HomeMy WebLinkAboutResolution_12-24_11/14/2024 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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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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RESOLUTION DATE
12-24 11/14/24
MOTION Council Member Jayson E. French SECOND Council Member Laurie Brandon
FOR AGAINST ABSENT CONFLICT
Mayor Molly Young ❑✓ ❑ ❑ ❑
Vice-Mayor Rick Sartory ❑✓ ❑ ❑ ❑
Council Member Laurie Brandon ❑ ❑ ❑
Council Member Patrick Painter ❑✓ ❑ ❑ ❑
Council Member Jayson E. French ❑✓ ❑ ❑ ❑
The Mayor thereupon declared the Resolution duly passed and adopted.
MAYOR OF TEQUESTA:
Molly Young
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ATTEST: '.INCORPORATED
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Lori McWilliams, MMC
Village Clerk