0354 (Police Retirement)ORDINANCE NO. 3.4i , 7-1- 7(
AN ORDINANCE ESTABLISHING A MUNICIPAL POLICE
OFFICERS' RETIREMENT STSTEM; PROVIDING THE
WITHHOLDING OF A SUM EQUAL TO FIVE PER CENT (5%)
OF THE SALARY OF EACH PARTICIPATING MEMBER OF THE
POLICE DEPARTMENT;AND THE PAYMENT OF SAID FUNDS INTO
THE MUNICIPAL POLICE OFFICERS' RETIREMENT TRUST FUND
CREATED PURSUANT TO ORDINANCE NO. 351 OF THE CITY OF
OKEECHOBEE, FLORIDA; PROVIDING FOR A TRUST AGREEMENT
IN ADMINISTERING THE SYSTEM AND APPOINTMENT OF A
BOARD OF TRUSTEES; PROVIDING FOR ENTERING INTO A
CONTRACT WITH AN INSURANCE COMPANY AND THAT SUCH
CONTRACT INITIALLY BE WITH NEW YORK LIFE INSURANCE
COMPANY; PROVIDING FOR THE PURCHASE OF WHOLE LIFE
INSURANCE BY THE TOWN FOR PARTICIPATING POLICE
OFFICERS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Okeechobee desires to establish a
Municipal Police Officers' Retirement System; and
WHEREAS, the City of Okeechobee has heretofore passed
Ordinance No. 351 creating a Municipal Police Officers' Retirement
Trust Fund pursuant to Chapter 185 Florida Statutes; and
WHEREAS, in addition to the one per cent (1 %) excise or
license tax levied pursuant to said ordinance, Florida Statute
185.07 provides for additional funds to augment said Municipal
Police Officers' Retirement Trust Fund; and
WHEREAS, the members of the City of Okeechobee Police
Department desire to have withheld five per cent (5%) of the
salary of each full -time officer for payment into said Municipal
Police Officers' Retirement Fund; now therefore
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE
CITY OF OKEECHOBEE, FLORIDA:
SECTION 1. A retirement system for all full -time eligible
police officers of the City of Okeechobee, Florida, is hereby
established to provide retirement allowances and death benefits.
It shall be self administered by the City of Okeechobee and shall
be known as the Municipal Police Officers' Retirement System.
SECTION 2. All full -time police officers of the City of
Okeechobee are eligible to become included in the Municipal Police
Officers' Retirement System on January 1, 1972, provided they have
.ttained age 21 but have not attained age 56 and have completed
-t least six months of continuous service to the city. Police
officers not e. &g ±be to be included in the system on January 1,
1972, and all subsequently employed police officers shall become
eligible to be included in the retirement system after one year
continuous service, and may become participants in the retirement
system on January 1 next following their eligibility, but no later
SECTION 3. That pursuant to Florida Statute 185.07 a sum
eaual to five per cent (5 %) of the salary of each full -time member
of the City of Okeechobee Police Department shall be deducted by
the city each pay period and said sum shall be paid over to the
Board of Trustees of the Municipal Police Officers' Retirement
Trust Fund created pursuant to Ordinance No. 351 of the City of
Okeechobee. The balance of the cost for future service benefits
and the entire cost for past service benefits shall be contributed
by the City of Okeechobee. All sums withheld from any particular
Police Depattment member's salary shall be credited to his
retirement fund, but may be co- mingled with other monies received
by the Board of Trustees of the City of Okeechobee Municipal
Police Officers' Retirement Fund.
SECTION 4. There shall be a retirement trust agreement
by and between the City of Okeechobee and a board of five (5)
trustees for the administration of the Municipal Police Officers'
Retirement System. Membership on the Board of Trustees and the
terms of office thereof shall be as provided by Section 185.05
Florida Statutes, with the further provision that one of the
Trustees shall be neither an officer nor an employee of the City
but shall be an elector thereof.
SECTION 5. The City shall have the right to enter into a
contract for $10,000.00 whole life insurance for each participatin:
police officer, to be used in conjunction with the Municipal Police
Officers' Retirement System. Such contract for insurance may be
entered into with any qualified insurance company and such company
may be changed from time to time at the discretion of the City
Council. The contract for insurance to be maintained should be
that which, in the judgment of the City Council, is in the best
interest of the City and the participating police officers and
initially will be with New York Life Insurance Company.
SECTION 6. All ordinances or parts of ordinances in
conflict herewith are, to the extent of such conflict, hereby
repealed.
SECTION 7. This ordinance shall take effect immediately
upon its passage by the City Council and its approval by the Mayor
PASSED AND ADOPTED this 21st day of December, 1971.
Attest:
City Clerk
President of the City Council
APPROVED by me this 21 day of December, 1971.
/2/V kiel7
Mayor, Ciiy of Okeechobee, Fla.
AMENDMENT TO OKEECHOBEE MUNICIPAL
POLICE OFFICERS RETIREMENT TRUST
BE IT KNOWN THAT, The City of Okeechobee, a municipal
Corporation organized and existing under the laws of the State of
Florida, and having its principal office at Okeechobee, Florida,
hereinafter referred to as the city, did on the 1st day of Januar
1975, enter into an agreement known as The City of Okeechobee
Municipal Police Officers Retirement Trust, hereinafter referred
to as the trust; and
WITNESSETH:
WHEREAS, under the provisions of said trust, the City
reserves the right to amend said trust at any time; and,
WHEREAS; it is now desired to amend such trust in the
following respects;
NOW THEREFORE, said trust is hereby amended as follows
to wit:
Section 2.1 Qualification, Sub - Section (b) thereof, is
amended to read; (b) is at least 18 years of age, and
is not more than 56 years of age.
Section 3.1 Amounts, the last sentence of this section
is amended to read; The City has selected the formula
of two per cent (2 %) of the monthly salary for each
year of service, including allowable past service, to
age sixty -five (65).
IN WITNESS WHEREOF. the City has caused this amendment
to be executed by a duly authorized officer as of this 20th day
of May, 1975, nunc pro tunc as of January 1, 1975.
ATTEST:
CITY OF OKEECHOBEE. FLORIDA