CBA.
6. Establishes a 1% matching program to a deferred compensation plan. This change is
not a part of the pension ordinance, but is outlined in an administrative policy.
Ordinance No. 29-99 - Police/Fire Pension Changes
1. Clarifies that the early retirement window option applies only to pension benefits
entitlement for those with at least 18 years to 20 years of service and provides that sick
leave, vacation and other accruals are not part of the benefit.
2. Clarifies that the retirement benefit enhancement will apply to beneficiaries. The
enhancement will be adjusted annually on the retiree's anniversary date of hire and
expressly eliminates retiree's ability to receive the enhancement.
3. Reduces the percent for a disability pension to 60%.
4. Increases the multiplier from 2.5 to 3.0 for members with 20 years or more of service.
City Commission
July 29, 1999
Page 2
5. Increases from 2 to 3 years the determination of average monthly earnings.
6. Reduces employee contributions from 7.33% to 3.00% of base compensation.
7. Provides interest on withdrawn contributions.
8. Removes all offsets.
9. Provides for changes to beneficiaries after retirement.
Police/Fire Agreement Amendment
The police/fire addendum to agreement makes the same clarifications to the early
retirement incentive (window) provisions and the retirement benefit enhancement.
By copy of this memorandum to David Harden, City Manager, please place the General
Employees and Police and Fire ordinances on the City Commission for the August 3, 1999
agenda for first reading. The addendum to agreement should be placed on the August 17,
1999 agenda to be approved at second reading.
SAR:smk
Attachments
cc: David T. Harden, City Manager
Alison MacGregor Hart3', City Clerk
James W. Lima, Esq.