HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 3A1_12/7/1995 FLORIDA LEAGUE OF CITIES INC.
Memorandum
witto 7i oiorma fan m :' fnomojPA:L ArrORNEY.
PROCEDURES FOR OPT-OUT
1) The opt-out member must decide what type of alternative plan they desire;
1) Defined Contribution Plan, or 2) Defined Benefit Plan.
2) If the new alternative plan will be a defined benefit plan - must have actuarial
report prepared and certified by an enrolled actuary illustrating the cost to the
municipality or independent special district and to its future employees. Defined
contribution plans do not require actuarial certification. (The League can
provide a hypothetical employee census for prospective new employees that will
satisfy this requirement for each type plan.)
3) If the municipality or special district has a collective-bargaining unit, a copy
of the proposed alternative plan and actuarial report must be given to each
representative. (The approved alternative plan for Special Risk units (fire, police)
that opt out of FRS must meet or exceed the benefits outlined in CH. 175 or 185
FI. Stat.)
4) Notice of public hearing regarding revocation from FRS must be published
in general circulation newspaper 7 - 15 days before public hearing. The notice
must state the time and place of the meeting and the intent of the hearing. Proof
of publication must be submitted to the Division of Retirement.
• 5) A Public hearing must be held on the proposed revocation and proposed
alternative plan within 7 - 30 days prior to adoption of revocation.
6) Written notice of revocation must be provided to the Division of Retirement
by mailing a copy of the resolution to the division postmarked no later than
December 15, 1995 to be effective January 1, 1996.
The new plan document does not have to be adopted until there are real employees.
However, the proposed alternative plan must be written and presented at the hearing for
review.
201 West Park Avenue • P.O.Box 1757 • Tallahassee,Florida 92302-1757 .• (904)222-9684 • Suncom 278-5331
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Misfit further says•that the said T1we Post Is a newsoaoer published at West Palm Wadi. b ..Vs e�
in .awn noun rseaen r.uruy. raonoa.aria tnat me saws newspaper nos nem o•l4t dlore 1 's.'+ i
eoun nuouaty pubilaltt d In said Palm Beach County.Florida,daily and Sunday and has been r was.eel•pod ..Me
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any prawn.llrm Of tWii•Ohiiibti any Amount.mimic.eommiankm or refund for qre purpose
of wining this advertisement for publication In the Raid paper.
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Type of Identtflcatlon Produced .
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(N1, JD ENROLLED
111S Legislature CS/MO 1505, 1st Eagr.ssed 1115 Legislature CS/NS 1505, lot En/teased
1 1 ..
2 An act relating to the Florida- Retiroaeat 2 - +
3 System; aae.diag s. 121.021, P.O., redefining 3 _` r at rot r+aaat or at the ties of death of sum eamkme.
4 "dependent bsmofioiary" to clarify the 4 whichever occurs first; or
5 ' definities and provide restrictions cm receipt S (o) A person ace 2S or
4 of benefits; aaes4iag s. 121.011, F.S.; ! • . i• L
7 redefining who may be designated a member's 7 such Darr et e_ssass or other m.rsoe ohs is tiwcially
s joint asauitast; providing special provisieas a dependent ter ae loss than ...-half of his or her support from
1 for payees! of oortais survivor hematite to a 1 the deceased member at retirement or et time of the death of
10 joint annuitant; providing a procedure under 10 suck saab.r, eh/shover occurs first.
11 which cities and isdopo.deat special districts 11 Section 2. Off..tive Jswary 1, 119d, paragraphs (a)
12 may revoke their election to participate in the 12 and (d) of subsection (i) of Agostino 121.0111, Florida
13 system; adjustiag contribution rates for 13 Statutes, are &seeded, sad swkssvtiom (12) is added to said
•
14 employers of system mashers to feed the changes 14 section, is reads .
15 mode by this act; providing as effective date. 15 121.+91 Msstits payable %adobe the system.--No
16 16 benafits shall be paid wade, this notion unless the member
17 B.,It Enacted by the Legislature of the State of Floridas 17 has termiaated onploym.st as provided in s. 121.021(39) and a
1$ la proper application has been tiled is the meaner prescribed by
11 section 1. Subsection (25) of seotino 121.021, Florida 11 the division.
20 statutes, is amended to read: 20 (d) OPTIONAL POEMS OF RETIREMENT BENEFITS AND
21 121.021 Dofimitieas.--Tho follwi.g words mad phrases 21 DISABILITY RETIREMENT BENEFITS.--
22 as used is this chapter have the respective meanings set forth 22 (a) Prier to the receipt of his first 'smoothly
23 aimless a different meaning is plainly rewired by the context: 23 r.tirs.s.t payment, a member shall .feat to ron.iv. the
24 (2+1 aJoiet uwita.t" or adepsmde.t b.aeficiary" 24 retirement benefits to which he is ..titled under sehsostion _
2$ seams say person designated by the somber to receive a 25 (1), subsection (2), subsection (3), or subsection (4) is
26 r.tir.aomt benefit upon the member's death who is either: 26 accordance with one of the following option/it
27 (a) The spouse of the member; 27 1. The maximum ,.tiremeat benefit payable to the
is (b) The member's natural or adopted child who is under 2a member during his lifetime.
21 age jl is, or is physically sr mentally die.bl.d 'mg iac.pablo 21 2. A decreased retirement beaofit payable to the
3O of self-support, regardless of age: or anv ssrson other this 30 member during his lifetime and, is the event of his death
31 ,•.,. i • 1 31 within a period of 10 years otter his retirement, the same
1 2
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ENR0LLED ENROLLED
MPS Legislature CS/Na 1505, 1st Engrossed 1995 Legislature CS/NS 1S0S, 1st Engrossed
1 monthly aaeset payable for the balance of such 10-year period 1 annuitant in writing .t such change. Upon receipt of a
2 to his beneficiary sr, in ease the h.aefi.iary is deceased, in 2 completed change of joint annuitant form, the division shall
3 aocerdence with oubsecti.e (a) as though me bsaefioiary bad 3 adjust the member's monthly benefit by the .plioatieh of
4 M em named. 4 actuarial tables and calculations developed t. .asnre that the
5 3. A decreased retiree's•! b.uofit payable dun me the 5 benefit paid is the actuarial equivalent of the present vale.
A joist lifetime of both the member and his joint amanitas! and A of the member's ~teat benefit. the comment of • retired
7 whisk, after the death of either, shall orutiave !urine the 7 member's first designated Joint annuitant te any such sham,.
d lifetime of the survivor in the same anent. awb l.et tote 8 shall not be required.
♦ aravisias of aehseatige (12). • (12) SPECIAL PROVIISIONI FOR vYNONI or (3•RTAT6
le 4. A decreased retireeeat benefit payable during the le dURYIYOR 8EREFITI(.--Netwithataadies any ereviaion of thin
11 joist lifetime .f the member end his joint annuitant and 11 .
12 whisk, after the death of either, shall eentian', during the 12 . . .
13 lifetime of the survivor in an amount equal to « 2/3 poreent 13 + .. ,.
14 of the amsust mil which was payable during the joint lifetime 14 iD earasrash 121.021(2R)(b)_ who in elisi►le to receive
15 of the member mod his joist ammeitant. awb jest to the 15 •. • ..
1 eroviaiaas et swhseatiem (12). 1 ,
17 17 '
la The •prune of any member who sleets to e..sive the benefit le
16 provided under s.bparagraph 1. sr subparagraph 2. shall h. 11 ,
20 notified of and shall asha.wled$e any mob election. 2e „ - .
21 (d) A member who elects the eptioa in subparagraph 21 ,
22 (a)3. or 4. shall, es a term provided for that purpose. 22 A
23 designate g fella as•aitaat A!s-speese-or-elbow-dep.wdewt to 23 .
24 receive the benefits wish eamtiaw to be payable woes the 24
2$ death of the member. Ssoh-psr...-shell-be-the-jeiet-aaa.itemt 25 r.tirsmant b.n.fiLwader subsaatiea (4).
26 ef-the-aseheri After benefits have cemeemeed wader the optima 2A Section 3. ... s.ver.i.. body of any ici lily nr
27 la subparagraph (a)3. or 4., a retired member may change his 27 .
2$ demi/maties of a joint amseitaat *sly twice. If such a 20 in the Florida•letires.at Ivat.a any revoke its election in
29 retired member desirss.to change his demi/aation of • joint 21 accordance with the wygging aramadwr.i
30 amsnitaat, he shall file with the division a notarized "change 3e . .' . , . ,
31 of joint annuitant" form and shall notify the former joint 31 adoatin. ■ resolutie.to revoke the election. is order t2
3
COSINCi Words stricken or deletions/ words madaellued ere additions. COOING: Words stricken ore deletions) words undnclinnd ere additions.
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El ED ENROLLED
1110S Legislature CR/N• 1305, 1st Eaprsss.d 119S Legislature CM/Ma 1305, let Regressed
1 . , . , . 1 . ,
• 2 gust he held en the •renemed revocatios and eroeoied 2 asocial rah enslaves,' must urovid. bealtita which meet et
3 alternative mien. Mstic. of this Ysaria. aunt be given is 3 . . .
4 accordance with the er.eeduree soeoilind in suction 166.011. 4 ahaet.r 17S or chanter 18S. Florida Mtatutes. as ansresri•ta.
i Florida Mtatuten% 5
6 (2) At least 7 days. but sot mere than 15 dava. before 6 . . , . ."
7 the hearing. entice of Latest to revoke. specifying the ties 7 hanturs nd not load law alas• Yav ee vari nt h.n.tit.
• . •. • eerai„ib1e u.d. _ 173.351 .r_s. 185.SS. Florida ltalutea.
1 . • . 1 (t) Uaes a .t4aa the rrawirenaat act fineth is
16 aectieea 50.01l-30J31. Florida atatet.s. Proof of 10 -
11 .nhliaati.e .f the entice aunt be suhaitt.d to the Division of 11 •
12 kati[lmmais 12 the ?neaten and adamtiemLef tha a w rem elan mat In
13 (3) The governing body of a municipality et 13 •• • 1,. , • • • .• .
14 , . •
1S . . . . ,. , . 15 +
16 . . . • 16 , .
17 actwarv. en defied ie sectiea 112.d2S_ Florida atatutu. 17
16 , 1e Dggeab.rThe revocation abell tab. .tfeet�enuary
11 ,. .• • . . , 19 1. 1}f6.
20 . „ . . . 26 (6) Fellewiem the adoeties of a revocation resolution
21 (4) 1 cosy of the oroeemd alternative elan and report 21 • • +• •
22 i „ „ , • 22 .yniciDelity or aseeisl district who were Participant' is tke
23 . . • , 23 . •
24 under subsection (5). A aunicisality or independent ■aeclal 24 . . • •
25 dytrict that hen ■ collective-bargaiaiag agreement with a 25 gr officers of the aunicieality or ind.mead.nt special
26 26 district. and all rights. duties. and obligations of ths
27 gevscatioa for future members of may covered class within the 27 iysisinality or special district. the 'vats'. and tha
21 . 26 . . •
21 alternative elan. ma 'royided in cheot.r 417. Florida 2) officer who is hired or takes office on or after January 1%
30 30 1116. may not Participate in the Florida Retirement Svstmes
31 eanlevmes It mere than one bar.saiac unit grist'. such unit 31 and the revoking 'unicipality or independent special distriot
S 6
CODING? Words stricken ere deletions{ words underlined are additions. CODING: Words stricken are deletions) words NOALCIAINISI ere additions.
•
ENROLLED
I S Legislature C11/88 1505, 1st En rossad
1 ra/ se ebliesti.n te the amities with respect to such .sslov.0 1
2 and officer.. 2
3 Section 4. effective Ja..ary 1. 1f90. the contributiec 3
• refs. a..licable to osslev.ra .f ,...ahem of the Florida 4
s aidAmmel 'Wotan Mall be attested as fellows:
6 (1) l..slar CLs: tb. rats is daer.aasd 0.01 6
7 a. ante - 7
• ti 0
9 :mats.
10 13) insole! list: ddaiafatratiw traaort Claaai tha 10
I1 rats is d.cr.aa.d 0.11 sarcaat. 11
12 (4) !leafed Ifni. sad Coraty Offia.r.' C1ass - 12
13 Jostle.. W Jsdssa: the rats is docre.aed 0.il .eresst. 13
14 (S) Casty £!acted Offici.Lz tha rat. is d.croaasd 14
11 !_07 serest. 15
16 (L) L..i.Ltara. (ha Oawra.r. the Lisat.nant 16
•
17 vara.r. Ca►ia.t Oftic.ra_ !tat. 1tt.rsva. ud fublio 17
1. O.issd.rs: the rat. L d.cr.aa.d O.OL .orc.st. 10
1! 11
20 Se adlsstrsta t. c.strihalia rat.. .rwid.d is thin ssoti.a 20
21 arm is additi.a to uv .that chase. is tha contribution rat. 21
22 which is .saot.d 1st. lam to tak. .ffact as tha aaa. data. 22
23 Nation S. This act shell take offset open booming a 23
2. 1... • 24
25 25
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26 26
27 27
2s 20
2! 29
S0 30
31 31
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CODING: Wards stricken ere deletion.; words YDd.[linad are additions. COOING: Words stricken ere deletions; words wishiclintil are additions.