HomeMy WebLinkAboutOrdinance_25-11_12/08/2011 O1�DINANCE NO. 25-11
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORiDA, AMENDING TI� VILLAGE CODE OF
ORDINANCES AT CHAPTER 2. ADMINISTRATION. BY REPEALING
IN ITS ENTIRETY ORDIl�tANCE 14-11 AND REPEALING ALL
AMENDMENTS TO EXHIBIT "B" OF SECTION 2-61 (ORIGINALLY
INTENDED TO BE SECTION 2-30 BUT 1NCLUDED AS SEC 2-61 AT
THE EDITOR'S DISCRETIOI� RELATING TO THE EMPLOYEES
PENSION TRUST FUNDS A5 CONTAINED IN ORDINANCE 14-11;
PROVIDING THAT EACH AND EVERY OTHER SECTION AND
SUBSECTION OF CHAPTER 2. SHALL REMAIN IN FULL FORCE AND
EFFECT AS PREVIOUSLY ENACTED; PROVIDING A CONFLICTS
CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY;
PR4VIDING AN EFFECTIVE DATE; AND FOR OTHER FURPOSES.
WHEREAS, the Village Council of the Village of Tequesta desires to repeal Ordinance
14-11 and repeal the amendments to Exhibit B of Sec. 2-61 of the Village Code of Ordinanees
relating to the Public Safety Officers Pension Trust Fund which were adopted on Second
Reading September 8, 2011; and �
WHEREAS, the repeal of Ordinance 14-11 is necessary in order to a11ow the Viilage
Council to further consider the current and future status of the Public Safety Officers Pension
Trust Fund, while continuing to receive insurance premium tax money pursuant to Chapter 185,
Florida Statutes as same were received prior to the adoption of Ordinance 14-11; and
WHEREAS, the Village Council believes that the repeal of Ordinance 14-11 and the
further consideration of the Public Safety Officers Pension Trust Fund will be in the best
interests of the Village of Tequesta. and the pension trust fund 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 l: Ordinance 14-11, adopted on Second Reading September 8, 2011,
including each and every amendment to Exlubit B of Sec. 2-61 of the Village Code of
Ordinances relating to the Public Safety Officers Pension Trust Fund contained therein is hereby
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repealed in its entirety. As such, Exhibit B shall now read as it read prior to the adoption of
Ordinance 14-11, as attached hereto.
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 provision of this Ordinance or any portion thereof,
any paragraph, sentence or word be declared by a Caurt 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.
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Upon Second Reading this 8 day of December 2011, the foregoing Ordinance was offered by
Council Member Turnquest who moved its adoption. The motion was seconded by Council
Member Humpage and upon being put to a vote, the vote was as follows:
For Adoption Against Adoption
Mayor Tom Paterno X
Vice-Mayor Vince Arena X
Council Member Abby Brennan X
Council Member Jim Humpage X
Council Member Calvin Turnquest Absent
The Mayor thereupon declared the Ordinance duly passed and adopted this 8 day of December
2011.
MAYOR OF TEQUESTA
' ;;— .
- ������...- ,.
`,`, � y ����� ��0�,,, ������/ Tom Paterno
ATTEST: e�v�'�,�RPORccQG';
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Lori McWilliams, MMC °:;:;� ��
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Village Clerk �' ,, . � `p,
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EXHIBIT "B"
VILLAGE OF TEQIJESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
TABLE OF CONTENTS
Secbat� 1. Cr�fion of Pensiat Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1-
Section 2. Defirfibons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1-
Sec�rt 3. Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4-
Secction 4. Boatd of Trusbees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5-
. Sectiori 5. Ff�arwe And Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7- .
Secdori 6. Con#ributlons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -12-
Section 7. Beneflt Amoun�s arxi Figibilit�r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -14-
Sec�ion 8. Pr�e-netirement Death . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . . -� 5-
Sec�ion 9. Disabilttty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1 G-
S�e�bion 10. Morrthly Suppiemer�sd Benef�s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -19-
Sedion 11. Vesting ................................................. -19-
Sec�on 12. Opfional Forms of Beneftfis . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . -9 9-
3eciion 13. Benefidaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -21-
5ectlon 14. Defemed Retlrement Optlon Plart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22- �
Sec#ion 15. Claims Procedures Before the Bo�rd D�ac�slon . . . . . . . . . . . . . . . . . . -24
Se�on 16. Reports bt� Div�sion af Retirement . . . . . : . . . . . . . . . . . . . . . . . . . . . . -26-
Sediort 17. Roster of Re4rees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27-
Sectlon 18. Board Attomey and Profession�s . . . . . . . . . . . . . . . . . . . . . . . . . . . . -27-
Sec�ia�n.19. Ma�dmum Penskm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27-
Sedion 20. Commerx:ement of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2&
Sectiort 21. D�ibufiion of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2&
S�tion 22. MisoeMsneous P'rovis�on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29-
,
Sec�ion 23. Repeal or Termin2ition of System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -31-
Sec�on 24. Exemp�on fiom Execubion, Non-assignab�it�r . : . . . . . . . . . . . . . . . . . 34-
Seal�on 25: � Pensiori Validity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -34-
Se�on 26. Forfieitune of Pet�sion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -35- �
SeClion 27. Mi�tary Servic�e Pria� in Employrr�ertt .. . . . . . . . . . . . . . . . . . . . . . . . . . -37-
Section 21. Distribution of Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2&
Sec#ion 22. M�laneous Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29-
Section 23. Repeal or Termination of System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -31-
Sec�ion 24. Exemption from Execution� Non-assignability . . . . . . . . . . . . . . . . . . . -34-
Secbion 25. Pension Validity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . . . . . . . -34-
Section 26. Forteiture of Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -35-
Secfiori 27. M�i#ary Servic:e Prior to Employment . . . . . . . . . . . . . . . . . . . . . . . . -37-
- � EXHIBIT �B"
VILLAGE 4F TEQUESTA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Sectian 1. Creatlon of Pension Trust Fund.
The Village of Teques#a her�y cr�eabe.s and continues the �Ilage of Tequesta
Pubiic Safety Officers' Pension Trust Fund for the purpose of pro�iding retir�nent, death
and disability benefits bo Poac�e Of�ic�ers and Fnefight�s who ane Member�s of this Fund,
certain former�llage Police Officers and Firefigh#ers and survivaor benefits to benefiasries.
Secdon 2. Deflnitlons.
1. Statement of Definitions. As used her+ein, unless otherwise defl�ed or required
by fhe context, #he following w�or+ds and phrases shall have the meaning ir�dicated:
Aocumulat�d Contribu�ions means a Member's own contributions without infie+�es�
Ac�uariaf Eauivalent means a benefit or amount of equal valu�e, based upon the
mortaiity tables uttlized by the Board's actuary or ar,tuaries, and an 8% rate of intere,st
Avera�e Final Comt�ensatioa shall mean one-iwelfth (1/12) of the average salary
of the five (5) best y�ears of the last ten (10) years of credited service prior to retirement,
� termination� or death or tt�e career average as a fufl time Firefighter or Polioe OFfioer� .
whid�ever is gneater. A y�ear shal! be iwetve (12) consea�tiv�e mor�ths.
Beneficiarv means the person or persons enl�ed fio receive benefits hereunder at
the death of a Member who has or have been designated in wMing by #he Member and
filed wi1i� the Board. If no designation is in effect, or if no person so degignatied is living,
at the �me of death of the Mernber, the benefic�ary shall be the estate of the Member.
Boani or Board of Trustees mean the Public Safety Boar�d of Tn�tees, which shall
administer and manage the System herein provided and senre as Trustees of the Fund for
the bene�it of VI{age Police Offtcers and Fireflghters and their be�nefiasries.
Cha°ter means Chapfier 175 and 185 of tt�e Fbrida Statutes as amer�ded from time
to time.
Code means the Inbemal Revenue Code of 1986, as amended from time to tims.
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Credited Servioe means the total number of years and frac�onal parts of y�ears af
servioe as a Police Qff'wer, or Firefighter who makes member contribu�ons to the Plan,
. omitting intervening years or firac�ional parts of years when such Police Qffic:er or
Firefighter may not have been employed by the Village of Tequesta. A plan member may
voluntarily leave Fiis/her contribu�a� a� the Fund for a period of five (5) years after leaving
the employ of the �Ilage of Tequesta pending the possibiCity of being rehired 'm a fun time
position by the Vil�age of Tequesta without losing c��edit for the �me of ac�ive partictipation
as a plan member. Should the employ�ee not be re-employed with the Viila� of Tequesta
� in a full time capacity w�thin five (5) years� hisJher contributions shaN be retumed to hirn/her
without interest. Should a Police Officer or Firefighter be subsequer�ti�r re-employ�ed as
such, he or she may re-par�chase his or her y�ears of cnedit or fracdcx�al parts of years of
aBdit by reimbursing such retumed contributi�on to the Fund, with interest.
TI'�e Years or fradional parts of years that a Firefighter, or Polic:e Offioer serves in
the military seivioe of the Armed Fon�s of the United States or the Un'ited Stabes MerChant
Marine, voluntarily� upon being grarited leave by the Vllage of Tequesta and separation
fr�om employment as a Villags of Tequesta plan member, shall be �dtled to his/her years
of c:nedi�ed servi�e for all purposes induding v�esting� provided that:
. A. The F'nefighter or Polios 4fficer must retum to hislher futl time empbyment
. with the Fir�e Departrnent or Police Depar[ment within one (1 } year from the
date of hislher military discharge. Effecfiive January 1, 2007, members who
die or bevome disabled while serving on ac�ve duty military servic� whid� .
. intervenes the member's employment shall be enti�ed to the rights of this
seCtion even though such member was not re�mployed by the Vi{tage.
Members wfio die or beoome disabled whiie on active duty military service
shall be trea#eci as though r+e�mployed the day before the Memb� became
disabled or died, was cx+edited with the servioe they w�ouid hav�e been entitled
to under fMis s�tion, and then either died a non�uty death while employed
or became disabled from a non-duty disability. . .
B. The maximum a�edit for military service shap be five (5) years.
Effective Date means the date on which this Ordinanc;e becomes effectivve.
Fire Department means the Tequesta Fre Departrnent.
Firefi�hter means an ac�vely emplo�red full-�me person employed by the Fine
Department, including his/her infial probationary employment period, who is c�d�ed or
required to be c�fified as a Firef�hter as a condition o# emplo�rment in aax�rdance with
� the provisions of 633.35 Florida Statutes� induding paramedic, and whose duty is to
ex#nguish fires, fio pro�sct life and to protect propetty. The term Firefighter indudes all
c:ertfied, supervisory, and command personnel whose duties indude, in whole or in part,
the supervision, training, guidance, and management� responsibilities of full-time
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�re�n�e�,, part-t�me �re�nte�s or au�illary flr�efighter�s but does not indude part
firefighters or auxiliary fireflghters. �
� Fund means the Trust Fund established herein as part of the System.
� Member means an actively employed Pdice Officer or Firefighter fhat fulfills the -
applicable p�resaibed membership rea�i�ements.
Police Deaartrr�nt means the Tequesta Pdioe Departmen#.
� Pdice OfFicer means arry person who is ele�ed, appointed, or empby�ed fuil time
by the �Ilage, who is c�rtified or required to be oerdt� as a!aw eriforc;ement officer in
compliance with Flarida Statute 943.1395, who is vested with authority to bear amns and
make amesfis� and wlwse primary responsibi�tty is tl�e prev�ention and detection of crir�ne or �
the en#orcement of the penal, aiminal, traffrc or hlghway laws of the state. This definitbn
indudes all oerbfied supervisory and command personnel whose duuties indude, in �nfiole
or in part, the supervision, training, guidance, and management responsibdides of fuli-time
law enforcement of�ioers, part-time law enforcement offic�er�s or au�aNary law en�aroement
officers as the same are deflned in F.S. 943.10(6) and {8j respecdvely. Pdice CNfioer also
• shali indude a public safety of�iCer who is responsible for performing both pollce and fire
servic:es.
Public Safetv Board means �e Public Safety Boani of Trustees provided heneunder
to administer and manage Funds for the benefit of Public Safety Offioers.
Public Safetv O�iCers means Fireflghfiers and/or Polic:e Of�ioers.
Sa�.means the totai cash remuneration paid fio a police offic�er or firefighter for
senrices rendered induding Base Pay� Bonuses, Caceer Senrioe Annuat Awar+d, Holiday
Pay, Incentives, Overtime, Sidc Leave Pay�out on Termination, Sidc-Lear� Buy Badc, and .
Straight Time, and effecdve for payments made after 12/31/08, as provided for by fntemaf
Revenue Code §414(u}(7), this defini�on o� salary shall indude any d�fFerential wage
payment fran the employer to s member as a resuft of the member's absenoe fiom
employment while senring in �alified military servioe. This definfion exdudes pay
received as a Car Albwance, Clothing Allor�rance and ShoeJBoot Albwance.
S� means the lawful wlfe or husband of a plan member at the time of
pre-re�r�ment, death or r�etiremen#.
Statement of Investrnent Pdic�► means the written investment policy adopted by the
Board pursaant to this Ordinanoe and F.S. 112.661, et seq., which shalt apply bo funds
under fhe contrd of each boatd. �
S em means i�e Viiiage of Tequesta Public Safety t�icers' Pension Trust Fund
as contained her�ein and all amendments ther�eto. .
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Yested defenBd r�etinement means a Member who leaves the employ of the Village
with 6 or more y�ears of a+edited servioe and who is not eligible for any retirement benefit.
This benefit is payable at early or no�mal. re�r�err�ent.
Villa�e means #he Village of Tequesta, Florida.
2. Ma�cxriine Gender. The masculine gender, where used herein, unless the
c�text speafically requires othenNise� shall indude both the feminine and masculine �
9enders.
. Section 3. Membershlp.
1. Condition of Eli�ibilitv � .
Ali ful! time Police Offx:ers and Firefighfiers es of the effective dafie, and all future
_ new full time Police Officers and Firefighfiers shall becorne Members of #his System
as a condition of employment, exc�ept that parbidpati�on in this system is opdonal for .
the Police Chief and Fire Chief. � .
2. Membershin
Each full fime Polioe Of�icer or Fireflghter shaN complete a form prescxibed by the .
Board which may indude the following infiormation:
A. Ac�oeptanoe of the tertns and conditions of the Retirrement System, and,
B. Desi�ation of a beneflaary or benefidaries, and,
C. A�cerdfied statement as to prior medical and/or psychological h�tory.
3. Chan�e in Desi�natia� of Beneficiarv
A. A member may from �me #o time change his/her designated benefiaary by
' � written nofioe to the Board upon fams provided by the Board. Upon such
change� the rights of all previously designated benefidaries to r�enre any
benefits under the System shaN c�ase.
6. Any re4red member who desir�es to change his or her joir�t annuitant or
beneficiary shall nle with the board of trustees a notarized notioe of such .
change. Upon receipf � a�mpleted d�ange af joint annuitant form or such
other notice, the board of trustees shall adjust the membe�'s monthiy benefit,
by the application of ar.tuarial tables and cakxalations developed fio ensure
that the benefit paid is the actuarial equival�t of the present value of the
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member's cument. benefit and there is no impact to the Plan. Any oosts
associated with tl�ese benefit calcula�ons shalt be bome by the member.
Section 4. Board af Trus�ees.
1. The sole and exdusive administration of and r�espor�sibility for the proper
operation of the r+etiremer�t system and for making effective the provisions of this ordinanoe
is hereby vested in a Boarcl of Trustees.
The Public Safety Boand shall oonsist of five {5) Tn�sbee.s, tw�o (2) of vvhom; unless
other�vise pivhibited by law, shall be legai residents of the �Ilage, who shall be appointed
by the Tequesta Village Couna'I, and one (1) of whom shall be a full--time Polioe Offioer
member of the System and one (1) of whom shall be a full-time Firefighter member of the
System. The fifth (5th) Trustee shall be selected by a majority v�obe of the other four (4)
Tn�tees. Eac;h person seeking to fllt a designa#ed employee r�epresentative Boarc!
member seat sha11 be separately elected by their full�irr�e co-w+orkers who are members
of the System in the applicable employee represerrtative gra�p� e.g. Polic� Officer or
Fir�sfighter in which they are en�ploy�sd and shall be elected by a majority of fhe fuN time
employees who are Members of the System within the applicable employee repneset�taative
group. Upon receipt of the fifth (5th) person's name the Tequesta V�lage Council shall, as
a ministerial duty, appoint such person to the Pu�ic Safety Board as i#s fi1�h (5th) Trustee.
The fif�h (5th) Trustee shall have tt�e same rights as each of the other Tn�stees appointed
or elec#ed as herein provided and shatf serve a iw�o (2) year tecm unte� the office is
sooner vacated and may sucoeed himseff or herseif in ofi�ioe. Each r�ident Trusfiee shall
serve as Trustee for a period of iw�o (2) years unless sooner replac�c! by the Tequesta
Village Counal at whose pleasure tfie Trustee shall serve� and may su� hin�seff or
herseff as a Trustee. Each Police OAioer or Firefighter Tn�stee shall serve as Trusfiee for
a period of iw�o (2) years, unless helshe soaner leaves the employment of the emp(oyee
represer�tative gr+oup heJshe was elecbed to represent or othenNise vacates hisJher office
as Trustee, whereupon a su.a:essor shall be chosen in the manr�er as the departing
Trustee. Each employ�ee represeM�tive Trust� may succeed himseff or herseff in office.
The Public Safeiy Board shaN meet at least quarterly each y�ear. Such Boards shall be a
legal enfity with� in addition to other pow�ers and responsibilities contained herein, the
power to bring and defend lawsui�ts of every kind, nature, and description.
2. The Board sha11� by majority vote, elect a chairman and secretary. The
secretary of the Boarci shall keep, or cause to be kept� a c�mplefie minute book of the
actions, proceedings, or hearings of the Boarri and shall preside over Board meetinQs in
the absence of the Chaimnan. The Trustees shalf r�t receive any c�mpensatiorr as such,
but may receive expenses and per diem as pro� by law.
3. Each Trustee shall be entiYtled to one vate. Three (3) affinnative vo#es shall
be necessary #or arry decision by the Trustees at any meeting of the 9oard. � Trustee --
shall have the right to abstain from v�ting as the result of a oonflict of in�rest provided that
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Trustee states in wrfing the nature of the uonflict oompl�es with the provisions of Sec�on
112.3143, Florida Statuties.
4. The Board af Tn�sl:�s shall engage such actuarial, acoounting� tegal, and �
other servic:es as shall be r�quir+ed to transact the business of the Re�rement System to
administer and manage their funds and to meet the requirements of applicable law. The
oompensafion of all perso�s engaged by the BoaM of Ttustees and aN � expenses of
tfie Soard nec�ssary for the operation of tl� Retirement System shall be paid from the
Fund they administer astd manege at st�h rates ar� in such amounts as the Boarc! of
Trustees shall approve.
5. 7he duties and respons�ili�es of the Boarc! of Tn�sfiees shall indude, but not
� necessarily be iim'rted fio, the folfowing:
A. Ta construe the provisions af the System and detennine all quest�ns arising
thereunder.
B. 7o detennine all questions r�elating to eligibility and partiapation.
C. To detennine anc! r�ert�fy the aunount of atl retiremen# allowances or other
benefits hereunder.
D. To estab�sh uniform rules and procedunes to be fo�owed for administrative
� pu�poses, benefit applications and afl matbers required to administer the
System. .
E. To distribute to Members, at regular intervals, iniorrnatan oonc�ming the
Sys#em. .
F. To recelve and process all applications for partiapafion and benefits.
G. To authori�e all payments whatsoever frvm the Fund and to notify the
disbursing agerrt, in writing� of approved pension payments and other
e�enditures arising #hr�gh operatlon of the System and the Fund.
H. To have perfonned acbuarial studies in acoordanoe with Florida Statute
112.63 providing a oopy of the same to the Division of Relaremerrt, and with
at least biennial valuations, and make reoommendations regarding and all
changes in the provisions of the System.
I. Ensure c�mpliance with Arbicle X, Section 14� of the Florida Constitufion,
requiring that any incxease irt benefrts be funded on an actuariaUy sour�
basis.
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J. Ensure the c�ompietion of an actuarial impact statement prior to the adopti�on
of a change in ifie plan's rBtirement benefits� a copy of whict� must be
provided to the Division af Retirement.
K. To compiy with the Chapters. �
L. To ensure the funds and assets for the benefit of the emplayee �+oups they
senre are segregated and separated from the ftmds and assefis under the
.contrd of the Board.
M. To perforrn such otherduties as are speafied in this 4ndi�arx�e ar� generally
do a!I acts which the Trustees may dee�n necessary or desirabte for the
protec�ion of the Tn�st Fund.
N. To adopt and be guided by Stafiements of (nvestrnent Pdicy applicable to all
funds under the control the Pubtic Safeiy Board of Trustees as required from
�me to time by F.S. 112.661 � et seq., and/or its suvoessor statutes.
O. To sue or be sued. .
P: To setHe, oompromise � submit to art�itratan (a# the sole discx�ett�iion of the
Tnastees) any daims, deb#s or damages due or owing bo or from the Fund.
Sectlon 5. Finance And Fund Managemerrt.
Establishme�t and Operati�on of Fund �
1. As part of the System, there is heneby established a Fund, infio which shail
be deposited all of the oontributions and assets whatsoever attribu�ble to the System, fa'
tMe benefit of Public Safety Officers bo be administered and managed by the Public Safety
Board.
2. The actual custody and supervision of the F4nd {and assets ther�fl shall be
vested in the Board of Tntstees. Payrnent of benefifis and disbursements from the Fund
shaN be made by the VilNage as the Board's agent, but anly upon � authorization from
the Board. Such written authoriza�n shall require the signatcire of iw!o of the Tnastees or
other Boarct authorized fiduciary.
3. Ail funds and securities of the Fund may be deposited by the Board of
Tn.istees with the Treasurer of the �Ilage� acHng in a ministerial capaaty only, wfjo shall
be liable in the same manner and to the same eactent that as he is liable for ifie
safekeeping of funds for the Village. Haw�ever, any funds and securi�es so depo�ified with
the Treasurer flf the ViOage shati be kept in separate funds by the Treasurer or cleariy
identfied as such func� and securities of the Public Safety Offlcer Trust Fund. In lieu
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thereof, the 8oard of Trustees shali deposit the (unds and securities of the Fund in a
qualified public depasitory or depositnries as defir�ed in Seation 280.02, Florida Statutes,
which depository or depos�ories with �egard to such funds and securities shall cor�form to
and be bound by au of the prov�ions of Chapter 280� Florida Statutes. .
4. In order to ful�li ifis investrr�ent nesponsibiNties as set forth �terein, the Boarrls
may r�etain the services of a crustalian bank or banks, an investrnent advisor or advisors
r�egister�ed under Inve�trnent Advisors Act � 1940 c�r otherwise exempt from such r+equired
registration, an insurance cx�mpany, or a oombinadon of these, for the purposes of
investment deasions and management. Such in�nt manager or managers shall
have discx�tion, subject #o a�y guidelines as prescribed by the Board, in the investment of
all fund assets.
5. All funds and secunri�es of the System shall be ac�ounted for separately
based upon the tw�o (2) applicable employee dasses within the Fund namely, the. Police
Officers and Firefighters in the Public Safety Officers Trus� Fund. Accurate recor�ds shall
be maintained at ali �mes reflecting the financial c�omposition ofi �e Fund and of the
acoounts in place to segregate the assels of the employee dasses oavered by the System,
induding accurafie cument aaaoun�s and entries as regards the following:
A. Cument amounts of Accumulat�ed Contributions of Mernbers on both an
individua! and aggregate acoount basis, and �
B. Receipts and disbursemenfis, and
C. Benefit payments, and
D. Current amounts dearly refl�ting aN moneys, funds and assets whatsoever
� attributable � oontributions and deposi�s from the Vilfage, County or State,
and
E. All interest, dividen�s and gains (or losses) wha�soever� and
F. Such other entries as may be properly required so as to reflect a dear and
complete financial report of the Fund.
G. Such other entries as required by the Chapters. � ,
6. An independent audit shail be performed annuaily by a certified public
accourrtant for tlie most recent fiscal year of the Village showing a detailed lis�ng of assets
and a s#atement of ail incx�me and disbursements during the year for each Fund. Such
inc�me and disbursements must be reconalsd with the assets at the beginning and end
of the year. Such report shall reflect oomplete evaluations of assets on both a cost and
market basis, as well as other items n�mally induded � a c�erdfied audit.
. .. -8-
7. The Board of � Trustees shali have #he fdlowing investment powers and
authority: . .
A. The Boarcl of Trustees shaU be vested with full legal fitle to the Fund, subject,
however, and in any event to the authority and pow�er of the Tequesta Viltage
Counci� to amend or fierminate this Trust, provided that no amendment or
Fund tenninatian shail ever r+esult in the use of any asseis of the Fund except
for the payment of regular expenses and be�efits under this System. All
cuntributions from time to �me paid irrto the Fund, and the inoome theneaF,
� w�thout distincdon bet�nreen prinapa! and invome, shaq be held in the Fund
and administered by the Board or ifis AAents. .
B. All moneys paid into or to be held shal! be inv�ted and reinvested by the
Boatd and the inves#ment of all or any part of such funds shall be timit�! to:
. (1) Annuity and life insurance oont�aCts of life insurance compani� in
amounts sufficient to provide, in whole or in part, the benefrts to which a� of
the partic�ipan#s in the Fund shall be enti�ed under the provisions of the Plan
and pay #he ini�al and �ubsequent premium the�on.
(2) Time or savings ac�ounts of a nationat bank, a state bank insur+ed by
the Bank Insurance Fund, or a savings and ban assodaiio� insured by the
Savings A,ssociation Insura�ce Fund which is �Imin�ered by the Federal
� Deposit Insurance Coiporation or a stste or federal chartered cx+edit union
whose share accoun#s are insured by the National Credit Un�On Shar�e
insuranc;e Fund.
(3) Obligations of tl� United States or obligations guaranteed as to
prindpal and interest by the govemmen# vf the Unibed States.
(4) Borids, stodcs, oommingled funds admini�ered by National or Shate
Banks or evidences of indebtedness issued or guaranteed by a oorporadon
organized under tt�e laws of the United �States, any state or organized
territory of the Un�ed States, or the District of Columbia� pr�ovided that the
corporation is traded on a nationally reoogniz� Exchange and in fhe c�se
of bonds only holds a rating in one of the four highest dassificati�ons by a
ma�or raiing servioe, and if such investments ar+e made in a pooled fund �
administered by a state or national bank, then the rafiing of each issue in the
pooled fund shall hold a rating within the top four (4) ra�ng dassifications of
a major rating servioe.
(5) Real estate.
(6) Up ta 2596 of Pian assets may be invested in for�eign securities.
_9- .
(7) Aif monies paid into or held in the Pension Fund sMall be inrresbpd and
� reinv+ested by the Boand of Trustees and tfie investrnerrt of all or any part of
such funds shall be invesfied in acc�r�dance with an estaWisheci investment
pdicy adopted by the Boar�d of Trustees.
C. The Boani of Trustees shall not invest more than five percent (5%) of its
assets in the oommon stock or capital stxk of any one issuing c�mpany, nor
sha� the aggregate irnestment in any one issuing company exoeed five
percent (5%) of the outs#anding capital stodc of that company, nor shall #he
� aggr+egate of its inv�estments in oommon sstodc, capital stock and convertible
bonds at cost exc�cl sixty perosnt (6096) of the assets of the Fund.
D. The Board of Trusfiees may retain in cash and keep unproduc�ivoe of inoome
such amcwnt of the Fund as it may deem advisable, having r+e�rd for the
cash requiremerrts of the System.
E. No person or enfiity shall be liable for the making, refiention or sale of any
inv+estment or reinvestment made as he�ein provided, nor fior any 1�s or
diminishment of the Fund, except that due to hisTher a� its own negliger�ce,
willfui misconduct or lack of good faith.
F. The Boani may cause any invesiment in securifies held to be registered in
or transfemed into their name as Trustee or into the name of such nominee
as they may direat, or they may retain them unregistered and in ftxm �
pennit�ng transferabitity, but the boaks and rp:cords shall at all �mes show
that all investments are part of the Trust Fund.
G. The Board is empourered, to vote upon any stodcs, bonds or securities of
� any corpora�on, assodatl�n� or t�t�st and to give general a� speafic proxies
or poarers of attomey with or without power of substitu�on; to parac�pa�e in
mergers, reorganizations, rec;apitaNzation, consolidations and similar
transac�ions with respect to such securities; to deposit such stock or other
se�xari�es � any voting trust or any protecave or like oommittee with the
Trustees or with depositories deslgnated thereby; to amor�dze � fail to
amorbze any part of ail of the premium or d'�soount resalting from the
acquisifion or dispositi�on of assets; and generally to exercise any of the
powers of an owner with respect to stodcs, bonds, or other investrnents
comprising the Fund which it may deem to t� i�e best interest vf the Fund �
to exerase. This responsibility may be delegated to an Agent for the Boerd.
H. The Board shall not be required to make any inventory or appraisal or report
to any oourt, nor secure any order of court for the exerase of any. powoer
contained her+ein.
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I. Where any ac�ion which the Boarad is required to take on any duty or function
which � it is required ba pe�l'nrm either under the tem�s herein or under the
general laww applicabie fio it as Tn�.stee under th+s Ordinarx�e, can reasonably
� be taken or perfum�ed only after receipt by it from a Member, the Village, the
Department or any othe� enbity, of spec�ic in�onna�on, certification, direCtior�
or ins#rucdons, the Board shail be free of Rabilify in failing to take such acbon
orperForm such dutyorfunction undl such infonnation, cefifica�on� dinecdon
or insfi�uc�on has been received by �. �
� J. Any overpayments or underpayments from a Fund fia a Member or
bene�'iciary caused by errors of c�mpu#a#ion shall be adjustsd with interest
at a rate per annum approv�ed by tt�e Board. Overpayment shalf be charged
against member's payments next succeeding the correction.
Underpayments shai! be made up from the Trust Fund.
K. The Board shail sustain no liabilit�r whatsoever for the sc�fiaency of a Fund
to meet #he payments and benefits herein provided.
L. Any of the foregoing powers and functions reposed in the Boar�d may be
perfortned a� carried out by the Boar+d #hrough duly authorized Agents,
provlded that the Board at all times maintains c�ntinuous supervislon over
the ads of any such Agent; provided further, that legal title to the Fund shall
� always remain in the Board of Trustees.
M. 7he Boarti! shall not invest mo�ee than ten perc:en# (1096) at cost of its assats
in real property or real estate and thene shaY be no inv�estrnent in a limified
partnership or trust.
N. The �Ilage shall maintain Fiduaary i.iabilifiy insuranc�e to c�over the members
of #he Board of Trustees.
O. With respect to any investrnent� the Trustees may consent or object to any
action or non-action of any corpora�on or of the dinecfiors, officers or
stxkholders of any c�poration.
P. Noiwithstanding anything else in this subsectlon and as provided in Fiorida
Statutes §215.473, the board of trus#ees must identify and publidy report any
direct or indlrect hokiings it may have in any scxutinized company, as defined
in that sec�on. Beginning January 1� 2010, the Board must proceed to sell,
redeem, divest, or withdrew ali publidy t�aded securities it may have directly
in that c�mpany. The dtvestlture of any such sea.irity must be oompleted by
September 10, 2010. The board and i#s named officers or invesiment
advisors may not be de�med to have breached their fiduaary duty in any �
actlon taken fio dispose of any such security� and the board shali have
sa�sfactorily discharged the fiduaary du�es of loyalty, prudence� and sole
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and exdusive benefit to t�e partiapants of the pension fund and their
benefiaaries if #he ac�kior�s it takes ar+e consistent with the du#i�es imposed by
Florid2i Statutes §215.473, as provided for in Fbrida Stah�tes 185.06(7) /
175.071(8) and the manner of the disposiaon, if any, is reasonable as to the
means chosen. For purpos�es of determining whid� c�ompanie.s are
scn�tinized companies, the Boarc! may u�'lize the list of scxutin�zed
. vompanies as developed by the Fbrida State Board of Admin�stration. No
. person may bning any avil, criminai, or administrative action against the
board of trustees or any empbyee, officer, dine�tor, or advisor of such
pension fimd based upon the divesture of any security pursuant tv this
subsection. �
Sectlon 6. Contributlons.
1. Member Contributions
A. Amount Effective the first full payroil period after #he effe�ve date of this
Ordi�nce, Pol'roe Officer Members aF the Retiremeryt System sha� be
r�equined � make r+e�lar aontributions to the Fund in the amount af fnre
percent (5°/aj of hisfier sa�aty efFet�ive the first full payroll period af�r the
effective date of this Ordinanoe, Firefighter Members of the Ret�rement
System shall be required to make regular oontribution to the Fund in the
amount of five perc�nt (5%) of hisJher salary. The funding for the difference
between the previousty required contributi�on of 6.19b and the now required
5°�6 shall be made up irom the monies reoeived from the State pursuant to
Chapter 175, F.S. Should the Chapter 175 money ever become insuffiaent
. to make up the difference, the c�ontribufion rate for Firefighter Nlembers shal{
automatically revert to 6.1 %. Member contribuut��ons withheld by the �Ilage
on behalf of the Member 'shall be deposited with the Board of Trustees '
immediately after the withholding of such contributions. The contributions
made by each Member to tl�e Fund shall be designed as empbyer
cor�tributions pursuant fio Section 414(h) of the Code. Such designaati�on is
contingent �pon the contribubons being exduded from the Members' gross
income for Federal Inoome Tax purposes. For all othec purposes of the
� Plan� such contributions shall be oonsidered to be Member oontribu�or�s.
B. Method. Such contributions shap be made by payroll�deduction.
2. Stiate Cont�iibutions
Any monies received or rec��vable by reason of laws of the State of Florida, for the
express purpose of funding and paying for retirement benefits for Police Offioers or
Fir�ef�ghters shaN be deposited with the applicable segregate�d aocount in the Trust Fund
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oomprising part of this Systern immedia#ely and under no ar+cumstanc�es ma+e than flve (5).
days after reveipt by the Viilage.
3. V�ilas�e Cor�tributions
So long as this System is in effect, the Village shall make oontributions at least
quarterfy to the Trust Fund in an amount equal to the norrnal oost and the amount required �
� fund any ac�uarial defider�cy shown by an actuariat valuation as provided in Part VII of
Chapter 112, Florida Statufies.
4. Other �
Private donations, gif�s and contribufions may be deposited to the Fund, but suc�
deposits must be kept separately and kept on a segregated bookkeeping basis. Funds
. arising from these souroes may be �sed only for additional benefiis for Members, as
defienmined by the Board of Trustees, and may not be used tia r�educe what would have
othervvise been required by Village oan#n'butians.
S�ction 7. Ber�flt Amounts and Eliglbility. .
� 1. Normal Retirement Date
A Member's normal retir�nent date shaA be the first day of the month coinadent
with, or the next following the eallier of:
A. attainment of age fif#y-five (55) and the completion of six (6} years of credi�d
service, or
B. atfiainment of age fiRy-iw�o (52) and the oompletion of iw�enty-ftve (25) ye�rs
of cx+edited service.
A Member may retine on hisfier nom�al retirement date or on the first day of any
month thereafter, and eac� Member shall bevome 100°�O vested in hisfier � benefit
on the Member's namal retirement date. Namal retirerr�nt under the Phan is retirement
from ernpbyment with the Village of Tequest�a as a Poi�Ce �r or Firef�ght� on or after
the nonnal retirement date.
2. Nonnal Retirement Benefit
A Member retirring hereunder on or after his/her normal refirement date shall receive
a monthly� benefit whic:h shall commence on his/F�er Retirement Dafie and be c�ontinued
thereafter during the Member's lffe�me, ceasing upon death, but witl� one hundred iw�enty -
(120) monthiy payments guaranteed in any event. The mortthty retir�emerrt benefit shall
equal:
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3.0� for the first 6 y�ears of service
3.5°k for the next 4 y�rs of service
4.0°� for the next 5 y�ears of service
3.OR�•for the next 6 y�ears of service
2.0°k fa� the next 4 y�ears of servic�
3.0% for all y�ears after 25 years
3. Eativ Retire�ent Date
A Member may retire on hls/her early r�etirement date which sha� be the first day of
any month ooinadent with or next following the lafier of the attainment of a�ge #'ifty (�) and .
the completion of six (6} years of qrediked servioe. Ea�iy netirement under the Pian is
re�rement from employment with the V�fage of Tequesta on or after the early retirernen#
date and prior to the nortnal retirement date.
4. Earf�► Re�nement Bene� �
A Member re�ring hereunder on his/her early r+etirement date may reoei�e either a
defen�ed or an imrnediate monthiy retirement benefit payable for life, but vvith one hundred
twenty (120) monthly payments guaranteed in any event, as fdfaws:
. A. deferred monthiy retinement benefit whic.h shall c�ommenoe on what w�ouid
have been hisA�r normat retirement date had he/she remained a Police
Officer or Flrefighter and shail be oontinued on the first day of each month
thereai�. The amount of each such defen�ed rnonthly re�rement benefit
shal! be defiermined in the same manner as for retirement as his/her normal
� retirement date except that credited service and average finai campensation
sha� be determined as of his/her early ne�rement datie; or
B. immed�te monthly retirement benefitwhich shall oommenc�e on hisfier earfy
r�etirement date and shali be oontinued on the first day of each month
thereafter. The benefit peyable shall be as determa�ed in �aragraph A
abov�e, which is actuarially reduced from the amount to which he/she w�ould
have been er�itled had he/she retired on hisJher namal retirement date and
witl� #he same numb�er of years � cx+edited service as at the time his/her
benefit oommence and based on his/her average flnal oompensation at that
date. In no event shall the eariy retirement reducfion exceed three peraent �
(3%) for each year by which ft�e oommencement of beneflts precedes the �
Member's norrnal retirement date.
Sec�ion 8. Pre-rte�r+ement Deatl�.
If a plan member dies prior � retirement from the vNage of Tequesta fiis/her
benefiaary shall recelve a beneflt as follows:
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A. Line-of-Du#y-Deaifi-B�efit is a pension fio the spause (or d�ildren} for life in
� the amount ofi 50% of Average Final Compensation. �
B. Non-Une-of-[)uty-Death-�Beneflt the spouse of a member with 6 years of
� c�+edited service will nec�iv�e the act�arial equivalent of the acaued normal
� - retirement benefit.
C. In lieu of the beneflts provided in A or B above, the bene�ry of a police
oificer or firefighter� with 6 or more years of service who d�es prior to
retirement, may rec�eive tfie benefits othenNise payable to the police offic�r .
at what wrwid have been hisfier.early or normal retiremen# date. �
Seatlon 9. Disability.
1. Disabilitv Benefii� On-Dutv
Ear;h futt time employee who is a participant in the Pension Fund System and who
beoomes totally and permanen�y disabled while an acti�na employee of the Village of
Tequesta to the exfient that he/she is unable, by reason af a medically de�erminable
physical or mental impairtnent, to render usefuf and ef�ic�ent servicc� as a Police O�oer or
Fireflghter� as was provided by the employ�ee in their dass�ication (Police Oflicer or
Firefighter) -prior to the alieged impairtnent, which d'isabilily was directly caused by �te
performance of his/her duty as a Pdioe Ufficer or Firefighter shall upon estabiishing the
same to the satisfacfion of the Board, be en� to: .
A. If the injury or disease is s�eivic�e oonr�ec�ed, the employ�ee shal( be ent�led
to the great� of (1) or (2):
(1) a man#hly pension equal to 4296 of hisfier � average monthly
compensation as of hisJher disab�ily retirement date� or
(2) the acxxued Normal Retirement Benef�t.
Any condition or impairment of bealit� of Pdloe Officer or Fir+efighter caused
by tub�culosis, hypertension h�atitis, meningo�cal meningitiss or heart
�disease shalf be p�esumed to have been suffered in the line o# duty unless
the cx�ntrary is shown by oompetent evidence, provided that such Police
Of'�iaer or Fir+efighter shali have suc�essfully passed a physical examination
upon entering lnto �ch senrice, induding cardiogram, which examination
failed to revea! any evidence of sud� condida�; and provfded further, that
� presumption sFiaall not apply to bertefits payable or granted in a policy
of life insurar�ce or dis�bilit�r insurance. In onier to be entitled to the
presumptiort in the c�se of hepatfis, mening�al meningitis, or
tuber+cubsis the member must meet the r�equir+ements of Secfion 112.181,
Fbrida Statutes.
� -15- -
2. D'isabilfi► Benefits Off-0utv
Every Polioe Offioer or Firefighter who is a participant in the Pension Fund System
who shal! have beoome totally and perrna�nen�y disabled to the extent that he/she is
unable� by neason of a medicatly determinable physical or mental nnpainr�ent, to render
useful and efficient service as a Pdice Of�icer or Firefigh#er wfiich d'�abilihr is not dir�diy .
caused by the performanve of his/her du�es as a Poliae Offiver or �reflghter shall be
enti�ed the grea� of A. or B.:
A. A monthly pension equal to 25°�6 of hisJher average monthiy c�mpensation
as of histher disability retirement da�e, or
B. The acaved Nonnai Retirement B�efit.
3. Conditions Disqualify�inc� Disabilitv Benefi�s
Esch Police Officer or FireTghter who is daiming disability benefits shaA es�ablish,
to the satissfaction of the Board, that such disabilit�r was nat oa�rsioned primarily by:
A. Excessive or habitual �se of any dnigs, infioxicanfis or ak;oFwl.
B. Injury oc dise�ase sustained while willfially and illegally partiapating in �ghts,
riots or civil insumections. • �
C. Injury or disease sustained while c�mmit�ng a crime.
D. Injury or disease sustair�ed while serving in any branch of ttae Armed Forces.
This exdusion does not affect members wFw have �me disabled as a
result of intervening military servic� under the federat Heroes Eamings
Assistanoe and Reiief Tax Act of 2008 (H. R. 6081; P.L. � 10-245).
E. In�ury or disease sustair�d after hisJher empbyment shall have #srminafied
as a Polios Offioe�r with the Tequesta Police Department or a Fireflghter with
the Tequesta Fre Department.
F. injury or disease sustained by a Polic�e 4ificer, while wbridng for anyone
other than the Tequesta Police Deparfiment and arising out of such
employment.
G. Injury or disease sustained by the member before employment with the
�Ilage begins. This subparagraph appliss only in the event of a duty injury
or disease.
4. Phvsical Examinafion Reuuirement
� -16-
An employee shall not becoine etigible for disability benefits unfiii and unless heJshe
undergoes a physical examination by a qualifled physiaan or physiaans and/or surgeans,
who shall be setected by the Board for that purpc�se.
AnY person r�eceiving d'isab�ihr benefit under provisions of this Ordinance may be
periodicaliy re-exar�ined by a qualified physici�n or physicians and/orsurgeon orsurgeons
wf�o shall be selec#ed by the Boarcf, to determine if such disability has oeased #o exist. If
the Boarti �inds that the retiree is no longer permat�entty and �otally disabled to the ex#ent
. that he/she is unable to render useful and effrc�errt servioe as a Polioe O�er or a
FirefigFrter, the Boarc! shaN r+ecommend to the Vllage that the retiree be retumed to their
previous petfamar�ce of duty as a Polioe Of�ioer or Fire�ghter� and the r�etiree so r+etumed
shalt enjoy the same rights that Member had at the �me he/she was plac�d upon pension.
In the everrt the retiree is so ordered to retum shaN refuse to comply with d�e o�ler within
thirly (30) days trom the issuance ther�f, Member shall forFeit the right to his/her pension.
The oost of the physical examination arxi/or rae-examination of the employee or
netiree daiming and/or reoeiving disability benefi �ts shall be bome by #he Board. All other
r+easonable costs as defiermined by the Boarci incadent #o t#�e physic�l examinat�n, such
as, but not lunited to, transportation, meais and hotel aabmmodafions, shall be bome by
the Bosrd.
I# the r�efiree reoovers frorn disabiliiy and reenters his/her fonner service with the
Village of Tequesta held prior to disability refiirement, hisJher service will be deemed to
have been oon�inuous, but the period beginning with the first month for which he/she
r�eceived a disabiiity re�irement invome payment and ending with the da#e he/she r�aentened
the service of xhe Vil�ge wiM not be oonsider�ed as credi�ed servic� for the purposes a# the
Pian.
The BoarcJ shal! have the poww�er and authority #o make the final decision reganling
ali disability c�ims.
5. Disabilfir Pavments
The monthly k�neflt fia which a 11Aember is enfiided in the event of the
Member's disabliiy refirement shall be payable on the first day of the first month after the
Board of Trustees defiermines such errtitlement. How�ever, the monthly retirement income
shan be pay�b� as of the dafie the Boarcf determined such entitlement, and any portion
due for a partial month shall be paid together with the flrst prayment The last payment wiN
be:
A. tf the plan member recovers from the disability or aitains hisfier normal
refir�ement date, the p�yment due next precx�ding the date of such reoovery,
or
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B. If #he plan member dies without rsoov�ering from the disability prior ba hisJher
normal retirement datie while stili d�sabled, the payment due next preceding
hisJher dea#h or the 120th n�nthly payment, whichever is lat�.
Sectlon 10. Monthly Supplentental Beneflts. �
1. Effectiv�e upon passage of this Ordinance, any retiree or tienef�ciary receiving
pension l�neflts is entibed toa monthly supplemental pension benefit of �20
per year of servic�, up to a maximum be�fit of $600.00.
� 2. This benefit shail be payable monthly as a part of fhe regular rr�n#hly
pension benefit. The benefit shall be payabie ta the retiree and any
benefiaary. The benefit shatt cease upon the death of the member or
beneTiciary, if applic�ble.
Section 11. Vestlng.
If a Member terminates his/her employment with the Vitlage of Tequesta, either
vol�ntarify or by disc�a�ge, and is not eligible for any othe� beneflts un�r this System, the
- Member shall be entitled to the following:
1. if the Member has less than six (6) years of c�+edited servioe u{wn
termination, #he Member shall be enti�ed to a nefund of hisfier accumulated contribut�n
or the Member may leave it deposited with the Fund. �
2. If the Member has six (6) or more y�ears of aBdited service u�n tennina�on,
the Member shall be en#i�ed to a montMly netirement beneflt that is the actuariaf equivatent
of the amount of such refiinement income otherwise payable to him commenang at the
Member's otherwise normal or earfy retirement date, provided he does not elect tn
withdraw hislher aa:umulated contributans and provided the Member surviv�es to his/her
norma! ar early retirement dafie. .
SecHon 12. Optional Fams of Beneflfis.
1. In lieu of the amount and form of re#inement income payable in the event aF
normal, early� or disability refir+ement as specifled herein, a plan member, upon written
request to #he Board of Trustees, and subject to the approval of the Board of Trustees,
may elect to recenre a refirement inoome or benefit of equivaient ac�uarial valuation
payable in aax�rdance with one of the fdlowing optlons:
A. A retirement �oome of a larger monthiy amount, payable to the Member for
his/her Iffetime only.
� -18- �
B. A ret�ement inoome of a modified monthiy amount� payable to the Member
� during the joint I'ifetime of the Member and a dependent jant pen�oner
designated by the.Member and following the dea� of either of them,10096,
7696, 66-2/396, or 50°�6 of such monthly amounts payable to the survivor for
the lifetime of tl� survivor.
C. Such other amount and form of re�irement payments or benefits as,1n the
� opimon of the Boand of Trustees, wiN best me�t tl�e circumstances of the
retiring Member.
2. The AAember, upon electing any option of this sedtion, will designate the joint
pensioner or benefiaary (or beneficiaries) to �eoeive the benefit, if any, payable under the
Plan in the event of the Member's death, and will hav�e the pow�er to change such
designation from time to time, but eny � charx,�e shaN be deemed a new elec�ion and
wiN be subject to approvai by the Boan! afi Tn�stee.s. Such designation wiN name a jdnt
pensioner or one or mone primary beneflaaries where applicable. If a Memberhas eleded
an option with joint pens'ioner or benefidary and the Member's retinement inoome be�efits
have vommenced� the Member may therea�er change hi�/her designa�d jant pensior�er
or beneficiary but �ty if the Board of Trustees amsents to change and if fhe joint
pensioner or benefiaary� but only if the Board of Ttusfiees consents bo change and if the
joint pensioner last previousiy designated by the Member is aliv�e wf�en he/she files with the .
Bo�rd of Trustees tlte request for such change.
3. The oonsent of joint pensioner or beneficiary to any such c�an� shaN not
be required.
4. The Board of Trustees may r�uest such evidenoe of the good health of �t
pensioner that is being rBmoved as it may require and the arnaunt of the retirBment inoome
� payable to the Police OfFioer or Firefighter upon designation of a�w joint pensioner shalt
be ac�uarially redetermined taking into account tl�e age and sex of the former jnint
pensioner, the new joint pensioner, and the Pdice Ofi'�cer or F'mefighter. Eac� such
designation wiU be made in wrfing on a fonn prepared by the Boand of Trustees and on
c�ompletion will be flled with the Board of Trustees.
In the event that no designated benefldary survives the 11Aember, such benef�ts as
are payable in the event of the death of the Member subsequent to ti�sfher retirement shall
be paid as provided in Sec�on 12. � �
5. Retirement income payments shail be made under the op�on elected in
aocordance with the provisions of this seCdon and shall be sub�ct to the following
lirnitafiions: .
A. If a Member dies prior to his/her normal r�etirement da�e or early retirrement
date, whichever oocurs, no retinernent benefrt wilf be payable under the
-1&
op�on to any. person, but the benefits, if any. will be determined under
Sectiort 8. - -
B. {f the designated beneficiary (or benefiaaries) or joint pensioner dies be�fore
#he Mernber's �tirement under the Plan, the option elected will be canoeied
aufiomadcaNy ar�! a redrement �naome of the nortnal form and amount wiA.be �
payable to the Member upon hisJher retiremen# as ff#he elec�ion had not
been made� unless a new election is made in accordance with the provisions
of this sec�ion or a new benefiaary is designated by the Merrtber prior tfl
his/h� re�rernent and wifihin ninety (90) days after the death of i�e
beneflciary. .
C. If k�th the retired Member and the benefiaary (or benefiaaries)
designated by the Member die before the full payment has been effec�ed
un� any option providing for payments for a period cert�in and life
therea�ber� made pursuant to the provislons of subsection 1, the Board of
Tnas�es may in its discnetion, direct that the computed value of the
r�maining payments be paid in a lump sum and in accorclance with Sec�ion
12.
D. If a Member continues beyond his/her normal retirement date pursuant to the
provisions of Section 7, subsec�on 1� and dies prior to hislher ac�ual
� rBtirement and while an option made pursuant to the provi.sions of this
sectia� is �t effect, rinonthty retiremen# income payments will be made, or a
redrement benefit will be paid, under the option to a bene�+Ciary (or
beneficiaries) designated by the Member in the amount or amounts
computed as if fhe Member had retired under the option on the date on
which his/her death occuned.
6. The Member may not change hiaJher redrernent option after the dafie of
c�shing or depQSiting hisfier first re�remer�t chedc.
Section 7 3. BenaRiciaries.
1. Each Mer�er mey, on a form provided for that purpose� signed and filed with
the Board of Trustees, designafie a benefiaary (or beneficiaries) �o rec:eive the benefrt, if
any, which may be payable In the event of hisJher death; and each designation may be
revoked by such Member by signing and filing with the Board of Trustees a new
designation-of-benefiaary form. � �
2. If a dec.eased Member fails to name a beneficiary in the manner pr+esaibed
in subsecction 1, or if the benefiaary {or beriefiasries) nam� by a deceased Member ,
predeceases the Member, the death benefit, if any, which may be payable under the Plan
with respect to such deceased Member may be paid, in the discxefion of the Boarc! of �
Tn�stees, either to: �
-Za
� A. The wife or dependent chiidren o� the Mexnber;
6. The dependerrt living parents of the Member; or
C. Estatie of the Member.
Secdon 14. De�en+ed Retlrement.Op�ion Plan.
1. Eli�ib�litv to Partic�pate in the Dro,Q
A. Any rnember who is eligible to receive a norrnal retirement pension may
participate in the DROP. Members shali elect to participate by applying to
the Board of Trustees on a form provided for that purpose. �
.
B. Elecdon to parqapa#e shali be forteifed if not exentised within the first
tw�enty-seven (27) y�rs of combined c�+edified servioe. How�ever,
parddRa�on in the first y�ears of enactrnent will be extended to those
m�nbets with twenty-eight (28j years of service in 2003.
C. A member shaH not partk.tipate in the DROP bey�ond the i�me of attaining 30
years of service and the fiatal years of par6iapa�or� in the DROP shall not
exc�ed flve (5} years. For example:
� (1) Members with twenty-five (25) years of cxedited service at time of
enhy shall only partidpate for five (5) y�ears.
{2) Members witft iwenty-six (26) years of cxedited servioe at time o# entry
shaA only partiapate #or four (4) years.
(3) Members with tweMy-$even (27) years of credited s�vice at �me o�
e+atry shall oniy Parbc+Pa#e for three (3� years.
D. Upon a member"s eleclion to pardapafie in the DROP, he or she shaN cease
to be a member and is preduded from accxuing any additiona( benefit under
the Pension Fund. For all Fund purposes, the member bec�mes a retirant.
The amount of a�edited service and flnal avera� salary freeze as o#the datie
of entry inta the DROP.
2, Amounts Pavable uqon Election to Pardc�pate in DROP
� A. Monthly retirement benefrts that w�ould have been payable had the member
terminated employment with the departrnen# and eleded to reoeive monthly
pension payments will be paid fnto the DROP and d�edlted to the re�rant.
Payments into the DROP will be made monthly over the period the retirant
partiapafes in the QROP, up to a maximum of sbdy (60) months.
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B. Payments to the DROP eam interest using the rate of investrnen# retum
eamed on Pension Fu�! assets during the tw+elve (12) montfi period ending
Sep#ember 30th. The rafie determined shall be the rate neported to the
Division of Re�rement pursuant to Part VII of Chapter 112, Florida Stah�s,
How�ever, ff a polioe oflic�r or firefighter does not tenninate empbyment at
the end of partiapafion in the DROP, interest cx+edits shaN cease on the
cument balance and on all future DROP deposits.
C. No payments wiU be rnade from DROP until the member terminafies
empbyment with the department.
D. Upon termin� of employment� partidpants in #he DROP wiN receive the
balanoe of the DROP acxount in ac�oor+danve with the following n�les:
� (1) M�nbers may elect to begin to receive payment upon termination af
�nployrr�ent or defer payment of DROP until the latest day as
provided under sub-subparagraph c.
(2) Payments shall be made in either.
a. Lump sum - the entir�e acx�ount balancc� will be paid to #�e
retirant upon approval of tfie Board of Trus#ees. �
b. Installments - the acc:ount balance will be paid out to the
re�lrant in three equal payments paid over 3 years the first
payment #o be made upon approval of the Boar+d of Trustees.
c. Annuity - the account balance wili be used to purc�ase an
annuity to be paid monthly, the flrst payment to be made upon
approval by the .Boand of T�ustees, The annuit�r must be
purc�tased from an insurer licensed to seti such annui�es in
Florida.
(3) Any forrn of payment s+elected by a pdice officer must c�ornply with the
minknwn distributi�on. requirements of the IRC 401(Ax9) e.g.,
, payments must cornmence by age 70�.
(4) The benefiaary of the DROP pardc:iparrt who dies befone payments
#roin DROP begin shall have tt�e same right as the pardcipant in
accor+dance with (?rdinanc�e.
_�. -
Section 15. Claims Procedurr� Beior�e the Board Decislon. � .
1. If any Member of the System has been: '
A. Plac�ed on pension under the tenns and provisions of this ordinance for
disability, or
B. Plaoed on psnsion because the Member has served tl�e required number of
years fio enti�e him to a pension, or � •
C. Refused benefits under this Plan, and is dissatisfied with the amount of
pensia� the Member is receiving, or believes that he should be entitled to
benefi�s under the Plan, the Member may, in writing, request the Board to
review his/her case. The Board shall review the case and enter such orcler
ther�aon as it deems right and pr+c�er within sndy (60) days fiom reoeip# of
such Nrti#ben request and the r�ec�ipt by the Boarcf of a written medical
release authoriza4on and a list of names and addresses of all treating F�alth
care providers for suc:h revi�► of disability daims; provided, that tlie Board
may extend the time for entering such order by an additional fort�five (45)
days iF it determines such time is necessary for disc�very in full and
ad�uate review.
2. In the event that the or�er from the Board denies the daim for a change in
such benefits or denies the daim for benefits, the order of the Board shalt be �
put in writing. Such wiitten order shall induck:
A. The speafic reasons for the denial� inc�ud'mg speafiic referenoes to pertinent
provisions of the re�rement system on which such denial is based;
B. A description of any additional material or irrformation that the Boar+d: feels is
necessary for the Member to perfect h� daim, ingether with an
e�lana�on of why such material or ir�formation is necessary; and
C. An explanation of 1fie r+eview procedure next open to the Member.
Such review procedure shall provide tha�
(1) Prior to such review, the Member or his/her duly authorized
represer�tafive may review any per�nent docwmen�s induding PNan
provisions, minu#es of the meeting�of the Boarcl in which denial fo the
daimwas originally recommended, and anyotherdoc:umerrts material
to the case; �
(2) After such review� the AAember andlor hislher duly autho�ized
representativve shall submit their case in wri4ng to the Boarcl and
-23-
request a hearing. Such submission shau be flled with the Boand no
later than ninety (90) days after the r�eoeipt of t� order of the Board.
Upon reoeipt of the writ6en submission. by the Member, the Board
shaN schedule an opportunity for a fuli and fair hearing of the issue
within the next ninety (90) days, and such schedulsd hearing shali be
� oommunicafied � writing to the Member. The Member and/or hisfi�'
� duy authorized representa�ve may ther� appear at such sc�eduled
hearing to pr�esent their case. The BoaM s�hall consider the facts
presented at the scheduled hearing and shali, within i�irty (30) days
after such hearing, make a final ruling ir� wridng on the request of the
Member. The wriiten decisbn shall indude the reasons for such
decision and, such decision shaH be flnal.
(a) The Chairman shal! preside over the hearing and shatl rule on
aif eviden�ar� and other legal ques�ions that arise during tl�e
hearntg.
(b) Either parly� the daimant or tt�e Board, may file pleadings
within the time limits set herein. Procx�dural mo�ions ar+e to be
� determined by the Chairtnan of the Boani at any time. AII
parties are to fumish vopies of all pleadings to the opposing
pardes and exchange I'rsls wi#h narnes and add�sses of
witnesses expected to be called to �esdfy at t�he h�rir�g, as
w�ell as the list of exhibi#s that are infiended to be introduc�d� at
least forty-fiv�e (45) days pria' #o the hear�ng. Test�mony of
. witr�esses shall be under oath or al�rtnation. Depositions or
affidavi�s shall not be admissible unless upon stlpulation by all
parties. The Chaimnan, any Member of the Boani, the attomey
for the Board, the daimant and the daimanYs attomey, upon
recognition by the Chafrtnan, may direct questic�ns to any
v�i�ness during the prooeedings. Each party shall hav�ee the �
. right to present evidence relevant to the issues, to
cxoss-examine witr�esses, to impeac�� wi#nesses and to
�espond to the evidence pr�esented �ainst the parly. Each
. party shall have the right to preserrt any openir�g and dosing
arguments. AnY Pa�tY may secur�e the services of a c�ourt
r+�a�ter to recorci the proceedings witl� the oos# to be bome by
the party requestirig the oourt report�er or requesting the
iransalptan of the proceedings.
(c) fn all cas�, unless otherwise provided in this section, the
bur�den of proof shall be on the daimant who seeks to draw
hislher erri�iement to a pensian, disability pension, or �
increased pension benefits. .
-24-
3. In all proceedings under subsections 1 or 2 hereof, the Boani shall ha�s the
power to s�bpoena and rBquire the attendance of witnesses and the
production of documents for disc�ery prior to and at #he proceedings
provided for � each paragraph. A reasonabie i�ee may be charged for the .
issuanoe of any subpoenas not #o exceed the fees set fiorth in Florida
Statufies.
SeCtion 18, Report,s tio Divis�n of Retlr�ement
Each year no later than March 15th� the f�aim�an of #he Board shall file iw�o (2)
separa#e r�eports. with the Division of Refiir�ement coni�ining the follawing relative to �e
Po(ice Oi'ficers and Firefighters of the Pian. The Pdice Officer report shall be separate
from the Firefighter report. �
1. Whether in fact the YNage is in compliance with the provisior�.s of Chap#ers
175 and 185, Fiorida Stad�tes.
2. A c,ertified statement of acxourrting for the most r!ecent flscai year of the
1l�lage {or an independent audit by a certfied public acoountar�t if required by tl�e Division
of Re�rement) shvwing a detailed Nsting of assets and methods used to value them and
a statementof all inc�ome and disbursements during the year by the Pubiic Safety Board..
Such income and disbursements shall be reconciled with the assets at the beginning and
end of the year.
3. A sta�stical exhibit showing the number of Pdiae Officers on the force of the
V�Ilage, the number induded in the Pension Plan, tl�e number of Policae Of�iCers ineligible,
dassifled acxording to the neasons for their being ineligibie, and the number of disabled
and retired Police Officers and their benefiaaries �eiving pension payments and the -
arrwunts of annual retirement inoome or pensi�on payments being reoeived by them.
� 4. A statistic;al exhibit showing the number af Firefigh#ers on the foroe of the
. Vifia�ge, the number induded in the Pension Plan, the number of Firefightters ineligible,
dassified aocorcling to the r+easons for their being inel`�gible, and the number of disabled .
and retired Fireflghters arid their beneficiaries receiving pension payments and tl�e
amounts of annuai retir�ement inoome or pension payments being t+eaanred by tfiern. .
5. A stat,ement of the anaunt the �Ilage has c�ontributed bo the Pubiic Safety
Pension Fund for the preceding plan year and the amour�t the ViNage wiU oonti'ibute to the
Pubiic Safety Pension FurxJ for the cum�t plan y�ear.
6. ff�any benef�fis are insured with a commerciat insuranoe company, fihe report
shall indude a statement of the r�ationship of the insured ber� to the benefits provided
by th� Ordinance. This neport sha!! also contain iMorrnation abou# the insurer, basis of
-25-
premium rates, rnatality table, interest rates and method used in val�ting r+etirement
benefits. �
7. An actu�arial valuatlon of the redrement Plan for Public Safe#y Officers must
be made at least once every three (3) years c�mmenang from the last ac�uarial report of
the Plan. Such valuation sha!! be prepar�ed by an enrolled ac�uary who is �rolled urxler
Subti�e C of the Tifi�e 3 Employee Retirement Incame Security Act of 1974 ar�d who is a
. Member of the Society of Ac�uaries or the American Academy of A�tuaries.
Section 17. Roster of Rettrees.
The Secxetary of the Boarcls shal! keep a reoo�+d of a!I persons enjoying a pension
under the provisions of this Ordinance in which it shall be noted the time when the pension
is albw�ed and when the same shall cease to be paid. Additionally, the Secnetary sha!!
keep a record of all Polioe Olficers and Fi�fighters empby�ed by the Village who are
Members of the plan their boand administers � such a manner as fio show the name�
address, da#e of employmen# and date such employment is terminated. �
Sectlon 18. Board Attomey and Rr�o�essionals. �. �
The Board may employ ir�ependent legal vounsel at the Pension Fund's expense .
fortl�e purposes contained herein, togetherwith such otherprofessional, fiechnical, orother
advisors as the Board deerrr�ss ne�ssary.
Se�tion 19. Maximum Pension.
� 1. Basic Limita#6an.
� Subject to the adjustments her+ein set forth, the maxtmum amount of annual
retirement income payable with resped to a Mernber under this Plan shaN not exc�ed the
limits contained in §415 of the Code.
2. Additional Limitation on Pensbn Benefits. Notvvithstanding anything f�erein
to the oontrary: .
A. The nama! rBtimemerrt b�eflt or pension to a retiree who becomes a
member of the Pian and who has not previously participated in such Plan, on �.
or after January 1, 1980� shalt not exc�ed 100 percent of li�lt�r av�erage
final crompensation. However, nothing c�ontained in this sec�ion shalt appiy
to supplemental retirement be� or to pension a�cx+eases attributable to
cost-of-Inring increases or adjustrnents.
-26-
B. No rnember of the Plan who is not now a member of such Plan shall be
allow�ed bo receive a retir�ment benefit or pension which is in part or in whate �
based upon any servive with resper.t tio which the member is already
r�eiving, or wiB reoeive in the future, a re�rement benefit or pension fram
another re�rement system or �an. This ►�estiiction does not apply to soaal
� security benefi#s or federal benefiis under Chapter 67, T�ie 10, U.S. Code.
Section 2O. C nt of Benefl�s.
1. Unless the Member otherwise etects� �ith such eiection being in writir� and
to the Trustees and specifying the fam of retirement inoome and date on which the
r�e�rement inc�ome is to c�ommence, the payment benefits under the Plan to the Member �
sMall oommenoe not later than the 60th day after the dose of the Plan Year in wt�ich the
latest following even#s occur.
_ A. The attainment by the Member of age 65;
B. The 10th anniversary of the date on which the Member comme�ced
. partidpa�on in the Plan; or
C. The tertnination of the Member's servioe with the Village of Tequesta
2. If the paymen# of a Member's ne�rement ir�oome cannot begin on the date
required under subsec�on 1 af the Secaon because the Tn�tees either canrwt ascertain
the amount of the Member's ret�ement �oome or cannot loc�tte the Member aRer making
reasonable effats to do so� the payment of the Member's benefit shall f�gin not later #han
sixty (60) days af'�er tl�e date on which the amount can be asc�ertained or the Member is
located, whichever is applicabie. Any s�h payment shall be made retroac�ve to a dafie
which is not ea�lier than the dafie on which the payment of the Member's benefit was
sc�eduled to begin but which � not later than the date spec�fled under subsection 1 of this
Sec4on. �
Se�tion 21. Distribu�ton of Benefits.
Notwithstanding any other provision of this Plan to #he contrary� a form of retirement
income payabie from this Plan a�ber the effi�ctive date of this ordin�noe, shall saatisiy the
following conditions:
1. If the re�rement invome is payable before the Member's death, the
� distribu�on shall commence to them not later than the �calendar y�ear deflned above; and
A. shaU be pa�d over the tife of the Member or over the lifetimes of the Member
and spouse, issue or deperxlent, or,
-27-
B. shall be paid over the period extending not beydnd the lite expectancy of the
Member and spouse, issue or dependent.
Where a form of re�rement income payment has commenced in accordanoe with
the prec�ding paragraphs and the Member dies befor�e his/her eMire interest in the Plan
has been distributed, the remaining porti�on of such infier�est in the Plan shall be distributed
no less rapidly than under the form of disMbution in effect at tl�e time of the Member's
cleath.
2. If the Member's.c�ath oocurs before the dist�ibu�on of h�slher �ter�st in the
Plan has commenced, the Member's en�ire intenest in the Plan st�ll be distributed within
flve (5) years of the Member's death, unless it is to be distributed in acoorclance wifh the
fdbwing rules:
A. The Member's r+emaining interaest in the Plan is payable to his/her spouse,
issue or dependent;
B. The remaining interest is tio be distributed over ifie life of the spouse, issue
or dependerrt or over a period not extending beyond the life e�ectancy of
#he spouse, issue or dependen#; and
C. Such distributlon begins within one y�ear of the Member's desth unless the .
Member's spouse, issue or dependent shall receive the remaining intet�
in which case the d�tribution need not begin before the date on which the
Memberwould have a#tained age 70'� and if the spouse, issue ordependent
� dies before the distribution to the spouse, issue or.dependent begins� this�
Section shall be applied as if the spouse, issue or dependent w�ere the Plan
Member.
Sec�ion 22. Miscellaneous Provision.
1. lnterest of Members in Pension Fund. At no time prior to the satisfac�ion of
all liabilities under the Plan with r�pect to Members and their spouses or bene�daries,
shall any part of the vorpus or inoome of i�he Pension Fund be used for or diverted to any
purpose other than for their exclusive benefrt.
2. No amendmerrt or ordinanae shall be adopted by the �Uage Council of the
�Ilage of Tequesta which shall have the effect of reduang the then vestsd aaxued
beneflfis to Membess or Members beneficiaries.
3. R�lover Distribudons
A. This subseCaon appties to distributions made on or after January 1,1993.
Nofwithstanding any provision of the Plan to the oontrar� that w�outd
-2&
othervvise pmit a distributee's elec�ion under this subsec�ion, a distributee
may elect, at the �me and in the manner prescribed by the Boar+d of .
Tn�, to have any pofion of an eligible rolbver distribution paid dir�ec�ly
to an eligible retirement plan specified by tfie distribut� in a direct rolbver,
B. Definifiions.
� (1) `Eligibie rolbver disU�ibution° is any distributlon of aQ or any portion of
� the balance to the c�+edit of the distributee, exc�ept that an eligibte
rolbver does not ir�dude any disbibuti�on that is a�e of a series of
substantially equal Periodic I�aYmen� (not less frequent�y #�an
annualiy) n�ade for the Bfe `(or life expectancy) of the distr�ibutee or
di�stributee's designated beneficiary, or for a specified period of 1 Q
. years or more; any distribution to the extent such distribu�ion is
required under sedion 401(ax9) of the Code; and #he portion of any
distribuuti�on that is not inc�udible in gross inc:bme.
(2) "Eligible retiremen# plan" is.an individual reti�t acoount desa�ed �
in sec�on 408(a) of the Code� an indiv�ual retirement annuity
descx��ed in sectiion 408(b) of the Code, an annuiiy plan desaibed
in ssction�403(a) of the Code, or a.qualffied trusfi descxib�i in secfion
401(a) of the Code, that ac.cepts the distributee's eligible rolbver
d�tr�ibufion. How�ever, in the case of al eligible roUover dis#ribu�on fio
the surviving spouse, an eiigible retMement plan is an irNdividual
retirement aoaourrt or ind'nrid�al retirement annuity.
(3) "Distributee" induc�s an emptoyee or fonner empioy�ee. In additbn,
the employee's or fonner empbyee's surviving spouse and �e
� empby�ee's or former employee's spouse who is entifiled b� payment
for alimony and child support under a domestic relations orcler
determined to be qua�fied by this Fund are distributees with regarcl to
the interest of the spouse or fortner spouse.
(4) "Dir�ect roNover" is a paym�t by the Plan to i�e eligible retir�nent �
plan speafied by the distributee.
Sectlon 23. R�eat or Termination o�f �ys�em.
1. This Ordinanoe estz�blishing the System and Fand, and subsequent
Ordinances pertaining to said System and Fund, may 6e mod'�'ied, fierminated, or
amended, in whole or in part; pna�ided that if this or any subsequent Ord'inance shaft be
amended or repealed in ifs applica#bn to any person benefi##ing hereunder, the amount of
benefits which are the #une of any such alterati�on, amendment, or r+epeal shall have
acarued to the Member or benefiCiary shaN not be afFeded thereby.
29-
2. ff this Ordinanoe shall be repealed, or if contribuut��ons to the System are
discontinued, the Boa� shati continue to adminisker the System in acoordance with the
provisions of this Orciinance, for the sole beneflt of the then Mernbers, any beneficiaries .
then receiving retirement aAowances� and any future persons en� to receive benefi�s
unt�r or� of the opti�s provided for in this Or+dinance who are designa#ed by any of said
Members. In ifie event aF repeal, or if oontributions ba the Sysfiem are disc�ontinued, there
shall be fiull vesting (100g6) of benefits aoaved to date of repeal, The actuarial single surn.
value may not be less than the employ�ee's accumulated contribudons to the plan, wi�h
infier�est if provided by the plan, tess the val� of any plan �nefits previou,sly paid to the
employ�ee. .
3. Upon teRninafiion of the plan by the Villege for any r+�son, or because of a
transfer, merger, oroonsdidation of govemmental units, servic�s, orfunc�ions as provided
in chapter 121, or upon written r�tioe to the board of trustees by the vllage that
conbibutions under the plan are being permanentl� disc�onfiinued, the rights of all
employees to beneflts acaued to the date of such tennination or discon�nuance and the
amounts credited to the employ�ees' aa�unfis are nonforfeitable. The fund shali be
distribuEed � aocor+dance with the fdlowing procedures:
A. The txferd of trusbees shall determine the date of distribution and the asset
value required to fund all the nonforfeitable benefifis, aftert�aking into account
the e�enses of such distribu�on. The board shalt inform the �Ilage if
additanal assets a� required In which event the Village shali oontinue to
flnanaally support the plan until ali nonfnr�eitabie benefits have been funded.
B. The boarcl of trustees shall determine the method of disinibution of the asset
value, whether distribution shall be by payment in cash, by the maintenance
of another or substihiit�d #rust tund, by the pur�chase of insured annuities, or
ott�nMSe, for each pdioe of�cer and fireflghter entitled to benefits under the
plan, as specfied in subsection C.
C. The boar�d of trustees shaA distribute the asset val� as of the date of
termina�ion in the manner set forth in this su�section, on the basis that the
amount required to provide any given retirement income is the aduarially
oomputed single-sum value of such retic�ement income, except ffiat if the �
rrretNad of distribution defiermined under subsecbion B inv�olves the pur�chase
of an insuned annuity, the amount required to provide tl�e given r+etirement
inoome is the single premium payable for such annuity. The actuarial single-
sum value may not be less than the employ�e's accumulated c�ntribu�ons
to the plan, with interest if provided by the plan, �ss the value of any plan
�nefrts previousiy paid to the employee.
D. If lfiere is asset value remaining after the full distribution specified in
subsec�iori C� and ai�er payment of any expenses incunBCi with such �
_3a
distribudon, such excess shall be retumed to. the V'�iage, less retum to the
stafie of the state's contributi�ons, provided that, if the exc�ss is less than the
� � total cor�tributions made by the V'tllage and the stafie tio datie� of termination
of the pian, such excess shall be divided proporl�onat,sy to the totel
contr�utions made by the V'tllage and the siate. .
E. The boarcl of trusfiees shaN distribube, in a�caondance with the manner of
dishibu�on determined under subsection B, the amounts determined under
subsection C.
4. The attocati�on of the Fund provided for in this subsecdon may, as deaded
by the � Boanl be canieci out ft�rough tl�e purchase of insurance oompany contrar�s to
provide the benefits detennined . in aocordance with this subsection. The Fund may be
distributed in one sum to tfie persons entitled to said benefits or the distributiori r�y be
carried out in such otl�er equitable manner as the Board may dlrect. The Tnist may be
continued in existenoe far purposes of subseqt�t disi�ibutions.
5. After a11 the vest�d and aoa�ued benefits provi�d hereunder have b�n paid
and after aN othef liabilities have been safiisfied, then and oniy then shaif any remaining
fund revert fio the General Fund of the Villege.
Section 2�. Exemp�ion from Execulion, Nan-assignabllity. �
The pensions, annuiti�es, or arry other benefits aocn�ed or accruing to any person �
urtd� the provisions of this Ortiiinance and fhe accumulafied oontribufions and the cash
securities in the Fund cneated under this Orrlinanr.e ar+e hereby exempted from any state�
awnty or munic�pa! tax of the s�ate and shall not be subject to execution, attachment,
garr�ishment or any legal process whatsoever and shall be un�ssignab�e. However,
pursuant to an incwme deduc�ion ond�, the trustees may direct that retirement benefits be
paid for al�nony or child support in accordance with rufes and regula�ons adopted by the
Board of Trustees. �
Upon Nrtitte� request by the retir�ee, the Board of Trustees may authorize the Plan
administrator to withhold from the monthly reti�ement payment funds neoessary �o:
1. pay #or benefits being r+eceived through the �tiage;
2. pay the certifle�i bargaining agent; or
3. to pay for premiums for acxidemt heaith and long-i�erm care insurance for the
retiree, the re�free's spouse and dependants. A retirement plan does not
incur liability for participation in this permissi�e program if its ac�ions are
taken in good faith pursuant to Florida Statutes §§175.061(7) and 185.05(6}.
-31- .
Section 25. Pension Validiiy.
The Boerd of Trusb�s shall have the pow�er to examine irrto the facts upon which
any pension shall heretofore hav�e been granted and under any prior or exis�ng law, or .
shalf hereafter be granfied orobtained error�eously, fraudulentlyor illegatly for any reasons.
Said BoarcJ is empow�ered to purge the pensior� rolls of any person heretofore granted a �
pension under prior or ewsting law or heretofone granted under this Ordinance if the same
is found to be erroneous, fraudulent or illegal for any reason, and to redassify any person
who has hereto�ore under any prior or existing law been or who shali he�er under this
Ordinan�e be erroneouusly, impr�operiy or illegally classified.
. Sectlon 28. For(eiture of Pension. �
Any Member cxmvicted of the fiollowing ofFenses c�mmitted prior to re�reme�#, or
whose employrnent is terminafied by reason of his/her admitted commission, aid or
abatement of the foilowing spectifified offenses, shalt forfeit all rights and benefits under thls
Pension � Fund, except for the retum of th� acxumulated contributions as of the date of
tennina�on. .
1. Spec '�f'ied offenses are as foUows: .
A. The vommitting� aiding or abet�ng of an embezzlemen# of public funds;
B. The c�mmitting, aiding or abet�ng of any theft by a public o�'icer or
. empioyee from employer;
C. Bribery in connection with the empbyment of a pE.�blic offioer or employee;
D. Any felony speafied in Chapter 838, Fbrida Sta�;
E. The oommitting of an impeachable offense.
F. The oommitt�►g of any felony by a public officer or emptoyee wtw wipfutly and
with intent to defraud the public or pubtic agency, for which he acts or in
which he is employed, of the right to r+ec�ive the faithful performance of
his/her duty as a public affioer or employee, reali�es or obtairts or atbempts
to obtain a proflt, gain, or advantage for himse{f or for some other person
through use or atbempted use of the power', tigl�tts, pri�iteges, duties or
. position of hislher public offive or employ�r�ent positior�.
G. The oommiiting on or after C�tober 1, 2008, af any febrry deflned in
§800.04, Fbrida Statutes, a�inst a victim y�ounger than 16 years of age, or
any febny defiined in Chapter 794, Florida Stahites against a victim younger
than 18 years of �e, by a puhlic o#�wer or employee through fhe use or
� -32-
attempfied use of power, rights, privileges, duties, or posidon of his or her
public offioe or employmerit positron.
2. Definitions �
A. Convic�on shall be defined a�s:
An adjudication of guilt by a c�ourt of competent jurisdicdon; a plea of guilEy
or nolo oontendene; a jury verdict of guilty when adjudicati�on of guilt is
withheld and the aocused is placed on probafiion; or a convi�ion by the
Sen�fie of an impeac�able affense.
B. Court shall be defined as:
Any state or federai court of oompetent jurisdiction which is exercising
jurisdic�on bo c�onsider a proc�eding inv�dving tfie alleged oommission of a
specified of�ense. Priorfior�eiture, the Boani of Trustees shall hold a hearing
on whic;h notioe shall be giv�en to the AAember whose benefiCs are being
considered for forfeiture. Said Member shall be affor+dQd the right to have an
attomey present. No forma! rules of evidence shaM appiy, but the Member
shall be a#Forded a full opportunity to present his/her case against forFeiture.
Any Member who has received benefits from the System in exc�ss afi hisfier
acx.umulated oon#ributions after Member's rights wer�e forfeited shaN be
r+�uir�ed to pay badc fio the Fund the amount of the beneflts reoeived in
exoess of hislher aa:umulated contributions. The Board of Tn�ste� may
imp{ement all legal acalon necessary to reoover such funds:
3. False, misleading, orfraudulent statements made bo obtain public r�etirement
benefits is prohibi#ed; penatty
A. It is uniawful for a�rson to willfuly and kno�wingly make, or cause to be
made, or to assist, conspir�e with, or urge another to make, or cause to be
made, any false, fraudulent, or misleading oral . or written statement or
withhold or c�onveal material information to obtain any benefit availab� under
a retirement plan c�ec�iving funding under Fiorida Statutes, Chapters 175 and
185.
B. A person who violates subsection (A� comrr�its a misdemeanor of the first
degree, punishable as provided in s. 775.082 or s. 775.083, Florida Statutes.
In addition to any appNc:abie criminal penaliy, upon c�on�n for violation
descxibed in subsectior� (A), a participant or bet�e�ary of a pension plan
receiving fur�ing under Florida Statutes, Chapters 1�5 and 185 may, in the
-33-
discretion of the 8c�ard of Trustees, t� required to fafeit tl�e right to receive
� any or ali benefits fio which the person would otheiwise be enti�ed under this �
Oniina�c�e. For purposes af th�s paragraph, `�onviction" means a
determination of guilt that is the result of a pleas or trial, negarclless of
whetl�er adjudicat+on � withtteld.
Sectlon 27. Military Servrce Prlor to Employment
The years or frac�ionai parts of years that a AAember serr�es or has serv�ed in the
military service of #�e Armed For+ces of the United States or Un�ted States Merchar�t
Marine, volunta�ily or involuntarily, prior to first and ini�al employmen# with the Police
DepaNment or Fire Department sha{i be added to hisTher years ofia�edited service provided
that: .
1. The Police Officer or Fireflghter contributes to the Fund the sum that he/she
would have contributed had he/she been a member of the Plan for the y�ears or frac.�tional
parts of years fior which he/she is requestlng cxedit plus amourrts ac�tuariauy determined
such that the a�editing of service daes not result in any c�st to the Fund plus payment of
c�ts for all professional services i endered to the Board in oonnecclion with the purchase
years of aBdited service.
2. The request shall be made only onoe and made by the Member on or before
the later of tw�elve (92) months from the effec�ive da#e of �is Ordinar�ce or six (6) months
frorr� the date of his/her emp�oyment with ifie Police Department or Fire Department,
whichever is fa#er.
3. Payrrtent by the Member of the requir�ed amount shall be made within sa (6)
months of hisJher request for a�edit and shal! be made in one lump sum payment upon
receipt of which cxedlted service shalf be gnren. Credited serv�ce purchased pursuant to
this section shall be oounted for all purpases except towar�d ves�ng of benefits.
4. The maximum credit under this sec�ion shall be five (5) years.
�
July 21, 2011 '
H:\Teqt�eefa PS 10111PIen Docs 8 t3rlesWnend1201112011 Ree�aOerneet sdt+ad�sd b iepeal of 1411.wpd
-�-
■
r i nance .
� o e ea
ORDIN'ANC� Nta. 1411
Ax oitunv�►xc� oF � vII.i.�►� c�ovxCU. oF � vu.i.A� oF
TEQUESTA, PALM BEACS C'OUNTY, FLOItIDA, A1�T ORDIIYANCE OF
TSE VII,LAGE COONCII, OF 1'HC VII�LAGE OF TEQUESTA PALM
BEACS COUNTY FLORIDA AMENDING EXSIBIT `B" OF SFCITON 2- �
3A OF THE CODE OF ORDINANCES VILLAGE OF TEQUESTA
FLORIDA RELATING TU T� EMP'LOYEES PEI�TSIQN TRU3T FUNDS;
IIVII'Y.EMLNTING THE TE1tMS OF TS� PBA CO '
BARGAINXI�TG AGREEMENT OPTII�IG OUT OF T� CHAPTER 18S
MONEY; CI.OB�NG 'I'HE PLAN TO NEW POLICE OFFICRES FIRED
ON OR AFrER OGTOBER 1, 2i1�.; CI�AIttI�'YING A I�ETIRED
11+�C�l1�BERS ABIL11'Y TO CHANGE JOIlVT AN1�lUITANI'5 UNDFR
FLURIDA STATUTI�S f 175333 AND f 185.341; G T�
+UTHER AMOUNT OF DISTRIBUTIONS UNDER THE OPTIONAi.
FORM3 OF BENEFIT3; PZt.t)VIDING FOR SEVERABILITY;
PRUVIDING FOR REPEAL OF ORDINANCLS IN CONFLICT;
PROVIDING 1�OR CODII+iCATIUN; PROVIDIN'G I�OR AN EFF'�+�CrIVE
DATE; AND ROR UTHLR PURPOlS�S�. .
WgC,RE�AS, �e V'illagc Council oft�e Villsge of Teq�ta d�ire to a�d Fxh�'b�t "B"
of Sa,�tiaa a-3o of the Code of Orciinan�; an�d
W�IiEAS, the Y'illage Crnmecil believes that fhese revisia9a�s to i�e Village's Code of -
O�dioanoes are in d�e be� i�t of the Village of Toque�, and as it � t�a tl�s Einployees
P�asic�a Tivst Fiu�d, aad tha PBA Collodiv�e Ba�ng Agrom� .
NOW', T�dtEFORE, BE 1T ORDAINED BY THE VILLAGL CaUNCII. OF T�
i�II.I.AGE OF TEQUESTA, PALM BEAG'H COUNTY, FIARIDA, AS I�O�JAWS:
�,1 1'hese po�tians of Fa�bit "B" t,� Soctian 2-30, C.od� of Ord�rnoes,
Villa�e of Teq�ta, Palm Be�ch Cow�ty, Florida, as delebod and shown by st�ce-ouls aod
additions sl�owa 6y w�d�xlixt'tng on F.aclu'bit "B" ad�chad �o and ma�d�e a p�nt l�ec+eo� are
passed a�d aciopbod as a�m�d�ne�t� tb s�ch F�it at�d �ction;
�n 2 E�ec�'tve Octob�cr 1, 2011, dbe Village h�ebY a�s out of P�t'ticip�ion in
Florida S1� Ch�r 18S urn�r tt�e p�ovisi�s of Flonida S� � 2 85.60;
ge�,,,�t„� S�warability. If any provis�oa af tbis Oxdiaeace ar tbe applica�ion �of
is }�Id invaUid, su�ch invalidity shall neot affa�t tlre a�ea p�ovisia� ar �plic�tions of this
Ordina�x vvhich can be giv� effoct w�Olrt the iuvalid pc�ovision� ar applications, and to this �
end, tl� p�+ovisio�s of t�e Otdin�ce are he�eby doclared s�everabk;
o� R�epeal of O� in Cc�ict. All o� � of the V'illage of
Teque�, Florida, a� pact� t1�a+oof wbich oonflic� with dus or any part of this Ordinaacx are
h�'ebY repealed.
�, s S Codific�tion. Thi,s Or�e shall be oodified aDd m�dce a part of the
officiel Code of Or�inan�oes of ti�e V'il�ge of Teque�.
� E�ec,tiv�e I3ate. This Ordinaocx sLall t�loe effoct upon p�age and is
effcexive b�. u�pon fh�e dat�es c�ontained 'm the text of #l� Faclu'bit B.
Upon Seoond Re�ding this $ day of Sepi�ber 2011,1�e foregoing Ordinance was offered b�
Council Membea TignquGSt w� moved its adoption. The mo�ion was seconded by Couacil
Meambe� Brennan and upon being pirt to a vote, the vote was as follows:
For Adoption Agaie�t Adoption
Ma3�or Tom Pateaao Absent
Vic�N�ayor Vince Arena X
Cou�cil Me�rii,� Abby Brennan X.
Cowpcil Meanber Tim Humpage X
Cowicil M�be,r Catvin Tw�qt�est X
Ths Mayor thereupon dectared the Ordi�tce duly pass�d and adop�ed tl�is $ day of Septeinber
2011.
`V�CE-MAY012 OF T'EQU�STA
f `V �"
V�nce A�a
�uu�np
ATTEST': �,,��"pp T�a,,�
. „ ��'�� Q'�
�I�- ' ' [ �«' ' i ' .— '� G S� �� �
:Ae
I.ori McWilliams, M�C � :; �OApOAATED ? �
Village Clerk � `L� �
''�a��'� .4i...••�Q¢'���
'
�
���� ��
1/lLL�4GE OF TEQUESTA
PUBLIC S14FElY OFFlCERS= P�ON TRUST FUND
TABI.E OF CONTENTS
Secb�n 1. Crea�on of Pension Tn�t Fund. ........ ...........................................,......... -1-
S�ction 2. Definitic�ris . .............................................................................................. -1- .
Section3. Membership .............................,..............:.......................,...,.................... -4-
Sec�on 4, B�ard of Trustees .................................................................................... -5-
Secdon 5. �nance And Fund Management . ............................................................ -7-
Se�tion 6. Co� . ....................................................................,...,............... -12-
Secti�on 7. Berx�fit Amounts and Eligib�lit�� . ............................................................. -14-
Sec#ion 8. Pre-re�rement [)ea� ............................................................................. - .� 1 ,�
Section Disabil�y . ............................................................................................... -� 6-
�eati�on 1 �. Mon�ly Suppler�errtat 8enefit$ .....................:............�.......................... -.,1�
Section Ves#inng . ................................................................................................. -1�-
Sedion 1�. Optia�al Forms of Benefiis .................................................................... -19-
Sec�n i 3. Benei'iciaries .......................................................................................... -21-
Secti�on 14. Ue#erred Refiremer�t Option Plan ............................�.....--••---................. -?2-
Sec�on 15. Clair� Prooedures Be�ore the Board Decisior� . .................................... -24-
Section 16. Fleports to Division of Rei�rement .......................................................... -26-
Sec�+on 17. Roster' of Retinees . ................................................................................ -. 2?-
�ction 18. Boar�d Attort�ey and Professtonals ......................................................... -27-
Sec#ion 19. Maxi�mum Pensian............ ..................................................................... -27-
Se�ion 20. Gommencerr�ent of Bene�its .................................................................. -26-
Sec�on 21. Distrib�rtlon of Beneflts . ......................................................................... -28-
Seation 22. Misoslla�neous Pr+�rision ........................................................................ -29-
Section 23. Repeal ur Terminatlort of System .......................................................... -31-
Section 24. Exempt�'on hom Execution, Non-assignability . ...................................... -34-
Sec �don 25. Pension Yalidiiy .............................,....................................................... -34-
Section 26. Forfeiture of Pension ............................................................................. -��-
Section 27. Mllitary Servioe Prior to Employrnent ..................................................... -37-
EXH�BIT �
VILLAGE OF TEQUESTA
PUBLIC SAFETY OFFICERS• PENSIO�I TRUST FUND
Sectlon 1. Crsetlon o# Psralon Trus# Fund
The Village of Teq�ta hereby creates end contlnues the ViHage of Tequesta
Public Safety Offioers= Pension Tn�st Fund fa' the purpo�e o# p+roviding retiremerrt, death
ar�d disability benefil� to Police Off'�cers and Freflghfiers who are Men�bers of this fund�
certam former Vivage Paice of�cers and F7reflgM�ers and survi�or benefils Uo benefldaries.
Poiias O�floer� fdr�sd sl�sr Oe:�nbsr 1. 2Qi 1 ahall 6s a1'f�! ihs_ mnnrtunitv ta
�
SeCttOn � DeRlnidolf�.
� 1. Stateme�nt of Deflnitions. As �ed hereln, unles,s othervvfse defined or r+equired
by H�e oontex#, the fotlowing w�ord� and phrases shall have the meaning indicated: .
Aocumulated Contri�uiions meetns a Merr�er-=s awn c�ontributlons without infierest.
Aciu�tri�tl Ecuiv�lent mesns a benefit or stmourtt of equal value, based upon the
mortalily tables ub�¢ed by the Board=s a�ctuary or sictuaries, and an 896 rate of�inter+sst.
Avera�e Flnel Com�ti�i shetl mean one-fiNelfth (1/12} c�# the average sal�uyo�
the five (5) best years af the last ten (10) y�ears of credited serwice pria' to re�rarr�errt�
termina�on, or death ar the career average as a full t�r�e Firef�er or Police Officer,
whichever is greater. A y�ear shafl be fi+�fire (12) oonsea�re montl'�s.
BeneficiSN means the Person or persons entided to reoeive benefits hereunder at
the death � a Member wtw has or ha�e been de�gnated in wHbing b�► the Member ar�d
�led wiifi the Board. tf no cle�nafion is in effect, or if no person so designatied is living, at
the �me of death of the Member, the benefici�uy shall be the estai�e of the Member.
. _1_
Boar� or �oard o� Tn�ees mean the Public Safeiy Board of Tnasfiees, which shall
adminisfier and manage the System t�rein pravided and serve as Tnast�ees o4` tl�e Fund for
the benefiit of 1/Illage Police Officers and Fireflghfiers and iheir beneficisr(es.
C mesns Chapter+s 175 �of fhe Fior'ida Statutes as amended from
�rne �o t�ne.
,�, means the In�emal Hev�enue Code of 1986� es amended from t�ne to fi�me.
�redited Servk�e means the #otal number of y�eaus and tractkx�al parts of years of
service as a Police Officer, or Flrefi�er wt�o makes member contributions to the Pian, �
omitdng interwening years or fractional parts of y�arrs when such Polk�e Officer or
Firefi�ter may rxrt hav�e been employ�ed by tl�e V�age of Te�esta. A pleuu► rt�er may
voluntarily leav�e hislher contribu�ion in the Fund for a perk�d of fhre (5j years afler leavirtp
the employ of the Vqlage of Tec�esta pending the possibilit�► of being rehlred in a fuN ti�ne
P� �'Y �e vllst�e ofi Tequest�t Nrithout lo�irt� t�e�t for the time of at�ive partic�pation
as a plan member. Should the empbyee nat be re-empioyed wtth the YiNa�ge o# Tequesta
in a fuN �me capacity withfn fi�e (5) years, hisJt�er corrtributions shaa be retumed to himJher
without interest. Should a Police Off'ioer or Flrefigh�er be subsequen�y re-empbyed as
such, he or she may r�-pu�chase his or her years of cr�t or fractional parts of yoears of
credtt by reimbur�ng such returned conh�ution fio the Fund� wilh i►rterest.
The years or fractional p�arts ��ears ihat a Fireflghtier, or Police Offioer serv� in
the m+litary setvice of the Amned Foroes of the UniCed States or the Ur�ied Sta�s Merottstrrt
Matir�e, v�oluntarily� upon bein9 9retM�ed leav�e by the ViIIBge of Tequesta and separettion
from err�ployment as a ViNage af Tequesta plan �mert�ber, shall be added to hisfier years of
crecNt�ed service for sN purpo�es lnduc�rtg vesting� provided tha�
A. The Flrefightier or Pdbe Officer must retum t+� hisJher full time employrr�ent �
wrih the Fire Deparbnent or Pdice Departrnent wilhin one (1) y�ear from the
date of hisJher mititary di�rae. Effec�ive Jarn�ry 1 F 200T, members wlw
dle or becane disabled while servinp on active duty militery servioe which
irrtervenes the member=s erriptoymerrt shall be erttitled to the ripftts of this
sec�ion ev�en though such rr�etnbe�' wes rrot re-employ�d by the �Ilape.
Members who die or beoorr�e disabled while on activ�e duty military servioe shall
be treat�ed as tha�gh re-emplayed the c�y before the Membet' be�ame d�abled
or died, was cx+edited w#h the servic�e they w�ouid heve been errtitled to ur�der
this �ection, and then eitl�er died a non-duly death while e�mpby�d a� became
disabted from a non-duty disability.
_2-
B. The ma�dmum cred� for military sentk� shelt be flve (5) years.
Effecti�re Dafie means fhe dete or� whid� this Ot�dinance beoomes effectiv�e..
Flre Deo�rhYtent means the Tequesta Flre Deparhnent.
�flghber mesns an �Mehl employ�ed fiuN-t�ne person empioy�ed by the Flre
Departmerrt, induc�nq his/t�r initiaal probatbnary employrr�errt period� who is cer4�ied or
required to be certi�ed as a Fire�ght+er as a oondi�on af employment in accordanoe with
the provisior�s of 633.36 Florida Statutes, induc�ng paramedic, and who�e duty is to
ex�nguish flres, to prot+ect� lifie and to pnotect pnoperty. The �erm Flreflgtrter indudes aU
cerdfied, supenrisory� and oommand personnei whose dudes indude, in whole or in part,
the supervision, training, �idarwe, and management responslbili�es of futl-time
flref�r�ters, part-tline flreflghters, or auxi�iary flreflgnters twt does not indude part time
�irefighters or auxiliary ,firefighters.
F,y,,,nd means d�e Tn�st F�d esfabi�hed I�rein as perE of the S�rsfiem.
Member means an ac�voaly empioyed �eiie��eeFeF Firefighfiar tl�at fuiNlls tfie
appiic:able pr�ribed merr�e� requireme
OfAcer hk±sd 6sfans Oe�ar '1. 2011 M�et fulANsd fhs ulica6ls as�sd
Ponoe r)eoartimment means tne re� Paioe c)eparbnent.
Po�oe Of�cer means arry person who is elecbed, apparriad, or empioy�ed full �me by
the V'�lage l�+a� Oc�ober 1. 2011. who is Certifled or r+equi�+ed t0 be cert�ied 88 a taw
enfa+cemertt �floer ht oomplianCe with Florida Stafi�te 943.1 �5, who is �rested with
authorliy to beeu'strrr�s and m�tke atresfis, and wNoee primary respor�'�iY is the Pre�eMion
and detection of crime or the enforoement of it�e penal, criminal, defflc or highway laws �
the stete. This definitbn inctudes all certifled s�.�etvis�ory anc! t�ornmand petsotmel wf�oee
du�es indude, in whole or in part, the supervlsion, tra8n�, �guidance, end mana9ement
nesponsibiti�es of ful�time !aw enfonoement o�fbers, part tlme �w enforcement offtCCers or
au�dl�ry law enforcement o�fficers as the same are deflned in F.S. 943.10(6} and (8)
respeatively. Pdioe Officer also shal! include a puWic safeiy offi�er who �s responsibte for
perfonning both poNoe and fire servioes. Pdle�e OfAosr ss u�sd In tlds Plen dos�e nat
induds Po{ics Offlcer_hinsd nn or af�et O�oi�sr i. 2011.
Public Safetv Boarcl means the Pubiic Safety Board of Tn�sbaes pravided hereunder
to admintster and rt�enage Furtds for tl�e benefit � Pub�c Safety Off'K:ers.
Public Safetv OfNcers meetns Fi�ef�ghters attd�tor Police Officers.
aS� means the tot�f cash remuneraiion peid to a police o1Y"x�er or firefighber f�or
�ervic�es rendered induding Bese Pay, Bonuses, Career Servbe Annual Awand, Hofiday
-3-
Pay, Incen#i�es, OMertlme, Sick Leav�e Payout on 7erminati�ort, Sickds�tve Buy Badc, and
Straight Ttme, and effectiv�e for payments made after 12/31108, as provided for by Intemal .
Revenue Code � 414{uj(7), this defini�on of salary sheM indude any c�rfferential wage
payment from the empio�rer to a member as a resui� � the member=s absence from
employment while servin� m qualifled military servic�e. This de�ni#f�on exciudes pay
rec:eived as a Car Abo�rar�e, Clothing Allotivarx� and Stwe/Boot ANotivance.
.� means the lawful wife or husband �af a plan member at tl�e tlme of
pre-r�etir�ement, death or retiremerrt.
Sffitiement � Investrnent Poliqy means the written �vestment poUcY adop�ed bY the
Boerd pursuarrt to fhis Ordinarx:e artd F.S. 1 i 2.68i , et �eq. � which shail apply �o ft�c�
uncier the cor�rol of each boetrd.
tem mear�s the 1/Niage af Tequesta Public Safety Officcers= Pension Trust Fund
as oor�tained herein and all amendments thereto.
Vesfied defemed re�rgment means a Member who leav+es the err�loy of #�e Vllage
with 6 or mor+e ywtrs of credit�ed service and who is not eligible fior any retiremerrt beneflt.
This benefrt � payaWe at eariy or normal retirement.
� means ttte i/illa�e o� Tequesta, Florida.
2. Mesculine G�,n,�d r. The mascxdine gender, where used herein, unless the
oontext sp�i�cally requires othe�wtse, shail �Clude both the fieminine and n�asculine
��•
Sectlon 3. Membsrship.
1. Condi�at of Eli�tv .
A� fuN time Pdice OffiCers lh�sd 6at�e Octa6sr 1. 20111 and Firefl�tters as of
� vllaurQ ��� �d �� ,YWre � ��� 1,1� re��� �1 �1�
bec�rne Memberg of this �ystem as a oor�hon of employment, except that
par�.�ation in this system is optional for tl�e re Chief.
2. Membershio
Each fuu �me Poikie Offlcer (hir�! ba�f� Octol�sr 1. 2017) or Flrefi�er shal!
complei�e a form prescribed by the Bosrd whidt may indude ihe foilowir�g .
information:
A. Acceptenoe of the terms and c�nd�ions of the Retlrement System, and,
-4-
B. Designettion of a beneficiery or benefia�tries, and, � �
C. A certified statement as fio prior medical and/or' psy�cholog�cal historY•
3. Chanae in Deslamatbn of BenetiNdarv
A. A membet may from �me to time t�artge his/her de,�gn�tted ber�efk�ary bY
written nodce to the Board t�on fomts provided bY the 8oa�d. Upo�t �ctt
change, tl�e �S of ail previously designated beneficiaries to recei�e any
ber�eflts under the System shaN cea�se.
B. Any r�etlred merrd�er
�
and _� 18�...�'! rritl�e�� eooravsl arf ths 6o�+d af' trua�sas or_dts
�..r�,n� bint �nn��nt' a' l�ts�Aelsrv Ths na�tlned n�em6ar Is n�t
Y11110 d98�f8S #O C�'iat'1g8
F�s or her joint annutarrt or beneflciary shal! flle with the board af trusbe� a
notarized rao�iCe ofi su� c�snge. Upon rec.�eipt of a compieted c�tenge af
joirrt annuitant fam or such o#her r�otioe, the board of tn�ees shall ac�u�st
the member's morrihiy bene�t by the applic�ion af acd�srial tables and
c�ula�Ons developed to ensure that the ber�eflt pald is the actusuial
equtvatent af the preserrt vahie aF the metnber's current benefit and ihere �
no impac't fio tl�e Plar�. Any co�ts associsted with these benefit cakx�lalior�
shal! be bome by the mernber.
S�sction 4. .Boat'd vf Tna�aes.
1. The sole and exdusive adminisbation o� ar�d nespor�bili#y for the proper
operation of the redrerr�nt sys�em and fa� making ef�edive the pravisiatis o�lhis ort�nanCe
is hereby v�esfied in a Boa� � Tnas#ees.
�, The PubNc Safeiy Boatrd shai( consist af five (5j Trt�s� iw�o (2) ofi vuhom,
uMess o#hen�ise prohfbified by iaw, shall be legal nesider� c� the V'�age,
who shap be appoirrr��ed by► the Te�ta vUlaQe Cour�d�, and one (�) of
v�horn shali be a full-�me Polive Officer member afi the Sysbem and one (1) of
whom shall be a full-�me Fir�efi�ter member af the System. The fHth (5ih)
Trt�tee sha�l be selected by a majority vote of tlie other fiour (4) Tn�sfiees.
Each person seeidng fio fiQ a designated employee rep�entatrire Board
member sest shall be separafisly eiected by their fu�-tinne co�rorlcers who
are members of the System �n the applicable empfoy�ee representat�vve OrouP.
-5-
e.g. Pol�oe Officer or Firefighter in which they are empioy�ed and shall be
etected by a majoriiy of U�e fuif-�me employees who ere Members of the
System wiihin the applica�ble empbyee representativ�e group. Upon recelpt
of the ti�h (5th) person=s neme tl�e Tequesta Villetpe Cowtc�l shall, as a
mMisterial duly, appoint � person to the Public Safeiy Baard as its �fdi
(5th) Tn�stee. The �ttt (5th) Tn�fiea shaM hav+e the same r�phts as esch of
tlie other Tn�ees appoirrted or efected as herein pro�vided and sh�l ser'v�e a
iw�o (2) � y�sar term unless� ti�e office is sooner vacated end may sucx�eed
himself or he�setf in o�t�Ce. E�t resident Trustee shai! serve ets Tn�stee for
a period of ir�ro (2) y�ears unless sooner rep(ac�d by the Tequesta VNla�e
Counc� atvrho�e pteasur�e the Trt,�tee sha{I senre, and mays�x�ceed himself
or herself es a Tn�ee. Each Pdbe Oiftcer or Flreflgh�erTn�sbee shaN serv�e
. as Trust�ee fior a period of tw�o (2) y�ears� unless heJshe sooner leav�es the -�--
employ�rnerrt of tl�e employ�ee r�re�en�atnre group helshe was elec�ed to
represer�t or othervvise vaca�s hisJher a�flc�e as Tn�stee, whereupon a
suasssor shali be chosen � the manner as the depart�g Tn�ee. Each
empbyee rePreaentafive Tn�tee may succeed himseif or herself in office.
� �!�nev�er' tne active odloe o� fa�ls belo�w 10. an acdve
�.,�fficer' aeat_mav_be held _bv Altl�er a retlred oolbe o�lfoer or
art active oo�ice mem6er a�f the nlan wt�o is elected 6n► d�e a�tive and
.
relired n�mt�s c� ,j��,dan� If U�ere ane no �div�e or re�ired ooNoe o�fioers
r�emaMira � tl�e dan or caoa6le af �ervina tl�e r+emeiuhx� boar+d members
mav elect an h�dividuaf �o serve in tl�e ac:�hne udice oAioer merr�er seet.
.
� The Public Safety Bosrd shail meet at least quarberly each year. Such
Boar� shail be a legal enfity witl�, in a�tion fio other pow�ers and
r��sponsib�ides oontair�d heret�, the pow�er �o bstng and deter� Iawsuits of
every Idnd, nature, and descrip�on.
2. The Boarcl shall, bY maloritY v�o�e, elect a chairman and secretary. The
secr�tary af the Board shal! keep, or cause to be kspt, a cbmRlete minute book of the
a�ior�s, Proceec�r�gs, or hearings of the Board and shall preside rnrer Board rr�ee�ngs in
the absence of the Chairman. The Trustees shall not reoeive any c�rr�ensation as sucf�,
bu# may recelve expenses and per �em as pro�vided by law.
3. Esch Trusfiee sha{I be en�tieci to one vo�e. Three (3) affim�ative vo� shaN be
necessary for any dec�sion by the Tn� at any meeting of the Boani. A Trustee shaN
have the right to abstain from va�ng as tl�e resuR of a oonflict of Interest provicfed fhat
_g_
Tn�tee stat+es m w�ting the nature of the canlict c�rnplies with ihe prov�sions of Sectlor�
112.3f43� Florida S�tubes.
4. The Board o# T� shall enga�e such ac�uarial, acoounting, �ga�, and
o�her servk�es as shaN be required fio trans�u� the business o# ihe Retiremertt System ta
admin�#er ar�tl manage their funds and to meet tt�e rec�uirements o# applicsble law. The
compensat�tton of e� pers�ons engaged by the Boarcl vf Tn�stees and all o�her e�er�es o�
the Board nec�sary for fhe operation of the Re�rement Sys�em s�hail be paid from the
Fund they admir '�er and manage at such rates and kt such amounts as � Board of
Trustees shali apptov�e.
5. The duties and responsibilitles af the Boar�d of Tn,�stses shaa� in�de, but rat
ne�sarily be limited to, the fiollo�wing:
A. To oor�shue the provisions o# the Sysbem and determins e!I q�ues�or�s
arising thereunder.
B. To determine aM questions relating to eligibility and partidpe��or►.
C. To defiermine and oerMy the amount of all retiremenf allowances or
other benefits hereunder.
D. To es�blish uniform nales and prooec�res fio be follow�ed f� adm�tiv�
Purpo�es� benefit applicaians and ali matters required to administer tt�e
System.
E. To dish�ufie to Members, at regutar intenrals, infiarr�a�on oonoeming the
System.
F. To rec�Ive and praoess aN applk:afila�s for partidpe�tlon and benef�s.
C. To authorize aq payments what�oev�er fr�n the Fund and to no�ify U�e
disbursing agent, in wrf�ng, of appr�red per�on payments and other
expendih►r�es at�sing lhrough operation of tl�e Sysbem and the Fund.
H. To have performed actuariaf stu�es in aa:ordanoe with Flo� Stafiute
112.g3 providing 8 c�opy of the same to the Divi�on of He�rement, and with
at least biennial valuatlons, and make re�ommendaUons regarding and alt
changes in tf� prcwis�ns of the System.
I. Ensure c�ompliance wfth Ardcle X, Sec�on 14, of ttte Florida Const�utiort�
requiring that any increase in benefits be funded on an acivarially �sound
basis.
_7_
J. Er�sure the c�mmpletlon of an actuarial imipact statemertt pria� to tl�e adop�on
ofi a change M ifie plan=s r�etiremerrt bene�, a copy ai which nx,ist be
pnovided �o U�e DiWslon of Retirement.
K. To comply with the Chapters.
L To ensure tl�e iunds arid s�ssei� for the beneflt afi the employee groups they
serve ar�e segrega�ed arxi sep�ratAd from the fun� and asset� urtder the
corrtrot of the Bc�ard.
M. To perform suctt otherduties as are spedfied in this Or�nance and gener�NY
do aM ar�s which the Tn,rs�ees may deem necessary or desirabie for the
pnoi�ecdon o� the Trust Fund. -
N. To adopt �i be guided by Statemenls o# Irn�estment Policy applir.�ble fio aN .
funds under the control the Pubtic Safiety Board of Tn�ees es required from
. dme fio time by F.S. 112.661, et seq.� and/or i�s suocessor statu�s.
O. To sue or be sued.
P. To �ettle, comprornise or submit fio arbitratlon (at' the sae d�on af the
Tn�aesj sny daims, deb�s or damages �e or owing to or fr�oim the Fund.
Seadon 5. Flnencs A�td �und Men�eine�rt.
Establishment and Operafion af Fund
1. As part of the System, there is hereby establisF�ed a Fund, lnto wt�ich �afl be
depoeilecl all o# the oa�tribudons er�l asse� whatsoever attributable �o the System, forthe
beneflt of Pubiic Safeiy OfHcers to be adminks�ered and managed by the Public Safeiy .
Board.
2. The actuai a�stody and supervision of the Fund (and a�eis ther+eo� shall be
vested in the Boarcl of Tn�stees. Payment of benef�s and c�sbursemenis from U�e Fund
shall be made by the Village as the Board=s a9ent, but or�y upon writ�en aud�orizaifi�on
from the Bc�trd. Such vvritten auU�oryzati�on shall r�eq,uire tl� signature of iw�o of tl1e
Tnastees or other Board authorfzed flduci�uy.
3. All fu►x�s and securities of the Fund may be deposited by the Bostrd of
Trust�ees with the Treasurer of the ViNage, actlng in a mmisb�rial c�pa+ci�y or�y, who shaN be
liabie in the same manner and tio the same ex�er�t that as he Is t�able for the sa#ekeeping of
funds for the Village. How�ever, an�r funds and �ea�rftles so depo�ibed wiih ihe Treas�mer af
the Viilage shall be Ice� in sep�arate funds by the Treasurer or c�eauiy identfieci as such
,.g_
futids and securi�ies ofi the Pubtic Safety OfF'icer Trust Fund. tn �eu ihereof, the Boerd of
Trustees shaN deposit the fiunds and securides of fhe Fund in a�aUfied pt�blic depositury
. or depositories as de�ned in Sectlon 280:02, Flanicla Statutes, whlch depo�itory or
depos�tories witl, regar�d to s�x�, funas and securttt�es sna�r conform to ancr �e ba�,md by al�
of the provisior�s of Chapter 280, Flarida Statutes.
4. tn orcler i+� fui�NN its irn�trYtent r+s�onsibill�es as set forth herein� the Boards
may retain the servloes of a cuslo�an benk or banks, an irnrestment � or advisors _
registered ur�der invoestment Advisors Act of 1940 or olhen�e exempt from such requuilrr�e�d
r+egisbation� an insurence ccxnpany� or a combina�On of the.se, for the purposes of
investrr�errt det;isions and mana�emerrt. Such investment manager or managers shaH
have discretlon� s�ject t�o anY 9uidelines as prescn'bed by the Board, in the inv�strr�rtit of
aN f�d �ssets.
5. Aii f�a�ds and securitles of the System shsdi be accounted for separ8tely
besed upon the� tw�o (2) appl� empfoy�ae dasses w�thin the Fut�d namely, the Pdice
OfNcers and Flre�rs In the Public Safeiy Of�cers Tnast Fund. Aocur�►te records shall
be maintained at all fimes reflecdng #�e flnandal �orr�ositbn of the Fund and of the
acoounts in piace to segregate the assefis of ti� en�loy�ee dass� tx�ered bythe Sysbem,
induding aa:urate cument accounts and entr� as regerds the followfn9:
A. Curr�nt amounts of Accumulated Contributions of Members � both an
indivtdual and aggregai�e aocount basis, and .
B. Receipi� and disbursements, and
C. Benefit P�Yments, and
D. Cumer�t amourrts deariy reflec�ing aN mor�eys, funds arxi assets whatsoever
a�ttr�utable to crontribudons and d�o� fr�om the Village, Cout�iy or State,
and
E. All irrterest, dividends and �air� (or lo�ses) whatsoever, and
F. Suc:h other entries as may bs P►npe�fY required so as to reflect a ciea� and
c�omplete flnencial report of the Fund. �
G. Such other er�trie�s as requtroci by the Chapters.
6. M independent audit shall be perforrrted anrtt�ly by a certif'ied public
accvuM�nt for the moet recent fiscal year of the Village ahotiving a detailed �tir�g of asaeis
and a statemen# of a!f income and disbursements durMg the y�ear for each Fund. Such
ir�oome and disbutsernennts must be reoonctled wlth the asse�s at the beginning arrd end of
the �ear. Such report shaN reflect oom�ete evalus�ons of assefs ort both a c�st and
market bas+s, as weN as other items narmally induded M a cerbified �uidit.
. -9- -
� 7. The Boend of Tnastees shail have the fdbwing hri�sfinent pow�er� and
authority:
A. The 8oard of Tn�fiees shall be v�ested vWth fuN lega! title �othe Ft�d, subject,
tu�w�ev�er, and in any ev�er�t fio the authority and power of the T� Vll�e
Councit to amend or tem�ate this Truugtt, protiided that no amendment or
Fund termina�ion shaN ev�er resutt in the use o� arty assei� o# the Fund ex+cept
for the payment of regi.rlar expenses arid bettiefil�s t�nder thfs S�rstem. Aif
oontribudons from fiime to �me paid into #te Fund, end the inc�me thereof,
without disbinction betw�een prindpal and lrxome, shall be held 'm tl�e Fund
and administered by the Board or it�s A�.
B. A� mor�eys paid irrto or to be held shall be irrvested and reirriested t�y the
Board and the �rwestment o# aU or any part of such func� shaN be limibed t+n:
(1 } Annuity and life ir�rac�oe oorttracts a� life insurar�e c�ompetrties in �
amoun�s sufflderrt to pro�vide� in whole or in part, the benefits to which aM of
the partic�par+ts ln the Fund shali be eMitled ur�der the provisions of the Plan "
and pay the initl�tl end sub�equertt pr�err�urn thereon.
(2) Time or savings aa�un�s of a nettionetl b�ank, a stafie bartk insured by
the Bar�lc Insurance Fund, � a savings erid loan aseociation insured tiy the
Savir�gs Assodadon Insurarx:e Fund wh�ch is ackrdnistered tiy the Federal
Deposit Insurar�ce Corporation or a state or federal chartered cxedit union
wt�o�e share acoount� are i�ured by tl�e National Credit Union Share �
irtsurance Fund.
(3) Obf�gafiions of the United Stafes or obH� guar�nfieed as fio
� and interest by the govemment of the UniCed Stetes. .
(4) Bonds, s�ocks, commingled funds admin�tered by Natior�a! or State
Banks or evidences of indebte�ess � or puararri�eed by a �orpora�on
organi�ed uruier the laws of the Unit�ed States, anY state or organlzed
fierribory of the United States� or the Dlstrict of Columibia, provkied that the
c�orporatlon � traded on a nationally r�ecopnized Exchange and � tl� ca�e af
bonds only hdds a ra�ng in one of the four highest.classif'�catbns by a major
re�ing serv�oe, and tf such N�vesfimenfis are made in a poded fisnd
a�r�ered by a state or nafia�al bank, then the rating of each issue in the
pooled fund shall hold a rafiing within the top four (4} na�ing cla�tions of
a major ra�ng service.
(5) Real est�#e. � �
(6) Up to 25°k of Plan essets may be irnrested in foreign securi�es.
� 1 Ow
(7) Ail monies paid into or held in the Pension Fw�d shall be �rv�es�d and
reinv�d by the Board of Tn�stees and ihe invesbnent of aA a� ar�y part af
such furtds shall be trtvested In ea�ordanoe vvi� an estabfished irnestment
P��%Y adopfied bY the Hoard of Tn�ees.
C. The Boar�d of Tn.�siees shall not inv�est more than fivoe peroent (5%) af ifis
assets in tl�e c�mmon sfioc�cor t�tp�tstl stock of ar�y one isst�ing oorr�par�y� nor
shall the aggregafie irrv�esanent in any one �suing oompany excesd fiv�e
peroer�t (5%j of tlte outs�anding capital s�ot�c of tf�at c�mpany; nor shall the
aggregate of it� investmertis in Comrr�on stot�c, capita� s�ock and cxmvet�ible
bonds at co�t exceed Sixiy peroent (609�b) of the as�ets of the Fund.
D. The Boarcl of Tn�s#ees may retain M cash and keep unproducl'nne � incorne
such amourrt of. the Fund as it may deem advisable, having regard for the
cash r�equirements of the System.
E. No pet�ort or errtity shaN be BabN for the mslcirt�� retention or sele of any .
invesfiment or r�einaesbnent made as henein provided, nor for any lass or
diminishment of the Fund, e�a�ept that due fio hisJher or i� oNm ne�ligerx:e,
wilffuf misoonduct or lack of good faid�i.
F. The Board rr�ty cac�se any imu�ment ln securi�es held to be register+ed 'm or
transferred ir�fio their name as Tn�stee or infio the name of such nort�nee as
they may d�rect, or they may retain them unr�egis�ered and � form permit�ng
transferabiliiy, but the books and records sshaN at aN fimes show thst all
inv�eshnents are part of the Tnist Fund.
G. The Boercl is erripowered, to v�abe upon ar�y stocks, borxls or �rifites o# .
anY corporation, assodation, or trugt and to �i�e general or specific proxles
or pow�ers of attomey with or without power of sub�tih�tion; to p�rdapate in
mergers, r+e�organiza�ons, reca�it�tltz.attion, consolidatbns and simNar
transacbons wiih respect to such se�xrrities; to depo�t such sfioc�c or other
securftles in any v�oting trust or ar� pro�ective or t�ke c�mmttbee wtfh the
Tn�stees or with depositories designat�d thereby; to amortize or fail ta
arnortlze any p�art af ait of tMe premium or dfsaourrt resul�g from the
ac:�,iisidon or dispo�ition of a�sets; and generaily to exerci�e any of the
po�rers of an owr�er with respect t+o sfiocks, bcnds, or o�her inv�estrnerrts
comPrisir�g the Fund whic� it may deem t� be the best irrterest of the Fund fio
exer�ise. This responsibilfiy mety be delegated to an Agent for the Board.
H. The Board shall not be r�equired to mak�e any irnet�o�y or appraisal or report
to ar�y court, nor secure ar�r onder o� oourt for the exer�cise of any paw�er
t�ont�tined her�ein.
-11-
I. Where ar�y actlat which the Boer+d is required to take on ariy duiy or fur�tiort
which it is required to perform either under the terms herein or u�cler the
general law appNc�tble �o it as Tn�ee under th� Orc�neux�� can reasonably
be taken or perfom�ed oniy after recelp� by it from a Member, the Villa�e, the
Deperhnent or any o�her erttily, of specHi+c infortt�atlon, cerfi�ication, c�+edion .
or inshucdons, the Bosrd shall be fres of �ty M failing �o taks such stctia�
or perf�m such duty or function urriil such irrformati�on, cer�('icxition, direcdon
or ir�tructlon has been receiv�ed by it.
J. Ar�y overpaymentg or urxierpayn�eMs from a Fur�d to a Metr�ber or
benefkia�/ caused by emors of oomputation shall be �d w�h Infiere� at
a ra�e per annum appro�red by the 8oard. Ov�erpaymerrt shaM be charged
against member=s paymenfis next s�rac�eeding the correc.�tion.
UrKlerpsymeMs shsill be made up from the Trust Fund.
K. The Board shall sust�in no Ilabtitty whafisoe�r for the sufficierwy of a Fund
to meet the paymerrts end beneff#s herein pr+o�vided.
L Any of the foregoin� po�rers and functlons reposed in the Board may be
perfonned or caMed out by the Baar�d through duly authorized Agenis,
pro�icl�d that the Board at all drr�es maintafns conttnuous s�ervisbn rnrer
the acts of any such Ager� Protiided further� that le�a! tiYde to the Fur�d shell
always remain in the Board of Tn►stees.
M. The Board sha� nat irnrest more than ten percent (10 �6) at oo�t of fts a�sets
1n rea! Property or real estate and there shaN be no irnreshnent in a Iimi�ed
,partnersh� � tn�t.
N. The Villa9e shall malntaln F'�duciary I..labiliiy ir�suranoe to oo�rer the merr�ers
of the Board of Trustees.
O. With respe�t to at�y im+estment� the Trustees may conserrt or object to an�►
action or norr-actf�on of any oorporatf�on or of the �irec�ors, offioers or
stockholdere of arty corporeti�on.
P. Noiv�nding anything efse M this su�ction and as provided in Florlda
Statutes � 215.473, the board af fi,�ees must ide�ify and publi�r report any
dir�t or indirect holdmgs it may ha�ne in any scn�iniaed oompany, as defined
in that sec�on. BeginnMg January 1, 2010, the Board m�t pnoc�ed ta sell,
redeem, di�rest, or withdraw aa publk�r traded securf�ies it may have cNrec�r
� that c�mpar�y. 1'he divesture of any such securiiy must be completed by
September 1�, 2010. The board and ifis named o#�ivers or inv�estment
advisors may not be deemed fio hav�e breached their �dary duty in any
acfiion taken to d�poee of any suc� security, ar�d tfie boar+d shail have
satisfacfiorily di�har+�d the flduci�try du�es of loyatty, Pnide+�u:e, and sole
-12- .
and e�a�usnre benefit t�o the perticipetnis of d�e per�ia� fund and their
bene�daries if the acttor�s it takes are c�nsistent with the dudes imPosed bY
Flor�a Statui�s � 215.473, as provideid for in Florida St�rd�tes i85.Ofi(7j /
175.071(8) and the manner ofi tl�e dlspos�iori, ff any, ts rea�oneble as to the
means dto�en. For purpo�es of detennintng which oompani� are
scxutinized comp�ar�ies, the Boarcl may utili�e tl�e fist of scnitini�ed
companies as dev+eloped by the Fbrida Sta�e Bosr+d of Adm1M�h�ttlon. No
person may bring ar�y civil, criminal, or a�ninisfrativ�e ac6ion a�ainst the
board of trustees or anY employree� offioer, c�reci�or, or advisa� of such
. pet�ion fi�nd based upon tl�e aNvesture o� ariy �ecx�riiy pursueu�t to this
su�.
8ectlon 6. ConMbutlons.
1. Allember Contributions
A. �. Effectiv9e the first fu� PaYroN Period after the effectiv�e date of this
Ordlnanoe, Polic�e Off'�er Mem�ers o# the Re�rement Sys�em shall be
required to maice r�ular oontributlons to the Fund in fhe amount of flve
peraent (596j of h�/F�er salary effecdv�e the flrst fuN payroll period after the
effectiv�e date of tt�s Ordinanoe, Fir�efighfier Members o� the Ra�rement
System shall be required to make ne�ular ooniribuuti�on to the Fur� � the
amount of fiwe perr�nt (59b) o# his/her salary. The funding for the differ+enoe
betw�een the prev�ously required c�ontrib��ion of 6.196 and the now required
596 shall be made up from the monies reoeiv+ed from tlie State pu�suant to
Chapter 175, F.S. Should the Cfiapfier 175 money eaer become ir�sufficient
to make up the differ+er�cs, the corriribution ra�e for Firefighi�er Metr�ers shaN
automatically revert ta 6.1 �. Member corttr�u�or�s withheld by the Villaqe
on behalf o# the Member sha11 be depoeit�ed wilh ihe Board af Tn�bees
immediatety after tl�e wi#hhoiding � such oorrdibutlons. The oontr(butivr�s
made by e�ch Member to the Ft�d shall be designed as empby�er
cont�rribu�or�s pursuant t� Ser�Ort 414(h) of the Code. Sudt desig�ttbn �
contingent upon i�e c�oryh'ibutlor�s being exduded fr�om the Members= gtnss
irx:ome for Federa! In�ome Tax �r�es. For all otl�er purpo�es of the
Plan, stx:h con#ribu#br� shatf be c�ottsidered fio be AAernber �rontribudons.
B. Me#hod. Suc� oortMbufiions shaH be made b'Y PaY� �.
2. State ConMbutions
a,y moniess recer�ecl or r+ecewable ny reasoi, of laws of the state of Flcxiaa, for tt�e
e� p�rpose o# f�dir�g anal Payir�9 for re�rement benefiig for Po�oe 4ffioers or
Fire�ghters shall be deposi�ed with the applk:able segregated at�courrt in ihe Trust Fund
-13-
��'�9 P� of this Sygtem inar�ediately and ur�der no cir�cun�starroes more than �v+e (5j
deys a#ter rece�t by tl�e Viliage.
� 3. VN��on�ribufiions
So long as th�s System is In effect, the Village shall make c�onhfbutbns at least
4uarterh/ �o the Trust Fund 'm en amount equel to the noimal oost and the amount required
to ftx�d any �tuarial defidency shown by an actuarial valuatlon es pr�oMded In Part Vit of
Chapt�er f f� Florida Statui�s.
4. �r .
. Pfiiate donetfions, gffts and oontribudons may be deposited fio the Fund, but s�uch
deposi�s must be kept �parately ar�d kept on a segre�d booldceePin� basis. Funds
arising from these sourr:es rrtsy be use�d only for addi�ions�l benefits for Members, as
determined by t� Boand of Tn�aees, and may not be used to reduce what w�ould have
o�hervv�e been requlred by V'�age c�ontributi�ons.
Section 7. Bsne�At Arnotir�t and Eli�bility.
t . Nam�i Ftetirem+ant Date
A Member=s norrnal retlrement datie shall be the flrst day o� U�e month oaricic�r�t
vvith, or the next inNowing ttte esrlier of:
A. attainment of age fifty-five (55) end the oorr�letlon of six (6) y�esrs of credli�ed
88Ni08, Ot' �
B• aNR{In� VI a� �"� (�7L' �� lll� ��� M� ��11Y� tL�7' 7...n'..
� Ci� ��.
A Member may r�etire a� hisfier nomnal refilrement da�e or on tl�e first day ofi arly
month thereaffier, and ead� Member shall become 10096 v�sted In h�Jher aocnaed bene�t
on the Member=s nom�al retir+ement date. Namal re�rement under tl�e Plan � retlrement
fran empbyment with the Village of Tequesta as a PoBce Off�er or Flrefi�ter on ar afber
#he normat retiremer�t date.
2. Normal Retlrem�r�t 8enefit
A Member re�ri�g hereunder on or after hisJher nom�a! r�etirement cla�e shall receivoe
a nwntlUy beneflt wt�lch shalf c�ornrnence on hls/her Re�rement Da�e srxl be oontinued
d�eneaft�er during tl�e Member� lifetime, oeasir�9 upon death, but wiih one ht�dred iw�eniy
�� �) ��Y PaYments 9uar�tnteed in any ev�er�t. The marthly retirement benefit shall
equal:
-14-
3.096 for the first 6 years o# service .
3.5� for the next 4 years ofi �ervice
4.Og6 for the next 5 years ofi serv�Ce
3.096 for the next 6 y�ear�s of service �
2,0°6 for the next 4 y�rs o� service
3.096 �or ali y�earg after 25 y�ears
3. ��rlv� t C�te
A Member may reiire on hisrher early retiremerrt date whk:h shall be the first d�ry af
ar�y month cdnddent with or next f�wing the �a�er af the attainment of a9e fiffiY (50) and
the comple�on of sbc (6j yeafs of credi�ed service. Farly re�rement u�der tl�e Plan is
re�rement from emp�oyntent wi#ft the 1/iilage af Tequ�ta on or afber the eariyy re�iremerrt
dat� and prior to the norma! �refi�remer�t date.
4. Fariv Re�re,rr�ent 8eneflt
A Member retlfi�g hereunder on hisJher early re�irem�ent date may reoeive either a
� deferred or an immediate monthty retlrement benefit pa�able fior �fe, but with a�e hundred
i�►erriy ('124) ma'►thiY PaY� 9�nfieed in any ev�ent� as fc�llo�vs:
A. defemed mond�ly re�remerrt benefit whk:h shall oommence on what w�ou�d
have been hislher nortna! retiremerrt date had he✓she remained a Police
Offioer � Flrefi�ter and sheti! be crott�nued or� the flr� day of each month
thereaftet. The amourrt of �ch stxh deferred moMhly retiremerrt benefi#
shan be de�ermined in the same manner as f� retlremerrt as his/her norma! .
retlrement da�e exc�pt that crecNted service and av�erage final compensati�on
shaM be determined as of hisJt�er early re�rement date: or
B. immec�a�e monthly re�tirement benefitv�Nc� st�all oommerxx� on hisA�er �
reureme� ��e and sr�u ��,a�,�ea o� a,e �� �y o� eea, mo�a,
ther�fber. The ber�efit payat�le shelf be es detetmtned in Para9raph A
abov�e, whkh is actuarially t�ed from the art�ount to which he/she wnuld
haav��e been entiHed t�# t�/she re�red on hlsA�er nomtal retlremerrt date and
with the sart►e number of years of credi�d servioe e►s at the timme fiiaJher
benefit commence and based on h�A�er average flnal compensa�on at that
date. In no e�ent shaN the e�r1y retinement reductian exceed three percent
(39bj for each year' by whkh the commer�cement of benefils prec�des the
Member=s normal retMernerrt da�e. .
Ssctlon 8. P�s-r+stlrsmsnt De�th.
-15-
If a plart tnember �es prior fio retirement from the ViHage of Tequest�t �hialher
benefidary st�aN reoe�ne a beneflt as foliows:
A. L�ne-of-Duiy-Deaffi-Reneflt ts a pension ta �he spouse (or chikiren) for If�e in
the amount of 5096 of Average Flnal Compensatfon.
B. Non-Line-of-Duty-Death-Beneflt the spouse of a member with 6 years of
crec�bed service vv�N reaeive the actuar�stl equiv�ler�t o� the accn�ed nom�al
re�nemer�t be�eflt.
C. In lieu of the benefits provkled in A or B above, the be►�f�Ndary of a pdfce
officer or firefi�ter� vWd� 6 or rnore y�ears of senrke who dies prior to
re�rement, may t+eceive the bene#its othervv�e prayable to the polioe offber at
what w�ould hav�e been his/her early or nom�al re�rement date.
, Sectlon 9. Clb�ilii�l.
1. Disabiliiv Beneflts On-�,�
Each full tirrre emplc�yee who is a partictpant � the Pensfon Fund System and who
becomes totet)fy and pemn�tnenttyy disabled whiie an activ�e er�ploy+ee o# the Vitlage of
Tequesta tio the extent tt�at heJshe is unable, by r�rt of a medicaAy detertninable
physical or meM�l imp�im�ent, to render useful and eff�cient sen�k:e as a Police 4f�cer or
Fireflghter, as was pro�vided by the emploree in tl�eir class�flcation {Police Officer or
Flreflghter) prior to the alle�ed impeim�errt, vrt�d� cNsability was dit�ecHy caused by the
perforrnance of his/her duiy as a Pdk:e Offlcer or Firefigh�er sha�i upon es�ablishing the
same to the safisfactlon o# tl'ie Bo�arcf, be entitled fio:
A. If #he injury or � is servioe aonnected, the employ�ee shall be entitled io
tt�e greater of (1) or (2):
(1 y a monthly pension equa! ip 4296 vf h�/her average� mond�h►
compensatirnt as of h�SJF�er �sabi�iy retlrement cia�, or
(2) the accrued Nom�a! Re�rement Benefi�
Any cxmdit�n or impairment of heafth � Poibe Officer or Fireflghter caused
by tuber�cuto�is, hyperter�sfon hepai�is, meningocoa:al meningids or t�eart
�sease sha� be presumed to haw been suffered in the line of duty unless
the contrary is shovm by competent evidence� Provided that such Pdioe
Offker or Flrefl�ter sheN hav�e suocessfuily passed a phy�lcal ex�umina#bn
upon enterin� inio such servk:e, includinp cardiogram, which exsmina�on
failed to reveal any ev�fenoe af such oorxii�on; and Pnavided furiher, tl�at
such presumpdon shal! r�at ap�ly fio benefi�s payable or grarrted � a policyof
Ii€e ir�surance or �sebility ir�u�tnce. in otder to be errtitied to the
presumption in the c�se of hepetl�s, meningococcai meMngi�s, or
-16-
tuberculos�s the member mus# meet tl�e requlremenfs of Sec�ion 1 i2.f8i,
Flonidet Statutes.
2. Di�liiv�fit� Off_Du�y
Every Polic:e Offlcer or FireflgF�lter who � a parddpant in the Pension Fund Sy�tem
who shall have beoome i+�lly and permanently d'isabted to the ex�en# that he�she is
unable, by reeson of a medicaily determinable physicx�l or merrtal impaim�ent, ro render
useful ar�d efHc�ent service as a Polke 4f�cer or Flrefighber which aMsabiliiy is no# directly
cau�ed by #he pertom�ance af I�sfisr duties as a Police Of�Ce� � F'irefi�rter shaN be
ent�tled the greater of A. or B.:
A. A monthly pension equai tio 2596 � hl�/her a�rerage m�orrthly compensation
as of hisJher disabiNty r�iirement date, or
B. The aaxued Norrr�al Retlremer�t Beneftt.
3. Condftlons Disan�tliivir>n DtsabiNtv 8enef�s
Each PoNce Of�cet or Fraefighter who is clatming disabil�iy be�efits shalt establish,
to the satiafiac�ion af the Board, that suc:h disability wes not occasioned primarih/ bY:
A. Ezcess(ve � habih�l u�e �of ar�y dn�s, in�vxicarrts or ak�hol.
B. Injury or dis�ase sust�tir�ed while wilffullyy and illegafly par#1dpa�ng i� flgh�s,
rio�s or �nrti insurredior�s. �
C. Injury or c�ease �ined while c�mm�tir�g a ciime.
D. Injury or dfseese �ined wh�e serving in ar�y branch of the Armed Foroes.
This exdusion � no# affect members who have become disabled as a
resuit of infiervening military servioe ur�er the federal Heroes Earr�ings
Assistartce and ReNef Tax Act of 200� (H.R. 6081; P.L. 110-245).
E. injury or d�seass su�ained after hisJt�er empbyrnent shall have terrninafied
as a Pdicc� Offioer w�th ifie Tequesta Polioe Department or a Fire�gh#er wiih
the Tequesta Fre Departntent.
F. Injury or �sease sustained by a Polioe Officer� w�hile w�oridng for ar�yone
Mher than the Tequesta Po�ce Department and arising out of such
employment.
G. ln�ury or dlsease sustained by the member before employn�ent wfth the
Village be�r�s. This subP�9� ePP�ies only � the ev�ent af a duly injury
� or disease.
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4. P,�ica! Fxamination Re�uiremer�t
An empioyee shall not becbrne eligibie for disebllliy benefiis un6� and �less he✓she
�dergoes a physical examinatiort by a qualKed physici�ut or ph��sidans arxVor sur�eons,
who shall be selec�ed by the Boerd for d�at pur�oee.
�Y Pe� �8��9 ��Y bene�t under provisbns o# this vrafinarx.e may be
periodicelly re-exeurtit�ed by a qualiNed pi�y�den or' phYs�ciens ancVor surgeon orsurgeor�s
who shali be selected by ihe Boar�d, ta determine if such disab�ity hes c�ased to exfst. If
the Board f�ds that the retlree is no lor�ger perrnane�y and total�► disabled fio the extent
that t�e/she �s unabte �o render u�ful and effx�ent service as a Po�ce Officer or a
Flreflghter, fhe Boerd shall recommend to the ViNage that the refiiree be retumed fio ��eir
previous perfonnance of duty as a Pdice Ofiicer or Flreflghter, and ihe refiiree so retumed
shall enjoy the same r1�ts that Member had at the time he/she was Placeci upon Pension•
In the event the retlree � so ordered to retum shali refuse fio c�omply with the or�der within
thirty (30) days from the issuance thereof, Member shell forieit the rlght to h�s/her pensbn.
The cost of the physic�d examina�on and/or re-examina�on ofi the employee or
re�ree c�aiming and/or receiving disability benefits shaN be bare by the Board. All o�her
rea�onable cos�s as detertMned by !he Bosrd inc�dent fio the phy5k:at examination, sudt
as, but not limited to, transportat�ion, meals and ho#el aocx�mmoda�ons, shaN be borr� by
the 8oard.
if tl�e retiree recovers from �bdity and reen#ers hislher formec service wfth tl�e
1/�Ilage of Tea� held pria' t�o �sabi�ty retir�emer�t, his�her service will be deerr�ed �o
harne been continua�s, but the period beginning with the first month for whfch he/she
r�ceiv�ed a c�ity r�etir+emertt income peymer�t and enc�ng wiih the date heJshe reerrtered
the �ervice of tl�e Viilage wili r�ot be considerect as cnedited service for the purposes of the
Plan.
The 8oand shall hav�e the pv�er and authority to maice #�e flna! dec�sion regardine
all �tbH�► daims.
5. �„Pavmerhs
The rnonthly beneflt to whk:h a Member 1s entiMded in the ev�ent of 1he
Member=s disability retir�ement shall be paya�bie on the flrst day of the fi�st month after the
Board of Trt�sbees tietemanes s�x:h entitlemetrt. Waw�ev+sr, the monthiy retlrement incorne
shaa be payable as of tNe da�e #�e 8oard determined such et�tidemertt, and anY P��
�e for a par�a� month shait be paid together with d�e flrst payment. The last payment will
be: �
-�6-
A. If the plan member reoo�vers fr�om the disabiliity or attair� hisfier nomtal
refireme�'tt date, the payment c�e next precedMg the date ofi such reco�er�►�
or
B. ff the plan member � without rec�+ering f�am the disability prior fio hisJher
norrnal retiren�ent date whi� stlll �sabied, U�e p�tyment due next P�9
hislher death or the 120th monthly PaYmer� vrt�ichev�er �S later.
Sectlon 10. Montl�ly Supplemenhd 8sr�sflis.
1. Effective t,�on Passet9e of this Ordtnerx�e, enY r�ree a' benefic�arY ��8
pension benefftg is ent�led fio a montfif�► suppiementa( per�sion benefit af $�0
per y�ar of servic:e, t� to a ma�dmum beneflt o# �600.00.
� 2. Th�t beneflt shall be PgYe� �Y � a part of the r�ular' monthly
per�sion benefirt. The beneflt �alt be p�tyable to the re�ree end arty
benefiaary. The benefit shetfl cesse upon the tleaih of tf� member or
ber�efx�ary, ff appllcetble.
Sectlon 11. Vestln�.
tf a Mernber �ermina�es hi�lher empbytnent with the Viltage of Tequesta, either
vduM�rtly or by d�charge, and is nat elig�bie for any other beneflts under tfiis System, #he
Member shall be entltled fio ihe followk�g:
1. if tl�e Mernber has less than sa -(6) Years of credited service upon
ter�tbn, the Member shaN be entiYtled tio a refund of hisJher aocumedated �on or
the Member may leswe it depo�ibed with the Fund.
2. If the Met�nber has sbc (8) or mone y�ears af c�ed�ed servi�e upo� tem�n�,
the Nlember shaq be er�titled i� a rrwr�thiy retirement beneHt that � ihe actuariaf eqcrivalent
of tl�e amount of strch re�remertt inoome othetvvise payeble tio him c�ommerx:ing et tt�e
Member=s athervWse normal or early rgtfrement da�e, provided he does not elect fio
�raw hisfier accumuia#ed contr�utlons and provided ihe Member survives to hisJher
normal or early re�rement date. �
Ssctlon 12. Optlonel Fvrn�s af Bsr�ellts.
1. In lieu o� the amo�n�t and form of re�rement income payaWe � the ev�ent of
n�mal, early, or disstbility re�remer�t as s��ec�fied herein, a plan member, upon vrriit�n
request to the Boarcl of Tn�bees, and subject fio the appnoval of the Board of Tn�fiees,
may efect to rec�Ive a re�rement incAme or benefit af e�ivaient ac�arial valua�on
payable in a000rdance with one o� tMe fdbwing optkms:
-19-
A. A reiiremerrt income of a Isrger mor�ihly amount, P�Y'eble to the Member for
h�Jher 8fet(me only.
8. A re�nernerrt inoome of a mo�ified monthly amount, PaYable to the Member
during the jdnt lifetlme of the Member and a aiependent joint pensioner
destgnated by #he 11Aemt�er and folbwir� the death o# either of thern,10096,
76%, 6e-2J396, or 5096 of sttch monthiy amounts PaYebte tio the survivor fior
tt�e lifetime of tf'�e surviv�or
C. Suctt other amour� end fartn of re�irement p�yments or benefi�s as� in the
opinion of the Boand of Tnistees, will best meet the dr�cuR�anoes af the
re�ring Member.
2. The Member, W�on elec�r�9 anY option of this Section� w�i desigria�e the j0int
pensioner or beneflc�ary (or benef��iaries) to recehre the beneflt� if +s�nY, �P$Y� �nder the
Plan in the e�ent o# the Member=s death, and wiU have tl�e power to change such
designa�fion from tirrie to tlme, but any st�ch c��ange shall be deemed a n8w e�ection and
wNi be subject to appnoval by the Board of Tn�stees. Such cies(gnatlon witl name a,�oir�t
pen�oner or one or m�e prim�try beneflclaries where applicable. If a Member ha�s elec�ed
an optbn with joint perisiorter or benefk�u�► and the Membet=s r+eiir�emer�thxome benefl�s
ha�re commerx.�ed, the Member may thereafter change hisJher d�i�ated joir�t per�sioner
cN bettefiCiSry �,� +� ++�.� in a000r+dano� witt��,,,Fl�rid�a Stetirtes � 175.333 and • 185.341
w�tlto�� tfte aoaroval of tl�e bosnd of h'�� or the curnent bktt aruwit�tt or ,beRe�
The netlned mert�et Is not r+eaa�ed �o oro�vide d+oof o# tl�e awod heaNh of tl�e ioint
�±•+!���±± � ber�v beina r+emoved. a�l tl�e ioint ennuitant � benefk�arv bein�
r+emoared need not be 11�. Th�af�er tl'ie_bene�r be d�erweti. bUt Or'11y i� the
Board af Tn�tees oonsen�s to change and lf the �o�t pe�sioner or ber�efic�uy, �eRl�#
{�a�icwslY
designated by the Member ts aliv�e when he✓she f�es with the Board of Tru� the
r�t�t fpr Sud'1 t�nga, ��� of a oomolebed d�anas of io�t annu�t ar
e• ofher nnti�e� ihe Board af T�,�s�ees sha� adk�st tl�e retlr�d member�s montl�h► ben�it
b� d�e �■�_act�ar,_,ial �bl�s ar�d caicuiadnr�s dev�eloued tio er�s_ure tl�at fhe beneflt
oe�id is the ac�uerial �au�af ,tl�e orese� value o� ihe meml�•�s cwrent bene�tit aaf
ther�e ts no irndect � th� Plan The bene�Hdarv ar iant annui�nt r+emoMed II be
assumed deoe�ed bv tl�e�u�v in
revised manlhN► c�ment. No reHr+�d memberrs cutt�t, l�snefit shaN be inc�ased as a
_�»
,?e�ult of u,e ctt�nae of bec�ir�,►. The reur,0a rr�rnl�r s�l�.r�oor�e finr U�e
� r�latlon a�P tl� ,_berteRit 6�r tl�e aauerrt
� 3. The �ot�serrt of �irrt per�ior�er or benefidary #o arty such change shall r�at be
requirod.
4. The Boar�d of Tnis�ees may request such evidenoe of the good health o� joir�t
pensioner it�t is being r+amo�red as it may require end ti� amo�t of the redrement Maorne
payable tio �e Police Offioer or Flrefi�hfier �ort des�nati�on of a n�v joint pensioner shall
be acluarially rede�ermir�ed takir�g ir�o a000unt the age and sex o�f the former joint
pensbner, the new jdnt pensioner, and the Po�ce 4ffloe►r or Finefi�ter. Each stx:h
desi�naian wtll be made in wrlting on a form pr�paned by tt�e Board af Trustees and on �
�rr�letion will be f�ed v�th the Board o# Tn�sbess.
In the ev�en# that no designafied beneficiary surviv�es the Il�mber, sax:h benefits as •
are payabie in tl�e ev�er�t of tl�e deaifi of the Member subsequrent to hisJ�r re�rement shali
be p81d as pt�rtded in Section 12. �
5. Retlremer�t �c:ome petyrnents shaH be tnade txtder the optlon e1eC�ed in
ac:cordetnc:e with the pnovisior�s of this sectlort and shaN be subject to the f�ollo�wing
limita�ons:
� A. If a Member dies prior to hisJher nor�mal re�rement date or early retirement
date, whichever occurs, no ne�rement beneflt will be paysble under the
���Y Person. but the be�teflts, if any, will be defietmMed under
Sec�ort 8.
e. ff tne aes�nat�ed bene�dary �or ber�e�c�aries) or jant pensioner cr�es be�ore
the Member=s redrement under the Plan, ihe option etected w�Nl be canoeled
aufiomatically and a re�iremerrt inoome af the norrr�al fam and amourtt wi11 be
� payable to the Member upon his/her re�rement as if the electi�on had nat
been made, unless a nevv electlon is made in aocordance wiih ihe p�rovi�or�s .
of this �ectlon or a new benefiaary is desi�ated by the Member prior �
hisfier retirement and within ninety (90) days after tt�e death of the
bene�Ciary.
C. If both fhe redred Member and the. beneff�ary (or beneflc�aries)
� clesignated by the Member die befone tl�e full payment has been
effec�ed under any op�on pr�ovic� for pe�ymeMs for a period certain and �ffe
thereaftec� rnade pursuent to the prov�sior�s of subsecfii�on i, the Boar�d of
Trustees may in !ts di�crsti�on, c�rect ihat tl�e compu�ed velue of the
remaining payrnents be paid in a�nnp sum and in aocor�datx;e with SecUon
12.
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D. !f a Mert�beroorriinues beyond hia/her nom�at r+eotlnement da�e pursuantfio the
prov�ions of Sec�on 7, sub�ec�on 1, and a�es prior to his�her actual
retir+erriern end white an o�on made pursuaM� fio the provisions of th�s
sedion is in etfect, monthly retirement ir�c�ome p�yrrtertts wiR be rr�de, or a
re�rement b+aneflt wNl be pald, cmder the option �o a benefic�try (or
benefldarie�} des�gnat�ed by tl� Member in the amount or s�mourri�
comput�ed as if the Member had retlred under tlte opUon on the da#�a on
whlch hi�JF�er deatli occurred.
6. The AAember may not change hislher retirement op�tlon after the date of
cashing ar depositing his/her flrst retlrement check.
3ectlon t3. BsnsAt�aMes.
1. Each Member may, on a fonm provided ior�hat purpo�e, st�ed and fYed wi#h
the Board of Tn�stees, de�igne►tie s benefic�ary (or benefkiaries) to ret�eir�e the benefit, i#
any, whk:h may be p�ayable 1n #he ev�etrt of h�lher destl�; ar�d each designatlon msy be
revoked by such Member by signing and fl�p with the Board of Tn�stee►s a new
deslgnation-of-benefldary form.
2. If a deceased Member falls fio neme a benefidary in the manner p�ed in
. subs�on 1, �or if the ber�eflc�ary (or ber�efiaaries) named by a dec�a�ed Member
pt�edeceases the AAember, H�e desth beneflt, if any, whk;h may be payebie under the Plan
with r�espec�t to such deoeased Merr�er may be paid, in the c�scr�etlon of the Board of
Tn�sbaes, either to:
A. The w�fe or dependent chikir�en o# the Member,
B. The dependent living perenis af the Member, or
C. Estafie of the Member.
Seciion 14. Dsf�sr�r+sd F�stlran�snt Optlon Plan.
1. Eli�bllitv to Pertic:iaate in tl�e Dron �
A. Any member who is eli�ble fio receive a nortnal re�rerner�t pension may
parbidpate 1n the DROP. Members shall elec� t�o partkipate hy applying to
the Board af Tn,istses on a fam protiidcfed for that purpo�e.
B. Electiort to pardCipate shaU be forfeited, if nct exer�cised within the first
tv�er�tY-sev�en (2� Years of oombir�ed credited servk:e. t�w�ever,
pattk:ipatio� irt the firat y�esrs af enactmerrt wili be ext�ended � those
members with tw�enty-eight (28) y�ears of service in 2003.
_�_
C. A member shall nat p�rtldp�ate in the DROP beyond ihe �me of attaining �
y+�ers af senrice and tl�e total years o# p�artkipation in the DRQP shall not
exoesd fi�e (5) years. For exampie: .
(!) Members wi�t twrant�five (25) years af cr+ec�ted service at time of
entry sh�tN only Pardcipat�e for fi�re (5) y�ears.
(2) Members with tww�er�t�sbc f26) Y�ears of crediled service attime of endy
shaii only par�tc�ate for four (4) years.
{3� Members with iwenty-s�en (27? Years of crsdited serv�c;e at �me of
entry shall oMY PartiaPSfie for three (3) years.
D. Upon a member's eleaior� fio parlicipatie tn the ORQP� he or she shaii cea�e
�to be a men�er and ls preduded from accxWng any add'idonel beneflt under
the Pension Fund. For all Fund purpo�es, fhe member bec�omes a re�rant.
The amount of credi�ed setvice aitd flnal av�erage satar�tfrseae as �ihe daUs
of entry ir� the DROP.
2. Amout�Cs Pavabie t�oort � fio Psrticio�in DROP
A. Monthly re�rement benef�s that w+ould hav� been payable had the member
fiem►ir►afisd empioymer� with the deparhnent and elected fio reoeive nxx►th�y
P8� PaYn'�ents wi11 be peld irrto the DROP arxl cx�ed fio the retirant.
Payments into the DROP wiN be mac� monthly rnrer the period the r�ettr�ant
part�pates in the DROP, up to a ma�dmu�n of sbdy (60) months.
B. Payments to the Di�P eam interest using the rate of irnrest+ment retum
eamed an Pen�on Fu�d assets during the iwetwe (12) month period endh�g
September 30th. The rat+e determined shall be i!� rafie repori+ed to the
Division af Re�remeryt pursuarrt to Part VII of Ch�ap�er 912, Florida Statufies.
Hoanever, if a poNcc� o�ioer or �refi�er does no! terminate empioyment at
the end of p�trticipation in tt�e DROP, irrberest credits shall Cease on the
c:urnerrt betletr�ce and on all future DROP dep�its.
C. No paymentg wiN be made from DROP un�i the member �enninafies
employmerrt with ihe depe�rtment.
D. Upon tem�inatilon of en�loyrnerrt, Partic�anfis in the DROP wHl reoeiv�e the
balarxe of the DROP aocount in socordar�ce with the foWoMring rules:
(1) Men�ers may elect to begin to r+eceive payment uport teRninafibn af
employmer�t or defer payment o# DROP until the latest day as
pr�otiidad under sub-subparagraph c.
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(2� Paymen�s shall be made in eid�r.
a. Lurr�p sum - the errdre account balanc� wNi be p�id tio the
retirant t�ort appr�oval of the 8osr�d of Tn�bees.
b. It�stallments - the accourrt b�tlarx:e wili be p�id out to ihe
retirarrt in three equal PaYmenis Paid over 3 y�esrs the flrst �
PBY� to be made up� approval of the Board of Trust+ees.
c. Mnuiiy - the a�000unt belanoe w� be u�d to punct�ase an
annuity t+o be paid mortthly, the first payrr�ertt to be made �on
gPP� bY t� Board � Tn�stees. TI'�e annui�y nwst be
pur�cha,sed from an insur�r Ik:en�ed #o seN such annuities in
Florida.
�33 �Y �� P�Yme� ���'� bY a polioe officer mustoompiy with the
minimum d�stribution requiremen�s of the IRC 401(A)(9) e.g.�
P$Y�rrts must commenve by age 702.
(4) The benefic�ary of the DROP pa�ant rvho d�s before payments
from DROP be�n shall have the same right as tl�e par�nt in
aocordance with Or+dinartce.
Section 15. Claims Pr+ocsdw+ss 8stor�s ths Boerd Dsd�lOn. �
1. ff any Member of the System has besn:
A. Pl�u�ed on pension under U�e terms and p�ro�ions of this orr�nar�ce tor
disabilily, or
B. Plaoed on per�ion becau�e the Member has senred #he required number �
y�ars to entiMde F�m to a penslon, or
C. Refused beneflis under thts Plan, s�nd � dissatis�ed with the amourrt of
pension the Member is rec.�eiving, or believ�es that he siwuid be entided to
beneflts tmder tl�e Plan, the Member may, in writln9� re4uest ihe 8oan! �o
review his�/her ca,se. The 8oard shali review the case and enter s�d� onder
thereon as it deems right and proper within sbdy (60) days from r+ec;eip# a#
such written request and the r+eceipt by the Boar�d of a w�tben mec�cal
release eu�thoriz�t�on etrtd a list of nsimes and a�ddresses of alt tr+eating health
care providers for such review of disabilily daims; Prohded,lhat the Board
may extend the �me for enterfng such orrler by an a� forty-flve (45)
-24-
days if it det�ermine,s ��me is nec:�ssary for d�oovery tn full and
adequa�e review.
2. In the everrt tltat the order from tl�e Boar�d denies the daim for � change in
s�x;h benefiis rn' denies the clairn forbenefits, the orcler ofi the Board shali be
put tn writlng. Such writtien �der shail indude: .
A. The specffic reasons for the den�al, induding speafic references tia pe►tiner�t
provisions of tl�e re�rement system on which such denial is based;
� B. A de�on � any additional materisl or Irtformatbn that the 8oarci feeis is
neoessary for the Merr�er #o perfect his/her clahn, to�eU�er wiih an
e�lanatlon of why such mafiorial or iM�matiort is necessary; and
C. An e�lanation of the review procedure next open fio the Member.
Such review prooec�re shaii pro��ide that:
(1) Prior to such review, the Member or t�her dWy authorized
t�epr�esentati�e mey review any pertlnerrt doc.�uments induding Plan
pr�isions, minutes of ihe meetinA o� the Boar+d in whk;h deniat fo the
clahn was originaNy recorr�men�ded, and anyotherdocxxnents mat�ria!
to the c�se;
(2) After such review, ft� Member and/or hl�Jher duly suthorizecl
repre�entati�e �all s�mtt their case in wridng to the Boe�rd and
req�est a hearing. Suc�i submission sheN be fHed wiifi the �ard no
tafier #hen ninety (90) days affier the r�eipt af ifie orcler of the 8oard.
Upon receipt af the wrftten su�ni�on by the Member, the Boarc1
shall schedule an oppottunfty for a f�ll and fair hearing of the issue
withln the next ninei�/ (901 daYs� and such scheduled hearing shali be
t�mmunicated in writlng to the Member. The Member and/or hi�Jher
duly suttwrized representattv�e may then eppear at suc:h �heduled
hearir�g �o presettfi �heir case. The Board shall consider tl�e fac�s
presented at the �cheduled hearing and shaN, withln thirty {30) deys
after �ch hearing, ma,ke a flnal rcding in vhit�g on the request of tl�e
Member. The writben dec�sion shall include the reasons for such
decisiort and, such decisior� shall be f�etl.
�a) The Chaim�an st�ll pres�e o�er the hearing and shail rule on
a0 evidentlary and other tegal questtons that arise during the
hearing. �
. (b) Either pariy, the daimant or the Boarcl, may flle plead�gs
within the time limits set herein. Proceduraf madoru� are to be
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detem�ed by the Cha#m�an o# d�e Board at ar�y tfmme. AN
panies ar�e to fumi�h oopies of aN pleadings to the aPP�i�'�9
pardes and excttange I�ts widt names and add� of
witnesses expected to be called��o i�ify at the hear�t�, as
w+eil as the list � exh�s that are intended to be irrtrnCk�ced, at
I�t fortY-flv�e (45) daYs Prior tn the hearing. Testlmony o�
w�es sheN be under oath or affirmati�on. Depositions or
af�idavitg shap rtot be acMt�le unl�s t�on s�pulatfon by ali
� par�es. The Chaim�an, any Merr�ber of tl�e Bo�rrl, ihe at�omey
for the Bosn�1� the claamant ar�d tl�e daimant=s atfiomey� upon
reoo�i�on by �,e chalm�an, may �irect ques�or�s to any
wib�ess during the prooeedings. Each pariy shall hetve the .
t'fgtrt to present erridence relevent ia the issues, to
w�nes�, tio impes�ch wibnesse� and to
resportd tio the evidence presenfied agair�st the p�rty. Eac�
pstrty shBN havg tt�e right to pnesent any openin9 ��9
argumenfis. AnY P$�'tY may �re the services o� a oourt
repater fio r+ecor�d the proc.ee�ings with the c�t ta be borrte by
the party requestlng the axut reporter or reques�ng the
#r�tt�ip�ron of U�e prooeedtrt�.
{c) In aM cases, uniess othen�e protiided in thi.s sec�don� 1#�e
burden of proof shall be on tt�e daimant who seeks to dr8w
hislt�er enddemerrt to a pension, �isability pens�on, or
ir�d pen�ion benefl�s.
3. In a!I proc+eedfn� under sub�ior�s 1 or 2 hereof, the Board shaM hav�e tt�e
pow�er to subpoena and requ�re the attendarxae of witnesses and tl�
producaon of documents for �voery prior to and at the proceedings
pnotiided for in each paragraph. A reasonable fee may be charged for the
issuanve of any subpoenas rto�t fi� ex�ceed the fees set forth in Fbri�a
Statut+e3.
Seotion 1�. Rsporh to Divlalon of Retirerrbn#.
Each year no la�er than March 15th, the Chairman of the Board shall f�e two (2)
separa�e repor�s w#h the Division of Re�rement containing the follo�ing relative to the
Police Of�Cers and F'irefl8hters of the Plan. The Polioe OfNcer repart shall be separate
from the Firefl�ter report. �
1. Whether in fact tF� Village is in oompliance with the prov�ior� of Chap�ters
175 and 185, Fiorid�t Sta#ubes.
_�g_
2. A certified statetr�er�t af aocouMing for the rr� recent nscal �ear of the
Vf!lage (or an independent audi� by a certii`�ed pubuc acxountartt if required by the Division
of Re�rerr�nt) shov�ing a detailed psdng of assets and mefhods used tio value ifiem and a
stafiement of all irxbme end d�sbursemenfs dun��g the year' by �e Public Safeiy Boand. �
Such income and dtsbur.gemerr�s shall be re�vor�aled with the assets at the beginning and
end of the year.
. 3. �4 s�lcal exhibit sho�ring tl�e number of Poiice Offioers on the foroe o# the
Viliaqe, the nt,ar�ber induded in the Per�sion Pian, the number af Polioe Officers ineHg�fe,
classi�ed ac�cording to the reasons for tl�eir being �neli�ble, and the number of c�i.gabied
and re�red Police Of�vers and their beneflclaries reoeiving pension paymen�s and the
amounts of ar�wi relirement income or Pens+on Pa� betng rec�ned by U�em.
4. A sta�l e��it show+ng the number of Flrefi�ters on tl�e foroe � the
ViNage� the number included in the Pension Plan, the number of Flre�ghbsrs inell�bfe,
dassi�d accor�ding to the reasons for thelr being lnetig�le� and the number of disabied
and redred Frefigh�ers and their berreficiaries reoeivin9 Pe� PaYmeMs and the
amoun�s � annual re�irement inooms or penslort payments being reoehred by them.
5. A staUemettt of the atnount #he Village has c�r�nibut�ed fio the Pu�lic Safety .
Pensbn Fund for the prec�ecl� plan year and the amaunt the Vtllage will corrtributie to tt�
Public Safety Pension Fund i�or the current plan y�'.
6. If any beneflt� ar+e ir�sured vvith a c�omme�ial ir�surance compeny, the report
shatN indude a statemer►t of the relationship af the it�sured be� to the bet�eoirts pra+ided
by thi.s Ordinar�e. This report shali aiso contain inforrr�e�on abou# tf� insu�er, b�is of
premium rates, mortalKy table, interest rates and method used � valuatfnp retirement
ber�efits.
7. An actuarial valua�on o# tl�e re�rement Plan for P�lic Safety Ofiicers rr�st
be made at least orxe every three (3) y�ears commer�cing from 1#�e iast actuarfai report of
the Plan. Sw:h valuati�on �hal! be prepared by an enrolled a,ctuary who is enrolled ur�er
Subtittie C of tl� Ti�e 3 Err�loyee Hetirement Income Secunjty Act of 1974_ and wFro is a
Member of the So�ety of Ac�uaries or the Amertcan Academy of Acd�aries.
Sectlon 17. Rosiisr o! Rstlroea .
The Secretary af the Boards shali keep a record of all persor�s enjoying a pension
�r the prov(sions af thts Or�nance in vrhic� it shalt bs nofied the tlme wNen #he pensiort
is aflo�w+ed and v�ttert the same shall cease t�o be paid. Ad�ififonslly, the Secreta�y �te!!
keep a record of all Pollce Of�cers and Flre�ighters employed by the Village who are
Members of the plan tl�eir boar�d administers in such a manner as to sho�r the name,
address, date of employment and date such empbyrr�ent is �erminafied,
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Sedian 18. Boerd At�orney end Pro�sssionels.
The Boetd maY emPb'Y indePendent le�al c�unsei at the Pension Ftmd=s e�er�se
for the purposes ooni�ed herein, �ogetherwith suc� o4herprafessional, �echnicai, orother
advisors as the Boerr! aleems nec�sary.
Section 19. M�udmum P�lon.
1. BasiC Umitatiort.
SubJect to the ad)ustrnents herein se# forlf�, the maximum emount of annual
retirement incorr�e payable with respect �o a Mer�er under this Plan shali not exoeed the
limi�s contained 1n � 415 of the Code.
2. Additional L�nitation on Pensbn Benefl�s. No�ithst�ncW�g anything herein �a
the c�orrtrary:
A. The namtal retirement beneflt or pension to a re�ree who becomes a
member of the Plan and who has not Prev�lY P�articipaied � such Plan, on
or after January 1, 1980, shail nat exoeed 100 peroent of hisJher av�srage
' flnal comper�satbn. Howe�rer, no�hk�g vontained in this sec1ion st� apply fio
supplemental re�rement beneft�s or fio per�sion increases attributable to
aost-of-�ng increases or ad�shnen�s.
B. No member of the �an who is not no�w a member � sud� Plan shall be
aito�w+ed to r+e�ive a refiirement beneflt or�pension which is tn part or tn wh�e
based upon any service vWtl� respect �o which the rr�err�her is alresdy
r�ecelving, or wiN r�ec;enre in the future, a re�remerrt beneflt or pensia� from
ano�ther retirement system or pian. This restricdon does not ap{�y to 9ocial
securih/ benefi�s or federal beneflts under Chapter 67, Tide 10, U.S. Code.
Ssclion 20. Comtr�srw�srnsirt of 8eneilb.
1. Unless the Member othenMse elects, with �ch efection being in writinp and
to the Tnistees and spedfying the form of re�rement income and da�e on whkh the
retiremerrt ir�come is to c�mmence, the payment benefi�s under the Pian t�o t�he Member
- shall cornrnenoe not Iater than the SOth day after the c�ose af the Ptan Year in whfch the
lat�t foNawing ev�ents occur. .
A. The attainrt�nt by tl�e Mert�ber af a�e 66; .
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B. The 10th anniv�e�uy of the date o� which the Member canrnenoed
pariicjpatlon in tl�e Plan; or
C. The terminatl�on of the Mernber=s senr(ce with the Viilage of Tequesta
2. if the payment of 8 Member=s retlrement irx:ome cannot be�in on tfte date
required under sub�ection i of the Section because tl�e Tn�sbees eiiher cannat ascertain
the amourrt of �e Member=s re�irement inoome or cannot bcafie the Member afber maldng
reasoneb(e efforts �o do �, the payment ofi the Member=s beneflt shait begin not laterthan
sbciY (60) days af�er the ds�e on which fhe amo�t can be ascertained or the Mert�er is
Iocated, whic��ever is �ypplicable. �4rry such payrr�ent shed( be made retroactive to a dafie
which is not earlier than the c�ttie on which tl�e payment of the Merr�er=s beneflt was
�ct�eduled fio begin but which � r�t iater than ihe date spec:ifi�ed under s�sectfon 1 of this
Section.
� Sectlon 21. Dlqrlbuaon of �snsflts.
Nori�tanc�ng any ozher pr+ovision of thig Plan fio the contrary, a fam o# retirerne�rt
income payaE�e from tt�s Pian affier the ef�ecti�e date of this ordinance, shail satisfy tfie
fdlo�wing c�n�ons:
1. !f the retirement tr�cwrrua is payable before the Member=s death, the
c�d�udon shall commence to them not tater U�an U�e aas�lendar y�ear deflned aboMe; ar�d
A. sha{ti be pe�id oMer ihe life af the Merr�er or onrer the lifetimes of ihe AAember
and spouse, issue or c�ependerrt, or,
B. shall be paid over ihe period extending not bey�ond the Nfe exp��ctancy of the
Mennber' and spouse, issue or dependent.
Where a�orm of re�irement irx�m� paymerrt has oommer�ced in a�rr�dance wiifi
the prec�ng paragrephs and the Member dies before hisfier eMire interest in the Ptan
has besn d�ubed, the remaining porbion of such interest in the Plan shali be di�ibutied
no less rapi�y than under tl�e form af �'bu�on in effect at the �me of the Member=s
death.
2. If the Member=s death oa:urs before the dis�ributbn af hislher fiterest in ihe
Plan fias c�rnrr�enoed, the Member=s endre interest in the Plan shall be �uted within
five (5) years of 1he Member=s death, un{ess it is �o be distribuCed in accordance v� tl�e
fdlowing rules:
� A. The Member=s rem�lning inberest in the Plan is payabie to histher spouse,
issue or dependerrt;
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B. The r�ema�Mg inberest � to be distrit�uued ov�er the tiffe o� the spou�e, i�+e or
� dependerrt � oMer a period not extend�g beyond ihe life e�ncy of the
spou�e, issue or depender� and
C. Such �i�ution begins within or�e y�ear of the Metr�er�s death uniess the
Merr�er=s spouse, issue a'dePendentshaN rec;s�v�e the remainin� �terest �
which case the distribuution nead not begin before the cla�e on which the
. Merr�erwoukJ have attair�ed age 702 and ff the spouse� i�ue or dependent
dies before the di��u�on #o the spouse, issue or depende�tt begins. this
Sec�on shall be applied as if the spouse, issue or dependent w�ere ihe Plan
Member.
Sectlon 22. Miscsll�neous Proviaton.
1. In�erest af Members �n Pension Fund. At no �me prior to tl�e satlsfactlon of
all liabirih"es under the Pfan with respect to AAembers and fheir spouses or beneflcJaries,
shalf any part of the � or inoome of the Pension Fund be t�d for � diveri�d to any
purpo�e o4her than for ttteir e�adusnne benefit.
2. Il�o amendme►�t or ordinar�ce st�a11 be sdopted by the Vt�e Council o� #he
ViUsge o# Te� whiCh shaN hav�e the effect of r�ech�c�ng the tttert v�ested �ocrued
benefiig tio Membets ot Members berte�ic:iar'tes.
3. Rollaver Di�,r�utlons
A. This subsecdon aippiies �o distrtbutlons made on or afrer Ja�uary 1,1993.
Notwhhatan�ng anY Provision of tMe Pian to the contr�uy tfiat w�outd
otf�rwi�e limit a d�ee=s electlon under this sub�ec�ior�, a d�ribu�ee
may elect, at the fiime ar�af tn the manner prescribed by the Board of
Tn�aees, �o have any portion of an eii�ble roNo�ver disaribu�on paid c�recby
to an elig�le retlremerrt plan speciffed by the d�tributee in a dir+ect rdlo�rer. .
B. De�nitbns.
(1 } AEifgible r�olbver distr�utbn� is any d'�aribution of aN or ar�y portion ofi
the bafetnce ta ttte credit of the distributee, except that an eligible
rollover does not indude any d�tributlon fhat is one of a series of
substanfiialiy e4�al PerbdiC PBYments (not less fnequently than
annuaNy) made for the Iffe (or life e�q�t�nCY) af the distribubae or
dtstributee=s desi�rtated beneflciery, or for a sped�ed period o� 10
yeers �or more: anY diafiibudort to the ex�ent s�dt distribudon is
r+equired uruler sec�tlon 401(a}(9) of the Code; and tMe porrti�on of any
�ution tl'�at is twt indudibie in �noss ir�corr�e.
. -30-
c2� � ��re� �� � �, �� ��t ��
aescribed "m sec�On ao8(a� o# tne code, an individua! r�etiremer�t
annuiiy de� in s�ecNlon 40�(b) of the Code, an annuttY P�
de�cribed in � 403(a) of the Code, or a quaNfied trust describe�d
in sectbn 401(a) of the Code, that aa�ep�s the disbr�utee=s eligible
rollover dis�ribution. l�lowev�er, in the c;ase of al ell�le r�ollo�rer
d��u�on to the surviving spouse, an el�le re�reme�t plan is an
individua� retlren�ent acvount or individual r+etirement annuiiy.
(3} A;Distributee� indudes an employ�ee or former employ�ee. In Rda�`ion�
#he empwy�ee=s or fomier employ�ee=s surviving spou�e and the
empioy�ee=s or forrner employse=s spou�e who � entl�ed ia PaYmer�t
for alimony and child support under a domestia relalions onder
det�emtined � be qua�ied by this Fund are d+�ibubees with re�ard �o
the ir�fierest of the spouse or forrner spouse.
(4) ADirect rollover� is a paymerrt by ihe Plan to the eli�le retlr�ement
pian sPeciRecl bY the �str�ee.
Ssctlon 23. Fispseti or TernMrtdtlon v� S�sm.
i. This Or�narx;e establishiAg the System and Fund, and su�equerrt
Ordinanc�s pertaining to said Sys�tem and Fund, may be nwdified, tem�nated, or
amer�ded, in wtiole or in part; provided that ff tttis or any sulb�eque�t Ordinarx;e shali be
amended or repealed in tts applicati�on to �r�y person beneRtdng hereunder, the amcwnt o#
bertefiis whic�� are the �me of any such alt�eratiion, amendmerrt, or nepeal sheil have
accnaed to the Member or benefic�ry shali rwt be atfected thereby.
2. tf this Or�irtartCe shetit be t'epealed, or if con�r�utiorls to the S�/stem .are
discontinued, the Boar�d shali continue to admir�ster ihe S�em in aa�rdarxe with the
provisions of ihis 4r�nance, for the sole benefitt of the tl�en Members, any benefidetr�s
then receiving re�rement aUoMrar�ces, and any future persar�s entided to receive benefitg
under one af the opNtions provided for in fhis Orc�r►ance who are de�ated bY enY of said
Members. {n the event of repeat, or ff cor�butians to the System are disoontlnued, d�ere
shall be full vesting (100g6) of benefi� accrued to dat� of repeal. The ac�aar'ial sin�n
value may not be less than the employ�ee=s accumulat�ed contributi�ons to the plan, vvith
in�erest if provlded by the pl�ut, less the va�e of any plan benefits Previo�Y Paid fio the
empioyee.
3. Upon tertninaUon of the plan b'r the Vmage for ariy r�eason� or because of a
transfer, rnerger, or cor�soNd�t�ion of govemmental unil�, �ervic�es, or fur�cdons as provided
i� chap�er 12t, or t�on writttten r►oticce to tl1e board of fit�tees bY the Viilage that
-31-
contr�ons under the plan are being permanently discorriinued, �tl�e t�s of all
employ�ses to benefits accn�ed to the date of such �e�mtna�fon or disc�tnuance and the
amout�rts cred'�ed to the en�ployees' aocou�s are nonfor�eit�tbie. The fund shall be
distributed in ac+cordance wifh the foliowir� prooeclures:
A. The bo�trc! o# trustees shall de�ermtne the dstia of disdibution and the asset
value req�dred �o fund all the nonforfeitable benefiCs, af�er taldrq into aa�unt
the exper�ses af such �uiion. The board shaY ir�fonn the Vitiage ff
add�lonai �e1� are required, in which event the Village shaall c�ntlnue to
�natxisfly suppoirt' the pi�►n w�tii �II no�tforf+eif�tble benefrl� hetv�e been fix�ded.
B. The board ofi trus'tees shall determine the meihod of c�stribudort ofi ihe asset
V81U6� Wh8tl1A1" �dOf13h811 b@ by p8y1T18nt it't CaSh, by d18 R18fiti81181'1C@
Of �1Q1�181' OT SU�l�Bd �fIJSf fU11d, b'�/ th8 ptrltCha$8 Of 111SU1�8d 811I1t11�AS, 01"
othervwse, for eac� polioe offloer and fireffg�er en.t�led #o benefi�s under the
plan, as sped#ied in sub�ection C.
C. The board � trustees shaN d�h9bute the asset value as of the date of
ter�minaUon in the manner set forth in this sub�ectlon, on the besis that the .
�tttcxirrt r�equired to P� �Y 9�� r�stlremer�t incon'ie is ttte aCluarially
compu�ed single-sum value o� such r+ebirement inoome, e� that ff the �
method of distributi�on determined under su�or� B irn�olves ihe purGhase
of an �sured annuiiy, the amount requjred to pr�ide the 9iv�an re�r�ement
Inc.bme is the sir�gle premium payable for such annuity. The �rcaaarial sir�le-
sum vatue may not be less ihan ihe employee's �oa�rnula�ed contributkx�s to
the plan, wilh ir�erest if protiided by the plan, less the vait,re o# ar�y p�an
benefits prev�► paid to the empk�yee. .
D. 1# there is asset veN�e remaining after fhe fuN �ufion specifled in
sub�ion C, and after payment of ar�y e�et�ses itxurred with such
dis�r�utlon, such e� shsll be returned to the Village� tess retum to the
sta�e of the state's conMbu�ons, �d that, if the excess 1s less than the
i�atal contributions made by the Village and the state to dat�e of terminafilon of
� the plan, such excess shall be dlvk�ed propordonately to the tatal
� c:ortfiibt�ions matie by the Village and the s�atte.
E. The boarcl af trustees shall distri6ute, in auxortiiar�oe with the manner of
c�stribution determir�ed urxler sub�ectlon 8, the amounts det�ermined under
subsec�on C.
4. The aliocation of the Fwnd pr+otiided for in this sub�ectlon maY, as decided by
the Board be carried out through �he purchase ofi lnsurarxe company � to proMde
the benefits determined in accor�dance with this subsectl�. The Fu� may be dishitx�ted
in one sum to the persons ent�ed to seid t�enefils or the �s�tribution may be c�nied out +n
_�_
such o�her equitaible manner as the 8oard may direct. The Tnrst may be continued in
extstence for �wrposes of s�sea�ent c�stribu�ons. .
5. After all the vesfied and aocrued benefits provided her�eunder hav�e been paid
and aiter all other liabiliti� have been safitsfiecl, then end oniy then shall any remaining -
fund revert fio the General Fund o�f the Vii�age.
secaon 24. Exempaon fnom Executlon, Nori-eisslgneblrny.
The pensions, annuities, or arry other benefl�s accnied or �� to any person
under the provisions of tl�s Or+cNnanoe and the aa�amulated oontributions and the cash
secur�tes in the Funcf cxea�ed ur�der this Ordinance are hereby exempbed from any sta�,
cx�urt�j► or municipal tex of the stats and ahall nat be subject in exec:ution� attachmerrt,
gamishment or anY lega! Process whatsoever and shaN be unassignable. How�ever�
pursuant �o an Nx�me dedu�ion order� the tit�ees may direct that retir+ement ber�flts be
paid for alimony or child support In eocordanoe wilh rules and reguiati�ons edopted by the
8os�r�d of Tn,�stees. �
tJPa� writien re�est bY the r�e�ree, the Bosrd of T� may authorize the Plan
ac�nin�rator to wid�hold from the monthly r�dremerrt payrrterrt funds ne�cessary to:
1. pay for beneftts beN�g neoeived Ifirough the VtNage�
2. pay the cerd�ed bargaining agent; or � �
3. to pay fof premiums i� aa�dent heafth and long-term cere htsurance forthe
retiree, the re�iree=s sp�se� and dependenfis. A re�remertt pian does no�t
incur IiebiNiy for partk�a�on in th� pem�issfire program if ifis actlor�s are
taken in �ood faith pursuarrt to Florida Statubes �� 175.061 {� and f 85.45(6y.
Sec�on 25. Psnslon V�lc�ty.
The Board of Tn�stees shali have the pow+er to examine into the facis upon which
aM► I�ension shall heretafore have been granted and under any prior or existlng taw or
shall here�afber be gran�ed or obta�ined error�eo�r, frauduiently or INeQaIly for any nea�ons.
Said Board '� empo�w�ered �o pur�e the pension rolls of any person herefiafone grarrted a
pension urxier p�io� or existiny law or heretofone granted under this Or+�inarxe ff the same
is found to be emoneaas, fraudulent or illegai fa� any reason, and to reclassHY �Y Pe�
who has heretofore under any prior or existing law been or who shail hereafter under this
Orc�nacx�e beE erroiteously, tmProPe�Y �' ��Y ��.
. _�-
S� j8. � Of P�ff�10A.
A�y Member cornric�+ed of ihe following offenses cornmitted prbr to re�remeM, or
wt�ose empioyment is terminated by reason of hisfier admitb�d camm�, aid or
abatement of the following spec�fied offenses� shall forfeit aq rights artd benefits under this
Pensbn Fund, except for the retum of this axumulated contribudons as of the da�s of
tecmina�iort.
� 1. Specified of�enses are �ts fdior�s:
A. The commltting� ai�r�g or abet�ng of an embeafement of pubNc funds;
B. The commlt�ing, aidtng or abeHing af anytheft by a pub�ic officer or employ�ee
frorr� ernpioyer;
C. Bribery In oonnec�io►n witl� the ert�ployn�ent of a pt�lic of�oer or empioy�ee;
D. Any felony spec�fted in Chapter �38, Flot'i� Statutes;
E. The committing o# an impeachable o/fer�se.
F. The committing af any febny by a public �rare�rr�ioy�ee who �lyand
with intent to defraud the public or publb agency, for which he s�cts or in
whictt he �s employed, of the ri�ht t� reoehre the faithfui perfamance of
hislher duiy as a pubi�c officer or employee, r� a`ob�s a'ai#emp� to .
ob�ain a pro�tt, gain, a' advantage for himself or for �orr�e other per�on
�rough use or atbernpted use of the povaer, rt�s, Pfirileges, du� or
posidon of hia�her pubiic � or employment posidon•
G. The commitiing on or aitier October 1, 2008, of �►nY felony deflned in
� 800.04, Florida St��, against a victim y�ounger than 16 y�ears of age, a'
any felony defined in Chapfier 794, FloMda Statu�es aigainst a vk�im you+�ger
than 18 y�ears of age, bY a P�►lic of�oer or ern�Oyee through the u�e or
aifiemp�d use of pawer, r�hts, prNrNeges, dutles, or posibion of t�s or her
public af�ce or empb�yn�ent posida�•
2. t�eflnitions
A. Convic�on shalt be deflned as:
An a�t�.on o� �tc by a ca,rt o� compete�t Jur�d�on a plea of g�ityor
nolo cont�endere; a jurY ver�c�ct of guifty when adjud�cati�on o# �uilt fs withheld
and the �cx�,sed is pl�d on pr+oba�on; or a c��on by the Sena� af an
impeachable offense.
� _3q,_
s. court snau t�e defir�ed �s:
Any state or federal oourt of compefient Ju�r�on which is ex�en�ing
juri�dictlon tn c�r�der a P��B �9 me aiteged commi�ion of a
, s�peci�ed offense. Prior forfeiture. the Board of Tn�ess shali hdd a heartrtg
on wh&:h nodoe shall be give►r �o ths Member who�e benefJts are being
cx�nsfdered for' for�ei#ure. Said Member shall be afforded ihe tight fio ha�e an
attomey present. No fom�a! rul� aF evidence shall etpply, but the Member
shall be afforcldd a fuN opportunity �o pr+osent hisJher cas�e against forfeiture.
Any Men�berwho has receiv�d benefils from the System In e�acess of h�Jher
aocurr�ulat�ed corrtribu�ons af�er Merr�er=s rtghts w�ere forfieited shall be
required to pay back to ifie Fund the amount ot the beneftts recehred In
exvess of t�s/her accumu�tted oontribu�ons. The Bosrd of Tru�ees may
impfement ali tegai actl�on necessary to raeoorrer such fiunds. �
3. Faise, mi�ding, or frauduient sta�ements made t�o obta� p�lic reiiremerrt
benefi�s is prohlbibed; per�alty
A. It �S unlawful for a person fio wilffulfy and knovnir�ly ma�ce, or cause to be
made, or tio a�st, conspire with, � urge another to mak�a, or cause tia be
made, am► fal�e, frauduletrt, or misleac� oral or vrritten sta�ament or
� w�ithhdd or oorx�eal rr�ttietial informatkxt �o ob�in eu�y benefltav�t�tble under .
a re�rement plsn receiving funding W�der Florkla Statutes. Chap�ters 175 and
, 185.
B. A person who violafies su�ectlon (A) c�ommit�s a misdemeanor of the �t�t
degree, punishable as provided in s. 775.082 or s. 775.083, Florida St�ub�.
In adc�ion to any appWcabie cxirr�inal penally, upon cor�viction fior violation
descttbed in subsection (A), a pa�rt�cip�trtt or benefiaary of a pension plan
recetvir�g funding w�der Florida Statutes, Chapters 175 and 185 may, in the
d'+scretlon o� the Hoetcd cf Trustees, be rsc�+red fio fatfeit 1he �ight fio rec�ive
eny or aa benefii� to whtch the person w�ouid othen�ise be entitied wwm�eder this
Ordinance. For purposes o�f this paragraph, �corivictlot�@ meetr�s a
�tenninatlon of guift that is the r�ult of a pieas or trial, regardl�s of
rNt�e�her adjudicatllon is withheid.
Sectlon 27. Mlll�ery Servfos Prior 1� EmploynnsnEt.
The years or fractional parts of years that a Member serves or has served in the
military service of the Am1ed Forces � the United States or Ur�ified States 1�[erct�su�t
Mar'irte, voluntarily or irnoluntarity, Prior to flrst and 1nitial empioyment with the Polioe
Y_i�1�
VY
Deparbment or Flre Departrnerrt sh�l be added �o his/heryears � crec�bed servk� pro�ded
tha�
1. 1'he Polke �r or Firef�ter �onntributes to the Fund 1he sum that heJshe
w�ouid have c�ntributed had he✓she been a member af the Pian tor the years or �al
psr�s ��ears for which heJ�e � r�eques�ng crec�t plus emour�s ach�ariaify de�ermined
suc�� that the credl�ng o# service does nat result in any c�st to the Fund plus payment of
c�sts for ali �fessfonal servkes r+endered to the Board tn connection with the pur�fiase
y�ears o# cr+edited service.
2. The request shall be rr�ade a�y once and made by the Member on or before
the 18tter of twelve (12) mortths from the effBCtlrre c�te of this Ordinar�e 0�" six (6) moitths
fi�om the date of his/her employrt�ent wrih tl�e Polioe Department or Flre Departrnent,
whichev�er Is later.
3. Paymer�t by ihe Member � the required amount shall be rnade wttfiin sbc (6j
months of his/her request i`� cr�edit and shall be rt�acle in one lump sum payment �on
receipfi af whic� credi�ed service shaN be given. Cnedibed servioe purcfia�sed pursuant to
this se�tion sh�tll be courrbed for aU purposes e�oc,�ept i�owsnd v�esting ofi benefits.
4. The meudmum cre�t w�cler this sec�on shal! be fiv�e (5) �Fears.
�s�a
J�dy 21 � 2011
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