HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 3A3_12/7/1995 11
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SUMMARY OF PLAN PROVISIONS
General Employees isq-‘
Effective Date
3,
January 1, 1996.
Eligibility
Full-time general employees hired after December 31, 1995 are eligible for membership on
date of employment.
Compensation
Base pay excluding overtime and any other nonregular payments.
Average Final Compensation (AFC)
Average of Compensation over the five highest years within the last ten years of service.
Credited Service
Number of years and completed months of continuous full-time employment.
Normal Retirement
Eligibility - The earlier of age 62 with ten years of Credited Service, or 30 years of
Credited Service, regardless of age.
Benefit - 1.6%of AFC multiplied by Credited Service; maximum benefit is 100%of AFC.
Form of Benefit - Life Annuity, with other options available.
Early Retirement
Eligibility - Ten years of Credited Service.
Benefit - Accrued pension benefit reduced by 5%for each year early.
Delayed Retirement
Eligibility - Any time after the Normal Retirement Date.
Benefit - Calculated in the same manner as the Normal Retirement Benefit but based
on Credited Service and AFC as of the actual retirement date.
KRUsE, O'CONNOR AND LING, L' c
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1.
Death Benefits (Pre-retirement)
Upon the death of any vested member, whether or not still in active employment, a survivor
benefit is payable to the beneficiary starting when the member would have reached retirement
age. The benefit payable is equal to the vested pension benefit.
Service incurred Disability
• Eligibility - Continuous and permanent incapacity for rendering useful and efficient service.
Benefit - Greater of the accrued pension benefit or 42% of AFC.
Non-Service Incurred Disability
Eligibility - Continuous and permanel incapacity for rendering useful and efficient service.
Benefit - Greater of the accrued pension benefit or 25% of AFC.
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Termination Benefits
For a member who is vested when he terminates, his vested accrued benefit is payable at his
Normal Retirement Date. The vesting schedule is as follows:
Years of"" . • : " Vested .
Credited Service -
Under 10 0%
10 or more 100
Contributions
From Members - 5% of Compensation.
From the State - None.
From the City - The remaining amount necessary to fund the Plan property according
to the Plan's actuary.
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KRLIE. OICONNOR AND LNG. INC.
A
: '. Ai': ' .-._ ,
.it ACTUARIAL VALUATION RESULTS BASED ON ASSUMED ANNUAL Ni• . . STARTING SALARY OF$25,000 AND VARIOUS AGES AT HIRE
`� GENERAL EMPLOYEES •
Hiring Hiring Hiring Hiring Hiring Hiring
• Age 20 Age 25 Age 30 Age 35 Age 40 Age 45
•
A. Actuarial Present Value of Projected Benefits
Service Retirement Benefits $5,860 $8,927 $11,955 _ $17,143 $22,014 523.838
Vesting Benefits 1,777 786 0 0 0 0
Disability Benefits 1,323 2,095 3,883 - • 5,546 7,312 8,683
Preretirement Death Benefits 261 525 1,123 1,940 2,574 • 2.799
Refunds of Contributions 0 0 __Q _Q _-_.4
Total 9,221 12,333 16,961 24,629 31,900 35,320
t B. Actuarial Accrued Uability 0 0 0 0 0 0
F
0 C. Assets 0 0 0 0 . 0 0
A
so
D. Unfunded Actuarial Accrued Liability: B-C 0 0 0 - 0 0 0
so as
E. Normal Cost
✓ Service Retirement Benefits 774 1,053 1,194 1,471 1,783 2,060
51
si Vesting Benefits 235 93 0 0 0 0
Disability Benefits 174 248 388 475 593 751
r Preretirement Death Benefits 35 62 112 167 208 242
r' Refunds of Contributions 127 128 104 115 73 81_
Total 1,345 1,584 1,798 2,228 2,657 3,134
F. Employee Contribution 1,250 1,250 1,250 1,250 1,250 1,250 •
G. Net Employer Normal Cost: E - F 95 334 548 978 1,407 1,884
H. Interest on G to Quarterly Contribution
Dates - 5 16 27 47 68 91
. I. Required Employer Contribution* •
Amount: G+H 100 350 - 575 1,025 1.475 1,975
As %of Salary 0.4% 1.4% 2.3% 4.1% 5.9% 7.9% ;
* Administrative expenses must be added to these figures. r7,3,v1
1 'sue`-T. g- ACTUARIAL ASSUMPTIONS AND COST METHOD
t
A. Cost Method Entry Age Actuarial Cost Method.
B. Investment Earnings 8% per year, compounded annually.
C. Salary Increases 6% each year up to the assumed retirement age.
D. Retirement Age Normal retirement date, or immediately if such date
has already been attained.
E. Turnover Rates See Table below.
F. Mortality Rates 1983 Group Annuity Mortality Table.
G. Disability '
1. Rates See table below.
2. Percent Service Connected 75% for police, 50% for general employees.
H. Asset Value None on the valuation date.
•
I. Administrative Expenses Actual expenses incurred.
J. Increase in Covered Payroll NA •
K. Post Retirement Benefit Increase NA
Employment Disability
.- Age .:.. Termination Rates • Rates
Police General
20 6.0% 12.4% 0.14%
25 5.7 11.7 0.15
30 5.0 10.5 0.18
35 3.8 8.3 0.23 •
40 2.6 5.7 0.30
45 1.6 3.5 0.51 ,
• 50 0.8 1.5 1.00
55 — 0.6 1.50
• 60 — 0.5 0.00
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KRUSE. O'CoNNos A.cD LING. INC.
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Statement by Enrolled Actuary
This actuarial valuation and/or cost determination was prepared and completed by me or under
my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge,
the results are complete and accurate. In my opinion, the techniques and assumptions used are
reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based
on generally accepted actuarial principles and practices. There is no benefit or expense to be provided
by the plan and/or paid from the plan's assets for which liabilities or current costs have not been
established or otherwise taken into account in the valuation. All known events or trends which may
require a material increase in plan costs or required contribution rates have been taken into account
in the valuation.
Signature
Date
93-1560
Enrollment Number
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KRcss. O'CoN'oR AND LING. INC.
% ;rf
VILLAGE OF TEQUESTA
MUNICIPAL GENERAL EMPLOYEES ' PENSION TRUST FUND
PROPOSED. PROVISIONS
% v°
TABLE OF CONTENTS
PAGE
Section 1 DEFINITIONS
Section 1 . 01 - Statement of Definitions 1
Section 1 .02 - Gender 4
Section 2 MEMBERSHIP
Section 2 . 01 - Condition of Eligibility 4
Section 2 . 02 - Membership 4
Section 2 . 03 - Change in Designation of
Beneficiary 4
Section 3 BOARD OF TRUSTEES
Section 3 . 01 - Board of Trustees 5
Section 4 FINANCES AND FUND MANAGEMENT
Section 4 . 01 - Establishment and Operation
of Fund 8
Section 5 CONTRIBUTIONS
Section 5 . 01 - Member Contributions 14
Section 5 . 02 - Village Contributions 14
Section 5 . 04 - Other 15
Section 6 BENEFIT AMOUNTS AND ELIGIBILITY
Section 6 .01 - Normal Retirement Date 15
Section 6.02 - Normal Retirement Benefit 15
Section 6 .03 - Early Retirement Date 16
Section 6 . 04 - Early Retirement Benefit 16
Section 7 PRE-RETIREMENT DEATH 17
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PAGE
Section 8 DISABILITY
Section 8 .01 - Disability Benefits On-Duty 17
Section 8 .02 - Disability Benefits Off-Duty 18
Section 8 . 03 - Conditions Disqualifying
Disability Benefits 19
Section 8 . 04 - Physical Examination
Requirement 19
Section 8 . 05 - Disability Payments 21
Section 9 VESTING 21
Section 10 OPTIONAL FORMS OF BENEFITS 22
Section 11 BENEFICIARIES 26
Section 12 CLAIMS PROCEDURES BEFORE THE BOARD
DECISION 27
Section 13 ROSTER OF RETIREES 31
Section 14 BOARD ATTORNEY AND PROFESSIONAL 31
Section 15 MAXIMUM PENSION 32
Section 15 .01 - Basic Limitation 32
Section 15 .02 - Participation in Other
Defined Benefit Plans 33
Section 15 . 03 - Adjustments in Limitations 33
Section 15 . 04 - Less Than Ten Years of Service 34
Section 15 .05 - $10,000 Limit 34
Section 15 .06 - Accrued Benefit as of Effective
Date 35
Section 15.07 - Member in Defined Contribution
Plan 35
Section 15.08 - Reduction of Benefits 35
Section 15.09 - Cost-of-Living Adjustments 36
Section 15 . 10 - Additional Limitation on
Pension Benefits 36
Section 16 COMMENCEMENT OF BENEFITS 37
Section 17 DISTRIBUTION OF BENEFITS 38
PAGE
Section 18 MISCELLANEOUS PROVISIONS
Section 18.01 - Interest of Members in
Pension Plan 40
Section 18.02 - Liquidation of Pension
Fund Assets 40
Section 19 REPEAL OR TERMINATION OF• SYSTEM 43
Section 20 EXEMPTION FROM EXECUTION, •
NON-ASSIGNABILITY 49
Section 21 PENSION VALIDITY 49
Section 22 FORFEITURE OF PENSION 49
Section 23 MILITARY SERVICE PRIOR TO
EMPLOYMENT 51
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PROPOSED PROVISIONS
VILLAGE OF TEQUESTA
GENERAL EMPLOYEE'S PENSION TRUST FUND
Section 1 . Definitions
1. As used herein, unless otherwise defined or required by the
context, the following words and phrases shall have the meaning
indicated:
Accumulated Contributions means a Member' s own contributions
without interest .
Act means the Employee Retirement Income Act of 1974
(P.L.93-406) as amended by the Retirement Equity Act of 1984
(P.L. 98-397) and any regulations issued thereunder by the
Department of Labor and the Internal Revenue Service, as. that
Statute and these regulations shall be amended.
Actuarial Equivalent means a benefit or amount of equal
value, based upon the 1981 UP Mortality table, and an 8% rate of
interest.
Average Final Compensation shall mean one-twelth (1/12) of
the average salary of the five (5) best years of the last ten
(10) years of credited service prior to retirement, termination,
or death, or the career average as a full-time General Employee,
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whichever is greater. A year shall be twelve ( 12 ) consecutive
months .
Beneficiary means the person or persons entitled to receive
benefits hereunder at the death of a Member who has or have been
designated in writing by the Member and filed with the Board. If
no designation is in effect, or if no person so designated is
living, at the time of death of the Member, the beneficiary shall
be the estate of the Member.
Board means the Board of Trustees, which shall administer
and manage the System herein provided and service as Trustees of
the Fund.
Code means the Internal Revenue Code of 1986, as amended
from time to time.
Credited Service means the total number of years and fractional
parts of years of service as a General Employee and member
contributions to the Plan, omitting intervening years or
fractional parts of years when such General Employee may not be
employed by the Village of Tequesta. A General Employee may
• voluntarily leave his contribution, in the Fund for a period of
five (5) years after leaving the employ of the Village of
Tequesta pending the possibility of being rehired and remaining
employed for a period of not less than three (3) years, without
losing credit for the time of active participation as a General
Employee. If the General Employee does not remain employed for a
period of three (3) years upon re-employment within five (5)
years, then the accumulated contribution will be returned. The
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years or fractional parts of years that a General Employee serves
in the military service of the Armed Forces of the United States •
or United States Merchant Marine, voluntarily, upon being
granted leave by the Village of Tequesta and separation from •
employment as a General Employee with the Village of Tequesta,
shall be added to his years of credited service provided that:
A. The General Employee must return to his employment as a
General Employee with the Village of Tequesta within one ( 1) year
from the date of his military discharge.
B. The General Employee deposits into the Fund the same sum that
the Member would have contributed if he had remained a General
Employee, plus an amount of interest that substantially
approximates the amount earned by the Fund from the date of
return to employment to the date of deposit.
C. The maximum credit for military service shall be five (5)
years .
Effective Date means the date on which this Ordinance
becomes effective.
General Employee means an actively employed full-time person
employed by the Village of Tequesta, including his initial
probationary employment period, excluding certified Firefighters
and certified Police Officers.
Fund means the Trust Fund established herein as part of the
System.
Member means an actively employed General Employee who
fulfills the prescribed participation requirements .
Salary means base compensation to include regular earnings,
vacation pay, sick pay, plus all tax deferred items of income,
excluding lump sum payments.
Spouse means the lawful wife or husband of a Member at the
time of pre-retirement, death or retirement.
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System means the Village of Tequesta Municipal General
Pension Trust Fund as contained herein and all amendments
thereto.
Village means the Village of Tequesta, Florida.
2 . Masculine Gender. The masculine gender, where used
herein, unless the context specifically requires otherwise, shall
include both the feminine and masculine genders .
Section 2. MEMBERSHIP
1 . Condition of Eligibility
All General Employees as of the effective date, and all
future new General Employees, shall become Members of this System
as a condition of employment.
2 . Membership
Each General Employee shall complete a form prescribed
by the Board providing the following information:
A. Acceptance of the terms and conditions of the Retirement System, and,
B. Designation of a beneficiary or beneficiaries, and,
C. A certified statement as to prior medical and psychological history.
3. Change in Designation of Beneficiary
A member may from time to time change his designated
beneficiary by written notice to the Board upon forms provided by
the Board. Upon such change, the rights of all previously
designated beneficiaries to receive any benefits under the System
shall cease.
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A
Section 3, BOARD OF TRUSTEES
1 . The sole and exclusive administration of a
responsibility for the proper operation of the retirement system
and for making effective the provisions of this ordinance are
hereby vested in a Board of Trustees consisting of five • (5)
Trustees, two of whom, unless otherwise prohibited by law, shall
be legal residents of the municipality, who shall be appointed by
the Tequesta Village Council, and two of whom shall be fulltime
General Employee Members of the system, who shall be elected by a
majority of the General Employees who are Members of the system.
The fifth Trustee shall be chosen for a two (2) year term by a
majority of the previous four Trustees as provided for herein,
and such person' s name shall be submitted to the Tequesta Village
Council . Upon receipt of the fifth person' s name, the Tequesta
Village Council shall, as a ministerial duty, appoint such person
to the Board of Trustees as its fifth Trustee. The fifth Trustee
shall have the same rights as each of the other four Trustees
appointed or elected as herein provided and shall serve a two (2 )
year term unless the office is sooner vacated and. may succeed
himself in office. Each resident Trustee shall serve as Trustee
for a period of two (2) years unless sooner replaced by the
Tequesta Village Council at whose pleasure the. Trustee shall
serve, and may succeed himself as a Trustee. Each General
Employee Trustee shall serve as Trustee for a period of two (2)
years, unless he sooner leaves the employment of the Village as
a General Employee or otherwise vacates his office as Trustee,
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whereupon a successor shall be chosen in the same manner as the
departing Trustee. Each General Employee may succeed himself in
office. The Board of Trustees shall meet at least quarterly each
year. Each Board of Trustees shall be . a legal entity with, in
addition to other powers responsibilities contained herein, the
power to bring and defend lawsuits of every kind, nature, and
description.
2 . The Trustees shall, by a majority vote, elect a
chairman and a secretary. The secretary of the Board shall keep
a complete minute book of the actions, proceeding, or hearings of
the Board. The Trustees shall not receive any compensation as
such, but may receive expenses and per diem as provided by law.
3 . Each Trustee shall be entitled to one vote on the
Board. Three (3) affirmative votes shall be necessary for any
decision by the Trustees at any meeting of the Board. A Trustee
shall have the right to abstain from voting as the result of a
conflict of interest provided that Trustee states in writing the
nature of the conflict complies with the provisions of Section
112 .3143, Florida Statutes.
4. The Board of Trustees shall engage such actuarial,
accounting, legal, and other services as shall be required to
transact the business of the Retirement System and to • meet the
requirements of applicable law.. The compensation of all persons
engaged by the Board of Trustees and all other expenses of the
Board necessary for the operation of the Retirement System shall
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be paid from the Fund at such rates and in such amounts as the
Board of Trustees shall approve.
5 . The duties and responsibiltiies of the Board of
Trustees shall include, but not necessarily be limited to, the
following:
A. To construe the provisions of the System and determine all questions
arising thereunder.
B. To determine all questions relating to eligibility and participation.
C. To determine and certify the amount of all retirement allowances or other
benefits hereunder.
D. To establish uniform rules and procedures to be followed for administrative
purposes, benefit applications and all matters required to administer the System.
E. To distribute to Members, at regular intervals, information concerning the
System.
F. To receive and process all applications for participation and benefits.
G. To authorize all payments whatsoever from the Fund, and to notify the
disbursing agent, in writing, of approved health payments and other expenditures arising through
operation of the System and Fund.
H. To have performed actuarial studies in accordance with Florida Statute
112.63 providing a copy of the same to the Division of Retirement, with at least biennial
valuations, and make recommendations regarding any and all changes in the provisions of the
System.
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I. Ensure compliance with Article X, Section 14, of the Florida Constitution,
requiring that any increase in benefits be funded on an actuarially sound basis.
J. Ensure the completion of an actuarial impact statement prior to the adoption of a
change in the plan's retirement benefits, a copy of which must be provided to the Division of
Retirement.
K. To perform such other duties as are specified in this Ordinance.
Section 4. FINANCES AND FUND MANAGEMENT.
Establishment and Operation of Fund.
1 . As part of the System, there is hereby established the
Fund, into which shall be deposited all of the contributions and
assets whatsoever attributable to the System, including the
assets of the prior Municipal General Employees ' Trust Fund.
2 . The actual custody and supervision of the Fund (and
assets thereof) shall be vested in the Board of Trustees .
Payment of benefits and disbursements from the Fund shall be made
by the disbursing agent, but only upon written authorization from
the Board.
3. All funds and securities of the Municipal General
Employees ' Trust Fund may be deposited by the Board of Trustees
with the Treasurer of the municipality, acting in a ministerial
capacity only, who shall be liable in the same manner and to the
same extent as he is liable for the safekeeping of funds for the
municipality. However, any funds and securities so deposited
with the Treasurer of the municipality shall be kept in a
separate fund by the Treasurer or clearly identified as such
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funds and securities of the Municipal General Employees ' Trust
Fund. In lieu thereof, the Board of Trustees shall deposit the
funds and securities of the Municipal General Employees ' Trust
Fund in a qualified public depository as defined in Section
280 . 02, Florida Statutes, which depository with regard to such
funds and securities shall conform to and be bound by all of the
provisions of Chapter 280, Florida Statutes. In order to fulfill
its investment responsibilities as set forth herein, the Board
may retain the services of a custodian bank, an investment
advisor registered under Investment Advisors Act of 1940 or
otherwise exempt from such required registration, an insurance
company, or a combination of these, for the purposes of
investment decisions and management. Such investment manager
shall have discretion, subject to any guidelines as prescribed by
the Board, in the investment of all fund assets .
4 . All funds and securities of the System may be
commingled in the Fund, provided that accurate records are
maintained at all times reflecting the financial composition of
.the Fund, including accurate current accounts and entries as
regards the following:
A. Current amounts of Accumulated Contributions of Members on both an
individual and aggregate account basis, and
B. Receipts and disbursements, and
C. Benefit payments, and
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D. Current amounts clearly reflecting all monies, funds and assets whatsoever
attributable to contributions and deposits from the Village , and
E. All interests, dividends and gains (or losses)whatsoever, and
F. Such other entries as may be properly required so as to reflect a clear and
complete financial report of the Fund.
5 . An independent audit shall be performed annually by a
certified public accountant for the most recent fiscal year of
the Village showing a detailed listing of assets and a statement
of all income and disbursements during the year. Such income and
disbursements must be reconciled with the assets at the beginning
and end of the year. Such report shall reflect a complete
evaluation of assets on both a cost and market basis, as well as
other items normally included in a certified audit.
6 . The Board of Trustees shall have .the following
investment powers and authority:
A. The Board of Trustees shall be vested with full legal title to said Fund,
subject, however, and in any event to the authority and power of the Tequesta Village Council to
amend or terminate this Trust, provided that no amendment or Fund termination shall ever result
in the use of any assets of this Fund except for the payment of regular expenses and benefits under
this System. All contributions from time to time paid into the Fund, and the income thereof,
without distinction between principal and income, shall be held and administered by the Board or
its Agent in the Fund and the Board shall not be required to segregate or invest separately any
portion of the Fund.
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B. All monies paid into the Pension Fund shall be invested and reinvested by
the Board and the investment of all or any part of such funds shall be limited to:
(1) Annuity and life insurance contracts of life
• insurance companies in amounts sufficient to provide, in whole or
in part, the benefits to which all of the participants in the
Fund shall be entitled under the provisions of this Plan and pay
the initial and subsequent premium thereon.
(2) All terms, conditions, limitations and
restrictions imposed by law on the investments of general public
employee retirement systems .
( 3) Upon consultation with its advisers and staff
, the board may exceed the limitations on investments in common
stock and capital stock specified in Chapter 175 and Chapter
185,Florida Statutes . However, the board shall not authorize the
purchase of said stock, which, at the time of purchase, will
cause the total value of stock held by the fund to exceed fifty
(50) percent of the market value of the assets of the fund.
(4) In addition to the investments specified in
Chapter 175 and 185, Florida Statutes, the board may invest in
securities of ,or other interests in , any open-end or closed-end
management type investment company or investment trust registered
under the Investment Company Act of 1940, 15 U. S.C.ss 80A-1 et
seq. ; as amended from time to time,provided the portfolio of such
investment company or investment trust is limited to United
States Government obligations and provided such investment
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company or investment trust takes delivery of such collateral
either directly or through an authorized custodian
(5) Real estate.
(6) Foreign investments as -permitted by law.
C. The Board of Trustees may retain in cash and keep
unproductive of income such amount of the Fund as it may deem advisable, having regard for the
cash requirements of the System.
D. No person or entity shall be liable for the making, retention or sale of any
investment or reinvestment made as herein provided, nor for any loss or diminishment of the
Fund, except that due to his or its own negligence, willful misconduct or lack of good faith.
E. The Board may cause any investment in securities held by it to be
registered in or transferred into its name as Trustee or into the name of such nominee as it may
direct, or it may retain them unregistered and in form permitting transferability, but the books and
records shall at all times show that all investments are part of the Trust Fund.
F. The Board is empowered, but is not required, to vote upon any stocks,
bonds, or securities of any corporation, association, or trust and to give general or specific
proxies or powers of attorney with or without power of substitution; to participate in mergers,
reorganizations, recapitalization, consolidations and similar transactions with respect to such
securities; to deposit such stock or other securities in any voting trust or any protective or like
committee with the Trustees or with depositories designate thereby; to amortize or fail to
amortize any part of all of the premium or discount resulting from the acquisition or disposition of
assets; and generally to exercise any of the powers of an owner with respect to stocks, bonds, or
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other investments comprising the Fund which it may deem to be to the best interest of the Fund to
exercise.
G. The Board shall not be required to make any inventory or appraisal or
report to any court, nor to secure any order of court for the exercise of any power contained
herein.
H. Where any action which the Board is required to take or any duty or
function which it is required to perform either under the terms herein or under the general law
applicable to it as Trustee under this Ordinance, can reasonably be taken or performed only after
receipt by it from a Member, the Village, the Department or any other entity, of specific
information, certification, direction or instructions, the Board shall be free of liability in failing to
take such action or perform such duty or function until such information, certification, direction
or instruction has been received by it.
I. Any overpayments or underpayments from the Fund to a Member or
beneficiary caused by errors of computation shall be adjusted with interest at a rate per annum
approved by the Board. Overpayment shall be charged against payments next succeeding the
correction. Underpayments shall be made up from the Trust Fund.
J. The Board shall sustain no liability whatsoever for the sufficiency of the
Fund to meet the payments and benefits herein provided for.
K. In any application to or proceeding or action in the courts, only, the Board
shall be a necessary party, and no Member or other person having an interest in the Fund shall be
entitled to any notice or service of process. Any judgment entered in such a proceeding or action
shall be conclusive upon all persons.
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L. Any of the foregoing powers and functions reposed in the Board may be
performed or carried out by the Board through duly authorized Agents, provided that the Board
at all times maintains continuous supervision over the acts of any such Agent; provided further,
that legal title to said Fund shall always remain in the Board of Trustees.
M. The Board shall not invest more than ten percent(10%) at cost of its assets
in real property or real estate and there shall be no investment in a limited partnership or trust.
Section S. CONTRIBUTIONS
1. Member Contributions
A. Amount. Members of the Retirement System shall be required to make
regular contributions to•the Fund in the amount of five percent (5%) of his salary. Member
contributions withheld by the Village on behalf of the Member shall be deposited with the Board
of Trustees at least monthly. The contributions made by each Member to the Fund shall be
designed as employer contributions pursuant to 414(h) of the Internal Revenue Code of 1986.
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 Plan, such contributions
shall be considered to be Member contributions.
B. Method. Such contributions shall be made by payroll deduction. •
2 . Village Contributions
So long as this System is in effect, the Village shall .
make contributions at least quarterly to the Trust Fund in an
amount equal to the difference in each year, between the total
aggregate Member contributions for the year, plus state
contributions, if any, for such year, and the total cost for any
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year shall be defined as the total normal cost plus the
additional amount sufficient to amortize the unfunded past
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service liability over the appropriate periods, commencing with
the fiscal year in which the effective date of this system
occurs .
3 . Other
Private donations, gifts and contributions may be
deposited to the Fund.
Section 6. BENEFITS AMOUNTS AND ELIGIBILITY
1 . Normal Retirement Date
A Member ' s normal retirement date shall be the first
day of the month coincident with, or the next following the
earlier of:
a) attainment of age sixty-two ( 62 ) and the
completion of ( 10) years of credited service, or
b) attainment of the completion of thirty (30)
years of credited service,regardless of age. . •
A Member may retire on his normal retirement date or on the first
day of any month thereafter, and each Member shall become 100%
vested in his accrued benefit on the Member' s normal retirement
date. Normal retirement under the Plan is retirement from
employment with the Village of Tequesta as a general employee on
or after the normal retirement date.
2 . Normal Retirement Benefit
A Member retiring hereunder on or after his normal
retirement date shall receive a monthly benefit which shall
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commence on his Retirement Date and be continued thereafter
during Member' s lifetime, ceasing upon death, but with one
hundred twenty (120) monthly payments guaranteed in any event.
The monthly retirement benefit shall equal one and six tenths
percent ( 1 . 6%) of average final compensation, for each year of
credited service ( 1 . 6% x average final compensation x years of
credited service) .
3. Early Retirement Date
A Member may retire on his early retirement date which
shall be the first day of any month coincident with or next
following the completion of ten (10) years of credited service.
Early retirement under the Plan is retirement from employment
with the Village of Tequesta as ageneral employee on or after the
early retirement date and prior to the normal retirement date.
4. Early Retirement Benefit
A Member retiring hereunder on his early retirement
date may receive either a deferred or an immediate monthly
retirement benefit payable for life as follows :
A A deferred monthly retirement benefit which shall commence on what
would have been his normal retirement date had he remained&General Employee and shall be
continued on the first day of each month thereafter. The amount of each such deferred monthly
retirement benefit shall be determined in the same manner as for retirement as his normal
retirement date except that credited service and average final compensation shall be determined as
of his early retirement date; or
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B. An immediate monthly retirement benefit which shall commence on his
early retirement date and shall be continued on the first day of each month thereafter. The benefit
payable shall be as determined in paragraph A above, which is actuarially reduced from the
amount to which he would have been entitled had he retired on his normal retirement date and
with the same number of years on his normal retirement date with the same number of years of
credited service as at the time his benefits commence and based on his average final compensation
at that date. In no event shall the early retirement reduction exceed five percent (5%) for each
year by which the commencement of benefits precedes the Member's normal retirement date.
Section 7. PRE RETIREMENT DEATH
1. Death Before Retirement
If a General Employee dies prior to retirement from the
Village of Tequesta, his beneficiary shall receive the following
benefit:
Upon the death of any vested member , whether or not still in active employment ,
a survivor benefit is payable to the beneficiary starting when the member would have reached
retirement age. The benefit is equal to the vested pension benefit.
Section 8. DISABILITY
1 . Disability Benefits On-Duty
Each General Employee who is a participant in the
Pension Fund System and who shall have become totally and
permanently disabled while an active general employee of the
Village of Tequesta to the extent that he is unable, by reason
of a medically determinable physical or mental impairment, to
render useful and efficient service as a General Employee , which
17
disability was directly caused by the performance of his duty as
a General- Employee , shall, upon establishing the same to the
satisfaction of the Board, be entitled to:
A. If the injury or disease is service connected, the General Employee shall be
entitled to the greater of(a) or(b):
a. a monthly pension equal to . 42% of his
average compensation based upon his final 5 years of service, or
b. an amount equal to the number of years of his
credited service multiplied by 1 . 6% of his average monthly salary
based upon his final 5 years of service.
2 . Disability Benefits Off-Duty
Every General Employee who is a participant in the
Pension Fund System who shall have become totally and permanently
disabled to the extent .. that he is unable, by reason of a
medically determinable physical or mental impairment, to render
useful and efficient service as a General Employee , which
disability is not directly caused by the performance of his
duties as a General Employee shall be entitled to:
A. If the injury or disease is not service connected,the General Employee
shall be entitled to the greater of(a) or(b):
a. a monthly pension equal to 25% of his average
compensation based upon his final 5 years of service, or
b. an amount equal to the number of years of his
credited service multiplied by 1 . 6% of his average monthly salary
based upon his final 5 years of service.
18
3 . Conditions Discualifvina Disability Benefits
Each General Employee who is claiming disability
benefits shall establish, to the satisfaction of the Board, that
such disability was not occasioned primarily by:
A. Excessive or habitual use of any drugs, intoxicants or alcohol.
B. Injury or disease sustained while willfully and illegally participating in
fights, riots or civil insurrections.
C. Injury or disease sustained while committing a crime.
D. Injury or disease sustained while serving in any branch of the Armed
Forces.
E. Injury or disease sustained after his employment as a General Employee
with the Village of Tequesta shall have terminated.
F. Willful, wanton or gross negligence of the Member.
G. Injury or disease sustained by the General Employee while working for
anyone other than the Village of Tequesta and arising out of such employment.
4 . Physical Examination Requirement
A General Employee shall not become eligible for
disability benefits until and unless he undergoes a physical
examination by a qualified physician or physicians and/or
surgeons, who shall be selected by the Board for that purpose.
Any General Employee receiving disability benefits
under provisions of this Ordinance may be periodically
re-examined by a qualified physician or physicians and/or surgeon
or surgeons who shall be selected by the Board, to determine if
19
a a
such disabiliity has ceased to exist. If the Board finds that
the retiree is no longer permanently and totally disabled to the
extent that he is unable to render useful and efficient service
as a General Employee , the Board shall recommend to the Village
that the retiree be returned to performance of duty as a General
Employee , and the retiree so returned shall enjoy the same
rights that Member had at the time he was place upon pension. In
the event the retiree is so ordered to return shall refuse to
comply with the order within thirty (30 ) days from the issuance
thereof, Member shall forfeit the right to his pension.
The cost of the physical examination and/or
re-examination of the General Employee claiming and/or receiving
disability benefits shall be borne by the Board of this Pension
Fund System. All other reasonable costs as determined by the
Board incident to the physical examination, such as, but not
limited to, transportation, meals and hotel accommodations, shall
be borne by the Board.
If the General Employee recovers from disability and
reenters the service of the Village as a General Employee , his
service will be deemed to have been continuous, but the period
beginning with the first month for which he received a disability
retirement income payment and ending with the date he reentered
the service of the Department will not be considered as credited
service for the purposes of the Plan.
The Board shall have the power and authority to make
the final decision regarding all disability claims.
20
5 . Disability Payments •
The monthly benefit to which a Member is entitled in
the event of the Member' s disability retirement shall be payable
on the first day of the first month after the Board of Trustees
determines such entitlement. However, the monthly retirement
income shall be payable as of the date the Board determined such
entitlement, and any portion due for a partial month shall be
paid together with the first payment. The last payment will be:
A. If the General Employee recovers from the disability prior to his normal
retirement date, the payment due next preceding the date of such recovery, or
B. If the General Employee dies without recovering from disability or attains
his normal retirement date while still disabled, the payment due next preceding his death or the
120th monthly payment, whichever is later.
Section 9. VESTING
If a Member terminates his employment with the Village
of Tequesta, . either voluntarily or by discharge, and is not
eligible for any other benefits under this System, Member shall
be entitled to the following:
1. If the Member has less than ten (10), years
credited service upon termination, the Member shall be entitled
to a refund of his accumulated contribution or Member may leave
it deposited with the Fund.
• 2 . If the Member has ten (10) or more years of
credited service upon termination, the Member shall be entitled
to a monthly retirement benefit that is the actuarial equivalent
21
of the amount of such retirement income otherwise payable to him
commencing at Member ' s otherwise normal or early retirement date,
provided he does not elect to withdraw his accumulated
contributions and provided Member survives to his normal or early
retirement date.
3 . Any General Employee of the System whose position
is terminated, for whatever reason, but who is employed by the
Village in some capacity, shall have all retirement benefits
accrued up to the date of such termination under this System
preserved, provided he does not elect to withdraw his accumulated
contributions from this System. Such Accrued retirement benefits
shall be payable at his otherwise normal retirement date
hereunder, or later, in accordance with the provisions of this
System.
Section 10. OPTIONAL FORMS OF BENEFITS.
1 . In lieu of the amount and form of retirement income
payable in the event of normal or early retirement as specified
herein, a General Employee , upon written request to the Board of
Trustees and submission of evidence of good health (except that
such evidence will not be required if such request is made at
least three (3) years prior to the date of commencement of
retirement income or if such request is made within six (6)
months following the effective date of the Plan, if later) , and
subject to the approval of the Board of Trustees, may elect to
, 22
receive a retirement income or benefit of equivalent actuarial
value payable in accordance with one of the following options :
A. A retirement income of a larger monthly amount,
payable to the General Employee for his lifetime
only.
B. A retirement income of a modified monthly amount,
payable to the General Employee during the joint
lifetime of the General Employee and a dependent
joint pensioner designated by the General Employee
, and following the death of either of them, 100%,
75%, ' 66-2/3%, or 50% of such monthly amounts
payable to the survivor for the lifetime of the
survivor.
C. Such other amount and form of retirement payments
or benefits as, in the opinion of the Board of
Trustees, will best meet the circumstances of the
retiring General Employee .
2 . The General Employee , upon electing any option of
this section, will designate the joint pensioner or beneficiary
(or beneficiaries) to receive the benefit, if any, payable under
the Plan in the event of Member' s death, and will have the power
to change such designation from time to time, but any such
change shall be deemed a new election and will be subject to
approval by the Board of Trustees. Such designation will name a
joint pensioner or one or more primary beneficiaries where
applicable. If a General Employee has elected an option with a
joint pensioner or beneficiary and Member' s retirement income
23
benefits have commenced, Member may thereafter change his
designated joint pensioner or beneficiary, but only if the Board
of Trustees consents to change and if the joint pensioner last
previously designated by Member is alive when he files with the
Board of Trustees the request for such change.
3 . The consent of a General Employee ' s joint pensioner or
beneficiary to any. such change shall not be required.
4. The Board of Trustees may request such evidence of the
good health of the joint pensioner that is being removed as it
may require and the amount of the retirement income payable to
the General Employee upon designation of a new joint pensioner
shall be actuarially redetermined taking into account the age and
sex of the former joint pensioner, the new joint pensioner, and
the General Employee . Each such designation will be made in
writing on a form prepared by the Board of Trustees and on
completion will be filed with the Board of Trustees . In the
event that no designated beneficiary survives the General
Employee , such benefits as are payable in the event of the death
of the General Employee subsequent to his retirement shall be
paid as provided in Section 11.
5 . Retirement income payments shall be made under the
option elected in accordance with the provisions of this section
and shall be subject to the following limitations:
A. If a General Employee dies prior to his normal
retirement date or early retirement date,
whichever first occurs, no retirement benefit will
24
be payable under the option to any person, but the
benefits, if any, will be determined under Section
7 .
B. If the designated beneficiary (or beneficiaries)
or joint pensioner dies before the General
Employee ' s retirement under the Plan, the option
elected will be canceled automatically and a
retirement income of the normal form and amount
will be payable to the General Employee upon his
retirement as if the election had not been made,
unless a new election is made in accordance with
the provisions of this section or a new
beneficiary is designated by the General Employee
prior to his retirement and within ninety (90)
days after the death of the beneficiary.
C. If both the retired General Employee and the
beneficiary (or beneficiaries) designated by
Member die before the full payment has been
effected under any option providing for payments
for a period certain and life thereafter, made
pursuant to the provisions of subsection 1, the
Board of Trustees may in its discretion, direct
that the computed value of the remaining payments
be paid in a lump sum and in accordance with
Section 11.
D. If a General Employee continues beyond his normal
retirement date pursuant to the provisions of
25
Section 6, subsection 1, and dies prior to his
actual retirement and while an option made
pursuant to the provisions of this section is in
effect, monthly retirement income payments will be
made, or a retirement benefit will be paid, under
the option to a beneficiary (or beneficiaries)
designated by the General Employee in the amount
or amounts computed as if the General Employee
had retired under the option on the date on
which his death occurred.
6 . A General Employee may not change his retirement
option after the date of cashing or depositing his first
retirement check.
Section 11 . BENEFICIARIES.
1 . Each General Employee may, on a form provided for that
purpose, signed and filed with the Board of Trustees, designate a
beneficiary (or beneficiaries) to receive the benefit, if any,
which may be payable in the event of his death; and each
designation may be revoked by such General Employee by signing
and filing with the Board of Trustees a new
designation-of-beneficiary form.
2 . If a deceased General Employee fails to name a
beneficiary in the manner prescribed in subsection 1, or if the
beneficiary (or beneficiaries) named by a deceased General
Employee predeceases the General Employee the death benefit, if
any, which may be payable under the Plan with respect to such
26
deceased General Employee may be paid, in the discretion of the
Board of Trustees, either to:
A. The wife or dependent children of the General
Employee ;
B. The dependent living parents of the General
Employee ; or
C. Estate of the General Employee .
Section 12. CLAIMS PROCEDURES BEFORE THE BOARD DECISION.
1 . . If any Member of the system has been:
A. Placed on pension under the terms and provisions
of this ordinance for disability, or
B. Placed on pension because the Member has served
the required number of years to entitle him to a
pension, or
C. Refused benefits under this Plan, and
is dissatisfied with the amount of pension the Member is
receiving, or believes that he should be entitled to benefits
under the Plan, the Member may, in writing, request the Board to
review his case. The Board shall review the case and enter such
order thereon as it deems right and proper within sixty (60) days
from receipt of such written request and the receipt by the Board
of a written medical release authorization and a list of names
and addresses of all treating health care providers for such
review of disability claims; provided, that the Board may extend
the time for entering such order by an additional forty-five (45)
27
days if it determines such time is necessary for discovery in
full and adequate review.
2 . In the event that the order from the Board denies the
claim for a change in such benefits or denies the claim for
benefits, the order of the Board shall be put in writing. Such
written order shall include:
A. The specific reasons for the denial, including
specific references to pertinent provisions of the
retirement system on which such denial is based;
B. A description of any additional material or
information that the Board feels is necessary for
the Member to perfect his claim, together with an
explanation of why such material or information is
necessary; and
C. An explanation of the review procedure next open
to the Member.
Such review procedure shall provide that:
( 1) Prior to such review, the Member or his duly
authorized representative may review any
pertinent documents including Plan
provisions, minutes of the meeting of the
Board in which denial of the claim was
originally recommended, and any other
documents material to the case;
(2) After such review, the Member and/or his duly
authorized representative shall submit their
case in writing to the Board and request a
28
hearing. Such submission shall be filed with
the Board no later than ninety (90) days
after the receipt of the order of the Board.
Upon receipt of the written submission by the
Member, the Board shall schedule an
opportunity for a full and fair hearing of
the issue within the next ninety (90) days,
and such scheduled hearing shall be
communicated in writing to the Member. The
Member and/or his duly authorized
representative may then appear at such
scheduled hearing to present their case. The
Board shall consider the facts presented at.
the scheduled hearing and shall, within
thirty (30) days after such hearing, make a
final ruling in writing on the request of the
Member. The written decision shall include
the reasons for such decision and, such
decision shall be final .
(a) The Chairman shall preside over the
hearing and shall rule on all
evidentiary and other legal questions
that arise during the hearing.
(b) Either party, the claimant or the Board,
may file pleadings within the time
limits set herein. Procedural motions
are to be determined by the Chairman of
29
the Board at any time. All parties are
to furnish copies of all pleadings to
the opposing parties and exchange lists
with names and addresses of witnesses
expected to be called to testify at the
hearing, as well as the list of exhibits
that are intended to be introduced, at
least forty-five (45) days prior to the
hearing. Testimony of witnesses shall
be under oath or affirmation.
Depositions or affidavits shall not be
admissible unless upon stipulation by
all parties . The Chairman, any Member
of the Board, the attorney for the
Board, the claimant and the claimant ' s
attorney, upon recognition by the
Chairman, may direct questions to any
witness during the proceedings . Each
party shall have the right to present
•
evidence relevant to the issues, to
cross-examine witnesses, to impeach
witnesses and to respond to the evidence
presented against the party. Each party
shall have the right to present any
opening and closing arguments . Any
party may secure the services of a court
reporter to record the proceedings with
30
the cost to be borne by the party
requesting the court reporter or
requesting the transcription of the
proceedings .
(c) In all cases, unless otherwise provided
in this section, the burden of proof
shall be on the claimant who seeks to
draw his entitlement to a pension,
disability pension, or increased pension
benefits .
3 . In all proceedings under subsections 1 or 2 hereof, the
Board shall have the power to subpoena and require the attendance
of witnesses and the production of documents for discovery prior
to and at the proceedings provided for in each paragraph. A
reasonable fee may be charged for the issuance of any subpoenas
not to exceed the fees set forth in Florida Statutes .
Section 13 . ROSTER OF RETIREES.
The Secretary of the Board shall keep a record of all
persons enjoying a pension under the provisions of this Ordinance
in which it shall be noted the time when the pension is allowed
and when the same shall cease to be paid. Additionally, the
Secretary shall keep a record of all General Employees employed
by the Municipality in such a manner as to show the name,
address, date of employment and date such employment is
terminated.
Section 14. BOARD ATTORNEY AND PROFESSIONALS. •
31
The Board may employ independent legal counsel at the
Pension Fund' s expense for the purposes contained herein,
together with such other professional, technical, or other
advisors as the Board deems necessary.
Section. 15. MAXIMUM PENSION.
1 . Basic Limitation.
Subject to the adjustments hereinafter set forth, the
maximum amount of annual retirement income payable with respect
to a Member under this Plan shall not exceed the lesser of:
A. $90, 000 (or such lesser dollar amount as may be
allowable for any calendar year pursuant to
e415(b) of the Internal Revenue Code, as adjusted
in such calendar year for increases in the cost of
living in accordance with regulations issued by
the Secretary of the Treasury under e415(d) of the
Code) , or
B. 100% of the Member ' s average aggregate
Compensation for the three ( 3) consecutive
calendar years during which the General Employee
was an active Member and had his highest aggregate
compensation. "Compensation" shall mean the
General Employee' s total annual remuneration paid
or accrued for personal services rendered to the
Village of Tequesta during the Plan Year as
reported on the General Employee' s W-2 .
32
For purposes of applying the above limitation, benefits
payable in any form other than a straight life annuity with no
ancillary benefits shall be adjusted, as provided by Treasury
Regulations, so that such benefits are the Actuarial Equivalent
of a straight life annuity. For purposes of this Section, the
following benefits shall not be taken into account:
( 1) Any ancillary benefit which is not directly
related to retirement income benefits;
(2 ) Any other benefit not required under
e415(b) (.2) of the Internal Revenue Code and
Regulations thereunder to be taken into
account for purposes of the limitation of
e415(b) (1) of the Internal Revenue Code.
2 . Participation in Other Defined Benefit Plans . The
limitation of this Section with respect to any Member who at any
time has been a Member in any other defined benefit Plan (as
defined in e414( j ) of the Internal Revenue Code) maintained by
the Department shall apply as if the total benefits payable under
all defined benefit plans in which the Member has been a Member
were payable from one Plan.
3 . Adiustments in Limitations . In the event the Member' s
retirement benefits become payable before age 62, the $90, 000
limitation prescribed by this Section shall be reduced in
accordance with Regulations issued by the Secretary of the
Treasury pursuant to the provisions of 415(b) of the Internal
Revenue Code, but not less than $75, 000 .
33 V
In the event the Member ' s retirement benefit becomes payable
before age fifty-five (55) , the $75,000 limitation shall be
reduced from age fifty-five (55) in accordance with Regulations
issued by the Secretary, of the Treasury pursuant to the provision
of 415(b) of the Internal Revenue Code.
If the Members retirement benefit becomes payable after age
sixty-five ( 65 ) , for purpose of determining whether this benefit
meets the limitation set forth in subsection 1 herein, such
benefit shall be adjusted so that it is actuarially equivalent
to the benefit beginning at age 65 . This adjustment shall be
made using an assumed interest rate of five percent (5%) and
shall be made in accordance with regulations promulgated by the
Secretary of the Treasury or his delegate.
4 . Less than Ten Years of Service. The maximum retirement
benefits payable under this Section to any Member who has
completed less than ten (10) years
of accredited service with the Village shall be the amount
determined under subsection 1 of this Section multiplied by a
fraction, the numerator of which is the number of the Member' s
years of credited service and the denominator of which is ten
( 10) .
5 . $10, 000 Limit. Notwithstanding the foregoing, the
retirement benefit payable with respect to a Member shall be
deemed not to exceed the limitations set forth in this Section if
the Benefits payable, with respect to such member under this Plan
and under all other qualified defined benefit pension plans to
34
which the Village of Tequesta contributes, do not exceed $10, 000
for the applicable Plan Year and for any prior Plan Year and the
Village of Tequesta has not at any time maintained a qualified
defined contribution plan in which the Member participated.
6 . Accrued Benefit as of Effective Date. Notwithstanding
the above limitations, if any Member as of the effective date
hereof, has an accrued benefit as of that date that exceeds the
above limitations, then- such limitations shall equal such accrued
benefit. However, no cost of living adjustments as provided in
subsection 9 below shall be applicable to the amount of
retirement benefit so determined.
7 . Member in Defined Contribution Plan. In any case where
a Member under this Plan is also a Member in. a "Defined
Contribution Plan" as defined in e414(i) of the Internal Revenue
Code, maintained by the Village of Tequesta, the sum of the
"Defined Benefit Plan Fraction" and the "Defined Contribution
Plan Fraction" (both as defined in e415(e) of the Internal
Revenue Code) shall not, subject to the restrictions and
exceptions contained in e2004 of the Act, exceed 1 . 0 .
8 . Reduction of Benefits . Reduction of benefits and/or
contributions to all plans, where required, shall be accomplished
by first reducing the Member' s benefit under any defined benefit
plans in which Member participated, such reduction to be made
first with respect to the plan in which Member most recently
accrued benefits and thereafter in such priority as shall be
determined by the Trustees and the Plan Administrator of such
35
other plans, and next, by reducing or allocating excess
forfeitures for defined contribution plans in which the Member
participated, such reduction to be made first with respect to the
plan in which Member most recently accrued benefits and
thereafter in such priority as shall be established by the
Trustees and the Plan Administrator for . such other provided,
however, that necessary reductions may be made in a different
manner and priority pursuant to the agreement of the Trustees and
the Plan Administrator of all other plans covering such Member.
9 . Cost-of-Living Adiustments . The limitations as stated
in subsections 1, 2, 3, and 7 herein shall be adjusted to the
time payment of a benefit begins in accordance with any
cost-of-living adjustments prescribed by the Secretary of the
Treasury pursuant to e415(d) of the Internal Revenue Code.
10 . Additional Limitation on Pension Benefits .
Notwithstanding anything herein to the contrary:
A. The normal retirement benefit or pension payable
to a retiree who becomes a member of the Plan and
who has not previously participated in such Plan,.
on or after January 1, 1980, shall not exceed 100
percent of his average final compensation.
However, nothing contained in this section shall
apply to supplemental retirement benefits or to
pension increases attributable to cost-of-living
increases or adjustments .
36
B. No member of the Plan who is not now a member of
such Plan shall be allowed to receive a retirement
benefit or pension which is in part or in whole
based upon any service with respect to which the
member is already receiving, or will receive in
the future, a retirement benefit or pension from
another retirement system or plan. This
restriction does not apply to social security
benefits or federal benefits under Chapter 67,
Title 10, U. S. Code.
Section 16. COMMENCEMENT OF BENEFITS.
1 . Unless the Member otherwise elects, with such election
being in writing and to the Trustees and specifying the form of
retirement income and date on which the retirement income is to
commence, the payment benefits under the Plan to the Member shall
commence not later than the 60th day after the close of the Plan
Year in which the latest of the following events occur:
A. The attainment by the Member of age 65;
B. The 10th anniversary of the date on which the
Member commenced participation in the Plan; or
C. The termination of the Member' s service with the
Village of Tequesta as a General Employee.
2 . If the payment of a Member' s retirement income cannot
begin on the date required under subsection 1 of this Section
because the Trustees either cannot ascertain the amount of the
Member' s retirement income or cannot locate the Member after
37
making reasonable efforts to do so, the payment of the Member' s
benefit shall begin not later than sixty (60) days after the date
on which the amount can be ascertained or the Member is located,
whichever is applicable. Any such payment shall be made
retroactive to a date which is not earlier than the date on which
the payment of the Member' s benefit was scheduled to begin but
which is not later than the date specified under subsection 1 of
this Section.
Section 17. DISTRIBUTION OF BENEFITS.
Notwithstanding any other provision of this Plan to the
contrary, a form of retirement income payable from this Plan
after the effective date of this ordinance, shall satisfy the
following conditions :
1 . If the retirement income is payable before the Member' s
death,
A. It shall either be distributed or commence to the
Member not later than April 1 of the calendar year
following the later of the calendar year in which
the Member attains age 70-1/2, or the calendar
year in which Member retires,
B. The distribution shall commence not later than the
calendar year defined above; and a) , shall be paid
over the life of the Member or over the lifetimes
of the Member and spouse, issue or dependent, or
b) , shall be paid over the period extending not
beyond the life
38
expectancy of the Member and spouse, issue or
dependent.
Where a form of retirement income payment has commenced
in accordance with the preceding paragraphs and the Member dies
before his entire interest in the Plan has been distributed, the
remaining portion of such interest in the Plan shall be
distributed no less rapidly than under the form of distribution
in effect at the time of the Member' s death.
2 . If the Member' s death occurs before the distribution of
his interest in the Plan has commenced, Member' s entire interest
in the Plan shall be distributed within five (5) years of
Member ' s death, unless it is to be distributed in accordance with
the following rules .
A. The Member' s remaining• interest in the Plan is
payable to his spouse, issue or dependent;
B. The remaining interest is to be distributed over
the life of the spouse, issue or dependent or over
a period not extending beyond the life expectancy
of the spouse, issue or dependent; and
C. Such distribution begins within one year of the
Member ' s death unless the Member' s spouse, issue
or dependent shall receive the remaining interest
in which case the distribution need not begin
before the date on which the Member would have
attained age 70-1/2 and if the spouse, issue or
dependent dies before the distribution to the
spouse, issue or dependent begins, this
39
Section shall be applied as if the
spouse, issued or dependent were the Plan Member.
Section 18. MISCELLANEOUS PROVISIONS.
1 . Interest of Members in Pension Fund. At no time prior
to the satisfaction of all liabilities under the Plan with
respect to Members and their spouses or beneficiaries, shall any
part of the corpus or income of the Pension Fund be used for or
diverted to any purpose other than for their elusive benefit.
2 . Liquidation of Pension Fund Assets .
A. In the event that contributions of the
Village are permanently discontinued or
in the event that it becomes necessary
for the Village to discontinue to the
Plan, the Board of Trustees shall
determine a proposed date of termination
and liquidate the Pension Fund, in
accordance with the applicable
requirements of the Act governing
termination. The rights of affected
Plan Members, joint annuitants,
beneficiaries and surviving spouses to
benefits accrued to the date of any such
termination or discontinuance to the
extent then funded, shall become fully
vested and nonforfeitable and upon
occurrence of such event, the Village ' s
40
aliquot share of the assets then
remaining in the Pension Fund shall be
allocated among the Members and their
beneficiaries and administered and
distributed at such time or times as is
determined by the Board of Trustees .
B. Any reserves which shall be released as
a result of the application of the
provisions of Section 20, subsection 3E,
shall be added to the portion of the
Pension Fund which is distributed as
provided above to Members whose benefits
are not restricted, provided that in the
event that all of the benefits accrued
to such Members are fully provided for,
such released reserves (or any remaining
portion thereof) shall be allocated to
provide to the extent possible up to one
hundred percent (100%) of the benefits
otherwise canceled pursuant to Section
20, subsection 3E, allocating such
remaining funds in proportion to the
value of the benefits so canceled.
C. The Board of Trustees may in its
discretion give effect to the provisions
of the foregoing paragraphs A and B by
the purchase of annuities, by continuing
41
the Trust Fund in existence and making
provisions thereunder for pension
benefits, or by immediate distribution
from the Trust Fund. If the assets of
the Pension Fund applicable to any asset
distribution priority category are
insufficient to provide full benefits
for all persons in such group, the
benefits otherwise payable to such
persons shall be reduced proportionately
except as may otherwise be specified by
regulations . If there is any balance
remaining in the Pension Fund after all
obligations to Plan Members, joint
annuitants, beneficiaries and surviving
spouses are met, such balance will
revert to the Village. The actuary
shall calculate the allocation of the
assets of the Pension Fund in accordance
with the asset distribution priority
category, and certify his calculations
to the Fiduciaries . No liquidation of
assets and payment of benefits (or
provisions therefore) shall actually be
made by the Board of Trustees until
after it is advised by the Village, in
writing, that applicable requirements,
42
if any, of the Act governing termination
of "General Employee Pension Benefit
Plans" have been, or are being complied
with or that appropriate authorizations,
waivers, exceptions or variances have
been, or are being, obtained.
3 . No amendment or ordinance shall be adopted by the
Village Council of the' Village of Tequesta which shall have the
effect of reducing the then vested accrued benefits of Members or
Members ' beneficiaries .
Section 19. REPEAL OR TERMINATION OF SYSTEM.
1 . This Ordinance establishing the System and Fund, and
subsequent Ordinances pertaining to said System and Fund, may be
modified, terminated, or amended, in whole or in part; provided
that if this or any subsequent Ordinance shall be amended or
repealed in its application to any person benefiting hereunder,
the amount of benefits which are the time of any such alteration,
amendment, or repeal shall have accrued to the Member or
beneficiary shall not be affected thereby, except to the extent
that the assets of the Fund may be determined to be inadequate.
2 . If this Ordinance shall be repealed, or if
contributions to the System are discontinued, the Board shall
continue to administer the System in accordance with the
provisions of this Ordinance, for the sole benefit of the then
Members, any beneficiaries then receiving retirement allowances,
and any future persons entitled to receive benefits under one of
43
the options provided for in this Ordinance who are designated by
any of said Members . In the event of repeal, or if contributions
to the System are discontinued, there shall be full vesting
( 100%) of benefits accrued to date of repeal and the assets of
the System shall be allocated in an equitable manner to provide
benefits on a proportionate basis to the persons so entitled in
accordance with the provisions thereof .
3 . The following shall be the order of priority for
purposes of allocating the assets of the System as of the date of
repeal of this Ordinance, or if contributions to the System are
discontinued with the date of such discontinuation being •
determined by the Board.
A. Apportionment shall first be made in
respect of each retired General Employee
receiving a retirement or disability
benefit hereunder on such date, each
person receiving a benefit on such date
on account of a retired or disabled (but
since deceased) General Employee, and
each General Employee who has, by such
date, become eligible for normal
retirement but has not yet retired, an
amount which is the actuarial equivalent
of such benefit, based upon the
actuarial . assumptions in use for
•
purposes of the most recent actuarial
valuation, provided that, if such asset
44
• amounts apportioned hereunder, such
latter amounts shall be proportionately
reduced so that the aggregate of such
reduced amounts will be equal to such
remaining asset value.
C. If there be any asset value after the
apportionment under paragraph A and B,
apportionment shall be made in respect
of each General Employee in the service
of the Village of Tequesta on such date
who is not entitled to an apportionment
under paragraphs A and B in the amount.
equal to Member' s Accumulated
Contributions, provided that, if such
remaining asset value be less than the
aggregate of the amounts apportioned
hereunder such latter amount shall be
proportionately reduced so that the
aggregate of such reduced amounts will
be equal to such remaining asset value.
D. If there be any asset value remaining
after the apportionments under
paragraphs A, B, and C, apportionment
shall lastly be made in respect of each
General Employee included in paragraph C
above to the extent of the actuarial
equivalent, as described in paragraph A
46
f .
above, of the accrued normal retirement
benefit, less the amount apportioned in
paragraph. C, based on the credited
service and average monthly earnings as
of such date, provided that, if such
remaining asset value be less than the
aggregate of the amounts apportioned
hereunder, such amounts shall be reduced
so that the aggregate of such amounts
will be equal to such remaining asset
value.
E. In the event that there be asset value
remaining after the full apportionments
specified in paragraphs A, B, C, and D,
such excess shall be returned to the
• Village, less return of the State' s
contributions to the State , if any,
provided that, if the excess is less
than the total contributions made by the
Village and the State to the date of
termination such excess shall be divided
proportionately . to the total
contributions made by the Village and
the State.
The allocation of the Fund provided for in this subsection
may, as decided by the Board be carried out through the purchase
of insurance company contracts to provide the benefits determined
47
in accordance with this subsection. The Fund may be distributed
in one sum to the persons entitled to said benefits or the
distribution may be carried out in such other equitable manner as
the Board may direct. The Trust may be continued in existence
for purposes of subsequent distributions .
If, any time during the first ten ( 10) years after the
effective date of this Ordinance, the System shall be terminated
or the full current costs of the System shall not have been met,
anything in the System to the contrary notwithstanding, Village
contributions which may be used for the benefit of any one of the
twenty-five(25) highest paid General Employee or Participants of
the Village of Tequesta on the effective date, whose anticipated
annual retirement allowance provided by the Village' s
contributions at Member' s normal retirement date would exceed
$1,500, shall not exceed greater of either a) $20, 000, or b) an
amount computed by multiplying the smaller of $10, 000 or twenty
percent (20%) of such General Employee ' s average annual earnings
during his last five (5) years of service by the number of years
of service since the effective date. In the event that it shall
hereafter be determined by statute, court decisions, ruling by
the Commissioner of Internal Revenue, or otherwise, that the
provisions of this paragraph are not then necessary to qualify
the system under the Internal Revenue Code, this paragraph shall
be ineffective without the necessity of further amendment of this
Ordinance.
4 . After all the vested and accrued benefits provided
hereunder have been paid and after all other liabilities have
48
been satisfied then and only then shall any remaining fund revert
to the General Fund of the Village.
Section 20. EXEMPTION FROM EXECUTION, NON-ASSIGNABILITY.
The pensions, annuities, or any other benefits accrued or
accruing to any person under the provisions of this Ordinance and
the accumulated contributions and the cash securities in the Fund
created under this Ordinance are hereby exempted from any state,
county or municipal tax of the state and shall not be subject to
execution, attachment, garnishment or any legal process
whatsoever and shall be unassignable.
Section 21. PENSION VALIDITY.
The Board of Trustees shall have the power to examine into
the facts upon which any pension shall heretofore have been
granted under any prior or existing law, or shall hereafter be
granted or obtained erroneously, fraudulently or illegally for
any reasons. Said Board is empowered to purge the pension rolls
of any person heretofore granted a pension under prior or
existing law or heretofore granted under this Ordinance if the
same is found to be erroneous, fraudulent or illegal for any
reason; and to reclassify any person who has heretofore under any
prior or existing law been or who shall hereafter under this
Ordinance be erroneously, improperly or illegally classified.
Section 22. FORFEITURE OF PENSION.
Any General Employee who is convicted of the following
offenses committed prior to retirement, or whose employment is
terminated by reason of his admitted commission, aid or abatement
49
■
of the following specified offenses, shall forfeit all rights and
benefits under this Pension Fund, except for the return of this
accumulated contributions . as of the date of termination.
1 . Specified offenses are as follows :
A. The committing, aiding or abetting of an
embezzlement of public funds;
B. The committing, aiding or abetting of any theft by
a public officer or employee from employer;
C. Bribery in connection with the employment of a
public officer or employee;
D. Any felony specified in Chapter 838, Florida
Statutes;
E. The committing of an impeachable offense.
2 . The committing of any felony by a public officer or
employee who willfully and with intent to defraud the public or
the public agency, for which he acts or in which he is employed,
of the right to receive the faithful performance of his duty as a
public officer or employee, realizes or obtains or attempts to
obtain a profit, gain, or advantage for himself or for some other
person through the use or attempted use of the power, rights,
privileges, duties or position of his public office or employment
position.
A. Conviction shall be defined as follows:
An adjudication of guilt by a court of competent
jurisdiction; a plea of guilty or a nolo contendere; a
jury verdict of guilty when adjudication of guilt is
50
withheld and the accused is placed on probation; or a
conviction by the Senate of an impeachable offense.
B. Court shall be defined as follows :
Any state or federal court of competent jurisdiction
which is exercising its jurisdiction to consider a
proceeding involving the alleged commission of a
specified offense. Prior to . forfeiture, the Board of
Trustees shall hold a hearing on which notice shall be
given to the Member whose benefits are being considered
for forfeiture. Said Member shall be afforded the
right to have an attorney present. No formal rules of
evidence shall apply, but the Member shall be afforded
a full opportunity to present his case against
forfeiture.
Any Member who has received benefits from the System in
excess of his accumulated contributions after Member ' s rights
were forfeited shall be required to pay back to the Fund the
amount of the benefits received in excess of his accumulated
contributions . The Board of Trustees may implement all legal
action necessary to recover such funds .
Section 23 . MILITARY SERVICE PRIOR TO EMPLOYMENT.
The years or fractional parts of years that a General
Employee serves or has served in the military service of the
Armed Forces of the United States or the United States Merchant
Marine, voluntarily or involuntarily, prior to first and initial
51
employment with the Village of Tequesta shall be added to his
•
years of credited service provided that:
1 . The General Employee contributes to the Fund the sum
that he would have contributed had he been a member of the Plan
for the years or fractional parts of years for which he is
requesting credit plus amounts actuarially determined such that
the crediting of service does not result in any cost to the Fund
plus payment of costs for all professional services rendered to
the Board in connection with the purchase of years of credited
service.
2 . The request shall be made only once and made by the
General Employee on or before the later of twelve ( 12 ) months
from the effective date of . this Ordinance or six (6) months from
the date of his employment, with the Village of Tequesta,
whichever is later.
3 . Payment by the General Employee of the required amount
shall be made within six (6) months of his request for credit and
shall be made in one lump sum payment upon receipt of which
credited service shall be given. Credited service purchased
pursuant to this section shall be counted for all purposes except
toward vesting of benefits .
4 . The maximum credit under this Section shall be five (5)
years .
52
VILLAGE OF TEQUESTA
MUNICIPAL GENERAL EMPLOYEES ' PENSION TRUST FUND
SUMMARY PLAN DESCRIPTION
VILLAGE OF TEQUESTA MUNICIPAL GENERAL EMPLOYEE'S
PENSION TRUST FUND
SUMMARY PLAN DESCRIPTION
INTRODUCTION
In accordance with Florida Statute 112 . 66,the Board of Trustees
of the Village of Tequesta Municipal General Employee' s Pension
Trust Fund is pleased to present this booklet which briefly
explains the provisions of your General Employee ' s Pension Plan.
As a participant in the Fund, you are included in a program of
benefits to help you meet your financial needs at retirement, or
in the event of disability or death.
This booklet can assist you in preparing for your retirement and
financial future. If you need further information on any of the
topics presented in this booklet, please contact any member of
the Board of Trustees . They will either answer questions you
might have to help you understand your benefits or otherwise get
you an answer to your questions . We urge you to read and
understand this booklet in order to become familiar with the
benefits of the plan and how they contribute to your financial
security and how they will enrich your retirement years .
The information present is only a summary of the pension plan
( "Plan" ) as provided in the Ordinances of the Village of
Tequesta. If there are any conflicts between the information in
this booklet and the Ordinances of the Village of Tequesta, the
Ordinances shall govern. A copy of the Ordinance establishing
the Plan can be obtained from the Village Clerk' s Office, which
is located at 357 Tequesta Drive, Tequesta, Florida, 33469-6203 .
•
Chairman, Board of Trustees,
Village of Tequesta Municipal
General Employee ' s Pension Trust Fund
Date
1 •
1. BOARD OF TRUSTEES AND PLAN ADMINISTRATION
A. Administration. The Village of Tequesta Municipal
General Employee ' s Pension Trust is a defined benefit pension
plan administered by a Board of Trustees which acts as the
administrator of the Plan. The Board consists of Five Trustees,
two of who are appointed by the Village, two of whom are
full-time General Employees who are elected by a majority of the
members of the Plan and fifth Trustee who is chosen by a majority
of the first four Trustees . Each Trustee serves a two year term.
B. The names and addresses of the current Trustees are
attached to this Summary Plan Description as Exhibit "A" . The
Chairman of the Board of Trustees is designated as agent for the
service of legal process .
2 . ELIGIBILITY FOR PLAN MEMBERSHIP
Each person employed by the Village of Tequesta as a
full-time General Employee becomes a member of the Plan as a
condition of his employment. All General Employees are therefore
eligible for all plan benefits . A General Employee is any
full-time employee of the Village of Tequesta other than
full-time Firefighters and full-time Police Officers .
3. PLAN BENEFITS
•
All claims for benefits under the Plan shall be made in
writing to the Board of Trustees .
A. Normal Retirement Elictibility. A General Employee is
eligible for retirement upon the earlier of:
1) the attainment of age 62 and the completion of 10 years
of credited service or
2 ) the completion of 30 years of credited service,
regardless of age.
B. Amount of Normal Retirement Benefits. The amount of
the normal retirement benefit is based on a General Employee ' s
credited service and average compensation:
"Credited Service" is generally a member' s period of
employment as a General Employee in the Village of Tequesta
measured in years and parts of years. Credited Service will
include a break in employment of military service, provided that
the General Employee is re-employed within one ( 1) year of
discharge, and the General Employee deposits the amount of
employee contributions that the General Employee would have
2
' s
contributed had he remained a General Employee. These
contributions must be deposited upon return to employment or
interest will be charged. Additional credited service time may
also be available (See subsection 1 . below. )
"Average Final Compensation" is 1/2 of the average salary of
the 5 best years of the last 10 years of credited service prior
to termination, retirement or death of the General Employee. A
year is defined as 12 consecutive months .
"Salary" is the base compensation to include regular
earnings, plus all tax deferred and tax exempt items of income,
excluding lump sum payments .
The normal retirement benefit is calculated by multiplying
1 . 6% times years of credited service times the General Employee' s
average final compensation: (one and six tenths percent (1 . 6% )x
CS x AFC = normal retirement benefit)
The benefit is paid to the General Employee for his life,
but the General Employee or his beneficiary shall receive at
least 120 monthly benefit payments in any event.
C. Early Retirement. Early retirement is retirement before
normal retirement and is allowed with ten (10) years of service.
D. Amount of Early Retirement Benefits . The amount of the
early retirement benefit is calculated in the same manner as for
normal retirement and is available as follows :
(1) Beginning on the date on which the General
Employee would have qualified for normal retirement; or
(2) Beginning immediately upon retirement, but if
beginning immediately, the amount of the monthly benefit is
reduced by 5% for each year by which the commencement of benefits
precedes the normal retirement date.
E. Optional Forms of Retirement. In lieu of the amount and
form of retirement income payable under normal and early
retirement, a member may elect to receive a retirement benefit in
a different form so long as the form elected by the General
Employee is of equal actuarial value as the normal retirement
benefit. The optional forms of benefits which are available are:
• (1) A retirement income of a monthly amount, payable
to the General Employee for his lifetime only.
(2 ) A retirement income of a modified monthly amount,
payable to the General Employee during the joint lifetime of the
General Employee and a dependent joint pensioner designated by
the General Employee, and following the death of either of them,
3
r •
100%, 75%, 66 2/3% or 50% of such monthly amounts payable to the
survivor for the lifetime of the survivor.
F. Disability Retirement. A General Employee is considered
disabled when he or she becomes .totally and permanently unable to
perform useful and efficient service as a General Employee. A
written application is made to the Board of Trustees for a
disability pension and the Board of Trustees receives evidence of
the disability and decides whether or not the pension is to be
granted. If the pension is granted, the benefit amount shall be:
(1) If the injury or disease is service connected, the
General Employee shall be entitled to the greater of (a) or (b) :
a. a monthly premium equal to 42% of his average compensation
based upon his final 5 years of service, or
b. an amount equal to the number of years of his credited
service multiplied by 1 . 6% of his average monthly salary based
upon his final 5 years of service.
(2) If the injury or disease is not service connected,
the General Employee shall be entitled to the greater of (a) or
(b) :
•a. a monthly pension equal to 25% of his average compensation
based upon his final 5 years of service, or
b. an amount equal to the number of years of his credited
service multiplied by 1 . 6% of his average monthly salary based
upon his final 5 years of service.
Each General Employee who is claiming disability
benefits shall establish, to the satisfaction of the Board, that
such disability was not occasioned primarily by:
a. Excessive or habitual use of any drugs, intoxicants or
alcohol.
b. Injury or disease sustained while willfully and illegally
participating in fights, riots or civil insurrections .
c. Injury or disease sustained while committing a crime.
d. Injury or disease sustained while serving in any branch of
the Armed Forces.
e. Injury or disease sustained after his employment as a General
Employee with the Village of Tequesta shall have terminated.
f. Willfull, wanton or gross negligence of the member.
g. Injury or disease sustained by the General Employee while
working for anyone other than the Village and arising out of such
employment.
4 •
A retired disabled General Employee is subject to periodic
medical examinations as directed by the Board of determine
whether a disability continues .
G. Death Before Retirement. If a General Employee dies
prior to retirement from the Village of Tequesta, his beneficiary
shall receive the following benefit:
Upon the death of any vested member, whether or not still in
active employment, a survivor benefit is payable to the
beneficiary starting when the member would have reached
retirement age. The benefit payable is equal to the vested
pension benefit.
H. Termination of Employment and Vesting. If a General
Employee ' s employment is terminated, either voluntarily or
involuntarily, the following benefits are payable:
(1) If the General Employee has less than 10 years of
credited service upon termination, the General Employee shall be
entitled to a refund of the money he has contributed or the
General Employee may leave it deposited with the Fund.
(2) If the General Employee has 10 or more years of
credited service upon termination, the General Employee shall be
entitled to their accrued monthly retirement benefit, starting at
the General Employee ' s otherwise normal or early retirement date
(reduced) , provided he does not elect to withdraw his
contributions and provided the General Employee survives to his
normal or early retirement date.
I . Additional Credited Service. In addition to credited
service actually earned in the employment of the Village of
Tequesta, a General Employee may also receive credited service as
follows :
A General Employee may purchase credited service for
the time a General Employee services or has served in the
military service of the Armed Forces of the United States or the
United States Merchant Marine, prior to first and initial
employment with the Village of Tequesta, not to exceed 5 years,
by paying into the Plan an amount to be determined by the Plan' s
actuary, which will result in no additional cost to the Plan. A
General Employee may request and must pay the cost of determining
this calculated amount.
J. Contributions and Funding. The Village is paying the
portion of the cost of the pension over and above the General
Employee' s contributions . A General Employee contributes 5% of
his salary to the Plan. The General Employee ' s contribution will
be excluded from his or her gross income for withholding purposes
so he or she will realize income tax benefits . A General
Employee' s contributions are guaranteed refundable in any event.
5
K. Minimum Benefits . In no event will the benefits paid
from this Plan be any less than a member' s accumulated
contributions .
L. Maximum Benefits. In no event will the benefits paid
from this Plan exceed the lessor of:
( 1) An amount as set forth in Section 415 of the Internal Revenue
Code, or
(2 ) 100% of the member' s W-2 earnings for the 3 highest years .
M. Forfeiture of Pension. Any General Employee who is
convicted of certain crimes listed in the Plan committed prior to
retirement, or whose employment is terminated by reason of his or
her admitted commission, aid or abettment of these crimes shall
forfeit all rights and benefits under the Plan, except for the
return of his or her contributions as of the date of his or her
termination.
N. Claims Procedure Before the Board. Any member may
request in writing that the Board review any denial of any claim
for benefits under the Plan. The Board will review the case and
enter a decision as it deems proper within 60 days from the date
of the receipt of such written request.
In the event of a disability claim, the Board will
render a decision on the claim within 60 days from the receipt of
written medical release authorization and a list of all treating
health care providers .
The Board may extend the time for rendering a decision
by an additional 45 days it determines that such time is
necessary for discovery and full and adequate review.
In the event that the Board denies the claim for
benefits, the order of the Board will be in writing and will
include:
( 1) The specific reasons for denial;
(2 ) A description of any additional information that the Board
feels is necessary for the member to perfect his or her claim;
(3) An explanation of the review procedure next open to the
member which includes a formal evidentiary hearing.
4. NON-FORFEITABILITY OF PENSION BENEFITS
A. Liquidation of Pension Fund Assets . In the event of
repeal, or if contributions to the Fund are discontinued by the
Village, there will be a full vesting of benefits accrued to date
of repeal.
• 6
B. Interest of Members in Pension Fund. At no time prior
to the satisfaction of all liabilities under the Plan shall any
assets of the Plan be used for any purpose other than for the
General Employee' s exclusive benefit. In any event, a General
Employee ' s contributions to the Plan are non-forfeitable.
5. VESTING OF BENEFITS
A General Employee' s retirement benefits are fully vested
after 10 years of credited service.
•
6. APPLICABLE LAW
The Plan is governed by the following federal, state and
local laws :
A. Internal Revenue Code and amendments thereto.
B. Chapter 166, Florida Statutes, "Municipalities, General
Provisions"
C. Part VII, Chapter 112, Florida Statutes, "Actuarial
Soundness of Retirement Systems"
D. Ordinances of the Village of Tequesta.
E. Administrative rules and regulations adopted by the
Board of Trustees .
7. PLAN YEAR AND PLAN RECORDS •
The Plan year begins on October 1 of each year and ends on
September 30 . All records of the Plan are maintained on the
basis of the Plan year.
8. FINANCIAL AND ACTUARIAL INFORMATION
A report of pertinent financial and actuarial information on
the solvency and actuarial soundness of the Plan has been
prepared by the Pension Plan' s actuary.
7
EXHIBIT "A"
BOARD OF TRUSTEES
The names and address of the members of the Board of Trustees
are:
Chairman:
Secretary:
Member:
Member:
Member:
* TO BE DETERMINED
8
