0621 Police PensionORDINANCE NO. 621
AN ORDINANCE AMENDING ORDINANCE 421, 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 421 Section II is hereby amended to read as
follows:
Section I. MEMBERSHIP
A. Conditions of Eligibility
1. All persons employed or becoming employed by the City as
full time Police Officers shall become Members of the
System on the January 1 st following the attainment of age
eighteen (18). provided-, -t eat- ne- persc3n-stra-1- 1- be- elfgfbie
€er r -ski -p -ice die- f s he -kas t-t-a -frre& -age- f-i £ty -use f 5
en- date a empleymenb-
Section 2: Ordinance 421, 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 421, Section V is hereby amended to read as
follows:
Section V. DEATH BENEFITS
A. Death Prior to Retirement
I-rr -the -event of death- -prior- -bo under
t hi a -Plan -there- -s-ha be- -a- cleat1 benef f t- -payab:hr -a s
respeots a Member -whra -fs eifgtbl-e -for -an Early; Normal
or eyed i nv ent-- benefit- bnt who remains tn
employment and -domes -whtie so-- empioyed: It zhal-1 b e
as-sumed- -ttha- such deceased -Member had retired i mmediatei
prece irrg die -of- death and- a- benefit shah be paid
orr a- i uth ly basf-s assuming ei e L i -af the -Ten year
eertakm a,,1 -t fe Thereafter opttarr. A member rrat
erfgi-bl -firm- YL death in any
eveirt- -ernti- i-ed- to- a return- acuumutated
camtritru-tilame.
Any Member, whether or not still actively employed, who
has a right to a vested accrued benefit, 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.
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 shall 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.
Section 4. Effective Date.
This ordinance shall become effective immediately upon its
adoption.
Introduced for first reading and set for public hearing this
5th day of December 1989.
Passed and adopted on second reading and public hearing this
2nd day of January 1990.
ATTEST:
MAYOR OAKLAND R.