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Home My WebLink About06-28-17 AgendaOn cc SEBAST_" HOME OF PELICAN ISLAND PUBLIC NOTICE — POLICE PENSION BOARD MEETING JUNE 28, 2017 The Police Pension Board will hold a special meeting Wednesday, June 28, 2017 at 10:00 a.m. in the City Council Chambers, City Hall, 1225 Main St. Sebastian, Florida. CALL TO ORDER VOTE TO EXCUSE ABSENT BOARD MEMBER(S) PUBLIC COMMENT OLD BUSINESS A. Consider Ordinance for DROP, Cola and Buybacks A. Legal Updates B. Board Member Reports and Comments C. Next Quarterly Meeting: September 19, 2017 ADJOURN Chairperson Chairperson Chairperson Ken Killgore, Board Member (The Board Attorney is not expected to attend.) Chairperson Chairperson Please note: In accordance with Florida Statue 286.0105: any person who desires to appeal any decision at this meeting will need a record of the proceedings and for this purpose may need to ensure that a verbatim record of the proceedings is made which includes the testimony and evidence upon which the appeal is based. In accordance with Florida Statute 286.26: Persons with disabilities needing assistance to participate in any of these proceedings should contact the Administrative Services Department at 1225 Main Street, Sebastian, Florida 32958, or telephone 772-388-8205, ORDINANCE NO. 0 - AN ORDINANCE OF THE CITY OF SEBASTIAN, FLORIDA, AMENDING CHAPTER 58, LAW ENFORCEMENT, ARTICLE III, POLICE OFFICERS' RETIREMENT SYSTEM, OF THE CODE OF ORDINANCES OF THE CITY OF SEBASTIAN; AMENDING SECTION 58-46, DEFINITIONS; AMENDING SECTION 58-48, BOARD OF TRUSTEES; AMENDING SECTION 58-50, CONTRIBUTIONS; AMENDING SECTION 58-51, BENEFIT AMOUNTS AND ELIGIBILITY; AMENDING SECTION 58-55, OPTIONAL FORMS OF BENEFITS; ADDING SECTION 58-70.1, MILITARY SERVICE PRIOR TO EMPLOYMENT; ADDING SECTION 58-70.2, PRIOR POLICE SERVICE; ADDING SECTION 58-70.3, DEFERRED RETIREMENT OPTION PLAN; ADDING SECTION 58-70.4, REEMPLOYMENT AFTER RETIREMENT; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, FLORIDA, that; SECTION 1: That Chapter 58, Law Enforcement, Article IN, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by amending Section 58-46, Definitions, to amend the definition of "Retirement", to read as follows: Retirement means a member's separation from city employment with eligibility for immediate receipt of benefits under the system (or entry into the Deferred Retirement Option Plan). SECTION 2: That Chapter 58, Law Enforcement, Article 111, Police Officers' Retirement System, ofth CCode of Ordinances of the City of Sebastian, is amended by amending Section 58-48, Board of trustees, subsection (a), to read as follows: See. 58-48. Board of trustees. (a) The sole and exclusive administration of and responsibility for the proper operation of the system and for making effective the provisions of this ordinance is hereby vested in a board of trustees. The board is hereby designated as the plan administrator. The board shall consist 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 Sebastian City Council, and two (2) of whom shall be members of the system, who shall be elected by a majority of the police officers who are members of the system. The fifth trustee shall be chosen by a majority of the previous four (4) trustees as provided for herein, and such person's name shall be submitted to the Sebastian City Council. Upon receipt of the fifth person's name, the Sebastian City Council 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 four (4) year term unless he sooner vacates the office. Each resident trustee shall serve as trustee for a period of four (4) years, unless he sooner vacates the office or is sooner replaced by the Sebastian City Council at whose pleasure he shall serve. Each member trustee shall serve as trustee for a period of four (4) years, unless he -1- sooner leaves the employment of the city as a police officer or otherwise vacates his office as trustee, whereupon a successor shall be chosen in the same manner as the departing trustee. Each trustee may succeed himself in office. DROPparticipants can be elected as but not vote for elected trustees. The board shall establish and admmister the nominating and election procedures for each election. The board shall meet at least quarterly each year. The board shall be 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. SECTION 3: That Chapter 58, Law Enforcement, Article III, Police Officers' Refirement System, of the Code of Ordinances of the City of Sebastian, is amended by amending Section 58-50, Contributions, subsection (a) Member contributions, to read as follows: (a) Member contributions. (1) Amount. LU " Effective on the date of the adoption ofthe ordinance adopting this amendment O m T cv^rc each member of the system, , shall be required to make regular contributions to the fund in the amount of eight percent (8%) of his salary. Police officer contributions withheld by the city on behalf of the member shall be deposited with the board immediately after each pay period. The contributions made by each member to the fund shall be designated as employer contributions pursuant to §414(h) of the code. Such designation is contingent upon the contributions being excluded from the members' gross income for Federal Income Tax purposes. For all other purposes of the system, such contributions shall be considered to be member contributions. r** SECTION 4: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by amending Section 58-51, Benefit amounts and eligibility, subsection (b) Normal retirement benefit and adding subsection (f) Cost -of -Living Adjustment, to read as follows: (b) Normal retirement benefit. The amount of the monthly retirement income payable to a member hired prior to October 1, 2011 who retires on or after his normal retirement date shall be an amount equal to the number of the members years of credited service multiplied by three (3) percent of his average final compensation. , For members hired on or after Apri•1 i7 October 1, 2011, the amount of the monthly retirement income payable to a member who retires on or after his normal retirement date shall be an amount equal to the number ofdie-rnembers years of credited service multiplied by two (2) percent of his average final compensation for -2- SECTION 5: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the Cityof Sebastian, is amended by amending section 58-55, Optional Forms of Benefits, subsection (a)(4), to read as follows: (4) For members who do not participate in the DROP pursuant to A member may elect a percentage of benefit in a lump sum as a. Five (5) percent of the total actuarial equivalent value of the benefit paid as a lump sum with the remaining ninety-five (95) percent paid under the normal form or as per (1), (2) or (3) above. b. Ten (10) percent of the total actuarial equivalent value of the benefit paid as a lump sum with the remaining ninety (90) percent paid under the normal form or as per (1), (2) or (3) above. C. Fifteen (15) percent of the total actuarial equivalent value of the benefit paid as a lump sum with the remaining eighty-five (85) percent paid under the normal form or as per (1), (2) or (3) above. d. Twenty (20) percent of the total actuarial equivalent value of the benefitpaid as a lump sum with the remaining eighty (80) percent paid under the normal form or as per (1), (2) or (3) above. e. Twenty-five (25) percent of the total actuarial equivalent value of the benefit paid as a lump sum with the remaining seventy-five (75) percent paid under the normal form or as per (1), (2) or (3) above. SECTION 6: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by adding Section 58-70.1, Military service prior to employment, to read as follows: Sec. 58-70.1. Military service prior to employment -3- The maximum credit under this section shall be four (4) years to this section shall count for all SECTION 7: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by adding Section 58-70.2, Prior police service, to read as follows: Sec. 58-70.2. Prior police service. me SECTION 8: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by adding Section 58-70.3, Deferred retirement option plan, to read as follows: Sec. 58-70.3. Deferred Retirement Option Plan La� Definitions. As used in this section 58-70.3, the following definitions apply' "DROP" -- The City of Sebastian Deferred Retirement Option Plan "DROP account" -- (b Participation. 111 Termination of participation a. A member's participation in the DROP shall cease at the earlier of I. the end of his permissible period of 2. termination of his employment as a police officer. -5- to LQ Effect ofDROP Participation on the system a. M isions of rn (c) Fundine. Establish member amounts amounts. LQ Transfers from retirement system a. no Q a Distribution ofDROP accounts on termination of employment Form of distribution 0 a -7- (6) Administration ofDROP H Limitation of liability. a. a (f General provisions. m H m Written elections notification a. b. 1) construction. a. The D: Florid: b. -10- 13 SECTION 9: That Chapter 58, Law Enforcement, Article III, Police Officers' Retirement System, of the Code of Ordinances of the City of Sebastian, is amended by adding Section 58-70.4, Reemployment After Retirement, to read as follows: Sec. 58-70.4. Reemployment After Retirement -11- SECTION 10: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Sebastian. SECTION 11: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 12: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, orphrases under application shall not be affected thereby. SECTION 13: That this Ordinance shall become effective immediately upon adoption by the City Council. The foregoing Ordinance was moved for adoption by Councilmember The motion was seconded by Councilmember and upon being put to a vote, the vote was as follows: Mayor Bob McPartlan Vice Mayor Andrea Coy Councilmember Jim Hill Councilmember Ed Dodd Councilmember Linda Kinchen PASSED ON FIRST READING, this day of 12017. PASSED AND ADOPTED ON SECOND READING, this day of , 2017. MAYOR ATTEST: CITY CLERK Approved as to form: CITY ATTORNEY ksh\dm\sebas\p o I\06-05- l 7. o rd _12_