0490 General Employees Pension, VestingORDINANCE NO. 490
AN ORDINANCE AMENDING THE ORDINANCE CODE OF
FLORIDA; AMENDING ORDINANCE 419, SECTION VI
IN THE RETIREMENT SYSTEM WITH FIVE YEARS OF
INSTEAD OF TEN YEARS; PROVIDING AN EFFECTIV
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
AS FOLLOWS:
THE CITY OF OKEECHOBEE,
TO PROVIDE FOR VESTING
CONTINOUS SERVICE
DATE.
OF THE CITY OF OKEECHOBEE, FLORIDA
SECTION I: Ordinance 419, Section VI is hereby amended to read as follows:
Section VI VESTING
If a Member terminates his employment with the city, either voluntarily or by dis-
charge, and is not eligible for any other benefits under the system, he shall be
entitled to the following:
A. With less than tee-kl94 five (5) years of continuous service, a
refund of accumulated contributions
B. With tee-kI94 five (5) or more years of continuous service,
(1) The pension benefits accrued to his date of termination,
payable for the life of the member and commencing upon the
member's attainment of his otherwise normal retirement age,
provided he does not elect to withdraw his member contribu-
tions, or, in the discretion of the Member.
(2) Refund of accumulated contributions, in which event no pension
benefits shall be payable.
Regardless of the provisions of the vesting provisions, any Member attaining normal
retirement age shall be fully vested (100%) in retirement benefits accrued to norma
retirement date or actual retirement date, if later.
SECTION II: This Ordinance shall take effect upon its adoption.
Introduced on first reading and set for public hearing this 12th day of September
1983.
ATTEST:
City Clerk
Mayor
Introduced and passed on second and final reading this 17th day of October ,
1983.
ATTEST:
City Clerk
Mayorj'