0353 (Firemen's Retirement)ORDINANCE NO. 353
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AN ORDINANCE ESTABLISHING A MUNICIPAL FIREMEN'S
RETIREMENT SYSTEM; PROVIDING FOR THE WITHHOLDING
OF A SUM EQUAL TO FIVE PER CENT (5%) OF THE
SALARY OF EACH PARTICIPATING MEMBER OF THE FIRE
DEPARTMENT;AND THE PAYMENT OF SAID FUNDS INTO THE
MUNICIPAL FIREMEN'S PENSION TRUST FUND CREATED
PURSUANT TO ORDINANCE NO. 350 OF THE CITY OF
OKEECHOBEE, FLORIDA; PROVIDING FOR A TRUST AGREE-
MENT 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 WHOT.F LIFE INSURANCE BY THE CITY FOR PARTICI-
PATING FIREMEN; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Okeechobee desires to establish a
Municipal Firemen's Retirement System; and
WHEREAS, the City of Okeechobee has heretofore passed
Ordinance No. 350 creating a Municipal Firemen's Pension Trust
Fund pursuant to Chapter 175 Florida Statutes; and
WHEREAS, in addition to the two per cent (2%) excise or
license tax levied pursuant to said ordinance, Florida Statute
115.091 provides for additional funds to augment said Municipal
Firemen's Pension Trust Fund; and
WHEREAS, the members of the City of Okeechobee Fire
Department desire to have withheld five per cent (5%) of the
salary of each fireman for payment into said Municipal Firemen's
Pension Trust 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 eligible firemen
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 Firemen's Retirement System.
SECTION 2. All Firemen of the City of Okeechobee are
eligible to become included in the Municipal Firemen's Retirement
System on January 1, 1972, provided they have attained age 21 but
have not attained age 56 and have completed at least six months of
continuous service to the city. Firemen not eligible to be
included in the system on January 1, 1972, and all subsequently
employed firemen 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 175.091 a
sum equal to five per cent (5%) of the salary of each fireman in
the City of Okeechobee Fire 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 Firemen's Pension Trust Fund created
pursuant to Ordinance No. 350 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 Fire
Department 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 Firemen's
Pension Trust 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 Firemen's Pension
Trust Fund and Retirement System. Membership obi. the Board of
Trustees and the terms of office thereof shall be as provided by
Section 175.061 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
fireman, to be used in conjunction with the Municipal Firemen's
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 discreation 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 firemen 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.
President of the City 'Council
Attest:
City Clerk
5t-
APPROVED by me this 2-1 day of December, 1971.
/2/UL '
Mayor, Cityof Okeechobee, Florida.
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AMENDMENT TO MUNICIPAL FIREMEN'S
TRUST FUND
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 21st day of De-
cember, 1971, enter into an agreement known as The Municipal
Firemen's Trust Fund, hereinafter referred to as the trust; and,
I WITNESSETH:
WHEREAS, under the provisions of said trust, the City
reserves the right to amend saud 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 Qualifications, therefore, is amended to read
All Firemen of theCity of Okeechobee are eligible to
become included in the Municipal Firemen's Retirement
System on January 1, 1972, provided they have attained
age 18 but have not attained age 56 and have completed
at least six months of continuous service to the city.
Firemen not eligible to be included in the system on
January 1, 1972, and all subsequently employeed firemen
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.
IN WITNESS WHEREOF, the City has caused this amendment
to be executed by a duly authorized officer as of this 10 day of
June, 1975, nunc pro tunc as of January 1, 1975.
ATTEST:
CITY OF OKEECHOBEE, FLORIDA
4,44,4„ ktA.11
City Clerk President of City Council