HomeMy WebLinkAboutDocumentation_Regular_Tab 20_11/14/2024Agenda Item #20.
Regular Council
STAFF MEMO
Meeting:Regular Council - Nov 14 2024
Staff Contact:Jeffery Snyder, Finance Director Department:Finance
TITLE
RESOLUTION 12-24,A RESOLUTION OF THE VILLAGE COUNCILOF THE VILLAGE OF
TEQUESTA, FLORIDA, AUTHORIZING A ONE-TIME, NON-REVERSIBLE OPT IN TO THE POLICE
PENSION DEFINED BENEFIT PLAN FOR THE CHIEF OF POLICE; FURTHER ACKNOWLEDGING
AND MEMORIALIZING THE TRANSFER OF THE ASSISTANT CHIEF OF POLICE INTO THE
POLICE PENSION DEFINED BENEFIT PLAN; PROVIDING AN EFFECTIVE DATE; AND FOR
OTHER PURPOSES.
SUMMARY:
This Resolution No. 12-24 is a companion to Ordinance No. 10-24 amending the Village of
Tequesta's Code of Ordinance to allow the Police Chief and Assistant Police Chief to join the Public
Safety Pension Trust Fund defined benefit pension plan. This Resolution allows the both of these top
ranking officials a one-time, non-reversible opt in to this plan. This also allows the Chief and Assistant
Chief to take up to five-years to purchase their past Village of Tequesta. The Village's actuary has
stated that the Pension Plan will not be adversely impacted during this payback period and will
remain actuarily sound. Defined Benefit Pension Plans generally encourage good employees to
remain employees of the Village.
This document and any attachments may be reproduced upon request in an alternative format by
completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-
768-0443.
BUDGET INFORMATION:
BUDGET AMOUNT N/A AMOUNT AVAILABLE N/A EXPENDITURE AMOUNT: N/A
FUNDING SOURCES: N/A IS THIS A PIGGYBACK:
Yes N/A
DID YOU OBTAIN 3 QUOTES?
Yes N/A
COMMENTS/EXPLANATION ON SELECTION N/A
POTENTIAL MOTION / DIRECTION REQUESTED:
Page 367 of 831
Agenda Item #20.
Consider approving this resolution to allow the Police Chief and the Assistant Police Chief to join the
Public Safety Pension Trust Fund.
ATTACHMENTS:
Police Chief and Assistant Police Chief into Defined Benefit Plan
Page 368 of 831
Agenda Item #20.
RESOLUTION NO. 12-24
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AUTHORIZING A ONE-TIME, NON-
REVERSIBLE OPT IN TO THE POLICE PENSION DEFINED BENEFIT
PLAN FOR THE CHIEF OF POLICE; FURTHER ACKNOWLEDGING
AND MEMORIALIZING THE TRANSFER OF THE ASSISTANT CHIEF
OF POLICE INTO THE POLICE PENSION DEFINED BENEFIT PLAN;
PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Village of Tequesta currently provides a defined benefit pension
plan for its police officers; and
WHEREAS, the Village of Tequesta previously provided a defined contribution
pension plan for its police officers, to which both the Chief of Police and the Assistant
Chief of Police continue to belong; and
WHEREAS, when the Village of Tequesta converted from the defined
contribution plan to the defined benefit plan, both the Chief of Police and the Assistant
Chief of Police opted to remain in the defined contribution plan; and
WHEREAS, under the terms of the plans, the Assistant Chief of Police was
supposed to have been transitioned to the defined benefit plan as a mandatory function
of the conversion but was inadvertently allowed to remain in the defined contribution
plan; and
WHEREAS, the Chief of Police, having a thorough understanding of the plan
differences, and a thorough understanding that the move from the defined contribution
plan to the defined benefit plan now is a one-time action that cannot be reversed in the
future, does desire to transition to the defined benefit plan the Village of Tequesta; and
WHEREAS, the Village Council, having been advised of the circumstances, now
desires to approve the opt in of the Chief of Police into the defined benefit plan, and
acknowledge and memorialize the transfer of the Assistant Chief of Police into the
defined benefit plan.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
.VILLAGE OF TEQUESTA, FLORIDA:
SECTION 1. The above recitals are declared to be true and correct and are
incorporated herein by reference.
SECTION 2. The Village Council hereby approves the one-time opt in of the
Chief of Police into the defined benefit plan beginning April 2, 2018 provided the Chief
makes the actuarially determined contributions. Said opt in is non reversible.
SECTION 3. The Village Council hereby acknowledges and memorializes the
transfer of the Assistant Chief of Police into the defined benefit plan with the creation of
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Agenda Item #20.
the one-time allocation to the Defined Contribution Component and requiring the deposit
of mandatory employee contributions to the Plan for all prior years of service.
SECTION 4. This resolution shall take effective immediately upon its adoption.
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