HomeMy WebLinkAboutDocumentation_Regular_Tab 14_3/12/2026 Agenda Item #14.
Regular Council
STAFF MEMO
A-1
Meeting: Regular Council - Mar 12 2026
Staff Contact: Jeffery Snyder, Finance Director Department: Finance
ORDINANCE NO. 01-26, SECOND READING, 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, THE GENERAL EMPLOYEES' PENSION TRUST FUND, SECTION 24, MILITARY
SERVICE PRIOR TO EMPLOYMENT; BY EXPANDING THE ENROLLMENT OPPORTUNITY FOR
PARTICIPATION IN THE PURCHASE OF THIS CREDIT; PROVIDING THAT EACH AND EVERY
OTHER SECTION OF CHAPTER 2. ADMINISTRATION SHALL REMAIN IN FULL FORCE AND
EFFECT; PROVIDING FOR A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY
TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
Pursuant to a request from a former General Employees' Pension Fund Board Member, and with the
concurrence of Senior Staff, an amendment to the General Employees' Pension Ordinance is
proposed to allow eligible veterans to purchase up to five (5) years of prior military service as
credited, pensionable service.
The purchase of military service credit may be made one time only during the employee's tenure with
the Village. Any employee electing to purchase military service credit shall be responsible for the full
cost of an actuarial study, which will determine the total cost of the additional credited service. As
requested during the February 12, 2026 Council meeting, Section 24, #1 language has been
amended as follows, "Thepayment of costs for all professional services rendered to the Board in
connection with the purchase years of credited service shall be made by the Board." Additionally, per
Legal, "It appears to me that this will be the ONLY instance where the plan member does not have to
pay these costs across all Tequesta pension plan purchases for any sort of past service option."
Upon receipt of the actuarial cost determination, the employee shall have twelve (12) months from the
date of the request to remit full payment. Credited service shall be granted only after payment in full
has been received. The actuarial study shall reflect the full actuarial cost of adding the purchased
military service to the employee's years of service, ensuring no additional financial impact to the
Pension Fund.
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completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-
768-0443.
BUDGET • - •
BUDGET AMOUNT N/A AMOUNT AVAILABLE N/A EXPENDITURE AMOUNT: N/A
Page 102 of 336
Agenda Item #14.
FUNDING SOURCES: See IS THIS A PIGGYBACK:
Comments/Explanation below ❑ Yes 0 N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes 0 N/A
COMMENTS/EXPLANATION ON SELECTIONThe payment of costs for all professional services
rendered to the Board in connection with the purchase years of credited service shall be made by
the Board.
General Employee Pension Plan Purchase of Military Service Credit Revisions
Ord 1-26 2-12-26 Meeting
Page 103 of 336
Agenda Item #14.
ORDINANCE NO. 01-26
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, THE GENERAL
EMPLOYEES' PENSION TRUST FUND, SECTION 24, MILITARY
SERVICE PRIOR TO EMPLOYMENT; BY EXPANDING THE
ENROLLMENT OPPORTUNITY FOR PARTICIPATION IN THE
PURCHASE OF THIS CREDIT; PROVIDING THAT EACH AND EVERY
OTHER SECTION OF CHAPTER 2. ADMINISTRATION SHAL REMAIN
IN FULL FORCE AND EFFECT; 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; and
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, Section 24 "Military Service Prior to Employment" which shall be
amended and hereafter shall read as follows:
Section 24. Military Service Prior to Employment.
In accordance with Code Section 415(n), the years or fractional parts of years
that a Member serves or has served in the military service of the Armed Forces of the
United States or United States Merchant Marine, voluntarily or involuntarily, prior to first
and initial employment with the Village of Tequesta shall be added to his/her years of
credited service provided that:
Page 104 of 336
Agenda Item #14.
1. The General Employee contributes to the Fund the sum that he/she would
have contributed had he/she been a member of the Plan for the years or fractional parts
of years for which he/she is requesting credit plus amounts actuarially determined such
that the crediting of service does not result in any cost to the Fund. The payment of
costs for all professional services rendered to the Board in connection with the purchase
years of credited service shall be made by the Board.
2. The request to curchase can WN be made only once but can be
made by the Member at any time during employment before retirement OR ^r F.XhoI W If^ro +�
•
3. Payment by the Member of the required amount shall be made within
twelve (12) WQIJE (6"} months of his/her request for credit and shall be made in one lump
sum payment. Once full payment has been made, ��^n ro�,o;n+ ^f �VV
��h��h 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.
Section 2: Each and every other section and subsection of Chapter 2.
Administration. shall remain in full force and effect as previously adopted.
Section 3: All ordinances or parts of ordinances in conflict be and the same
are hereby repealed.
Section 4: Should any section or provision of this Ordinance or any portion
thereof, any 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 take effect immediately upon adoption.
Page 105 of 336
Agenda Item #14.
Ordinance from 2/12/26 Meeting
ORDINANCE NO. 01-26
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, THE GENERAL
EMPLOYEES' PENSION TRUST FUND, SECTION 24, MILITARY
SERVICE PRIOR TO EMPLOYMENT; BY EXPANDING THE
ENROLLMENT OPPORTUNITY FOR PARTICIPATION IN THE
PURCHASE OF THIS CREDIT; PROVIDING THAT EACH AND EVERY
OTHER SECTION OF CHAPTER 2. ADMINISTRATION SHAL REMAIN
IN FULL FORCE AND EFFECT; 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; and
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, Section 24 "Military Service Prior to Employment" which shall be
amended and hereafter shall read as follows:
Section 24. Military Service Prior to Employment.
In accordance with Code Section 415(n), the years or fractional parts of years
that a Member serves or has served in the military service of the Armed Forces of the
United States or United States Merchant Marine, voluntarily or involuntarily, prior to first
and initial employment with the Village of Tequesta shall be added to his/her years of
credited service provided that:
Page 106 of 336
Agenda Item #14.
1. The General Employee contributes to the Fund the sum that he/she would
have contributed had he/she been a member of the Plan for the years or fractional parts
of years for which he/she 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
years of credited service.
2. The request to curchase can WN be made only once but can be
made by the Member at any time during employment before retirement OR ^r F.XhoI W If^ro +�
•
3. Payment by the Member of the required amount shall be made within
twelve (12) WQIJE (6"} months of his/her request for credit and shall be made in one lump
sum payment. Once full payment has been made, ��^n ro�,o;n+ ^f �VV
��h��h 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.
Section 2: Each and every other section and subsection of Chapter 2.
Administration. shall remain in full force and effect as previously adopted.
Section 3: All ordinances or parts of ordinances in conflict be and the same
are hereby repealed.
Section 4: Should any section or provision of this Ordinance or any portion
thereof, any 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 take effect immediately upon adoption.
Page 107 of 336