HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 13_02/04/2008Laur, Betty
rom: Archive
~nt: Thursday, January 10, 2008 6:35 PM
Laur, Betty
Subject: FW: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
Attachments: Clarification-Public Safety Plan.pdf
For the agenda
From: Reid, Merlene
Sen#: Friday, January 04, ?008 0:37 AM
To: McWilliams, Lori
Cc: Laur, Betty; Archive
Subject: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
Lori,
I am seeking. clarification from the Public Safety Officers.. Pension Board on what is included in "total cash remuneration
for services rendered as a Firefighter or Police Officer" (copy of page 2 of the Public Safety Plan attached for ease of
reference). This question was posed to HR by the Finance department and I spoke with Bonni Jensen in respect of lump
sum payments such as recognition bonuses and sick-leave buy-back payments and have confirmed that these payments
are to be included as part of the Public Safety Officers total cash remuneration. However, I need further clarification in
respect of other benefits such as car allowance, clothing allowance, and shoe allowance. It would also be helpful if the
plan document specifically lists the items to be included/excluded in respect of Salary.
~ny thanks for your assistance.
Merlene
Merlene Reid, SPHR
Human Resources Manager
Village of Tequesta
345 Tequesta Drive
Tequesta, FL 33469-0273
Tel: (561) 575-6200 x256
Fax: (561) 575-6203
-.
Laur, Betty
rom: McWilliams, Lori
~nt: Friday, January 04, 2008 10:54 AM
o: Laur, Betty
Cc: Archive
Subject: FW: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
Please add to the Public Safety Pension Board agenda.
tHanks.
From: Reid, Merlene
Sent: Friday, January 04, 2008 10:49 AM
To: McWilliams, Lori
Cc: Archive
Subject: RE: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
That's fine. f forgot to also mention that I spoke to Bonni about these additional allowances and we agreed that it
should go to the next board meeting. I don't think the intent was to include all these allowances, but I need to have this
confirmed. If these items are to be included, the boiard will also need to discuss the implications of this, as they have
never been previously included.
Merlene
-From: McWilliams Lori
Sent: Friday, January 04, 2008 10:44 AM
To: Reid, Merlene
Cc: Laur, Betty; Archive
Subject: RE: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
Merlene,
I will bring this forward to the Pension Board during their Feb Meeting. Is this okay?
Lori
From: Reid, Merlene
Sent: Friday, January 04, 2008 10:37 AM
To: McWilliams, Lori
Cc: Laur, Betty; Archive
Subject: PUBLIC SAFETY PENSION PLAN -CLARIFICATION NEEDED
Lori,
I am seeking clarification from the Public Safety Officers Pension Board on what is included in "total cash remuneration
services rendered as a Firefighter or Police Officer" (copy of page 2 of the Public Safety Plan attached for ease of
erence). This question was posed to HR by the Finance department and I spoke with Bonni Jensen in respect of lump
sum payments such as recognition bonuses and sick-leave buy-back payments and have confirmed that these payments
are to be included as part of the Public Safety Officers total cash remuneration. However, I need further clarification in
respect of other benefits such as car allowance, clothing allowance, and shoe allowance. It would also be helpful if the
plan document specifically lists the items to be included/excluded in respect of Salary.
any thanks for your assistance.
Merlene
Merlene Reid, SPHR
Human Resources Manager
Village of Tequesta
345 Tequesta Dave
Tequesta, FL 33469-0273
Tel: (561) 575-6200 x256
fax: (561) 575-6203
•
•
SUMMARY OF PLAN PROVISIONS
Eli_ s~ibility
28
All full-time firefighters and police officers hired after December 31, 1995 are eligible for
membership on date of employment.
Compensation
Tota! cash remuneration.
Averaoe Final Comuons tion (AFC)
Average of Compensation over the five best years within the fast ten years of service;
does not include lump sum payments of unused leave.
Credited Service
Number of years and fractional parts of years of service.
Normal Retirement
EIIBiblllty - Earlier of age 55 with six years of service, or age 52 with 25 years of
S@NICe.
Benefit - 3.09b of AFC for each of the first six years
3.596 for each of the next four years
4.0°~ for each of the next five years
3.096 for each of the next six years
2.096 for each of the next four years of service
3.096 for all years after twenty-frve years
Form of Benefit - Ten year~ertain and life annuity, with other options available.
Earh.~y Retir+en~ent .
Elieibillty - Age 50 with six years of Credited Service.
Benefit - Accrued pension benefit reduced by 3°,6 for each year early.
Sunolemental Benefit
.-..:
Monthly amount of $20 per year of service, with a maximum of $600.
Deferred Retirement Oution clan tDROp~
Members who continue in ernplayrnent past normal retirement date may either accrue
larger pensions or freeze their accrued benefrt and enter the DROP. Ea
the DROP has an account credited with benefits not received and investment earninps~t in
J
.•
GAeRIE1., ROEDER, SMITH $ COMPANY
PARTICIPATION IN THE PENSION FUND
• Each Firefighter or Police Officer .em to ed '
p y in the Village of Village of Tequesta
Public Safety Officers' Department is a Pension Fund Member. A Firefighter or
Police Officer is an employee who works full time for the Village.
ELIGIBILITY FOR NORMAL. RETIREMENT
A Member who is age 55 with 6 or more years of credited service or age 52 with 25
or more years of credited service is eligible for norms! retirement. An application
for normal retirement must be filed with the Fund Administrator and approved by the
Board of Trustees.
AMOUNT OF A NORMAL RETIREMENT PENSION
The amount of a normal retirement pension is based on a Member's credited
service, average final compensation and pension multiplier.
Average final compensation is the one-twelfth of the average salary paid during the
best five years of the last ten years of employment. Salary is total cash remunera-
tion for services rendered as a Firefighter or Police Officer.
• Credited service is generally a Member's period of employment as a Firefighter or
Police Officer with the Village of Tequesta, measured in years 'and completed
months of a yea r.
The pension multiplier is:
3.0% for the first 6 years of service
3.5% for the next 4 years of service
4.0% far the next 5 years of service
3.0% for the next 6 years of service
2.0% for the next 4 years of service
3.0% for ail years after 25 years
Village of Tequesta Public
Safety Officers Pension Fund
Page 2