0620 Fire PensionORDINANCE NO. 620
AN ORDINANCE AMENDING ORDINANCE 420, AMENDING
SECTION II MEMBERSHIP, AMENDING SECTION III
RETIREMENT DATES AND BENEFITS, AMENDING
SECTION V DEATH BENEFITS, PROVIDING FOR AN
EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED by the city council of the City of
Okeechobee, Florida as follows:
Section 1: Ordinance 420 Section II is hereby amended to read as
follows:
Section II. MEMBERSHIP
A. Conditions of Eligibility
1. All persons employed or becoming employed by the City as
full time Firemen shall become Members of the System on
the January 1st following the attainment of age eighteen
(18) promit'#eci-,- -that no f,m,. b ulr shall lekkgi')sre for
membership if h- e- -(phe) -hes aLtaJ.u' d age fifty= one
on- date of employment:
Section 2: Ordinance 420, Section III is hereby amended to read
as follows:
Section III. RETIREMENT DATES AND BENEFITS
A. Normal Retirement Date
1. A Member may retire on the first day of the month
coincident with or next following that date on which such
Member attains age sixty (60) and completes ten (10)
years of continuous service, or if earlier, that date on
which such Member completes thirty (30) years of
continuous service regardless of age.
Section 3: Ordinance 420, Section V is hereby amended to read as
follows:
Section V. DEATH BENEFITS
A. Death Prior to Retirement
En -the- event -of deatiirprior tom actule ret x zueliL under
this Plan, Lllei shaft be a death tmmmfit payab1e as
respects -a- Member why ±s for an Early Normal;
ar --i� 1ayect ReLli iueilL beuefit remains tn
empiopment and c- tes employed: uhdli be
assumed L1idL sn h deceased ub h retired tmmedtately
preeedkn -ir s -date- of ath-,- and a benefit shait paid
1o11 a .uouLikly basis assuming e-1ectlhnr of th Timr Year
eertatrr end- ti.-f e Thereafter optfcn. l member not
e�1gfb1e- fora pre. Li��u�tsuL truth' uetitshatt tn
eveirt be- ent t-1ed a return of his accumulated
-ommt-rkbutkamar
Any Member, whether or not still actively employed, who
has a right to a vested accrued benefits, shall be
eligible for a death benefit if he dies before collecting
any other benefits from this plan.
The amount of the death benefit shall be equal to 50% of
the Actuarially Equivalent single sum value of the
Member's vested accrued benefit.
..f
Section 4: Effective Date.
This ordinance shall become effective immediately upon its
adoption.
Introduced for first reading and set for public hearing this
7th day of November 1989.
Passed and adopted on second reading and public hearing this
5th day of December 1989.
ATTEST:
If this single sum value is less than $3,500 it shall be
paid in a lump sum. If the value exceeds $3,500, the
Beneficiary may elect payment under any of the optional
forms available for retirement benefits or a lump sum
payment.
If a Member is eligible for Early, Normal, or Delayed
Retirement but remains in employment and dies while so
employed, the death benefit shalli be determined as
follows. It shall be assumed that such deceased Member
had retired immediately preceding his date of death and
elected the Ten Year Certain and Life Thereafter option.
However, the death benefit shall be equal to 50% of the
Actuarially Equivalent single sum value of the Member's
vested accrued benefit, if larger than the Ten Year
Certain described earlier in this paragraph.
MAYOR OA$LAND R.