HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 4E_3/18/1996 t PLAN OUTLINE FOR THE MUNICIPAL FIREFIGHTERS'
RETIREMENT PLAN AND TRUST FUND OF THE VILLAGE OF TEQUESTA, FLORIDA
Plan: The Village of Tequesta Municipal Firefighters'
Pension Trust Fund as amended through September
30, 1994.
Eligibility: All Firefighters, as of the effective date and
all future new Firefighters when hired, shall
become a participant.
Salary: With respect to a Firefighter, compensation
means, base compensation to include regular
• earnings, vacation pay, sick pay, longevity and
periodical inactive pay, plus all tax deferred
items; excludes lump sum payments.
Credited Service: Total number of years and fractional parts of
years of service in completed months measured
from date of employment.
•
Final Monthly Compensation: One-twelfth of the highest average earnings
during the five best successive years out of the
.last ten years of creditable service prior to
separation as an active member.
Accrued Benefit: Means a fraction of the normal retirement benefit
to which a participant would be entitled at their
Normal Retirement Date based on final monthly
compensation. The numerator of the fraction is
the years of participation at the time of
• severance and the denominator is the years of
participation in the Plan that would have accrued
at their Normal Retirement Date.
Normal Retirement Date: The first of the month coincident with or next
following the date of attainment of age 55 and 10
• years of service or earlier attainment of age 52
and 25 years of service.
Normal Retirement Benefit: The monthly retirement benefit shall be equal to
number of years of credited service multiplied by
3.0% and multiplied by final monthly
compensation.
Normal Form of Benefit: The normal form of benefit is a ten (10) year
certain and life annuity.
Termination of Service Benefit: If a member terminates before completing 10 years
of credited service all contributions are
retuned. After the completion of 10 years of
• credited service, any member who elects to leave
their contributions in the fund will receive
their accrued benefit at their normal retirement
•
date.
Disability (On-Duty): A member deemed to be totally and permanently
disabled from service connected injury or disease
will receive the greater of (a) or (b) :
(a) Monthly. pension equal to 42% of average
compensation based on final 5 years of
service, or
•
19
l • (b) An amount equal to years of credited
service multiplied by 3% of average monthly
salary based upon final 5 years of service.
Disability (Off-Duty): A member deemed to be totally and permanently
disabled from a Non-service cause shall be
entitled to the greater of (a) or (b) :
•
(a) Monthly pension equal to 25% of average
compensation based upon final 5 years of
service, or
(b) An amount equal to the number of years of
his credited service multiplied by 3% of
his average monthly salary based upon final
5 years of service.
•
Pre-Retirement Death Benefit: Firefighters' beneficiary shall receive:
•
(a) Line-Of-Duty Death: Benefit of 50% of
average compensation for life.
(b) Non-Line-of-Duty Death: Benefit to the
spouse of a member with 10 years of
credited service is the actuarial
equivalent of the accrued normal retirement
benefit.
Post-Retirement Death Benefit: Optional forms that are actuarial equivalent to
the normal form of benefit may be chosen with
Board and beneficiary approval.
Employee Contributions: All participants contribute 5% of their
compensation.
•
THIS IS INTENDED AS AN OUTLINE OF PLAN PROVISIONS AND DOES NOT ALTER THE INTENT OR
MEANING OF THE PROVISIONS CONTAINED IN THE PLAN DOCUMENT (ORDINANCE) . •
•
•
20