HomeMy WebLinkAboutOrdinance_04-25_3/13/2025 ORDINANCE 04-25
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING THE VILLAGE CODE OF
ORDINANCES AT CHAPTER 2. ADMINISTRATION; BY AMENDING
SECTION 2-61. PENSION TRUST FUNDS, EXHIBIT A AS ORIGINALLY
CREATED BY ORDINANCE NO. 585, THE GENERAL EMPLOYEES'
PENSION TRUST FUND, SECTION 11, OPTIONAL FORMS OF
BENEFITS; BY AMENDING SUBSECTION 1 TO PROVIDE FOR A 75%
OPTIONAL FORM OF BENEFIT; PROVIDING FOR A CONFLICTS
CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY;
PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Village Council of the Village of Tequesta desires to amend the
general employees' pension trust fund (the "Plan") based on recommendations from the
Board of Trustees;
WHEREAS, the Plan actuary has reviewed the proposed amendments and has
made a determination that said amendments have no actuarial impact on the cost of the
pension fund; and
WHEREAS, the Village Council believes that these revisions to the Plan are in
the best interest of the Village of Tequesta and Plan beneficiaries; and will promote the
public health, safety, and welfare.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
SECTION 1: Chapter 2 of the Code of Ordinances of Village of Tequesta is
hereby amended at 2-61 Pension Trust Funds, Exhibit A, the General Employees'
Pension Trust Fund, at section 11 subsection 1. "Optional Forms of Benefits" shall be
amended and hereafter shall read as follows:
{00167990.DOC;1}1
Section 11. 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 plan member, 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
receive a retirement income or benefit of equivalent actuarial valuation payable in
accordance with one of the following options:
A. A retirement income of a larger monthly amount, payable to the
Member for his/her lifetime only.
B. A retirement income of a modified monthly amount, payable to the
Member during the joint lifetime of the Member and a dependent joint pensioner
designated by the Member and following the death of either of them, 100%,
75%7-6%, 66-2/3%, or 50% of such monthly amounts payable to the survivor for
the lifetime of the survivor.
[THE REMAINDER OF SECTION 11 IS UNCHANGED]
SECTION 2: Each and every other section and subsection of Chapter 2.
Administration. of the Code of Ordinances of the Village of Tequesta shall remain in full
force and effect as previously enacted.
SECTION 3: All ordinances or parts of ordinances in conflict herewith be and the
same are hereby repealed.
SECTION 4: Should any section or provisions of this Ordinance or any portion
thereof, and paragraph, sentence or word be declared by a Court of competent
jurisdiction to be invalid, such decision shall not affect the validity of the remainder of
this Ordinance.
SECTION 5: Specific authority is hereby granted to codify this Ordinance.
SECTION 6: This Ordinance shall become effective immediately upon adoption
100167990.DOC;113
P.954L,27.)616 r.1454.525.0083 v:4%w.grsconsult+ngx m
GRS
December 4, 2024
Mr. Albert Lovingood
Resource Centers, LLC
4360 Northlake Blvd.,Suite 206
Palm Beach Gardens, FL 33410
Re: Village of Tequesta General Employees' Pension Trust Fund
Dear A.C.:
As requested,we have reviewed the proposed ordinance which would amend the Village of Tequesta
General Employees' Pension Trust Fund ("Plan")as follows:
Amend Section 11, Optional Forms of Benefits,to change the 76%Joint and Survivor Annuity
optional form of payment to a 75%Joint and Survivor Annuity.
In our opinion,this change will not have an actuarial impact on the cost of the Plan. It is our opinion
that a formal Actuarial Impact Statement is not required. However,we recommend that you send a
copy of this letter and the ordinance to the Bureau of Local Retirement Systems.
Jeffrey Amrose is a member of the American Academy of Actuaries and meets the Qualification Standards
of the American Academy of Actuaries to render the actuarial opinions contained herein. The undersigned
actuary is independent of the plan sponsor.
We welcome your questions and comments.
Respectfully submitted,
Gabriel, Roeder,Smith&Company
ffr jl;v�Amrose, EA, MAAA
Senior Consultant&Actuary
The above communication shall not be construed to provide tax advice, legal advice or investment advice.
BUSINESS IMPACT ESTIMATE
As required by Sec. 166.041(4), Florida Statutes (2024), this "Business Impact Estimate"
is provided for Ordinance No. 04-25:
ORDINANCE NO. 04-25
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING THE TEQUESTA CODE OF
ORDINANCES AT CHAPTER 2. ADMINISTRATION, BY AMENDING
SECTION 2-61 PENSION TRUST FUNDS, EXHIBIT A, THE GENERAL
EMPLOYEES PENSION TRUST FUND, SECTION 11, OPTIONAL FORMS
OF BENEFITS; BYAMENDING SUBSECTION 1 TO PROVIDE FORA75%
OPTIONAL FORM OF BENEFIT; PROVIDING A CONFLICTS CLAUSE, A
SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN
EFFECTIVE DATE; AND FOR OTHER PURPOSES.
Part I. Summary of the proposed ordinance and statement of public purpose: Ordinance
04-25 revises certain optional forms of benefit for Village of Tequesta general employee pension
trust fund participants by changing a 76% optional benefit to a 75% optional benefit.
Part II. Estimate of the direct economic impact of the proposed ordinance on private, for-
profit businesses in the Village of Tequesta:
a. Estimate of direct compliance costs that businesses may reasonably incur if the
proposed ordinance is enacted: None.
b. Identification of any new charges or fee on businesses subject to the proposed
ordinance, or for which businesses will be financially responsible: None.
c. An estimate of the Village of Tequesta's regulatory costs, including an estimate of
revenues from any new charges or fees that will be imposed on businesses to cover
such costs. None.
Part III. Good faith estimate of the number of businesses likely to be impacted by the
ordinance: None.
Part IV. Additional Information (if any): None.
ORDINANCE DATE
04-25 03/13/25
MOTION Council Member Patrick Painter SECOND Council Member Laurie Brandon
FOR AGAINST ABSENT CONFLICT
Mayor Molly Young ❑✓ ❑ ❑
Vice-Mayor Rick Sartory 1 ❑ ❑ ❑
Council Member Laurie Brandon F ❑ ❑
Council Member Patrick Painter ❑✓ ❑ 7
Council Member Jayson E. French 0✓ ❑
The Mayor thereupon declared the Ordinance duly passed and adopted.
MAYOR OF TEQUESTA:
Molly Young
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ATTEST: ':INCORPORATED::
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Lori McWilliams, MMC
Village Clerk