1229 Amend & Restate Firefighters Pension PlanORDINANCE N0.1229
AN ORDINANCE OF THE CITY OF OKEECHOBEE AMENDING AND
RESTATING THE CITY OF OKEECHOBEE MUNICIPAL FIREFIGHTERS'
PENSION FUND, ADOPTED PURSUANT TO ORDINANCE 889, AS
SUBSEQUENTLY AMENDED; PROVIDING FOR CODIFICATION;
PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Okeechobee Firefighter employees are presently provided pension and certain other benefits
under Ordinances of the City of Okeechobee; and
WHEREAS, it becomes necessary from time to time to amend said ordinances in order to clarify or restate certain
provisions of the ordinance, or to enact amendments to comply with revised Federal regulations; and
WHEREAS, the City of Okeechobee has entered into an inter-local agreement with Okeechobee County, Florida, to
provide fire services to the City of Okeechobee; and
WHEREAS, pursuant to the interlocal agreement, eligible firefighters of the City of Okeechobee who accept employment
with Okeechobee County will become employees of the County on August 2, 2021; and
WHEREAS, in accordance with Section 175.371, Florida Statutes, all City of Okeechobee firefighters who become
employed as firefighters by Okeechobee County may elect to continue participating in the City of Okeechobee
Municipal Firefighters' Pension Fund, or join the Florida Retirement System; and
WHEREAS, the City Council desires to clarify and restate the provisions of the Municipal Firefighters' Pension Fund to
consolidate all prior ordinances, implement the interlocal agreement, and incorporate Federal law and the
applicable provisions of Chapter 175, Florida Statutes.
NOW THEREFORE, be it ordainetl before the City Council of the City of Okeechobee, Florida; presented at a duly
advertised public meeting; and passed by majority vote of the City Council; and properly executed by the Mayor
or designee, as Chief Presiding Officer for the City:
SECTION 1: That the City of Okeechobee Municipal Firefighters' Pension Fund, adopted pursuant to Ordinance
No. 889, as subsequently amended, is hereby amended and restated as set forth in the document designated THE
CITY OF OKEECHOBEE MUNICIPAL FIREFIGHTERS' PENSION FUND, attached hereto and made a part hereof.
SECTION 2: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of
Ordinances of the City of Okeechobee.
SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed.
SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application
thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the
remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby.
SECTION 5: That this Ordinance shall become effective on August 2, 2021
INTRODUCED on first reading and set for public hearing this 6th day of J�, 2021.
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- � wling Wat ord, Jr., Mayo �
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Lane Gamiotea, City �lerk
PASSED on second reading after public hearing this 3�d day of Auqust, 2021. �
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�-' ' wl%g Wa ord, Jr., May�r
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ATTE�ST: �
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Lane � amiotea,_CM, , City Clerk
APPRO -� L ICIENCY:
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John F ero, City Attorney
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Ordinance No. 1229, Page 1 of 33
CITY OF OKEECHOBEE
MUNICIPAL FIREFIGHTERS' PENSION FUND
SECTION 1. DEFINITIONS.
1. As used herein, unless otherwise defined or required by the context, the following words and phrases shall
have the meaning indicated:
Accumulated Contributions means a Member's own contributions with interest at the rate of five and one-
quarter percent (5-1/4%) per annum through October 30, 2003 and three percent (3%) per annum
thereafter compounded annually on September 30. Interest is not prorated on Member contributions during
a Plan Year. For those Members who purchase Creditetl Service with interest or at no cost to the System,
any payment representing the amount attributable to Member contributions based on the applicable
Member contribution rate, antl any payment representing interest and any required actuarially calculated
payments for the purchase of such Credited Service, shall be included in Accumulated Contributions
without the crediting of interest.
Actuarial Eauivalent means that any benefit payable under the terms of this System in a form other than the
normal form of benefit shall have the same actuarial present value on the date payment commences as the
normal form of benefit. For purposes of establishing the actuarial present value of any form of payment
other than a lump sum distribution, all future payments shall be discounted for interest and mortality by
using seven percent (7%) interest and the RP-2000 Combined Healthy Participant Mortality Table,
projected to 2015 using projection scale AA, using a blend of 50% male mortality rates and 50% female
mortality rates, set back five (5) years for disabled lives. This definition may only be amended by the City
pursuant to the recommentlation of the Board using assumptions adopted by the Board with the advice of
the plan's actuary, such that actuarial assumptions are not subject to City discretion.
Averaae Final Compensation means one-twelfth (1/12) of the average Salary of the five (5) best years of
the last ten (10) years of Cretlited Service prior to retirement, termination, or death, or the career average
as a full-time Firefighter, whichever is greater. A year shall be twelve (12) consecutive months.
Beneficiarv means the person or persons entitletl to receive benefits hereunder at the death of a Member
who has or have been designated in writing by the Member and filed with the Board. If no such designation
is in effect, or if no person so designated is living, at the time of death of the Member, the Beneficiary shall
be the estate of the Member.
Board means the Board of Trustees, which shall administer and manage the System herein provided and
serve as trustees of the Fund.
C� means City of Okeechobee, Floritla.
Code means the Internal Revenue Code of 1986, as amentled from time to time.
County means Okeechobee County, Florida.
Credited Service means the total number of years and fractional parts of years of service as a Firefighter
with Member contributions when required, omitting intervening years or fractional parts of years when such
Member was not employed by the City or Countv as a Firefighter. n �Aomhnr m.,,, ,,,,�„n+.,r;�„ Ionvo hio
,
+h�+ ho ,�,�� � �Aomhor „f +ho c„�+om, If a vested Member leaves the employ of the County Fire
Department, his Accumulated Contributions will be returned only upon his written request. 'f ^ n„-a "��
, . , and upon
completion of a written election to receive a cash lump sum or to rollover the lump sum amount on forms
designated by the Board. Upon return of a Member's Accumulated Contributions, all of his rights and
benefits under the System are forfeited and terminated. ,
The years or fractional parts of a year that a Member performs "Qualified Military Service" consisting of
voluntary or involuntary "service in the uniformed services" as defined in the Uniformetl Services
Employment and Reemployment Rights Act (USERRA) (P.L.103-353), after separation from employment
as a Firefighter�a�###2-Sl��f-to perform training or service, shall be added to his years of Credited Service
for all purposes, including vesting, provided that:
A. The Member is entitled to reemployment under the provisions of USERRA.
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Ordinance No. 1229, Page 2 of 33
B. The Member returns to his employment as a Firefighter within one (1) year from the earlier of the date
of his military discharge or his release from active service, unless otherwise required by USERRA.
C. The maximum credit for military service pursuant to this paragraph shall be five (5) years.
D. This paragraph is intended to satisfy the minimum requirements of USERRA. To the extent that this
paragraph does not meet the minimum standards of USERRA, as it may be amentletl from time to
time, the minimum standards shall apply.
In the event a Member dies on or after January 1, 2007, while performing USERRA Qualified Military
Service, the beneficiaries of the Member are entitled to any benefits (other than benefit accruals relating to
the period of qualified military service) as if the Member had resumed employment and then died while
employed.
Beginning January 1, 2009, to the extent required by Section 414(u)(12) of the Code, an indivitlual
receiving differential wage payments (as defined under Section 3401(h)(2) of the Code) from an employer
shall be treated as employetl by that employer, and the differential wage payment shall be treated as
compensation for purposes of applying the limits on annual additions under Section 415(c) of the Code.
This provision shall be applied to all similarly situated individuals in a reasonably equivalent manner.
Leave conversions of unused accrued paid time off shall not be permitted to be applied toward the accrual
of Creditetl Service either during each Plan Year of a Member's employment with the City or County or in
the Plan Year in which the Member terminates employment.
Effective Date means April 20, 1993.
Firefiahter means an actively employetl full-time person employed by the City or Count , including his initial
probationary employment period, who is certified as a Firefighter as a condition of employment in
accordance with the provisions of § 633.408, Florida Statutes, and whose duty it is to extinguish fires, to
protect life and to protect property. The term includes all certified, supervisory, and command personnel
whose duties include, in whole or in part, the supervision, training, guidance, and management
responsibilities of full-time firefighters, part-time firefighters, or auxiliary firefighters but does not include
part-time firefighters or auxiliary firefighters.
Fund means the trust fund establishetl herein as part of the System.
Member means an actively employed Firefighter who fulfills the prescribed membership requirements,
Benefit improvements which, in the past, have been provided for by amendments to the System adopted by
City ordinance, antl any benefit improvements which might be made in the future shall apply prospectively
and shall not apply to Members who terminate employment or who retire prior to the effective date of any
ordinance adopting such benefit improvements, unless such ordinance specifically provides to the contrary.
Plan Year means the twelve (12) month period beginning October 1 and ending September 30 of the
following year.
Retiree means a Member who has entered Retirement Status.
Retirement means a Member's separation from City or Count employment with eligibility for immediate
receipt of benefits under the System or entry into the Deferred Retirement Option Plan.
Sala means the basic compensation paid by the City or County for services rendered to the City or
County as a Firefiqhter }^ �"ro- "�, plus all tax deferretl, tax shelteretl and tax exempt items of income
derived from elective employee payroll deductions or salary reductions otherwise includible in basic
compensation. Compensation in excess of the limitations set forth in Section 401(a)(17) of the Code as of
the first day of the Plan Year shall be disregarded for any purpose, including employee contributions or any
benefit calculations. The annual compensation of each member taken into account in determining benefits
or employee contributions for any Plan Year beginning on or after January 1, 2002, may not exceed
$200,000, as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B).
Compensation means compensation during the fiscal year. The cost-of-living adjustment in effect for a
calendar year applies to annual compensation for the determination period that begins with or within such
calendar year. If the determination period consists of fewer than 12 months, the annual compensation limit
is an amount equal to the otherwise applicable annual compensation limit multiplied by a fraction, the
numerator of which is the number of months in the short determination period, and the denominator of
which is 12. If the compensation for any prior determination period is taken into account in determining a
Member's contributions or benefits for the current Plan Year, the compensation for such prior determination
period is subject to the applicable annual compensation limit in effect for that prior period. The limitation on
compensation for an "eligible employee" shall not be less than the amount which was allowed to be taken
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Ordinance No. 1229, Page 3 of 33
into account hereunder as in effect on July 1, 1993. "Eligible employee" is an individual who was a
Member before the first Plan Year beginning after December 31, 1995.
S�� means the Member's or Retiree's Spouse under applicable law at the time benefits become
payable.
Svstem means the City of Okeechobee Municipal Firefighters' Pension Funtl as contained herein and all
amendments thereto.
2. Masculine Gender.
The masculine gender, where used herein, unless the context specifically requires otherwise, shall inclutle
both the feminine antl masculine genders.
SECTION 2. MEMBERSHIP,
1. Conditions of Eligibility.
� All Firefighters �c ^f +ho ���,.+;,,o n.,+� Who elect, followinq the meraer with the County, to remain
Members of this System, �n,� ��� f„+„r� no,., Cirnfinh+orc chnll honnmo shall remain Members of this
System as a condition of employment. After August 2, 2021, there shall be no new or reemploved
Members of the System.
2. Designation of Beneficiary.
Each Firefighter shall complete a form prescribed by the Board provitling for the designation of a
Beneficiary or Beneficiaries.
SECTION 3. BOARD OF TRUSTEES,
1. The sole and exclusive administration of and responsibility for the proper operation of the System and for
making effective the provisions of this ordinance is hereby vested in a Board of Trustees. The Board is
hereby designated as the plan administrator. The Boartl shall consist of five (5) Trustees, two (2) of whom,
unless otherwise prohibited by law, shall be legal residents of the City, who shall be appointed by the
Okeechobee City Council, and two (2) of whom shall be full-time Firefighter Members of the System, who
shall be elected by a majority of the Firefighters who are Members of the System. The active Firefiahter
Member seats may be heltl by either a retiretl firefiqhter or an active firefiqhter who is elected by the active
and retired firefiqhters of the plan. If there are no active or retired firefiqhters remaining in the plan or
capable of servinq, the remaininq Board members may elect an individual to serve in an active firefighter
seat. Upon receipt of such person's name, the Citv Commission shall, as a ministerial dutv, apqoint such
person to the Board. The fifth Trustee shall be chosen by a majority of the previous four (4) Trustees as
provided for herein, antl such person's name shall be submitted to the Okeechobee City Council. Upon
receipt of the fifth person's name, the Okeechobee City Council shall, as a ministerial duty, appoint such
person to the Board of Trustees as its fifth Trustee. The fifth Trustee shall have the same rights as each of
the other four (4) Trustees appointed or elected as herein provided and shall serve a four (4) year term
unless he sooner vacates the office. Each resident Trustee shall serve as Trustee for a period of four (4)
years, unless he sooner vacates the office or is sooner replaced by the Okeechobee City Council at whose
pleasure he shall serve, Each Member Trustee shall serve as Trustee for a period of four (4) years, unless
he sooner leaves the employment of the City or the Countv as a Firefighter or otherwise vacates his office
as Trustee, whereupon a successor shall be chosen in the same manner as the tleparting Trustee. Each
Trustee may succeed himself in office. DROP participants can be elected as �e� and vote for elected
Trustees. The Boartl shall establish and administer the nominating and election procedures for each
election. The Board shall meet at least quarterly each year. The Board shall be a legal entity with, in
addition to other powers and responsibilities contained herein, the power to bring and defend lawsuits of
every kind, nature, and description.
2. The Trustees shall, by a majority vote, elect a Chairman and a Secretary. The Secretary of the Board shall
keep a complete minute book of the actions, proceedings, or hearings of the Board. The Trustees shall not
receive any compensation as such, but may receive expenses and per diem as provided by law,
3. Each Trustee shall be entitled to one (1) vote on the Board. Three (3) affirmative votes shall be necessary
for any decision by the Trustees at any meeting of the Boartl. A Trustee shall abstain from voting as the
result of a conflict of interest antl shall comply with the provisions of Section 112.3143, Florida Statutes.
4. The Board shall engage such actuarial, accounting, legal, and other services as shall be required to
transact the business of the System. The compensation of all persons engaged by the Board and all other
expenses of the Board necessary for the operation of the System shall be paid from the Fund at such rates
and in such amounts as the Board shall agree.
In the event the Board chooses to use the City's legal counsel, actuary or other professional, technical or
other advisors, it shall do so only under terms and conditions acceptable to the Board.
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Ordinance No. 1229, Page 4 of 33
5. The duties and responsibilities of the Board shall include, but not necessarily be limited to, the following:
A. To construe the provisions of the System and determine all questions arising thereunder.
B. To determine all questions relating to eligibility and membership.
C. To determine and certify the amount of all retirement allowances or other benefits hereunder.
D. To establish uniform rules and procedures to be followed for administrative purposes, benefit
applications and all matters required to administer the System.
E. To distribute to Members, at regular intervals, information concerning the System.
F. To receive and process all applications for benefits.
G. To authorize all payments whatsoever from the Fund, and to notify the disbursing agent, in writing, of
approved benefit payments and other expenditures arising through operation of the System and Fund.
H. To have performed actuarial studies and valuations, at least as often as required by law, and make
recommendations regarding any and all changes in the provisions of the System.
I. To perform such other duties as are required to prudently administer the System.
SECTION 4. FINANCES AND FUND MANAGEMENT.
Establishment and Operation of Fund.
1. As part of the System, there exists the Fund, into which shall be deposited all of the contributions and
assets whatsoever attributable to the System.
2. The actual custody and supervision of the Fund (and assets thereofl shall be vested in the Board.
Payment of benefits and disbursements from the Fund shall be made by the disbursing agent but only upon
written authorization from the Board.
3. All funds of the Municipal Firefighters' Pension Fund may be deposited by the Board with the Finance
Director of the City, acting in a ministerial capacity only, who shall be liable in the same manner and to the
same extent as he is liable for the safekeeping of funds for the City. However, any funds so deposited with
the Finance Director of the City shall be kept in a separate fund by the Finance Director or clearly identified
as such funds of the Municipal Firefighters' Pension Fund. In lieu thereof, the Board shall deposit the funds
of the Municipal Firefighters' Pension Fund in a qualified public depository as defined in §280.02, Florida
Statutes, which depository with regard to such funds shall conform to and be bound by all of the provisions
of Chapter 280, Floritla Statutes. In order to fulfill its investment responsibilities as set forth herein, the
Board may retain the services of a custodian bank, an investment advisor registered under the Investment
Advisors Act of 1940 or otherwise exempt from such required registration, an insurance company, or a
combination of these, for the purposes of investment decisions and management. Such investment
manager shall have discretion, subject to any guidelines as prescribed by the Board, in the investment of
all Fund assets.
4. All funds and securities of the System may be commingled in the Fund, provided that accurate records are
maintained at all times reflecting the financial composition of the Fund, including accurate current accounts
and entries as regards the following:
A. Current amounts of Accumulated Contributions of Members on both an individual and aggregate
account basis, and
B. Receipts and tlisbursements, and
C. Benefit payments, and
D. Current amounts clearly reflecting all monies, funds and assets whatsoever attributable to contributions
and deposits from the City or Countv, and
E. All interest, dividends and gains (or losses) whatsoever, and
F. Such other entries as may be properly required so as to reflect a clear and complete financial report of
the Fund.
5. An audit shall be performed annually by a certified public accountant for the most recent fiscal year of the
System showing a detailed listing of assets and a statement of all income and disbursements during the
year. Such income and disbursements must be reconciled with the assets at the beginning and end of the
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Ordinance No. 1229, Page 5 of 33
year. Such report shall reflect a complete evaluation of assets on both a cost and market basis, as well as
other items normally includetl in a certified audit.
The Board shall have the following investment powers and authority:
A. The Board shall be vested with full legal title to said Fund, subject, however, and in any event to the
authority and power of the Okeechobee City Council to amentl or terminate this Fund, provided that no
amendment or Fund termination shall ever result in the use of any assets of this Fund except for the
payment of regular expenses and benefits under this System, except as otherwise provided herein. All
contributions from time to time paid into the Funtl, and the income thereof, without distinction between
principal and income, shall be held and atlministered by the Board or its agent in the Funtl and the
Board shall not be required to segregate or invest separately any portion of the Fund.
B. All monies paitl into or heltl in the Fund shall be invested and reinvestetl by the Board and the invest-
ment of all or any part of such funds shall be limited to:
1) Annuity and life insurance contracts with life insurance companies in amounts sufficient to provide,
in whole or in part, the benefits to which all of the Members in the Fund shall be entitled under the
provisions of this System and pay the initial and subsequent premium thereon,
2) Time or savings accounts of a national bank, a state bank insured by the Bank Insurance Fund or
a savings/buiiding and loan association insured by the Savings Association Insurance Fund which
is administered by the Federal Deposit Insurance Corporation or a state orfederal chartered credit
union whose share accounts are insured by the National Credit Union Share Insurance Fund.
3) Obligations of the United States or obligations guaranteetl as to principal and interest by the
government of the United States or by an agency of the government of the United States.
4) Bonds issued by the State of Israel.
5) Stocks, commingled funtls administered by national or state banks, mutual funds and bonds or
other evidences of indebtedness, providetl that:
a) Except as provided in paragraph b), all individually held securities and all securities in a
commingled or mutual fund must be issued or guaranteetl by a corporation organized under
the laws of the Unitetl States, any state or organized territory of the United States, or the
District of Columbia. �
b) Up to twenty-five percent (25%) of the assets of the Fund at market value may be invested in
foreign securities.
c) The Board shall not invest more than five percent (5%) of its assets in the common stock,
capital stock, or convertible securities of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed five percent (5%) of the outstanding capital
stock of that company; nor shall the aggregate of its investments in common stock, capital
stock and convertible securities at cost exceed sixty percent (60%) of the assets of the Fund.
6) Real estate, provided the Board shall not invest more than ten percent (10%) at cost in real
property or real estate.
C. At least once every three (3) years, and more often as tletermined by the Board, the Board shall retain
a professionally qualifietl independent consultant, as definetl in Section 175.071, Florida Statutes, to
evaluate the performance of all current investment managers and make recommendations regarding
the retention of all such investment managers. These recommendations shall be considered by the
Board at its next regularly scheduled meeting.
D. The Board may retain in cash and keep unproductive of income such amount of the Fund as it may
tleem advisable, having regard for the cash requirements of the System.
E. Neither the Board nor any Trustee shall be liable for the making, retention or sale of any investment or
reinvestment made as herein provided, nor for any loss or diminishment of the Fund, except that due to
his or its own negligence, willful misconduct or lack of good faith.
F. The Boartl may cause any investment in securities held by it to be registered in or transferred into its
name as Trustee or into the name of such nominee as it may direct, or it may retain them unregistered
and in form permitting transferability, but the books and records shall at all times show that all
investments are part of the Fund.
G. The Board is empowered, but is not required, to vote upon any stocks, bontls, or securities of any
corporation, association, or trust and to give general or specific proxies or powers of attorney with or
without power of substitution; to participate in mergers, reorganizations, recapitalizations,
consolidations, and similar transactions with respect to such securities; to deposit such stock or other
securities in any voting trust or any protective or like committee with the Trustees or with tlepositories
designated thereby; to amortize or fail to amortize any part or all of the premium or discount resulting
from the acquisition or disposition of assets; and generally to exercise any of the powers of an owner
with respect to stocks, bonds, or other investments comprising the Fund which it may deem to be to
the best interest of the Fund to exercise.
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Ordinance No. 1229, Page 6 of 33
H. The Board shall not be required to make any inventory or appraisal or report to any court, nor to secure
any order of court for the exercise of any power contained herein.
Where any action which the Board is required to take or any duty or function which it is required to
perform either under the terms herein or under the general law applicable to it as Trustee under this
ordinance, can reasonably be taken or performed only after receipt by it from a Member, the City, or
any other entity, of specific information, certification, direction or instructions, the Board shall be free of
liability in failing to take such action or perform such duty or function until such information, certification,
direction or instruction has been received by it.
Any overpayments or underpayments from the Fund to a Member, Retiree or Beneficiary caused by
errors of computation shall be adjusted with interest at a rate per annum approved by the Board in
such a manner that the Actuarial Equivalent of the benefit to which the Member, Retiree or Beneficiary
was correctly entitled, shall be paid. Overpayments shall be charged against payments next
succeeding the correction or collected in another manner if prudent. Underpayments shall be made up
from the Fund in a prudent manner.
K. The Board shall sustain no liability whatsoever for the sufficiency of the Fund to meet the payments
and benefits provided for herein.
L. In any application to or proceeding or action in the courts, only the Board shall be a necessary party,
and no Member or other person having an interest in the Fund shall be entitled to any notice or service
of process, Any judgment entered in such a proceeding or action shall be conclusive upon all persons.
M. Any of the foregoing powers and functions reposed in the Board may be performed or carried out by
the Board through duly authorized agents, provided that the Board at all times maintains continuous
supervision over the acts of any such agent; provided further, that legal title to said Fund shall always
remain in the Board.
SECTION 5. CONTRIBUTIONS.
1. Member Contributions.
A. Amount. Each Member of the System shall be required to make regular contributions to the Fund in
the amount of five percent (5%) of his Salary. Member contributions withheltl by the Si#�< Countv on
behalf of the Member shall be deposited with the Board immediately after each pay period. The
contributions made by each Member to the Fund shall be tlesignated as employer contributions
pursuant to §414(h) of the Code. Such designation is contingent upon the contributions being
excluded from the Members' gross income for Federal Income Tax purposes. For all other purposes of
the System, such contributions shall be considered to be Member contributions.
B. Method. Such contributions shall be made by payroll deduction.
2. State Contributions.
Any monies received or receivable by reason of laws of the State of Florida, for the express purpose of
funding and paying for retirement benefits for Firefighters e#�Sf#� shall be depositetl in the Fund
comprising part of this System immetliately antl untler no circumstances more than five (5) days after
receipt by the City.
3. City or Countv Contributions.
So long as this System is in effect, the City and Countv shall make at least quarterly contributions to the
Fund in an amount equal to the required City contribution, as shown by the applicable actuarial valuation of
the System. The County shall contribute to the Fund as provided for in Section 31.
4. Other.
Private donations, gifts and contributions may be deposited to the Fund, but such deposits must be
accounted for separately and kept on a segregatetl bookkeeping basis. Funds arising from these sources
may be used only for additional benefits for Members, as determined by the Board, and may not be used to
reduce what would have otherwise been required City or Countv contributions.
SECTION 6. BENEFIT AMOUNTS AND ELIGIBILITY.
1. Normal Retirement Age and Date.
A Member's normal retirement age is the earlier of the attainment of age fifty-five (55) and the completion of
ten (10) years of Credited Service, or upon the completion of twenty-five (25) years of Credited Service,
regardless of age. Each Member shall become one hundred percent (100%) vested in his accruetl benefit
at normal retirement age. A Member's normal retirement date shall be the first day of the month coincident
with or next following the date the Member retires from the City or Countv after attaining normal retirement
age.
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Ordinance No. 1229, Page 7 of 33
2. Normal Retirement Benefit.
A Member retiring hereunder on or after his normal retirement date shall receive a monthly benefit which
shall commence on the first day of the month coincitlent with or next following his Retirement and be
continuetl thereafter during the Member's lifetime, ceasing upon death, but with one huntlred twenty (120)
monthly payments guaranteed in any event. The monthly retirement benefit shall equal three percent (3%)
of Average Final Compensation, for each year of Creditetl Service.
3. Early Retirement Date.
A Member may retire on his early retirement date which shall be the first day of any month coincident with
or next following the attainment of age fifty (50) and the completion of ten (10) years of Cretlitetl Service.
Early retirement untler the System is Retirement from employment with the S}#� Countv on or after the early
retirement date antl prior to the normal retirement date.
4. Early Retirement Benefit.
A Member retiring hereunder on his early retirement date may receive either a deferred or an immediate
monthly retirement benefit payable in the same form as for normal retirement as follows:
A. A deferred monthly retirement benefit which shall commence on what would have been his normal
retirement date, determined based upon his actual years of credited service, and shall be continued on
the first day of each month thereafter. The amount of each such deferred monthly retirement benefit
shall be determined in the same manner as for retirement on his normal retirement tlate, determined
based upon his actual years of Credited Service, except that Credited Service and Average Final
Compensation shall be tletermined as of his early retirement date; or
B. An immediate monthly retirement benefit which shall commence on his early retirement date and shall
be continued on the first day of each month thereafter. The benefit payable shall be as determined in
paragraph A above, which is reduced by three percent (3%) for each year the commencement of
benefits precedes the date which would have been the Member's normal retirement date based upon
his actual years of Creditetl Service.
Cost of Living Adjustment.
Beginning retroactively to October 1,1999, and on every October 1 of odd numbered years thereafter, the
monthly benefit of each Retiree (or their Beneficiary or joint annuitant), including disability Retirees and
vested terminated persons, who has been receiving benefits for at least one (1) year as of the adjustment
date, shall be increased by one-half of one percent (.5%). This benefit shall apply to all current and future
eligible Retirees (or their Beneficiary or joint annuitants).
6. Required Distribution Date.
The Member's benefit under this Section must begin to be distributed to the Member no later than A�il�-e#
' the
Member's required beginninq date, as provided under Section 16.
SECTION 7. DEATH BENEFITS.
1. Prior to Vesting or Eligibility for Retirement.
The Beneficiary of a deceased Member who was not receiving monthly benefit payments, or who was not
yet vested or eligible for early or normal Retirement shall receive a refund of one hundred percent (100%)
of the Member's Accumulatetl Contributions.
2. Deceased Members Vested or Eligible for Retirement.
A. 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 System. The
amount of the death benefit shall be equal to fifty percent (50%) of the actuarially equivalent single sum
value of the Member's vestetl accruetl benefit or his Accumulated Contributions, whichever is greater.
If this single sum value is less than five thousand dollars ($5,000), it shall be paid in a lump sum. If the
value exceetls five thousand dollars ($5,000), the Beneficiary may elect payment untler any of the
optional forms available for retirement benefits or a lump sum payment.
B. If a Member is eligible for early or normal 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 fifty percent (50%) of the actuarially
equivalent single sum value of the Member's vested accrued benefit, if larger than the Ten Year
Certain and Life Thereafter Option, described earlier in this Section.
C. Additional regulations with Spouse as Beneficiary. This subsection 2. applies only when the Member's
Spouse is the sole designated Beneficiary. Notwithstanding the previous paragraphs of this subsection
2, in the event a Member or terminated vested person, with ten (10) or more years of Credited Service,
dies prior to Retirement or prior to receipt of benefits, his Beneficiary shall be entitletl to the accrued
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Ortlinance No. 1229, Page 8 of 33
normal or early retirement benefit payable at the deceased Member's early or normal retirement age
less the value of any benefits paid or payable under this subsection.
1) Notwithstanding anything contained in this section to the contrary, in any event, distributions to the
spouse beneficiary will begin "„ no,.om►,o� �� „f +ti� n�lnnrinr vonr immorJin}olv fnlln��iir�n +h„
�
,.,,,,,�,� h�„o �++�;.,o,� �rn� no later than the Member's required beqinnina date, as provided under
Section 16, subsection 2.B.(1).
2) If the surviving spouse beneficiary commences receiving a benefit under subsection A or B above,
but dies before all payments are made, the actuarial value of the remaining benefit will be paid to
the spouse beneficiary's estate in a lump sum.
D. Additional regulations with non-spouse as beneficiary. This subsection applies only when the Member's
Spouse is not the Beneficiary or is not the sole designated Beneficiary, but there is a surviving
Beneficiary. Notwithstanding the previous paragraphs of this subsection 2., in the event a member or
terminated vested person, with ten (10) or more years of credited service, dies prior to retirement or
prior to receipt of benefits, his or her beneficiary shall be entitletl to the accrued normal or early
retirement benefit payable beginning by December 31 of the calendar year immediately following the
calendar in which the member died. The benefit will be calculated as for normal retirement based on
the tleceasetl Member's Credited Service and Average Final Compensation and actuarially reducetl to
reflect the commencement of benefits prior to the normal retirement date.
a) If a surviving beneficiary commences receiving a benefit under subsection D. above, but tlies
before all payments are made, the actuarial value of the remaining benefit will be paid to the
surviving beneficiary's estate by December 31 of the calendar year of the beneficiary's death in a
lump sum.
b) If there is no surviving beneficiary as of the member's death, and the estate is to receive the
benefits, the actuarial equivalent of the member's entire interest must be distributed by December
31 of the calendar year containing the fifth anniversary of the member's death.
c) The Uniform Lifetime Table in Treasury Regulations § 1.401(a)(9)-9 shall determine the payment
period for the calendar year benefits commence, if necessary to satisfy the regulations.
SECTION 8. DISABILITY.
1. Disability Benefits In-Line of Duty.
Any Member who shall become totally and permanently disabled to the extent that he is unable, by reason
of a medically determinable physical or mental impairment, to render useful and efficient service as a
Firefighter, which disability was directly caused by the performance of his duty as a Firefighter, shall, upon
establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to three
percent (3%) of his Average Final Compensation multiplietl by the total years of Credited Service, but in
any event, the minimum amount paid to the Member shall be forty-two percent (42%) of the Average Final
Compensation of the Member. Eligibility requirements for disability benefits are set forth in subsection 8.,
below.
2. In-Line of Duty Presumptions.
A. Presumption. Any condition or impairment of health of a Member caused by hypertension or heart
disease shall be presumed to have been suffered in line of duty unless the contrary is shown by com-
petent evidence, provided that such Member shall have successfully passed a physical examination
upon entering into such service, which examination failed to reveal any evidence of such condition; and
provitletl further, that such presumption shall not apply to benefits payable or granted in a policy of life
insurance or disability insurance.
B. Additional Presumption. The presumption provided for in this subparagraph B. shall apply only to
those conditions described in this subparagraph B. that are diagnosed on or after January 1, 1996.
1) Definitions. As used in this subsection 2.B., the following definitions apply:
a) "Body fluids" means blood and body fluids containing visible blood antl other body fluids to
which universal precautions for prevention of occupational transmission of blood-borne
pathogens, as established by the Centers for Disease Control, apply. For purposes of
potential transmission of ineningococcal meningitis or tuberculosis, the term "body fluids"
inclutles respiratory, salivary, and sinus fluids, including droplets, sputum, antl saliva, mucous,
and other fluids through which infectious airborne organisms can be transmitted between
persons,
b) "Emergency rescue or public safety Member" means any Member employed full time by the
S}t� County as a firefighter, paramedic, emergency medical technician, law enforcement
officer, or correctional officer who, in the course of employment, runs a high risk of
occupational exposure to hepatitis, meningococcal meningitis, or tuberculosis and who is not
employed elsewhere in a similar capacity. However, the term "emergency rescue or public
safety Member" does not include any person employed by a public hospital licensed under
Chapter 395, Florida Statutes, or any person employed by a subsidiary thereof.
c) "Hepatitis" means hepatitis A, hepatitis B, hepatitis non-A, hepatitis non-B, hepatitis C, or any
other strain of hepatitis generally recognized by the medical community.
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Ordinance No. 1229, Page 9 of 33
d) "High risk of occupational exposure" means that risk that is incurred because a person subject
to the provisions of this subsection, in performing the basic duties associated with his
employment:
i. Provitles emergency medical treatment in a non-health-care setting where there is a
potential for transfer of body fluids between persons;
ii. At the site of an accident, fire, or other rescue or public safety operation, or in an
emergency rescue or public safety vehicle, handles body fluids in or out of containers or
works with or otherwise handles needles or other sharp instruments exposed to body
fluids;
iii. Engages in the pursuit, apprehension, and arrest of law violators or suspected law
violators and, in performing such duties, may be exposed to body fluids; or
iv. Is responsible for the custody, and physical restraint when necessary, of prisoners or
inmates within a prison, jail, or other criminal detention facility, while on work detail
outsitle the facility, or while being transported and, in performing such duties, may be
exposed to botly fluitls.
e) "Occupational exposure," in the case of hepatitis, meningococcal meningitis, or tuberculosis,
means an exposure that occurs during the performance ofjob duties that may place a worker
at risk of infection.
2) Presumption. Any emergency rescue or public safety Member who suffers a condition or
impairment of health that is causetl by hepatitis, meningococcal meningitis, or tuberculosis, that
requires medical treatment, and that results in total or partial disability or death shall be presumed
to have a disability suffered in the line of duty, unless the contrary is shown by competent
evidence; however, in ortler to be entitled to the presumption, the Member must, by written
affidavit as providetl in Section 92.50, Florida Statutes, verify by written declaration that, to the
best of his knowledge and belief:
a) In the case of a medical condition caused by or derived from hepatitis, he has not:
i. Been exposed, through transfer of bodily fluids, to any person known to have sickness or
medical conditions derived from hepatitis, outside the scope of his employment;
ii. Had a transfusion of blood or blood components, other than a transfusion arising out of
an accident or injury happening in connection with his present employment, or received
any blood protlucts for the treatment of a coagulation disorder since last undergoing
medical tests for hepatitis, which tests failed to indicate the presence of hepatitis;
iii. Engaged in unsafe sexual practices or other high-risk behavior, as identified by the
Centers for Disease Control or the Surgeon General of the United States or hatl sexual
relations with a person known to him to have engaged in such unsafe sexual practices or
other high-risk behavior; or
iv. Used intravenous drugs not prescribed by a physician.
b) In the case of ineningococcal meningitis, in the ten (10) days immediately precetling diagnosis
he was not exposed, outside the scope of his employment, to any person known to have
meningococcal meningitis or known to be an asymptomatic carrier of the disease.
c) In the case of tuberculosis, in the period of time since the Member's last negative tuberculosis
skin test, he has not been exposed, outsitle the scope of his employment, to any person
known by him to have tuberculosis.
3) Immunization. Whenever any standard, medically recognized vaccine or other form of
immunization or prophylaxis exists for the prevention of a communicable disease for which a
presumption is granted under this section, if inedically indicated in the given circumstances
pursuant to immunization policies established by the Advisory Committee on Immunization
Practices of the U.S. Public Health Service, an emergency rescue or public safety Member may be
required by the � Countv to untlergo the immunization or prophylaxis unless the Member's
physician determines in writing that the immunization or other prophylaxis would pose a significant
risk to the Member's health. Absent such written declaration, failure or refusal by an emergency
rescue or public safety Member to undergo such immunization or prophylaxis disqualifies the
Member from the benefits of the presumption.
4) Recortl of Exposures. The City antl Countv shall maintain a record of any known or reasonably
suspected exposure of an emergency rescue or public safety Member in its employ to the disease
described in this section antl shall immediately notify the Member of such exposure. An
emergency rescue or public safety Member shall file an incident or accitlent report with the Si#�
County of each instance of known or suspectetl occupational exposure to hepatitis infection,
meningococcal meningitis, or tuberculosis.
5) Required medical tests; preemployment physical. In order to be entitled to the presumption
provided by this section:
a) An emergency rescue or public safety Member must, prior to tliagnosis, have undergone
standard, medically acceptable tests for evidence of the communicable disease for which the
presumption is sought, or evidence of inetlical conditions derived therefrom, which tests fail to
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Ordinance No. 1229, Page 10 of 33
indicate the presence of infection. This paragraph does not apply in the case of
meningococcal meningitis.
b) On or after June 15,1995, an emergency rescue or public safety Member may be required to
undergo a preemployment physical examination that tests for and fails to reveal any evidence
of hepatitis or tuberculosis.
C. Firefighter Cancer Presumption.
The presumption provided for in this paragraph C. shall apply only to "cancer", as defined in F.S. §
112.1816(1)(a), as amended from time to time. Any Member who becomes totally and permanently
unable to perform useful and efficient service as a Firefighter due to a diagnosis of cancer or
circumstances that arise out of the treatment of cancer will be conclusively presumed to be disabled in-
line of duty.
3. Disability Benefits Not-in-Line of Duty.
Any Member with five (5) or more years of Credited Service who shall become totally and permanently dis-
abled to the extent that he is unable, by reason of a medically determinable physical or mental impairment,
to render useful and efficient service as a Firefighter, which disability is not directly caused by the per-
formance of his duties as a Firefighter shall, upon establishing the same to the satisfaction of the Board, be
entitled to a monthly pension equal to the greater of (i) or (ii) where (i) is two percent (2%) of Average Final
Compensation multiplied by the total years of Credited Service and (ii) is a benefit determined in the same
manner as for early retirement as set forth in Section 6, subsection 4B, providing for an actuarial reduction.
In any event, the minimum amount paid to the Member shall be twenty-five percent (25%) of his Average
Final Compensation. Eligibility requirements for disability benefits are set forth in subsection 8., below.
4. Conditions Disqualifying Disability Benefits.
Each Member who is claiming disability benefits shall establish, to the satisfaction of the Board, that such
disability was not occasioned primarily by:
A. Excessive or habitual use of any drugs, intoxicants, or narcotics.
B. Injury or disease sustained while willfully and illegally participating in fights, riots orcivil insurrections or
while committing a crime.
C. Injury or disease sustained while serving in any branch of the Armed Forces.
D. Injury or disease sustained by the Member after his employment as a Firefighter with the 6i#�
n���� County shall have terminated.
5. Physical Examination Requirement.
A Member shall not become eligible for disability benefits until and unless he undergoes a physical
examination by a qualified physician or physicians and/or surgeon or surgeons, who shall be selected by
the Board for that purpose. The Board shall not select the Member's treating physician or surgeon for this
purpose except in an unusual case where the Board determines that it would be reasonable and prudent to
do so.
Any Retiree receiving disability benefits under provisions of this ordinance may be required by the Board to
submit sworn statements of his condition accompanied by a physician's statement (provided at the
Retiree's expense) to the Boartl annually and may be required by the Board to undergo additional periodic
re-examinations by a qualified physician or physicians and/or surgeon or surgeons who shall be selected
by the Board, to determine if such disability has ceased to exist. If the Board finds that the Retiree is no
longer permanently and totally disabled to the extent that he is unable to render useful and efficient service
as a Firefighter, the Board shall recommend to the � County that the Retiree be returned to performance
of duty as a Firefighter, and the Retiree so returned shall enjoy the same rights that he had at the time he
was placed upon pension. In the event the Retiree so ordered to return shall refuse to comply with the
order within thirty (30) days from the issuance thereof, he shall forfeit the right to his pension.
The cost of the physical examination and/or re-examination of the Member claiming or the Retiree receiving
disability benefits shall be borne by the Fund. All other reasonable costs as determined by the Board
incident to the physical examination, such as, but not limited to, transportation, meals and hotel
accommotlations, shall be borne by the Fund.
If the Retiree recovers from disability and reenters the service of the S+t� County as a Firefighter, his
service will be deemed to have been continuous, but the period beginning with the first month for which
Member received a disability retirement payment and ending with the date he reentered the service of the
Si�y County will not be considered as Credited Service for the purposes of this System.
The Board shall have the power antl authority to make the final decisions regarding all disability claims.
6. Disability Payments.
The monthly benefit to which a Member is entitled in the event of the Member's disability retirement shall be
payable on the first tlay of the first month after the Board determines such entitlement. However, the
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Ordinance No. 1229, Page 11 of 33
monthly retirement income shall be payable as of the date the Board tleterminetl such entitlement, and any
portion due for a partial month shall be paid together with the first payment. The last payment will be:
A. If the Retiree recovers from the disability, the payment due next preceding the date of such recovery,
or
B. If the Retiree dies without recovering from disability, the payment due next preceding his death or the
120th monthly payment, whichever is later.
Provided, however, the disability Retiree may select, at any time prior to the tlate on which benefit
payments begin, an optional form of benefit payment as described in Section 10, subsection 1.A. or 1.6.,
which shall be the Actuarial Equivalent of the normal form of benefit.
7. Benefit Offsets.
When a Retiree is receiving a disability pension and workers' compensation benefits pursuant to Florida
Statute Chapter 440, for the same disability, and the total monthly benefits received from both exceed
100% of the Member's average monthly wage, as defined in Chapter 440, Florida Statutes, the disability
pension benefit shall be reduced so that the total monthly amount received by the Retiree does not exceed
100% of such average monthly wage. The amount of any lump sum workers' compensation payment shall
be converted to an equivalent monthly benefit payable for ten (10) Years Certain by dividing the lump sum
amount by 83.9692. Notwithstanding the foregoing, in no event shall the disability pension benefit be
retlucetl below the greater of forty-two percent (42%) of Average Final Compensation or two and three
quarters percent (2.75%) of Average Final Compensation times years of Credited Service.
8. Eligibility for Disability Benefits.
Subject to 8.(4) below, only active Members of the System on the date the Board determines entitlement to
a disability benefit are eligible for disability benefits.
1) Terminated persons, either vested or non-vested, are not eligible for disability benefits.
2) If a Member voluntarily terminates his employment, either before or after filing an application for
disability benefits, he is not eligible for disability benefits.
3) If a Member is terminated by the G}#� County for any reason other than for medical reasons, either
before or after he files an application for disability benefits, he is not eligible for disability benefits.
4) The only exception to 1) above is:
a) If the Member is terminated by the Si�}f Countv for medical reasons and he has already applied for
disability benefits before the medical termination, or;
b) If the Member is terminated by the � County for medical reasons and he applies within 30 days
after the medical termination date.
If either 4)a., or 4)b. above applies, the Member's application will be processed and fully considered by the
Board.
SECTION 9. VESTING.
If a Member terminates his employment as a Firefighter, either voluntarily or by discharge, antl is not eligible for
any other benefits under this System, the Member shall be entitletl to the following:
1. If the Member has less than ten (10) years Credited Service upon termination, the Member shall be entitled
to a refund of his Accumulatetl Contributions or the Member may leave it deposited with the Fund.
If the Member has ten (10) or more years of Credited Service upon termination, the Member shall be
entitled to a monthly retirement benefit, determined in the same manner as for normal or early retirement
and based upon the Member's Credited Service, Average Final Compensation antl the benefit accrual rate
as of the tlate of termination, payable to him commencing at Member's otherwise normal or early retirement
date, determined based upon his actual years of Credited Service, provided he does not elect to withdraw
his Accumulated Contributions and provided the Member survives to his otherwise normal or early retire-
ment date. If the Member does not withdraw his Accumulated Contributions and does not survive to his
otherwise normal or early retirement date, his designated Beneficiary shall be entitled to a benefit as
provided herein for a deceased Member, vestetl or eligible for Retirement under Pre-Retirement Death.
SECTION 10. OPTIONAL FORMS OF BENEFITS.
1. In lieu of the amount and form of retirement income payable in the event of normal or early retirement as
specified herein, a Member, upon written request to the Board may elect to receive a retirement income or
benefit of equivalent actuarial value payable in accordance with one of the following options:
A. A retirement income of a monthly amount, payable to the Retiree during the lifetime of the Retiree and
following the death of the Retiree, one hundred percent (100%), seventy-five percent (75%), sixty-six
and two-thirds percent (66 2/3%) or fifty percent (50%) of such monthly amount payable to a joint
pensioner for his lifetime. Except where the Retiree's joint pensioner is his spouse, the payments to
the joint pensioner as a percentage of the payments to the Retiree shall not exceed the applicable
percentage provided for in the applicable table in the Treasury regulations. (See Q& A-2 of
1.401(a)(9)-6)
B. A retirement income of a modified monthly amount payable to the Retiree for his lifetime only.
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Ordinance No. 1229, Page 12 of 33
C. If a Member retires prior to the time at which social security benefits are payable, he may elect to
receive an increased retirement benefit until such time as social security benefits shall be assumed to
commence and a reduced benefit thereafter in order to provide, to as great an extent as possible, a
more level retirement allowance during the entire period of Retirement. The amounts payable shall be
as recommendetl by the actuaries for the System, based upon the social security law in effect at the
time of the Member's Retirement. This option may be combined with other optional forms of benefits.
D. For any Member who does not participate in the DROP pursuant to Section 28, a lump sum payment
payable to the Retiree equal to twenty percent (20%) of the total actuarial equivalent value of the
Retiree's accrued benefit at the date of retirement with the remaining eighty percent (80%) payable to
the Retiree in a form selectetl by the Retiree and providetl for in A, B or C above or in the normal form
(10 year certain antl life). A Retiree who is a participant in the Deferred Retirement Option Plan shall
not be eligible to select this partial lump sum option.
2. The Member, upon electing any option of this Section, will designate the joint pensioner (subsection 1.A.
above) or Beneficiary (or Beneficiaries) to receive the benefit, if any, payable under the System in the event
of Member's death, and will have the power to change such designation from time to time. Such desig-
nation will name a joint pensioner or one (1) or more primary Beneficiaries where applicable. A Member
may change his Beneficiary at any time. If a Member has elected an option with a joint pensioner and the
Member's retirement income benefits have commenced, the Member may thereafter change his designated
Beneficiary at any time, but my only change his joint pensioner twice. Subject to the restriction in the
previous sentence, a Member may substitute a new joint pensioner for a deceased joint pensioner. In the
absence of proof of good health of the joint pensioner being replaced, the actuary will assume that the joint
pensioner has deceased for purposes of calculating the new payment.
3. The consent of a Member's or Retiree's joint pensioner or Beneficiary to any such change shall not be
required. The rights of all previously-designated Beneficiaries to receive benefits under the System shall
thereupon cease.
4. Upon change of a Retiree's joint pensioner in accordance with this Section, the amount of the retirement
income payable to the Retiree shall be actuarially redetermined to take into account the age of the former
joint pensioner, the new joint pensioner and the Retiree and to ensure that the benefit paid is the Actuarial
Equivalent of the present value of the Retiree's then-current benefit at the time of the change. Any such
Retiree shall pay the actuarial recalculation expenses. Each request for a change will be made in writing
on a form prepared by the Board and on completion will be filed with the Board. In the event that no
designated Beneficiary survives the Retiree, such benefits as are payable in the event of the death of the
Retiree subsequent to his Retirement shall be paid as provided in Section 11.
5. Retirement income payments shall be made under the option elected in accordance with the provisions of
this Section and shall be subject to the following limitations:
A. If a Member dies prior to his normal retirement date or early retirement date, whichever first occurs, no
retirement benefit will be payable under the option to any person, but the benefits, if any, will be
determined under Section 7.
B. If the designatetl Beneficiary (or Beneficiaries) orjoint pensioner dies before the Member's Retirement
under the System, the option electetl will be canceled automatically and a retirement income of the
normal form and amount will be payable to the Member upon his Retirement as if the election had not
been made, unless a new election is made in accordance with the provisions of this Section or a new
Beneficiary is designated by the Member prior to his Retirement.
C. If both the Retiree and the Beneficiary (or Beneficiaries) designated by Member or Retiree die before
the full payment has been effected under any option providing for payments for a period certain and life
thereafter, made pursuant to the provisions of subsection 1, the Board may, in its discretion, direct that
the commuted value of the remaining payments be paid in a lump sum and in accordance with Section
11.
D. If a Member continues beyond his normal retirement date pursuant to the provisions of Section 6,
subsection 1, and dies prior to his actual retirement and while an option made pursuant to the
provisions of this Section is in effect, monthly retirement income payments will be made, or a retire-
ment benefit will be paid, under the option to a Beneficiary (or Beneficiaries) designated by the
Member in the amount or amounts computed as if the Member had retired under the option on the date
on which his tleath occurred.
E. The Member's benefit under this Section must begin to be distributed to the Member no laterthan �+4
' ' the
Member's required beqinninq date, as provided under Section 16.
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Ordinance No. 1229, Page 13 of 33
6. A Retiree may not change his retirement option after the date of cashing or tlepositing his first retirement
check.
7. Notwithstanding anything herein to the contrary, the Board in its tliscretion, may elect to make a lump sum
payment to a Member or a Member's Beneficiary in the event that the total commutetl value of the monthly
income payments to be paid tlo not exceed one thousand dollars ($1,000). Any such payment made to any
person pursuant to the power and discretion conferred upon the Board by the preceding sentence shall
operate as a complete discharge of all obligations untler the System with regard to such Member and shall
not be subject to review by anyone, but shall be final, binding and conclusive on all persons.
SECTION 11. BENEFICIARIES.
1. Each Member or Retiree may, on a form provitled for that purpose, signed and filed with the Board, desig-
nate a Beneficiary (or Beneficiaries) to receive the benefit, if any, which may be payable in the event of his
death. Each designation may be revoked or changed by such Member or Retiree by signing and filing with
the Board a new designation-of-beneficiary form. Upon such change, the rights of all previously designated
Beneficiaries to receive any benefits under the System shall cease.
2. If a deceased Member or Retiree failed to name a Beneficiary in the manner prescribed in subsection 1, or
if the Beneficiary (or Beneficiaries) named by a deceased Member or Retiree predeceases the Member or
Retiree, the death benefit, if any, which may be payable under the System with respect to such deceased
Member or Retiree, shall be paid to estate of the Member or Retiree and the Board, in its discretion, may
tlirect that the commuted value of the remaining monthly income benefits be paitl in a lump sum.
3. Any payment made to any person pursuant to this Section shall operate as a complete discharge of all
obligations under the System with regard to the deceased Member and any other persons with rights under
the System and shall not be subject to review by anyone but shall be final, binding and conclusive on all
persons ever interested hereunder,
SECTION 12. CLAIMS PROCEDURES.
1. The Boartl shall establish administrative claims procedures to be utilized in processing written requests
("claims"), on matters which affect the substantial rights of any person ("Claimant"), including Members,
Retirees, Beneficiaries, or any person affected by a decision of the Board.
2. The Board shall have the power to subpoena and require the attendance of witnesses and the production
of documents for discovery prior to antl at any proceedings provided for in the Boartl's claims procedures.
The Claimant may request in writing the issuance of subpoenas by the Board. A reasonable fee may be
charged for the issuance of any subpoenas not to exceed the fees set forth in Florida Statutes.
SECTION 13. REPORTS TO DIVISION OF RETIREMENT.
Each year and no later than March 15th, the Board shall file an Annual Report with the Division of Retirement
containing the tlocuments and information required by Section 175.261, Florida Statutes.
SECTION 14. ROSTER OF RETIREES.
The Secretary of the Board shall keep a record of all persons enjoying a pension under the provisions of this
ordinance in which it shall be noted the time when the pension is allowed and when the same shall cease to be
paid. Additionally, the Secretary shall keep a record of all Members in such a manner as to show the name,
address, date of employment and date such employment is terminatetl.
SECTION 15. MAXIMUM PENSION.
1. Basic Limitation.
Notwithstanding any other provisions of this System to the contrary, the Member contributions paid to, and
retirement benefits paid from, the System shall be limited to such extent as may be necessary to conform
to the requirements of Code Section 415 for a qualified retirement plan. Before January 1, 1995, a plan
member may not receive an annual benefit that exceeds the limits specified in Code Section 415(b),
subject to the applicable adjustments in that section. On and after January 1, 1995, a plan member may
not receive an annual benefit that exceeds the dollar amount specified in Code Section 415(b)(1)(A)
($160,000), subject to the applicable adjustments in Code Section 415(b) and subject to any additional
limits that may be specified in this System, For purposes of this Section, "limitation year" shall be the
calendar year.
For purposes of Code Section 415(b), the "annual benefit" means a benefit payable annually in the form of
a straight life annuity (with no ancillary benefits) without regard to the benefit attributable to after-tax
employee contributions (except pursuant to Code Section 415(n) and to rollover contributions (as defined in
Code Section 415(b)(2)(A)). The "benefit attributable" shall be determined in accordance with Treasury
Regulations.
2. Adjustments to Basic Limitation for Form of Benefit.
If the benefit untler the plan is other than the annual benefit described in subsection 1., then the benefit
shall be adjusted so that it is the equivalent of the annual benefit, using factors prescribed in Treasury
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Ordinance No. 1229, Page 14 of 33
Regulations. If the form of the benefit without regard to any automatic benefit increase feature is not a
straight life annuity or a qualified joint and survivor annuity, then the preceding sentence is applied by either
reducing the Code Section 415(b) limit applicable at the annuity starting date or adjusting the form of
benefit to an actuarially equivalent amount (determined using the assumptions specified in Treasury
Regulation Section 1.415(b)-1(c)(2)(ii)) that takes into account the additional benefits under the form of
benefit as follows:
A. For a benefit paid in a form to which Section 417(e)(3) of the Code does not apply (generally, a
monthly benefit), the actuarially equivalent straight life annuity benefit that is the greater of:
1) The annual amount of the straight life annuity (if any) payable to the Member under the Plan
commencing at the same annuity starting date as the form of benefit to the Member, or
2) The annual amount of the straight life annuity commencing at the same annuity starting date that
has the same actuarial present value as the form of benefit payable to the Member, computed
using a five percent (5%) interest assumption (or the applicable statutory interest assumption) and
(i) for years prior to January 1, 2009, the applicable mortality tables described in Treasury
Regulation Section 1.417(e)-1(d)(2) (Revenue Ruling 2001-62 or any subsequent Revenue Ruling
modifying the applicable provisions of Revenue Rulings 2001-62), and (ii) for years after
December 31, 2008, the applicable mortality tables described in Section 417(e)(3)(B) of the Code
(Notice 2008-85 or any subsequent Internal Revenue Service guidance implementing Section
417(e)(3)(B) of the Code); or
B. For a benefit paid in a form to which Section 417(e)(3) of the Code applies (generally, a lump sum
benefit), the actuarially equivalent straight life annuity benefit that is the greatest of:
1) The annual amount of the straight life annuity commencing at the annuity starting date that has the
same actuarial present value as the particular form of benefit payable, computed using the interest
rate and mortality table, or tabular factor, specified in the Plan for actuarial experience;
2) The annual amount of the straight life annuity commencing at the annuity starting tlate that has the
same actuarial present value as the particular form of benefit payable, computed using a five and
one half percent (5.5%) interest assumption (or the applicable statutory interest assumption) and
(i) for years prior to January 1, 2009, the applicable mortality tables for the distribution under
Treasury Regulation Section 1.417(e)-1(d)(2) (the mortality table specified in Revenue Ruling
2001-62 or any subsequent Revenue Ruling modifying the applicable provisions of Revenue
Ruling 2001-62), and (ii) for years after December 31, 2008, the applicable mortality tables
describetl in Section 417(e)(3)(B) of the Code (Notice 2008-85 or any subsequent Internal
Revenue Service guidance implementing section 417(e)(3)(B) of the Code); or
3) The annual amount of the straight life annuity commencing at the annuity starting date that has the
same actuarial present value as the particular form of benefit payable (computed using the
applicable interest rate for the distribution under Treasury Regulation Section 1.417(e)-1(d)(3) (the
30-year Treasury rate (prior to January 1, 2007, using the rate in effect for the month prior to
retirement, and on and after January 1, 2007, using the rate in effect for the first day of the Plan
Year with a one-year stabilization period)) and (i) for years prior to January 1, 2009, the applicable
mortality tables for the distribution under Treasury Regulation Section 1.417(e)-1(d)(2) (the
mortality table specified in Revenue Ruling 2001-62 or any subsequent Revenue Ruling modifying
the applicable provisions of Revenue Ruling 2001-62), and (ii) for years after December 31, 2008,
the applicable mortality tables described in Section 417(e)(3)(B) of the Code (Notice 2008-85 or
any subsequent Internal Revenue Service guidance implementing Section 417(e)(3)(B) of the
Code), divided by 1.05.
C. The actuary may adjust the 415(b) limit at the annuity starting date in accordance with subsections A.
and B above.
3. Benefits Not Taken into Account.
For purposes of this Section, the following benefits shall not be taken into account in applying these limits:
A. Any ancillary benefit which is not directly related to retirement income benefits;
B. Any other benefit not required under §415(b)(2) of the Code and Regulations thereunder to be taken
into account for purposes of the limitation of Code Section 415(b)(1); and
C. That portion of any joint and survivor annuity that constitutes a qualified joint and survivor annuity.
4. COLA Effect.
Effective on and after January 1, 2003, for purposes of applying the limits under Code Section 415(b) (the
"Limit"), the following will apply:
A. A Member's applicable limit will be applied to the Member's annual benefit in the Member's first
limitation year of benefit payments without regard to any automatic cost of living adjustments;
B. thereafter, in any subsequent limitation year, a Member's annual benefit, including any automatic cost
of living increases, shall be tested under the then applicable benefit limit including any atljustment to
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Ordinance No. 1229, Page 15 of 33
the Code Section 415(b)(1)(A) dollar limit under Code Section 415(d), and the regulations thereunder;
but
C. in no event shall a Member's benefit payable under the System in any limitation year be greater than
the limit applicable at the annuity starting date, as increased in subsequent years pursuant to Code
Section 415(d) and the regulations thereunder.
Unless otherwise specifietl in the System, for purposes of applying the limits under Code Section 415(b), a
Member's applicable limit will be applied taking into consideration cost of living increases as requiretl by
Section 415(b) of the Code and applicable Treasury Regulations.
5. Other Adjustments in Limitations.
A. In the event the Member's retirement benefits become payable before age sixty-two (62), the limit
prescribed by this Section shall be reduced in accordance with regulations issued by the Secretary of
the Treasury pursuant to the provisions of Code Section 415(b) of the Code, so that such limit (as so
reduced) equals an annual straight life benefit (when such retirement income benefit begins) which is
equivalent to a one hundred sixty thousand dollar ($160,000) annual benefit beginning at age sixty-two
(62).
B. In the event the Member's benefit is based on at least fifteen (15) years of Credited Service as a full-
time employee of the police or fire department of the City, the adjustments provided for in A. above
shall not apply.
C. The reductions provided for in A. above shall not be applicable to disability benefits pursuant to Section
8, or pre-retirement death benefits paid pursuant to Section 7.
D. In the event the Member's retirement benefit becomes payable after age sixty-five (65), for purposes of
determining whether this benefit meets the limit set forth in subsection 1 herein, such benefit shall be
adjusted so that it is actuarially equivalent to the benefit beginning at age sixty-five (65). This
adjustment shall be made in accordance with regulations promulgated by the Secretary of the Treasury
or his delegate.
6. Less than Ten (10) Years of Participation.
The maximum retirement benefits payable under this Section to any Member who has completed less than
ten (10) years of participation shall be the amount determined under subsection 1 of this Section multiplied
by a fraction, the numerator of which is the number of the Member's years of participation and the
denominator of which is ten (10). The reduction provided by this subsection cannot reduce the maximum
benefit below 10% of the limit determined without regard to this subsection. The reduction provided for in
this subsection shall not be applicable to pre-retirement disability benefits paid pursuant to Section 8 or pre-
retirement death benefits paid pursuant to Section 7.
7. Participation in Other Defined Benefit Plans.
The limit of this Section with respect to any Member who at any time has been a member in any other
defined benefit plan as defined in Code Section 414(j) maintained by the City or County shall apply as if the
total benefits payable under all City or Countv definetl benefit plans in which the Member has been a
member were payable from one plan.
8. Ten Thousand Dollar ($10,000) Limit; Less Than Ten Years of Service.
Notwithstanding anything in this Section 15, the retirement benefit payable with respect to a Member shall
be deemed not to exceed the limit set forth in this subsection 8. of Section 15 if the benefits payable, with
respect to such Member untler this System antl under all other qualified defined benefit pension plans to
which the City or Countv contributes, do not exceed ten thousand dollars ($10,000) for the applicable
limitation year or for any prior limitation year, and the City or Countv has not at any time maintained a
qualified defined contribution plan in which the Member participated; provided, however, that if the Member
has completed less than ten (10) years of Credited Service with the City and Countv, the limit under this
subsection 8. of Section 15 shall be a retluced limit equal to ten thousand dollars ($10,000) multiplied by a
fraction, the numerator of which is the number of the Member's years of Credited Service and the
denominator of which is ten (10).
9. Reduction of Benefits.
Reduction of benefits and/or contributions to all plans, where required, shall be accomplished by first
reducing the Member's benefit under any tlefined benefit plans in which Member participated, such
reduction to be matle first with respect to the plan in which Member most recently accrued benefits and
thereafter in such priority as shall be determined by the Board and the plan administrator of such other
plans, and next, by reducing or allocating excess forfeitures for defined contribution plans in which the
Member participated, such reduction to be made first with respect to the plan in which Member most
recently accrued benefits antl thereafter in such priority as shall be established by the Board and the plan
atlministrator for such other plans provided, however, that necessary reductions may be matle in a different
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Ordinance No. 1229, Page 16 of 33
manner and priority pursuant to the agreement of the Board and the plan administrator of all other plans
covering such Member.
10. Service Credit Purchase Limits.
A. Effective for permissive service credit contributions made in limitation years beginning after December
31, 1997, if a Member makes one or more contributions to purchase permissive service credit under
the System, as allowed in Section 25 and 27, then the requirements of this Section will be treated as
met only if:
1) the requirements of Code Section 415(b) are met, determined by treating the accrued benefit
derived from all such contributions as an annual benefit for purposes of Code Section 415(b), or
2) the requirements of Code Section 415(c) are met, determined by treating all such contributions as
annual additions for purposes of Code Section 415(c).
For purposes of applying subparagraph (1), the System will not fail to meet the reduced limit under
Code Section 415(b)(2)(c) solely by reason of this subparagraph, and for purposes of applying
subparagraph (2) the System will not fail to meet the percentage limitation under Section 415(c)(1)(B)
of the Code solely by reason of this subparagraph.
B. For purposes of this subsection the term "permissive service credit" means service credit—
1) recognized by the System for purposes of calculating a Member's benefit under the plan,
2) which such Member has not received under the plan, and
3) which such Member may receive only by making a voluntary additional contribution, in an amount
determined under the System, which does not exceed the amount necessary to fund the benefit
attributable to such service credit.
Effective for permissive service credit contributions made in limitation years beginning after December
31, 1997, such term may, if otherwise provitled by the System, include service credit for periods for
which there is no performance of service, and, notwithstanding clause B.(2), may include service
credited in order to provide an increased benefit for service credit which a Member is receiving under
the System.
11. Contribution Limits.
A. For purposes of applying the Code Section 415(c) limits which are incorporated by reference antl for
purposes of this subsection 11., only and for no other purpose, the definition of compensation where
applicable will be compensation actually paitl or made available during a limitation year, except as
noted below and as permittetl by Treasury Regulations Section 1.415(c)-2, or successor regulations.
Unless another definition of compensation that is permitted by Treasury Regulations Section 1.415(c)-
2, or successor regulation, is specified by the System, compensation will be defined as wages within
the meaning of Code Section 3401(a) and all other payments of compensation to an employee by an
employer for which the employer is required to furnish the employee a written statement under Code
Sections 6041(d), 6051(a)(3) and 6052 and will be determined without regard to any rules under Code
Section 3401(a) that limit the remuneration included in wages based on the nature or location of the
employment or the services performed (such as the exception for agricultural labor in Code Section
3401(a)(2).
1) However, for limitation years beginning after December 31,1997, compensation will also include
amounts that would otherwise be included in compensation but for an election under Code
Sections 125(a), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). For limitation years beginning after
December 31, 2000, compensation will also include any elective amounts that are not includible in
the gross income of the employee by reason of Code Section 132(fl(4).
2) For limitation years beginning on and after January 1, 2007, compensation for the limitation year
will also include compensation paid by the later of 2%z months after an employee's severance from
employment or the end of the limitation year that includes the date of the employee's severance
from employment if:
a) the payment is regular compensation for services during the employee's regular working
hours, or compensation for services outside the employee's regular working hours (such as
overtime or shift differential), commissions, bonuses or other similar payments, and, absent a
severance from employment, the payments would have been paid to the employee while the
employee continued in employment with the employer; or
b) the payment is for unused accrued bona fide sick, vacation or other leave that the employee
would have been able to use if employment had continued.
3) Back pay, within the meaning of Treasury Regulations Section 1.415(c)-2(g)(8), shall be treated as
compensation for the limitation year to which the back pay relates to the extent the back pay
represents wages and compensation that woultl otherwise be included under this definition.
B. Notwithstanding any other provision of law to the contrary, the Board may modify a request by a
Member to make a contribution to the System if the amount of the contribution would exceed the limits
providetl in Code Section 415 by using the following methods:
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Ordinance No. 1229, Page 17 of 33
1) If the law requires a lump sum payment for the purchase of service credit, the Board may establish
a periodic payment deduction plan for the Member to avoid a contribution in excess of the limits
under Code Sections 415(c) or 415(n).
2) If payment pursuant to subparagraph (1) will not avoid a contribution in excess of the limits
imposed by Code Section 415(c), the Board may either reduce the Member's contribution to an
amount within the limits of that section or refuse the Member's contribution.
C. If the annual additions for any Member for a limitation year exceed the limitation under Section 415(c)
of the Code, the excess annual addition will be corrected as permitted untler the Employee Plans
Compliance Resolution System (or similar IRS correction program).
D. For limitation years beginning on or after January 1, 2009, a Member's compensation for purposes of
this subsection 11. shall not exceed the annual limit under Section 401(a)(17) of the Code.
12. Adtlitional Limitation on Pension Benefits.
Notwithstanding anything herein to the contrary:
A. The normal retirement benefit or pension payable to a Retiree who becomes a Member of the System
antl who has not previously participated in such System, on or after January 1,1980, shall not exceetl
one hundred percent (100%) of his Average Final Compensation. However, nothing contained in this
Section shall apply to supplemental retirement benefits or to pension increases attributable to cost-of-
living increases or adjustments.
B. No Member of the System shall be allowed to receive a retirement benefit or pension which is in part or
in whole based upon any service with respect to which the Member is already receiving, or will receive
in the future, a retirement benefit or pension from a different employer's retirement system or plan.
This restriction does not apply to social security benefits or federal benefits under Chapter 1223, Title
10, U.S. Code.
13. Effect of Direct Rollover on 415(b) Limit.
If the plan accepts a direct rollover of an employee's or former employee's benefit from a defined
contribution plan qualified under Code Section 401(a) which is maintained by the employer, any annuity
resulting from the rollover amount that is tletermined using a more favorable actuarial basis than required
under Code Section 417(e) shall be includetl in the annual benefit for purposes of the limit under Code
Section 415(b).
SECTION 16. MINIMUM DISTRIBUTION OF BENEFITS.
1. General Rules.
A. Effective Date. Effective as of January 1,1989, the Plan will pay all benefits in accordance with a good
faith interpretation of the requirements of Code Section 401(a)(9) and the regulations in effect under
that section, as applicable to a governmental plan within the meaning of Code Section 414(d).
Effective on and after January 1, 2003, the Plan is also subject to the specific provisions contained in
this Section. The provisions of this Section will apply for purposes of determining required minimum
distributions for calendar years beginning with the 2003 calendar year.
B. Precetlence. The requirements of this Section will take precedence over any inconsistent provisions of
the Plan.
C. TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this Section other than
this subsection 1.C., distributions may be made under a designation made before January 1,1984, in
accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the
provisions of the plan that related to Section 242(b)(2) of TEFRA.
2. Time and Manner of Distribution.
A. Required Beginning Date. The Member's entire interest will be distributed, or begin to be distributed, to
the Member no later than the Member's required beginning tlate `"'h��h �.h�n ,,,,+ tio I��nr 4h�n Anril 1„f
' . For a
Member who attains aqe seventy and one-half (70'/z) prior to Januarv 1, 2020, the Member's required
beginninq date is April 1 of the calendar year followinq the later of U the calendar year in which the
Member attains age seventy and one-half (70 '/z) or (ii) the calendar year in which the Member
terminates emqlovment with the Countv. For a Member who attains aae seventv and one-half (70'/21
calendar year in which the Member terminates employment with the County.
B. Death of Member Before Distributions Begin. If the Member dies before distributions begin, the
Member's entire interest will be distributetl, or begin to be distributed no later than as follows:
1) If the Member's surviving spouse is the Member's sole designated beneficiary, then distributions to
the surviving spouse will begin by December 31 of the calendar year immetliately following the
calentlar year in which the Member dietl, or by a tlate on or before December 31 of the calendar
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Ordinance No. 1229, Page 18 of 33
year in which the Member would have attained age 70'/z, (or aqe 72 for a Member who would
have attained aqe 70%z after December 31, 2019) if later, as the surviving spouse elects.
2) If the Member's surviving spouse is not the Member's sole designated beneficiary, then,
distributions to the designated beneficiary will begin by December 31 of the calendar year
immediately following the calendar year in which the Member died.
3) If there is no designated beneficiary as of September 30 of the year following the year of the
Member's death, the Member's entire interest will be distributed by December 31 of the calendar
year containing the fifth anniversary of the Member's death.
4) If the Member's surviving spouse is the Member's sole designated beneficiary and the surviving
spouse dies after the Member but before distributions to the surviving spouse begin, this
subsection 2,B., other than subsection 2.B.(1), will apply as if the surviving spouse were the
Member,
For purposes of this subsection 2.B., tlistributions are considered to begin on the Member's
required beginning date or, if subsection 2.B.4) applies, the date of distributions are required to
begin to the surviving spouse undersubsection 2.B.1). Ifannuity payments irrevocablycommence
to the Member before the Member's required beginning date (or to the Member's surviving spouse
before the date distributions are required to begin to the surviving spouse under subsection
2.6.1)), the date distributions are considered to begin is the date distributions actually commence.
C. Death After Distributions Begin. If the Member dies after the required distribution of benefits has
begun, the remaining portion of the Member's interest must be distributed at least as rapidly as under
the method of distribution before the Member's death.
D. Form of Distribution. Unless the Member's interest is distributed in the form of an annuity purchased
from an insurance company or in a single sum on or before the requiretl beginning date, as of the first
distribution calendar year distributions will be made in accordance with this Section. If the Member's
interest is distributed in the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and
Treasury regulations. Any part of the Member's interest which is in the form of an individual account
described in Section 414(k) of the Code will be distributed in a manner satisfying the requirements of
Section 401(a)(9) of the Code and Treasury regulations that apply to individual accounts.
Determination of Amount to be Distributed Each Year.
A. General Requirements. If the Member's interest is paid in the form of annuity distributions under the
Plan, payments under the annuity will satisfy the following requirements:
1) The annuity distributions will be paid in periodic payments made at intervals not longer than one
year.
2) The Member's entire interest must be distributed pursuant to Section 6, Section 7, Section 9, or
Section 10 (as applicable) and in any event over a period equal to or less than the Member's life or
the lives of the Member and a designated beneficiary, or over a period not extentling beyond the
life expectancy of the Member or of the Member and a designated beneficiary. The life
expectancy of the Member, the Member's spouse, or the Member's beneficiary may not be
recalculated after the initial determination for purposes of determining benefits.
B. Amount Required to be Distributed by Required Beginning Date. The amount that must be distributed
on or before the Member's required beginning date (or, if the Member dies before distributions begin,
the date distributions are required to begin under Section 7) is the payment that is required for one
payment interval. The second payment need not be made until the end of the next payment interval
even if that payment interval ends in the next calendar year. Payment intervals are the periods for
which payments are received, e.g,, monthly. All of the Member's benefit accruals as of the last day of
the first distribution calendar year will be included in the calculation of the amount of the annuity
payments for payment intervals entling on or after the Member's required beginning date.
C. Additional Accruals After First Distribution Calentlar Year. Any additional benefits accruing to the
Member in a calendar year after the first distribution calendar year will be distributed beginning with the
first payment interval ending in the calendar year immediately following the calendar year in which
such amount accrues.
4. General Distribution Rules.
A. The amount of an annuity paid to a Member's beneficiary may not exceed the maximum determined
under the incidental death benefit requirement of Code Section 401(a)(9)(G), and effective for any
annuity commencing on or after January 1, 2008, the minimum distribution incidental benefit rule under
Treasury Regulation Section 1.401(a)(9)-6, Q&A-2.
B. The death and disability benefits provided by the Plan are limited by the incidental benefit rule set forth
in Code Section 401(a)(9)(G) and Treasury Regulation Section 1.401-1(b)(1)(I) or any successor
regulation thereto. As a result, the total death ordisability benefits payable may not exceed 25% ofthe
cost for all of the Members' benefits received from the retirement system.
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Ordinance No. 1229, Page 19 of 33
5. Definitions.
A. Designated Beneficiary. The individual who is designated as the beneficiary untler the Plan and is the
designated beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-1, Q&A-4, of the
Treasury regulations.
B. Distribution Calendar Year. A calendar year for which a minimum tlistribution is required. For
distributions beginning before the Member's death, the first distribution calendar year is the calendar
year immediately preceding the calendar year which contains the Member's required beginning date.
For distributions beginning after the Member's death, the first distribution calendaryear is the calendar
year in which distributions are required to begin pursuant to Section 7.
SECTION 17. MISCELLANEOUS PROVISIONS.
1. Interest of Members in System.
All assets of the Funtl are held in trust, and at no time prior to the satisfaction of all liabilities under the
System with respect to Retirees and Members and their Spouses or Beneficiaries, shall any part of the
corpus or income of the Fund be used for or diverted to any purpose other than for their exclusive benefit.
2. No Reduction of Accrued Benefits.
No amendment or ordinance shall be adopted by the City Council of the City of Okeechobee which shall
have the effect of reducing the then vested accrued benefits of Members or a Member's Beneficiaries.
3. Qualification of System.
It is intended that the System will constitute a qualified public pension plan under the applicable provisions
of the Code for a qualifietl plan under Code Section 401(a) and a governmental plan under Cotle Section
414(d), as now in effect or hereafter amended. Any modification or amendment of the System may be
made retroactively, if necessary or appropriate, to qualify or maintain the System as a Plan meeting the
requirements of the applicable provisions of the Code as now in effect or hereafter amended, or any other
applicable provisions of the U.S. federal tax laws, as now in effect or hereafter amended or adopted, and
the regulations issued thereunder.
4. Use of Forfeitures.
Forfeitures arising from terminations of service of Members shall serve only to retluce future City or County
contributions.
5. Prohibited Transactions.
Effective as of January 1, 1989, a Board may not engage in a transaction prohibited by Code Section
503(b).
6. USERRA.
Effective December 12, 1994, notwithstanding any other provision of this System, contributions, benefits
and service credit with respect to qualified military service are governed by Code Section 414(u) and the
Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. To the extent that
the definition of "Credited Service" sets forth contribution requirements that are more favorable to the
Member than the minimum compliance requirements, the more favorable provisions shall apply.
7. Vesting.
A. Member will be 100% vested in all benefits upon attainment of the Plan's age and service requirements
for the Plan's normal retirement benefit; and
B. A Member will be 100% vested in all accrued benefits, to the extent funded, if the Plan is terminated or
experiences a complete discontinuance of employer contributions.
8. Electronic Forms,
In those circumstances where a written election or consent is not required by the Plan or the Code, an oral,
electronic, or telephonic form in lieu of or in addition to a written form may be prescribed by the Board.
However, where applicable, the Board shall comply with Treas. Reg. § 1.401(a)-21.
9. Compliance with Chapter 175, Florida Statutes.
It is intended that the System will continue to qualify for funtling under Section 175.101, Florida Statutes.
Accordingly, unless otherwise required by law, any provision of the System which violates the requirements
of Chapter 175, Florida Statutes, as amended from time to time, shall be superseded by antl administered
in accordance with the requirements of such chapter.
10. Missing Benefit Recipients.
The System shall follow the procedures outlined in the IRS Employee Plans Compliance Resolution
System (EPCRS) Program and other applicable IRS guidance to locate any missing individuals to whom a
full unreduced benefit payment is due antl if, at the conclusion of such efforts, the individual cannot be
located, the existing procedure of cancelling payments otherwise due (provided that, if the indivitlual is later
located, the benefits due shall be paid) will apply.
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Ordinance No. 1229, Page 20 of 33
SECTION 18. REPEAL OR TERMINATION OF SYSTEM.
1. This ordinance establishing the System and Fund, and subsequent ordinances pertaining to said System
and Fund, may be modifietl, terminated, or amendetl, in whole or in part; provided that if this or any
subsequent ordinance shall be amended or repealed in its application to any person benefitting hereuntler,
the amount of benefits which at the time of any such alteration, amendment, or repeal shall have accrued
to the Member or Beneficiary shall not be affected thereby.
2. If this ordinance shall be repealed, or if contributions to the System are discontinued or if there is a transfer,
merger or consolidation of government units, services or functions as provided in Chapter 121, Florida
Statutes, the Board shall continue to administer the System in accordance with the provisions of this
ordinance, for the sole benefit of the then Members, any Beneficiaries then receiving retirement
allowances, antl any future persons entitled to receive benefits under one of the options provided for in this
ordinance who are designated by any of said Members. In the event of repeal, discontinuance of
contributions, or transfer, merger or consolidation of government units, services orfunctions, there shall be
full vesting (100%) of benefits accrued to date of repeal and such benefits shall be nonforfeitable.
3. The fund shal► be distributed in accordance with the following procedures:
A. The Board shall determine the date of distribution and the asset value required to fund all the
nonforfeitable benefits after taking into account the expenses of such distribution. The Board shall
inform the City if additional assets are required, in which event the City shall continue to financially
support the Plan until all nonforfeitable benefits have been funded.
B. The Boartl shall determine the methotl of distribution of the asset value, whether distribution shall be
by payment in cash, by the maintenance of another or substituted trust fund, by the purchase of
insuretl annuities, or otherwise, for each Firefighter entitled to benefits under the plan as specified in
subsection C.
C. The Board shall tlistribute the asset value as of the date of termination in the manner set forth in this
subsection, on the basis that the amount required to provide any given retirement income is the
actuarially computed single-sum value of such retirement income, except that if the method of
distribution determined under subsection B. involves the purchase of an insured annuity, the amount
required to provide the given retirement income is the single premium payable for such annuity, The
actuarial single-sum value may not be less than the Firefighter's Accumulated Contributions to the
Plan, with interest if provided by the Plan, less the value of any plan benefits previously paid to the
Firefighter.
D. If there is asset value remaining after the full distribution specified in subsection C., and after the
payment of any expenses incurred with such distribution, such excess shall be returned to the City,
less return to the State of the State's contributions, provided that, if the excess is less than the total
contributions made by the City and the State to date of termination of the Plan, such excess shall be
divided proportionately to the total contributions made by the City and the State.
E. The Board shall distribute, in accordance with subsection B., the amounts determined under
subsection C.
If, after twenty-four (24) months after the date the Plan terminated or the date the Board received written
notice that the contributions thereunder were being permanently discontinued, the City or the Board of the
Fund affected has not complied with all the provisions in this Section, the Florida Department of
Management Services will effect the termination of the Fund in accordance with this Section.
SECTION 19. DOMESTIC RELATIONS ORDERS; RETIREE DIRECTED PAYMENTS; EXEMPTION FROM
EXECUTION, NON-ASSIGNABILITY.
1. Domestic Relations Ortlers.
A. Prior to the entry of any domestic relations order which affects or purports to affect the System's
responsibility in connection with the payment of benefits of a Retiree, the Member or Retiree shall
submit the proposed order to the Board for review to determine whether the System may legally honor
the order.
B. If a domestic relations order is not submitted to the Board for review prior to entry of the order, and the
System is ordered to take action that it may not legally take, and the System expends administrative or
legal fees in resolving the matter, the Member or Retiree who submits such an order will be required to
reimburse the System for its expenses in connection with the ortler.
2. Retiree Directed Payments.
The Board may, upon written request by a Retiree or by a dependent, when authorized by a Retiree or the
Retiree's Beneficiary, authorize the System to withhold from the monthly retirement payment those funds
that are necessary to pay for the benefits being received through the City or Countv, to pay the certified
bargaining agent of the City or Countv, to make payments to insurance companies for insurance premiums
as permitted by Chapter 175, Florida Statutes, and to make any payments for child support or alimony.
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Ordinance No. 1229, Page 21 of 33
3. Exemption from Execution, Non-Assignability.
Except as otherwise providetl by law, the pensions, annuities, or any other benefits accrued or accruing to
any person under the provisions of this ordinance and the Accumulated Contributions antl the cash
securities in the Fund created under this ordinance are hereby exempted from any state, county or
municipal tax antl shall not be subject to execution, attachment, garnishment or any legal process
whatsoever and shall be unassignable.
SECTION 20. PENSION VALIDITY.
The Boartl shall have the power to examine into the facts upon which any pension shall heretofore have been
granted under any prior or existing law, or shall hereafter be granted or obtained erroneously, fraudulently or
illegally for any reason. The Board is empowered to purge the pension rolls or correct the pension amount of
any person heretofore granted a pension under prior or existing law or any person hereafter granted a pension
under this ortlinance if the same is found to be erroneous, fraudulent or illegal for any reason; and to reclassify
any person who has heretofore under any prior or existing law been or who shall hereafter under this ordinance
be erroneously, improperly or illegally classified. Any overpayments or underpayments shall be corrected and
paid or repaid in a reasonable manner determined by the Board.
SECTION 21. FORFEITURE OF PENSION.
1. Any Member who is convicted of the following offenses committed prior to Retirement, or whose
employment is terminated by reason of his admitted commission, aid or abetment of the following specified
offenses, shall forfeit all rights and benefits under this System, except for the return of his Accumulated
Contributions, but without interest, as of the date of termination. Specified offenses are as follows:
A. The committing, aiding or abetting of an embezzlement of public funds;
B. The committing, aiding or abetting of any theft by a public officer or employee from employer;
C. Bribery in connection with the employment of a public officer or employee;
D. Any felony specifietl in Chapter 838, Florida Statutes.
E. The committing of an impeachable offense.
F. The committing of any felony by a public officer or employee who willfully and with intent to defrautl the
public or the public agency, for which he acts or in which he is employed, of the right to receive the
faithful performance of his duty as a public officer or employee, realizes or obtains or attempts to obtain
a profit, gain, or advantage for himself or for some other person through the use or attempted use of
the power, rights, privileges, duties or position of his public office or employment position.
G. The committing on or after October 1, 2008, of any felony definetl in Section 800.04, Florida Statutes,
against a victim younger than sixteen (16) years of age, or any felony defined in Chapter 794, Florida
Statutes, against a victim younger than eighteen (18) years of age, by a public officer or employee
through the use or attempted use of power, rights, privileges, duties, or position of his or her public
office or employment position.
2. Conviction shall be defined as an adjutlication of guilt by a court of competentjurisdiction; a plea of guilty or
a nolo contendere; a jury vertlict of guilty when adjudication of guilt is withheld and the accused is placetl
on probation; or a conviction by the Senate of an impeachable offense.
3. Court shall be definetl as any state or fetleral court of competentjurisdiction which is exercising itsjuristlic-
tion to consider a proceeding involving the alleged commission of a specified offense. Prior to forfeiture,
the Board shall hold a hearing on which notice shall be given to the Member whose benefits are being
considered for forfeiture. Said Member shall be afforded the right to have an attorney present. No formal
rules of evidence shall apply, but the Member shall be afforded a full opportunity to present his case
against forfeiture.
4. Any Member who has received benefits from the System in excess of his Accumulated Contributions after
Member's rights were forfeited shall be required to pay back to the Fund the amount of the benefits
received in excess of his Accumulated Contributions, but without interest. The Board may implement all
legal action necessary to recover such funds.
SECTION 22. CONVICTION AND FORFEITURE; FALSE, MISLEADING OR FRAUDULENT STATEMENTS.
1. It is unlawful for a person to willfully and knowingly make, or cause to be made, or to assist, conspire with,
or urge another to make, or cause to be made, any false, fraudulent, or misleading oral or written statement
or withhold or conceal material information to obtain any benefit from the System.
2. A person who violates subsection 1 commits a mistlemeanor of the first degree, punishable as provided in
Section 775.082 or Section 775,083, Florida Statutes.
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Ordinance No. 1229, Page 22 of 33
3. In addition to any applicable criminal penalty, upon conviction for a violation described in subsection 1, a
Member or Beneficiary of the System may, in the discretion of the Board, be required to forfeit the right to
receive any or all benefits to which the person would otherwise be entitled under the System. For purposes
of this subsection, "conviction" means a determination of guilt that is the result of a plea or trial, regardless
of whether adjudication is withheld.
SECTION 23. INDEMNIFICATION.
1. To the extent not covered by insurance contracts in force from time to time, the City shall indemnify, defend
and hold harmless members of the Board from all personal liability for damages and costs, including court
costs and attorneys' fees, arising out of claims, suits, litigation, or threat of same, herein referred to as
"claims", against these indivitluals because of acts or circumstances connected with or arising out of their
official duty as members of the Board. The City reserves the right, in its sole discretion, to settle or not
settle the claim at any time, and to appeal or to not appeal from any adverse judgment or ruling, and in
either event will indemnify, defend and hold harmless any members of the Board from the judgment,
execution, or levy thereon.
2. This Section shall not be construed so as to relieve any insurance company or other entity liable to defend
the claim or liable for payment of the judgment or claim, from any liability, nor does this Section waive any
provision of law affording the City immunity from any suit in whole or part, or waive any other substantive or
procetlural rights the City may have.
3. This Section shall not apply nor shall the City be responsible in any manner to defend or pay for claims
arising out of acts or omissions of Members of the Board which constitute felonies or gross malfeasance or
gross misfeasance in office.
SECTION 24. TRANSFERS WITHIN THE CITY.
If a member of any of the City's three (3) retirement systems transfers to either of the other two (2) systems, he
must choose one of the following procedures with regard to Credited Service accrued to date of transfer.
1. The Member may take a refund of his Accumulated Contributions, in which event no pension benefit shall
be payable based on Cretlited Service attributable to the period covered.
2. The member may leave his Accumulated Contributions in the fund, in which event his Credited Service with
both systems shall be combined for purposes of determining eligibility for benefits and for vesting. When
the member is eligible to receive a benefit, he shall receive benefits from both systems, which shall consist
of accrued benefits under each system basetl on the provisions of the respective system and the earnings
and Credited Service under that system.
SECTION 25. MILITARY SERVICE PRIOR TO EMPLOYMENT.
The years or fractional parts of years that a Firefighter serves or has served on active duty in the active military
service of the Armed Forces of the United States, the United States Merchant Marine or the United States
Coast Guard, voluntarily or involuntarily, honorably or under honorable conditions, prior to first and initial
employment with the City Fire Department shall be added to his years of Credited Service provided that:
1. The Member contributes to the Fund the sum that he would have contributed, based on his Salary and the
Member contribution rate in effect at the time that the Cretlited Service is requested, had he been a
member of the System for the years or fractional parts of years for which he is requesting credit plus
amounts actuarially determined such that the crediting of service does not result in any cost to the Fund
plus payment of costs for all professional services renderetl to the Board in connection with the purchase of
years of Credited Service.
2. Multiple requests to purchase Credited Service pursuant to this Section may be made at any time prior to
Retirement.
3. Payment by the Member of the required amount shall be made within six (6) months of his request for
credit, but not later than the retirement date, and shall be made in one (1) lump sum payment upon receipt
of which Credited Service shall be given.
4. The maximum credit under this Section shall be four (4) years.
5. Credited Service purchased pursuant to this section shall not count toward vesting or eligibility for not-in-
line of duty disability benefits.
SECTION 26. DIRECT TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS ELIMINATION OF
MANDATORY DISTRIBUTIONS
1. Rollover Distributions.
A. General. This Section applies to distributions made on or after January 1, 2002. Notwithstanding any
provision of the System to the contrary that would otherwise limit a distributee's election under this
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Ordinance No. 1229, Page 23 of 33
Section, a distributee may elect, at the time and in the manner prescribed by the Board, to have any
portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the
distributee in a direct rollover.
B. Definitions.
1) Eligible Rollover Distribution: An eligible rollover distribution is any distribution of all or any portion
of the balance to the cretlit of the distributee, except that an eligible rollover distribution does not
include: any distribution that is one (1) of a series of substantially equal periodic payments (not
less frequently than annually) made for the life (or life expectancy) of the distributee or the joint
lives (orjoint life expectancies) of the distributee and the distributee's designated Beneficiary, or
for a specified periotl of ten (10) years or more; any distribution to the extent such distribution is
requiretl under section 401(a)(9) of the Cotle; antl the portion of any distribution that is not
includible in gross income. Effective January 1, 2002, any portion of any distribution which would
be includible in gross income as after-tax employee contributions will be an eligible rollover
distribution if the distribution is made to an indivitlual retirement account described in section
408(a); to an individual retirement annuity described in section 408(b); to a qualified defined
contribution plan described in section 401(a) or 403(a) that agrees to separately account for
amounts so transferred (and earnings thereon), including separately accounting for the portion of
such distribution which is includible in gross income and the portion of such distribution which is
not so includible; or on or after January 1, 2007, to a qualified defined benefit plan described in
Code Section 401(a) or to an annuity contract described in Cotle Section 403(b), that agrees to
separately account for amounts so transferred (and earnings thereon), including separately
accounting for the portion of the distribution that is includible in gross income and the portion of the
distribution that is not so includible.
2) Eligible Retirement Plan: An eligible retirement plan is an intlividual retirement account described
in section 408(a) of the Code; an individual retirement annuity described in section 408(b) of the
Code; an annuity plan described in section 403(a) of the Code, effective January 1, 2002, an
eligible deferred compensation plan described in section 457(b) of the Code which is maintained
by an eligible employer described in section 457(e)(1)(A) of the Code and which agrees to
separately account for amounts transferred into such plan from this plan; effective January 1,
2002, an annuity contract described in section 403(b) of the Code; a qualified trust described in
section 401(a) of the Code; or effective January 1, 2008, a Roth IRA described in Section 408A of
the Code, that accepts the distributee's eligible rollover distribution. This definition shall apply in
the case of an eligible rollover distribution to the surviving Spouse.
3) Distributee: A distributee includes an employee or former employee. It also includes the
employee's or former employee's surviving Spouse. Effective January 1, 2007, it further includes a
nonspouse beneficiary who is a designated beneficiary as defined by Code Section 401(a)(9)(E).
However, a nonspouse beneficiary may rollover the distribution only to an individual retirement
account or individual retirement annuity established for the purpose of receiving the distribution
and the account or annuity will be treated as an "inherited" individual retirement account or
annuity.
4) Direct Rollover: A direct rollover is a payment by the plan to the eligible retirement plan specified
by the distributee.
Rollovers or Transfers into the Fund.
On or after January 1, 2002, the System will accept, solely for the purpose of purchasing Credited Service
as provided herein, permissible Member requested transfers of funds from other retirement or pension
plans, Member rollover cash contributions antl/or direct cash rollovers of distributions made on or after
January 1, 2002, as follows:
A. Transfers and Direct Rollovers or Member Rollover Contributions from Other Plans. The System will
accept either a direct rollover of an eligible rollover tlistribution or a Member contribution of an eligible
rollover distribution from a qualified plan described in section 401(a) or 403(a) of the Code, from an
annuity contract described in section 403(b) of the Code or from an eligible plan under section 457(b)
of the Code which is maintained by a state, political subtlivision of a state, or any agency or
instrumentality of a state or political subdivision of a state. The System will also accept legally
permissible Member requested transfers of funds from other retirement or pension plans.
B. Member Rollover Contributions from IRAs. The system will accept a Member rollover contribution of
the portion of a distribution from an individual retirement account or annuity described in section 408(a)
or 408(b) of the Code that is eligible to be rolled over.
3. Elimination of Mandatory Distributions.
Notwithstanding any other provision herein to the contrary, in the event this Plan provides for a mandatory
(involuntary) cash tlistribution from the Plan not otherwise required by law, for an amount in excess of one-
thousantl dollars ($1,000.00), such distribution shall be made from the Plan only upon written request of the
Member and completion by the Member of a written election on forms designated by the Board, to either
receive a cash lump sum or to rollover the lump sum amount.
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Ordinance No. 1229, Page 24 of 33
SECTION 27. PRIOR FIRE SERVICE.
Unless otherwise prohibited by law, and except as provided for in Section 1, the years or fractional parts of
years that a Member previously served as a full-time Firefighter with the City during a period of previous
employment and for which period Accumulated Contributions were withdrawn from the Fund, or the years and
fractional parts of years that a member served as a Firefighter for any other municipal, county, state or special
district fire department in the State of Florida shall be addetl to his years of Credited Service provided that:
1. The Member contributes to the Fund the sum that he would have contributed, based on his Salary and the
Member contribution rate in effect at the time that the Credited Service is requested, had he been a
member of the System for the years or fractional parts of years for which he is requesting credit plus
amounts actuarially determined such that the crediting of service does not result in any cost to the Fund
plus payment of costs for all professional services rendered to the Board in connection with the purchase of
years of Credited Service.
2. Multiple requests to purchase Cretlited Service pursuant to this Section may be made at any time prior to
Retirement.
3. Payment by the Member of the required amount shall be made within six (6) months of his request for
credit, but not later than the retirement date, and shall be made in one (1) lump sum payment upon receipt
of which Credited Service shall be given,
4. The maximum credit under this Section for service other than with the City of Okeechobee shall be five (5)
years of Credited Service and shall count for all purposes, except vesting and eligibility for not-in-line of
duty disability benefits. There shall be no maximum purchase of credit for prior service with the City of
Okeechobee and such credit shall count for all purposes, including vesting.
5. In no event, however, may Creditetl Service be purchased pursuant to this Section for prior service with
any other municipal, county or special district fire department, if such prior service forms or will form the
basis of a retirement benefit or pension from a different employer's retirement system or plan as set forth in
Section 15, subsection 12.B.
SECTION 28. DEFERRED RETIREMENT OPTION PLAN.
1. Definitions.
As used in this Section 28, the following definitions apply:"
A. "DROP" -- The City of Okeechobee Firefighters' Deferred Retirement Option Plan.
B. "DROP Account" -- The account established for each DROP participant under subsection 3.
C. "Total return of the assets" -- For purposes of calculating earnings on a Member's DROP Account
pursuant to subsection 3.B.(2)(b), for each fiscal yearquarter, the percentage increase (ordecrease) in
the interest and dividends earned on investments, including realized and unrealized gains (or losses),
of the total plan assets.
2. Participation.
A. Eligibility to Participate.
In lieu of terminating his employment as a Firefighter, any Member who is eligible for normal retirement
under the System may elect to defer receipt of such service retirement pension and to participate in the
DROP.
B. Election to Participate.
A Member's election to participate in the DROP must be made in writing in a time and manner
determined by the Board and shall be effective on the first day of the first calendar month which is at
least fifteen (15) business days after it is received by the Board.
C. Period of Participation.
A Member who elects to participate in the DROP under subsection 2.6., shall participate in the DROP
for a period not to exceed sixty (60) months beginning at the time his election to participate in the
DROP first becomes effective. An election to participate in the DROP shall constitute an irrevocable
election to resign from the service of the Si#� County not later than the date provided for in the previous
sentence. A Member may participate only once.
D. Termination of Participation.
1) A Member's participation in the DROP shall cease at the earlier of:
a) the end of his permissible period of participation in the DROP as determined under subsection
2.C.; or
b) termination of his employment as a Firefighter.
2) Upon the Member's termination of participation in the DROP, pursuant to subsection (a) above, all
amounts provided for in subsection 3.B., including monthly benefits and investment earnings and
losses or interest, shall cease to be transferred from the System to his DROP Account. Any
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Ordinance No. 1229, Page 25 of 33
amounts remaining in his DROP Account shall be paid to him in accordance with the provisions of
subsection 4. when he terminates his employment as a Firefighter.
3) A Member who terminates his participation in the DROP under this subsection 2.D. shall not be
permitted to again become a participant in the DROP.
E. Effect of DROP Participation on the System.
1) A Member's Credited Service and his accrued benefit under the System shall be determinetl on
the date his election to participate in the DROP first becomes effective. The Member shall not
accrue any adtlitional Credited Service or any additional benefits under the System (except for any
supplemental benefit payable to DROP participants or any additional benefits provided under any
cost-of-living adjustment for Retirees in the System) while he is a participant in the DROP. After a
Member commences participation, he shall not be permittetl to again contribute to the System nor
shall he be eligible for disability or pre-retirement death benefits, except as provided for in Section
29, Reemployment After Retirement.
2) No amounts shall be paid to a Member from the System while the Member is a participant in the
DROP. Unless otherwise specified in the System, if a Member's participation in the DROP is
terminated other than by terminating his employment as a Firefighter, no amounts shall be paid to
him from the System until he terminates his employment as a Firefighter. Unless otherwise
specified in the System, amounts transferred from the System to the Member's DROP Account
shall be paid tlirectly to the Member only on the termination of his employment as a Firefighter.
3. Funding.
A. Establishment of DROP Account.
A DROP Account shall be established for each Member participating in the DROP. A Member's DROP
Account shall consist of amounts transferred to the DROP under subsection 3.6., and earnings or
interest on those amounts.
B. Transfers From Retirement System.
1) As of the first day of each month of a Member's periotl of participation in the DROP, the monthly
retirement benefit he would have received under the System had he terminated his employment as
a Firefighter and elected to receive monthly benefit payments thereundershall be transferred to his
DROP Account, except as otherwise provided for in subsection 2.D.(2). A Member's period of
participation in the DROP shall be determinetl in accordance with the provisions of subsections
2.C. and 2.D., but in no event shall it continue past the date he terminates his employment as a
Firefighter.
2) Except as otherwise provided in subsection 2.D.(2), a Member's DROP Account under this
subsection 3.6. shall be debited or credited with either:
a) Interest at an effective rate of six and one-half percent (6.5%) per annum compounded
monthly determined on the last business day of the prior month's ending balance and credited
to the Member's DROP Account as of such date (to be applicable to all current and future
DROP participants); or
b) Earnings, to be cretlitetl or debited to the Member's DROP Account, determined as of the last
business day of each fiscal year quarter and debited or credited as of such date, determined
as follows:
The average daily balance in a Member's DROP Account shall be credited or debited at a rate
equal to the net investment return realized by the System for that quarter. "Net investment
return" for the purpose of this paragraph is the total return of the assets in which the Member's
DROP Account is invested by the Board net of brokerage commissions, transaction costs and
management fees.
For purposes of calculating earnings on a Member's DROP Account pursuant to this
subsection 3.B.(2)(b), brokerage commissions, transaction costs, and management fees shall
be determined for each quarter by the investment consultant pursuant to contracts with fund
managers as reportetl in the custodial statement. The investment consultant shall report
these quarterly contractual fees to the Board. The investment consultant shall also report the
net investment return for each manager and the net investment return for the total plan assets.
Upon electing participation in the DROP, the Member shall elect to receive either interest or
earnings on his account to be determined as provided above. The Member may, in writing, elect
to change his election only once during his DROP participation. An election to change must be
made prior to the end of a quarter and shall be effective beginning the following quarter.
3) A Member's DROP Account shall only be cretlitetl or debited with earnings or interest and monthly
benefits while the Member is a participant in the DROP. A Member's final DROP account value for
distribution to the Member upon termination of participation in the DROP shall be the value of the
account at the end of the quarter immediately preceding termination of participation for
participants electing the net plan return and at the end of the month immediately preceding
termination of participation for participants electing the flat interest rate return, plus any monthly
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Ordinance No. 1229, Page 26 of 33
periodic additions made to the DROP account subsequent to the end of the previous quarter or
month, as applicable, and prior to distribution. If a Member fails to terminate employment after
participating in the DROP for the permissible period of DROP participation, then beginning with the
Member's 1 st month of employment following the last month of the permissible period of DROP
participation, the Member's DROP Account will no longer be credited or debitetl with earnings or
interest, nor will monthly benefits be transferred to the DROP account. All such non-transferred
amounts shall be forfeited and continue to be forfeited while the Member is employed by the €�e
Se�ar-#�er�� County, and no cost-of-living adjustments shall be applied to the Member's credit
during such period of continued employment. A Member employed by the ���� no.,��+mo.,+
County after the permissible period of DROP participation will not be eligible for pre-retirement
death and disability benefits, and will accrue additional Credited Service, only as provided for in
Section 29.
4. Distribution of DROP Accounts on Termination of Employment.
A. Eligibility for Benefits.
A Member shall receive the balance in his DROP Account in accordance with the provisions of this
subsection 4, upon his termination of employment as a Firefighter. Except as providetl in subsection
4.E., no amounts shall be paid to a Member from the DROP prior to his termination of employment as
a Firefighter.
B. Form of Distribution.
1) Unless the Member elects otherwise, distribution of his DROP Account shall be made in a lump
sum, subject to the direct rollover provisions set forth in subsection 4.F. Elections under this
paragraph shall be in writing and shall be made in such time or manner as the Boartl shall
determine.
2) If a Member dies before his benefit is paid, his DROP Account shall be paid to his Beneficiary in
such optional form as his Beneficiary may select. If no Beneficiary designation is made, the DROP
Account shall be tlistributed to the Member's estate.
C. Date of Payment of Distribution.
Except as otherwise provided in this subsection 4., distribution of a Member's DROP Account shall be
made as soon as administratively practicable following the Member's termination of employment.
Distribution of the amount in a Member's DROP account will not be made unless the Member
completes a written request for distribution and a written election, on forms designated by the Board, to
either receive a cash lump sum or a rollover of the lump sum amount.
D. Proof of Death and Right of Beneficiary or Other Person.
The Board may require and rely upon such proof of death and such evidence of the right of any
Beneficiary or other person to receive the value of a deceased Member's DROP Account as the Board
may deem proper and its determination of the right of that Beneficiary or other person to receive
payment shall be conclusive.
E. Distribution Limitation.
Notwithstanding any other provision of this subsection 4., all distributions from the DROP shall conform
to the "Minimum Distribution Of Benefits" provisions as provided for herein.
F. Direct Rollover of Certain Distributions.
This subsection applies to distributions made on or after January 1, 2002. Notwithstanding any
provision of the DROP to the contrary, a distributee may elect to have any portion of an eligible rollover
distribution paid in a direct rollover as otherwise provitled under the System in Section 26.
5. Administration of DROP.
A. Board Administers the DROP.
The general administration of the DROP, the responsibility for carrying out the provisions of the DROP
and the responsibility of overseeing the investment of the DROP's assets shall be placed in the Board.
The members of the Board may appoint from their number such subcommittees with such powers as
they shall determine; may adopt such atlministrative procedures and regulations as they deem
desirable for the conduct of their affairs; may authorize one or more of their number or any agent to
execute or deliver any instrument or make any payment on their behalf; may retain counsel, employ
agents and provide for such clerical, accounting, actuarial and consulting services as they may require
in carrying out the provisions of the DROP; and may allocate among themselves or delegate to other
persons all or such portion of their duties under the DROP, other than those granted to them as
Trustee under any trust agreement adopted for use in implementing the DROP, as they, in their sole
discretion, shall decide. A Trustee shall not vote on any question relating exclusively to himself.
B. Individual Accounts, Records and Reports,
The Board shall maintain records showing the operation and condition of the DROP, including records
showing the individual balances in each Member's DROP Account and the Board shall keep in
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Ordinance No. 1229, Page 27 of 33
convenient form such data as may be necessary for the valuation of the assets and liabilities of the
DROP. The Board shall prepare and distribute to Members participating in the DROP and other
individuals or file with the appropriate governmental agencies, as the case may be, all necessary
descriptions, reports, information returns, and data required to be distributed or filed for the DROP
pursuant to the Code and any other applicable laws.
C. Establishment of Rules.
Subject to the limitations of the DROP, the Board from time to time shall establish rules for the
administration of the DROP and the transaction of its business. The Board shall have discretionary
authority to construe antl interpret the DROP (including but not limited to determination of an
individual's eligibility for DROP participation, the right and amount of any benefit payable under the
DROP and the date on which any individual ceases to be a participant in the DROP). The
determination of the Board as to the interpretation of the DROP or its determination of any disputed
questions shall be conclusive and final to the extent permitted by applicable law,
D. Limitation of Liability.
1) The Trustees shall not incur any liability indivitlually or on behalf of any other individuals for any act
or failure to act, made in good faith in relation to the DROP or the funds of the DROP.
2) Neither the Board nor any Trustee of the Board shall be responsible for any reports furnished by
any expert retained or employetl by the Board, but they shall be entitled to rely thereon as well as
on certificates furnished by an accountant or an actuary, and on all opinions of counsel. The
Board shall be fully protected with respect to any action taken or suffered by it in good faith in
reliance upon such expert, accountant, actuary or counsel, and all actions taken or suffered in
such reliance shall be conclusive upon any person with any interest in the DROP,
General Provisions.
A. The DROP is not a separate retirement plan.
Instead, it is a program untler which a Member who is eligible for normal retirement under the System
may elect to accrue future retirement benefits in the manner provided in this Section 28 for the
remaintler of his employment, rather than in the normal manner provitled under the plan. Upon
termination of employment, a Member is entitled to a lump sum distribution of his or her DROP
Account balance or may elect a rollover. The DROP Account distribution is in addition to the Member's
monthly benefit.
B. Notional account.
The DROP Account establishetl for such a Member is a notional account, used only for the purpose of
calculation of the DROP distribution amount. It is not a separate account in the System. There is no
change in the System's assets, antl there is no tlistribution available to the Member until the Member's
termination from the DROP. The Member has no control over the investment of the DROP account.
C. No employer discretion.
The DROP benefit is determined pursuant to a specific formula which does not involve employer
discretion.
D. IRC limit.
The DROP Account distribution, along with other benefits payable from the System, is subject to
limitation under Internal Revenue Code Section 415(b).
E. Amendment of DROP,
The DROP may be amended by an ordinance of the City at any time and from time to time, and
retroactively if deemed necessary or appropriate, to amend in whole or in part any or all of the
provisions of the DROP. However, except as otherwise provided by law, no amendment shall make it
possible for any part of the DROP's funds to be used for, or diverted to, purposes other than for the
exclusive benefit of persons entitled to benefits under the DROP. No amendment shall be made which
has the effect of decreasing the balance of the DROP Account of any Member.
F. Facility of Payment
If a Member or other person entitled to a benefit under the DROP is unable to care for his affairs
because of illness or accident or is a minor, the Board shall direct that any benefit due him shall be
made only to a duly appointed legal representative. Any payment so made shall be a complete
discharge of the liabilities of the DROP for that benefit.
G. Information.
Each Member, Beneficiary or other person entitled to a benefit, before any benefit shall be payable to
him or on his account under the DROP, shall file with the Board the information that it shall require to
establish his rights and benefits under the DROP.
Language s�iskea to be deleted
Language underlined to be adtled
Ordinance No. 1229, Page 28 of 33
H. Written Elections, Notification.
1) Any elections, notifications or designations made by a Member pursuant to the provisions of the
DROP shall be made in writing and filed with the Board in a time and manner determined by the
Board under rules uniformly applicable to all employees similarly situated. The Board reserves the
right to change from time to time the manner for making notifications, elections or designations by
Members under the DROP if it determines after due deliberation that such action is justified in that
it improves the administration of the DROP. In the event of a conflict between the provisions for
making an election, notification or designation set forth in the DROP and such new administrative
procetlures, those new administrative procedures shall prevail.
2) Each Member or Retiree who has a DROP Account shall be responsible for furnishing the Board
with his current atldress and any subsequent changes in his address. Any notice required to be
given to a Member or Retiree hereunder shall be deemed given if directed to him at the last such
address given to the Board and mailed by registered or certified United States mail. If any check
mailed by registered or certified United States mail to such address is returned, mailing of checks
will be suspended until such time as the Member or Retiree notifies the Board of his address.
I. Benefits Not Guaranteed.
All benefits payable to a Member from the DROP shall be paitl only from the assets of the Member's
DROP Account and neither the City nor the Countv nor the Board shall have any duty or liability to
furnish the DROP with any funds, securities or other assets except to the extent required by any
applicable law.
J. Construction.
1) The DROP shall be construed, regulated and administered under the laws of Florida, except where
other applicable law controls.
2) The titles antl heatlings of the subsections in this Section 28 are for convenience only. In the case
of ambiguity or inconsistency, the text rather than the titles or headings shall control.
K. Forfeiture of Retirement Benefits.
Nothing in this Section shall be construed to remove DROP participants from the application of any
forfeiture provisions applicable to the System. DROP participants shall be subject to forfeiture of all
retirement benefits, including DROP benefits.
L. Effect of DROP Participation on Employment.
Participation in the DROP is not a guarantee of employment and DROP participants shall be subject to
the same employment standards and policies that are applicable to employees who are not DROP
participants.
SECTION 29. REEMPLOYMENT AFTER RETIREMENT.
1. Any retiree under this system may be reemployed by any public or private employer and may receive
compensation from that employment without limiting or restricting in any way the retirement benefits
payable under this System. Notwithstanding the previous sentence, reemployment by the City shall be
subject to the limitations set forth in this Section.
2. After Normal Retirement.
- - - - - --- -- -- -
. r
� �
� � 1
i
;,,;J� n�;o,� r�Rn�hlo ,,.,�„ +„ +ho �„h����;�o�,��� Any Retiree who is retired under
normal retirement pursuant to this System who is reemployed by the City after that Retirement and, by
virtue of that reemployment is ineligible to participate in this system, shall, during the period of
reemployment, continue receipt of benefits for the period of any subsequent employment period.
� 3 After Early Retirement._ Any Retiree who is retired under early retirement pursuant to this System and who
subsequently becomes an employee of the City in any capacity, shall discontinue receipt of benefits from
the System. , ,
Language st�i�ker� to be deleted
Language underlined to be added
Ordinance No. 1229, Page 29 of 33
��r.s�.
..
.
.
..
• • . - � •• �- •- -� • � �� •
� �- �- -� • � • • • �. � � �-� •
•
� 4. After Disability Retirement,
A. Subject to paragraph B. below, any Retiree who is retired under Section 8., Disability ("disability
retiree"), may, subject to subsection 5., Physical Examination Requirement, of that section, be
reemployed by any public or private employer, and may receive compensation from that employment
without limiting or restricting in any way, the retirement benefits payable under this system.
B. Any tlisability Retiree who subsequently becomes an employee of the City in any capacity, except as a
Firefighter, shall discontinue receipt of disability benefits from the system for the period of any such
employment.
C. # A disability Retiree +s shall not be reemployed as a Firefighter for the City or County; �+��isa�it�
h�nofi� oholl nonoo �nrl Confinn S2 oi iheon�inn �C ohnll �r�r�l�i
e �
� 5. Reemployment of Terminated Vested Persons. Reemployed terminated vested persons shall not be
subject to the provisions of this section until such time as they begin to actually receive benefits. Upon
receipt of benefits, terminated vested persons shall be treated as normal or early retirees for purposes of
applying the provisions of this section and their status as an early or normal retiree shall be determined by
the date they elect to begin to receive their benefit.
� 6. DROP Participants. Retirees who were in the Deferred Retirement Option Plan shall, following termination
of employment after DROP participation, have the options provided for in this section for reemployment.
SECTION 30. SUPPLEMENTAL BENEFIT COMPONENT FOR SPECIAL BENEFITS; CHAPTER 175
SHARE ACCOUNTS.
There is hereby established an atlditional plan component to provide special benefits in the form of a
supplemental retirement, termination, death and disability benefits to be in addition to the benefits providetl for
in the previous Sections of this plan, such benefit to be funded solely and entirely by Chapter 175, Florida
Statutes, premium tax monies for each plan year which are allocated to this supplemental component as
provitled for in Section 175.351, Florida Statutes. Amounts allocated to this supplemental component ("Share
Plan"), if any, shall be further allocated to the Members and DROP participants as follows:
1. Indivitlual Member Share Accounts.
The Boartl shall create individual "Member Share Accounts" for all actively employetl plan Members and
DROP participants and maintain appropriate books antl records showing the respective interest of each
Member or DROP participant hereunder. Each Member or DROP participant shall have a Member Share
Account for his share of the Chapter 175, Florida Statutes, tax revenues described above, forfeitures and
income and expense adjustments relating thereto. The Boartl shall maintain separate Member Share
Accounts, however, the maintenance of separate accounts is for accounting purposes only and a
segregation of the assets of the trust fund to each account shall not be required or permitted.
Share Account Fundinq.
A. Individual Member Share Accounts shall be established as of September 30, 2015 for all Members antl
DROP participants who were actively employed as of October 1, 2014. Individual Member Share
Accounts shall be credited with an allocation as provided for in the following subsection 3. of any
premium tax monies which have been allocated to the share plan for that Plan Year, beginning with the
Plan Year ending September 30, 2015.
B. �a-a�� � forfeitures as provided in subsection 4., shall be alleEated used as part of future
allocations to the individual Member Share Accounts in accordance with the formula set forth in
subsection 4 3.A.
3. Allocation of Monies to Share Accounts,
A. Allocation of Chapter 175 Contributions.
Language stfiske� to be deleted
Language underlined to be added
Ordinance No. 1229, Page 30 of 33
1) Effective as of September 30, 2015, the amount of any premium tax monies allocated to the share
plan shall be allocated to individual Member Share Accounts as provided for in this subsection.
Members retiring (or entering DROP) on or after October 1, 2014 and prior to September 30, 2015
shall receive an allocation. In addition, all premium tax monies allocated to the Share Plan in any
subsequent Plan Year shall also be allocated as provided for in this subsection. Available
premium tax monies shall be allocated to individual Member Share Accounts at the end of each
Plan Year on September 30 (a "valuation date").
2) On each valuation date, each current actively employed Member of the plan not participating in the
DROP, each DROP participant and each Retiree who retires or DROP participant who has
terminated DROP participation in the Plan Year ending on the valuation date (including each
disability retiree), or Beneficiary of a deceased Member (not including terminated vested persons)
who is otherwise eligible for an allocation as of the valuation date shall receive a share allocation
as follows:
3) The total funds subject to allocation on each valuation date shall be allocated to each Member
Share Account of those eligible for an allocation in an amount equal to a fraction of the total
amount, the numerator of which shall be the individual's total years and fractional parts of years of
Credited Service as of the valuation date, and the denominator of which shall be the sum of the
total years and fractional parts of years of Credited Service as of the valuation date of all
individuals to whom allocations are being made. Beneficiaries shall receive an allocation based on
the years of Credited Service of the deceased Member or DROP participant.
enlol�i nn 4ho i`rorli�orl Corvino in 4ho roomnlnvm�r�1 r�oriniJ
B. Allocation of Investment Gains and Losses.
On each valuation date, each individual Member Share Account shall be adjusted to reflect the net
earnings or losses resulting from investments during the year. The net earnings or losses allocated to
the individual Member Share Accounts shall be the same percentage which is earnetl or lost by the
total plan investments, including realized and unrealized gains or losses, net of brokerage
commissions, transaction costs and management fees.
Net earnings or losses are determined as of the last business day of the fiscal year, which is the
valuation date, and are debited or credited as of such date.
For purposes of calculating net earnings or losses on a Member's share account pursuant to this
subsection, brokerage commissions, transaction costs, and management fees for the immediately
preceding fiscal year shall be determined for each year by the investment consultant pursuant to
contracts with fund managers as reported in the custotlial statement. The investment consultant shall
report these annual contractual fees to the Board. The investment consultant shall also report the net
investment return for each manager and the net investment return for the total plan assets.
C. No Right to Allocation.
The fact of allocation or credit of an allocation to a Member's Share Account by the Board shall not vest
in any Member, any right, title, or interest in the assets of the trust or in the Chapter 175, Florida
Statutes, tax revenues except at the time or times, to the extent, and subject to the terms and
conditions provided in this Section.
D. Members and DROP participant shall be provided annual statements setting forth their share account
balance as of the end of the Plan Year.
4. Forfeitures.
Any Member who has less than ten (10) years of Cretlited Service and who is not otherwise eligible for
payment of benefits after termination of employment with the Si#� County as provided for in subsection 5.
shall forfeit his individual Member Share Account . Forfeited amounts
shall be included and used as part of the Chapter 175 tax revenues for future
allocations to individual Member Share Accounts on each valuation date �^ �^ 'mn�in} �o}ormir�orJ in
accordance with the formula set forth in subsection 3.A.
Eligibility For Benefits.
Any Member (or his Beneficiary) or DROP participant who terminates employment as a Firefighter�e
Si#� or who dies, upon application filed with the Boartl, shall be entitled to be paid the value of his individual
Member Share Account, subject to the following criteria:
A. Retirement Benefit.
1) A Member shall be entitled to one hundred percent (100%) of the value of his share account upon
normal or early Retirement pursuant to Section 6, or if the Member enters the DROP, upon
termination of employment.
2) Such payment shall be made as provitled in subsection 6.
Language str+ske� to be deleted
Language underiined to be added
Ordinance No. 1229, Page 31 of 33
B. Termination Benefit.
1) In the event that a Member's employment as a Firefighter is terminated by reason other than
retirement, death or disability, he shall be entitled to receive the value of his share account only if
he is vested in accordance with Section 9.
2) Such payment shall be made as provided in subsection 6.
C. Disability Benefit.
1) In the event that a Member is tletermined to be eligible for either an in-line of duty disability benefit
pursuant to Section 8, subsection 1. or a not-in-line of duty disability benefit pursuant to Section 8,
subsection 3., he shall be entitled to one hundred percent (100%) of the value of his share
account.
2) Such payment shall be made as provided in subsection 6.
D. Death Benefit.
1) In the event that a Member or DROP participant dies while actively employed as a Firefighter, one
hundred percent (100%) of the value of his Member Share Account shall be paid to his designated
Beneficiary as provided in Section 7.
2) Such payment shall be made as provitled in subsection 6.
6. Payment of Benefits.
If a Member or DROP participant terminates employment for any reason or dies and he or his Beneficiary is
otherwise entitled to receive the balance in the Member's share account, the Member's share account shall
be valued by the plan's actuary on the next valuation date as provided for in subsection 3. above, following
termination of employment, Payment of the calculated share account balance shall be payable as soon as
administratively practicable following the valuation date, but not later than one hundretl fifty (150) days
following the valuation date and shall be paid in one lump sum payment. No optional forms of payments
shall be permitted.
7. Benefits Not Guaranteetl.
All benefits payable under this Section 30 shall be paid only from the assets accounted for in individual
Member Share Accounts. Neither the City, nor County nor the Board shall have any duty or liability to
furnish any additional funtls, securities or other assets to fund share account benefits. Neither the Board
nor any Trustee shall be liable for the making, retention, or sale of any investment or reinvestment made as
herein provided, nor for any loss or diminishment of the Member Share Account balances, except due to
his or its own negligence, willful misconduct or lack of good faith. All investments shall be made by the
Board subject to the restrictions otherwise applicable to fund investments.
8. Notional Account.
The Member Share Account is a notional account, used only for the purpose of calculation of the share
distribution amount. It is not a separate account in the System. There is no change in the System's assets,
and there is no distribution available to the Member or DROP participant until the Member's or DROP
participant's termination from employment. The Member or DROP participant has no control over the
investment of the share account.
9. No Employer Discretion.
The share account benefit is determined pursuant to a specific formula which does not involve employer
discretion.
10, Maximum Additions.
Notwithstanding any other provision of this Section, annual adtlitions under this Section shall not exceed
the limitations of Section 415(c) of the Code pursuant to the provisions of Section 15, subsection 11.
11. IRC Limit.
The share account distribution, along with other benefits payable from the System, is subject to limitation
under Internal Revenue Code Section 415(b).
SECTION 31. MERGER WITH COUNTY FIRE SERVICE.
Pursuant to an inter-local aqreement between the City of Okeechobee and Okeechobee County, the
Okeechobee Fire Department will merge with the County Fire Service on Auqust 2, 2021. Pursuant
aareement and notwithstandina anv other nrovision of the Svstem to the contrarv. Members who are err
or to the merqer and are emplovetl as Fi
enroll in the Florida Retirement Svstem for future service. This election shall be irrevocable. The following rules
shall apply to Members who are emploved by the City prior to the merqer and are employed as Firefi htq ers by
the County after the merqer.
1. For all Members who elect to continue participation in the Okeechobee Municipal Firefiqhters' Pension
Fund, the Countv aarees to qav to the Svstem the lesser amount of the required emplover's annual
Language s#isl�e� to be tleleted
Language underlinetl to be added
the actua
Ortlinance No. 1229, Page 32 of 33
for bv State
law, or an amount equal to that which the County would have paid to the Florida Retirement System had
such Firefiqhters been enrolled in that system. The Citv aqrees to fund the City of Okeechobee Municipal
Firefiqhters' Pension Fund on Auqust 2, 2021, to the level required to make the Fund actuarially sound as
of Auqust 2, 2021, and to make a�propriate payment(� in the future, as long as there are participants, in
order to maintain the actuarial soundness of the Fund should the Countv's required contribution pursuant to
the Interlocal Agreement not be sufficient to meet the requirement for actuarial soundness. The
aforementioned "required annual contribution" will be based on the level of benefits on Auqust 2, 2021, or
the level of benefit in a subsequent year, whichever is less. Nothinq herein shall prevent the termination of
the Okeechobee Municipal Firefiqhters' Pension Fund, as allowed by Florida Statutes, as amended. If the
Florida Retirement System increases benefits provided to special risk members of that system, the Citv and
County aqree to review this Section. Members who elect to continue participatinq in this Svstem followinq
their employment by the Countv shall continue makinq employee contributions in accordance with Section
5.
2. The required contribution of both Member contributions and the County contributions shall be transferred
by the County to the Citv by wire or otherwise as provided in Section 5. The Citv aqrees to transfer to the
�stem by wire or otherwise deposit the funds received from the Countv within one business dav from the
day it is received from the Countv.
3. The Board of Trustees shall remain responsible for administration of the System and the City shall continue
to have the authoritv to make plan amendments and improvements. The System shall be responsible to
make pension benefits payable to all current and future Retirees from the System, includinq Firefiqhters
who elect to continue participating in this System followinq their employment by the Countv.
4. Any Firefiqhter electinq to remain in the Svstem may continue membership in the Svstem until Retirement.
Upon termination of County employment and Retirement from the System, a Firefiqhter mav be
reemployed by the County and become a me
the County and Florida Retirement System.
5. In the event a Firefiqhter with less than ten (1
Florida Retirement System upon employmen
Accumulated Contributions from the System
6. In the event a Firefighter with ten (10) or mor
Florida Retirement System upon emplovment
early or normal retirement benefit from the S
refund of his Accumulated Contributions fro
Language s#+skea to be deleted
Language underlined to be added
mber of the Florida Retirement System, sub�ect to the rules of
O�years of Credited Service in the System elects to ioin the
t bv the County�such Firefiqhter shall receive a refund of his
upon completion of the necessarv forms.
e years of Credited Service in the System elects to ioin the
by the County such Firefiqhter may either receive a deferred
ystem upon attaininq eliqibilitv for such benefit, or receive a
m the System.
tlm/OKIFIRE104-12-21.ord.rev 06-11-21
Ordinance No. 1229, Page 33 of 33
L.�w ��O�fi�es
�l���n�������n� 4 ��11-����� 1�',.�,
Scott R. Christiansen 63 Satasota �Center Blvd. 5uite 1{?7 H. I,ee Dehner
5arasota, I'lorida 3�}240 {1952-2019)
941-377-Z20Q
Fax 9�1-3?7-�}$�8
June 23, 20? l
Via E-Mail: Gi�itter a CitvafOheecliobee.com
Mr. Gary Ritter
City Administrator
City of Okeechobee
55 5.�. �rd Avenue
Okeec��obee_ FL 3497�-?032
Re: City ofOkeech��bee Municipal FireFigl�ters' Pension Fund - P�'oposed Ordinance
Dear Mr. Ritter:
As you kno�v, I represent ihe Board oFTrustees of the City of �keechobee Mu��icipal Firefight�rs'
Pension Fund. Enclosed please find a prop�7sed ardinance ame��din� the City of Okeechobee Municipal
Firetighters' Pension Fund. This ordinance amends many sections of the plan to reflect the pro� isions of the
Au�ust �, 20? 1 merger �vith Ok�chobce Caunty, who will b� pro�idit�g fire services to the City. As of
August 2, ?021, there ���ill no ne�v rneinb�rs added to this plan, ancl only tl�ose current members who elect
ta remaitl a membe�' af this plan shall remai» Member� of the systern.
The c>>anges include a provision th�t tfie tirefigllter l�oard member seats may be 1�eld by either a
retieed tiref�gl�ter or an active tiref i�f�ter �vlto �'etnains a membe�' of the �lan, or an individual elected by the
$oard if there are no active or retired tirefi�hters re�Zlainin� in the plan. Several sectians of the plan �vere
updated «�ith rece»t chan�;es to the Inlernal Revent�e Code (IRC} re�ardin� a change in the mandatory
distributian date fi�om aae 70'/ to age 72, These iRC changes are tinrelated to the me�'ge�'. There have 6een
no changes made to any of the plan's benetits.
By co}�y oft��is letter to the pla»'s actu�ry, G�tl�riel Roeder Smith & Cainpaiiy, I am requesti�tg that
they provide you �vitl� a letter or actuarial in��act skatement that ���ust accompany t1�is ordinance wkie�� it is
prese��ted to the Coiincil for cnttsideration ��tC3 adoption.
li'you or any member ai'your staff hav� a��y c�uestions with regard to ti}is ardinance, please feel free
to give me a call. This document has alr�.ady l�een revie�ved by �l�e City ilttorney's office.
Yours v •uly,
C�ts
Scoit R. Christilnsen
SRC/dm
enclosure
�-copy: Shelly Jancs, ��ith enclosures
Carlyj3 Ko�valsky, with enclasures
July 16, 2021
Board of Trustees
City of Okeechobee Firefighters’ Retirement System
c/o Mr. Scott Baur
Resource Centers, LLC
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, FL 33410
Re: City of Okeechobee Firefighters’ Retirement System
Actuarial Impact Statement
Dear Scott:
As requested, we are pleased to enclose an Actuarial Impact Statement as of October 1, 2020 to
illustrate the first year impact of the attached proposed Ordinance which amends and restates the
Okeechobee Firefighters’ Retirement System (System) as described below.
Background – The City Council has entered into an inter-local agreement with Okeechobee County,
Florida (County) to provide fire services to the City of Okeechobee.
Proposed Ordinance – The proposed Ordinance amends and restates the System provisions as
follows:
Effective August 2, 2021, the System is closed to new or reemployed members. Current
members can elect to remain in the System or join the County Retirement Program. The
County Retirement Program is the Florida Retirement System (FRS).
Members who elect to remain in the System accrue benefit service and salary for active
employment under the City or County.
Members who elect to leave the System who have less than 10 years of credited service
and are therefore not vested will receive a refund of their accumulated contributions.
Members who elect to leave the System who have 10 or more years of credited service
and are therefore vested can receive either a deferred vested retirement benefit or a
refund of their accumulated contributions.
The County agrees to contribute, until no active members remain, the lesser of the
required annual Employer contribution of the County’s Retirement Program or of the
System.
Amends the required beginning date in compliance with the Setting Every Community
Up for Retirement Enhancement (“SECURE”) Act. Please note this change is no cost.
Mr. Scott Baur
July 16, 2021
Page ii
Summary of Findings – Please note that the impact of the proposed System change is being shown
on the actuarially determined contribution for the fiscal year ending September 30, 2022, using the
valuation results as of October 1, 2020, the most recent actuarial valuation.
As a result of the System change, the required employer contribution amount for
Firefighters for the fiscal year ending September 30, 2022 decreased by $22,686, from
$22,686, to $0.
As a result of the System change, the Unfunded Actuarial Accrued Liability (UAAL) for
Firefighters increased by $268,575, from ($882,680) to ($614,105).
As a result of the System change, the funded ratio of the System (actuarial value of assets
divided by actuarial accrued liability) decreased from 122.7% to 114.8%.
Filing Requirements – We have prepared the Actuarial Impact Statement for filing with the State of
Florida. Please note that this Statement must be signed and dated on behalf of the Board of
Trustees. Copies of the Ordinance upon passage at first reading along with the signed and dated
Actuarial Impact Statement are generally required to be filed with the State at the following
address:
Mr. Douglas E. Beckendorf, A.S.A.
Bureau of Local Retirement Services
Division of Retirement
Building 8
Post Office Box 9000
Tallahassee, Florida 32315-9000
We understand the State requires funding any increases in costs no later than the fiscal year next
following the effective date of the Ordinance.
Please forward a copy of the Ordinance upon passage to update our files.
Other Considerations – Under Governmental Accounting Standards Board (GASB) Statement
Number 68, we understand the cost / income of plan changes must be recognized immediately in
pension expense (accounting not funding). Therefore, the pension expense is expected to increase
the first year and then is expected to decrease to a lower level in fiscal years following initial
recognition of the plan change.
Actuarial assumptions and methods, financial data, System provisions and member census data –
The actuarial assumptions and methods, financial data and member census data employed for
purposes of our Actuarial Impact Statement are the same actuarial assumptions and methods,
financial data and member census data utilized for the October 1, 2020 Actuarial Valuation of the
System with the following exception:
Mr. Scott Baur
July 16, 2021
Page iii
Includes 6 members who have elected to join the County retirement program.
The 4 remaining members are assumed to continue service as a firefighter for the City or
County.
Interest to be earned by the Fund was decreased from 7% to 6%.
Information regarding member elections to leave or remain in the System was provided by the City.
The System provisions employed for purposes of our Actuarial Impact Statement are the same
System provisions utilized in the October 1, 2020 Actuarial Valuation of the System with the
exception of the proposed changes described above.
Risk Assessment – Risk assessment may include scenario tests, sensitivity, or stress tests, stochastic
modeling, and a comparison of the present value of benefits at low-risk discount rates. We are
prepared to perform such assessment to aid in the decision-making process. Please refer to the
October 1, 2020 Actuarial Valuation Report dated February 17, 2021 for additional discussion
regarding the risks associated with measuring the liability and the minimum funding payment.
This Actuarial Impact Statement is intended to describe the estimated future financial effects of the
proposed benefit changes on the System and is not intended as a recommendation in favor of the
benefit changes nor in opposition to the changes.
If all actuarial assumptions are met and if all current and future minimum required contributions
are paid, System assets will be sufficient to pay all System benefits and future contributions are
expected to remain relatively stable as a percent of payroll. System minimum required
contributions are determined in compliance with the requirements of the Florida Protection of
Public Employee Retirement Benefits Act and Firefighters’ Retirement Chapter 175 with normal cost
determined using the Aggregate Cost Method.
These calculations are based upon assumptions regarding future events. However, the System’s
long term costs will be determined by actual future events, which may differ materially from the
assumptions made. These calculations are also based upon present and proposed System
provisions that are outlined or referenced in this Actuarial Impact Statement.
If you have reason to believe the assumptions used are unreasonable, the System provisions are
incorrectly described or referenced, important System provisions relevant to this Actuarial Impact
Statement are not described or that conditions have changed since the calculations were made, you
should contact the undersigned prior to relying on information in this Actuarial Impact Statement.
If you have reason to believe that the information provided in this Actuarial Impact Statement is
inaccurate, or is in any way incomplete, or if you need further information in order to make an
Mr. Scott Baur
July 16, 2021
Page iv
informed decision on the subject matter of this report, please contact the undersigned prior to
making such decision.
Future actuarial measurements may differ significantly from the current measurements presented
in this report due to such factors as the following: System experience differing from that anticipated
by the economic or demographic assumptions; changes in economic or demographic assumptions;
increases or decreases expected as part of the natural operation of the methodology used for these
measurements (such as the end of an amortization period) and changes in System provisions or
applicable law. Due to the limited scope of our assignment, we did not perform an analysis of the
potential range of such future measurements.
This Actuarial Impact Statement should not be relied on for any purpose other than the purpose
described in the primary communication. Determinations of the financial results associated with
the benefits described in this report in a manner other than the intended purpose may produce
significantly different results.
This Actuarial Impact Statement has been prepared by actuaries who have substantial experience
valuing public employee retirement systems. To the best of our knowledge the information
contained in this report is accurate and fairly presents the actuarial position of the System as of the
valuation date. All calculations have been made in conformity with generally accepted actuarial
principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards
Board and with applicable statutes.
This Actuarial Impact Statement was prepared using our proprietary valuation model and related
software which in our professional judgment has the capability to provide results that are
consistent with the purposes of the valuation and has no material limitations or known weaknesses.
We performed tests to ensure that the model reasonably represents that which is intended to be
modeled.
This Actuarial Impact Statement may be provided to parties other than the Board only in its entirety
and only with the permission of an approved representative of the Board.
The signing actuaries are independent of the System sponsor.
The undersigned are Members of the American Academy of Actuaries and meet the Qualification
Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.
Mr. Scott Baur
July 16, 2021
Page v
If you should have any question concerning the above or if we may be of further assistance with this
matter, please do not hesitate to contact us.
Sincerest regards,
Shelly L. Jones, A.S.A., E.A., M.A.A.A, F.C.A.
Consultant and Actuary
Jennifer M. Borregard, E.A., M.A.A.A., F.C.A.
Consultant and Actuary
Enclosures
A.Description of Proposed Amendment
(1)
(2)
(3)
(4)
(5)
(6)
B.An estimate of the cost implementing this amendment is attached.
C.
Chairman, Pension Board Date
Actuarial Impact Statement as of October 1, 2020
Effective August 2, 2021,the System is closed to new or reemployed members.Current members can elect to
remain in the System or join the County Retirement Program.The County Retirement Program is the Florida
Retirement System (FRS).
In my opinion, the proposed changes are in compliance with Part VII,Chapter 112,Florida Statutes and Section 14,
Article X of the Statement Constitution.
Members who elect to leave the System who have less than 10 years of credited service and are therefore not
vested will receive a refund of their accumulated contributions.
Members who elect to leave the System who have 10 or more years of credited service and are therefore vested
can receive either a deferred vested retirement benefit or a refund of their accumulated contributions.
The County agrees to contribute, until no active members remain,the lesser of the required annual Employer
contribution of the County’s Retirement Program or of the System.
Amends the required beginning date in compliance with the Setting Every Community Up for Retirement
Enhancement (“SECURE”) Act. Please note this change is no cost.
Members who elect to remain in the System accrue benefit service and salary for active employment under the
City or County.
City of Okeechobee Firefighters' Retirement System
Actuarial Impact
Valuation Statement
10/01/2020 10/01/2020
A.Participant Data
1.Active participants 10 10*
2.Retired, disabled and beneficiaries receiving benefits
(including DROPs)8 8
3.Terminated vested participants 1 1
4.Annual payroll of active participants 426,372$ 183,592$
5.Annual benefits payable to those currently
receiving benefits (including DROPs)229,985$ 229,985$
B.Assets
1.Smoothed actuarial value 4,770,705$ 4,770,705$
2.Market value 4,852,274$ 4,852,274$
C.Liabilities
1.Actuarial present value of future expected benefit
payments for active members
a.Retirement benefits 2,368,216$ 1,505,296$
b.Vesting benefits 140,275 77,464
c.Disability benefits 94,112 51,726
d.Death benefits 9,896 5,672
e.Total 2,612,499$ 1,640,158$
2.Actuarial present value of future expected benefit payments
for terminated vested members and miscellaneous 67,685$ 237,894$
3.Actuarial present value of future expected benefit
payments for members currently receiving benefits
a.Service retired including DROPs 2,112,849$ 2,314,327$
b.Disability retired 347,412 376,215
c.Beneficiaries 286,006 306,559
d.Miscellaneous (refunds in process)20,459 37,761
e.Total 2,766,726$ 3,034,862$
4.Share Plan Liability 2,789$ 2,789$
5.Total actuarial present value of future expected
benefit payments 5,449,699$ 4,915,703$
6.Actuarial accrued liabilities (Entry Age Normal)3,888,025$ 4,156,600$
7.Unfunded actuarial accrued liabilities (Entry Age Normal)(882,680)$ (614,105)$
D.Normal Cost
1.Present Value of Future Normal Costs (C.5. - B.1.)678,994$ 144,998$
2.Present Value of Future Salaries 5,669,064$ 2,232,022$
3.Normal Cost Accrual Rate (D.1. / D.2.)11.977%6.496%
4.Normal Cost (A.4. x D.3.)51,067$ 11,926$
*Includes six (6) members who have elected to join the County Retirement Program.
Actuarial Impact Statement as of October 1, 2020
City of Okeechobee Firefighters' Retirement System 1
Actuarial Impact
Valuation Statement
10/01/2020 10/01/2020
E.Statement of Accumulated Plan Benefits
1.Actuarial present value of accumulated vested benefits
a.Participants currently receiving benefits 2,746,267$ 2,997,101$
b.Terminated vested members and miscellaneous
(including share plan liability)90,933 278,444
c.Other participants 507,416 448,005
d.Total 3,344,616$ 3,723,550$
2.Actuarial present value of accumulated non-
vested plan benefits 73,605 17,886
3.Total actuarial present value of accumulated
plan benefits 3,418,221$ 3,741,436$
F.Pension Cost
1.Total normal cost 51,067$ 11,926$
2.Estimated administrative expenses 40,275 40,275
3.Interest adjustment 5,333 3,132
4.Total required contributions 96,675$ 55,333$
5.Item 4 as a percentage of payroll 22.7%30.1%
6.Estimated employee contributions 21,319$ 9,180$
7.Item 6 as a percentage of payroll 5.0%5.0%
8.Expected State contribution 52,670$ 52,670$
9.Item 8 as a percentage of payroll 12.4%28.7%
10.Net amount payable by Employer 22,686$ 0$
11.Item 10 as a percentage of payroll 5.3%0.0%
G.Disclosure of Following Items:
1.Actuarial present value of future salaries
- attained age 5,669,064$ 2,232,022$
2.Actuarial present value of future employee
contributions - attained age 283,453$ 111,601$
3.Actuarial present value of future contributions
from other sources N/A N/A
4.Amount of active members' accumulated
contributions 159,331$ 108,744$
5.Actuarial present value of future salaries and
future benefits at entry age N/A N/A
6.Actuarial present value of future employee
contributions at entry age N/A N/A
Actuarial Impact Statement as of October 1, 2020
City of Okeechobee Firefighters' Retirement System 2
Shelly L. Jones, A.S.A, E.A.Jennifer M. Borregard, E.A.
Enrollment Number: 20-08684 Enrollment Number: 20-07624
Date: July 16, 2021
Actuarial Impact Statement as of October 1, 2020
This Actuarial Valuation and/or cost determination was prepared and completed by us or under our
direct supervision, and we acknowledge responsibility for the results.To the best of our knowledge,
the results are complete and accurate,and in our opinion, the techniques and assumptions used are
reasonable and meet the requirements and intent of Part VII,Chapter 112,Florida Statutes. There is
no benefit or expense to be provided by the System and/or paid from the System's assets for which
liabilities or current costs have not been established or otherwise provided for in the valuation.All
known events or trends which may require material increase in System costs or required contribution
rates have been taken into account in the valuation.
City of Okeechobee Firefighters' Retirement System 3
A.Effective Date:
B.Eligibility:
C.Contributions:
5.0% of Salary.
Premium Tax Revenue.
County:
City:Balance required to maintain System on sound actuarial basis.
D.Credited Service:
E.Salary:
F.Average Final Compensation:
G.Normal Retirement:
1.Eligibility:
Earlier of:
(a)Attainment of age 55 with completion of 10 years of Credited Service.
(b)Completion of 25 years of Credited Service.
2.Benefit:
3.0% times AFC times Credited Service.
State:
Service is measured as the total number of years and fractional part of years of continuous service as a Member.
No service is credited for any periods of employment for which the Member received a refund of Employee
Contributions.[System is being administered and valued based upon total number of years and completed
months of service as a Member].
Basic compensation including tax deferred, tax sheltered and tax exempt income which would otherwise be
included in base income, derived from elective employee payroll deductions or salary reductions.
Average Final Compensation (AFC)is determined by the average basic salary over the highest 5 years of the last
10.
Outline of Principal Provisions of the Retirement System
January 1, 1972. Most recently amended by Ordinance No. 1188 adopted July 16, 2019.
All actively employed full time Firefighters who elect to remain members of the System following the merger
with the County are eligible on date of employment. After August 2, 2021 the System is closed to new or
reemployed members.
Employee:
Until no active members remain,the lesser of the required annual Employer
contribution of the County’s Retirement Program or of the System.
City of Okeechobee Firefighters' Retirement System 4
H.Early Retirement:
1.Eligibility:
2.Benefit:
I.Delayed Retirement:
J.Disability Retirement:
1.Service Incurred:
2.Non-Service Incurred:
a.Eligibility:
b.Benefit:The greatest of:
(iii) 25% of AFC
K.Pre-Retirement Death Benefit:
a.
b.
c.
Vested but Not Eligible
for Early or Normal
Retirement:
Greater of (a)50%of the present value of vested accrued benefit or (b) refund
of accumulated contributions.
Eligible for Early or
Normal Retirement:
Greater of (a) accrued benefit, determined as though the deceased had retired
immediately preceding date of death and elected the 10 year certain and life
form of payment or (b) 50% of present value of vested accrued benefit.
In the event a vested Member's spouse is the sole beneficiary,the beneficiary shall be entitled to the
accrued normal or early retirement benefit payable at the deceased Member's early or normal retirement
age less the value of any benefits paid above.
Accrued benefit, but not less than 42% of AFC.
5 or more years of Credited Service; totally and permanently disabled.
(i) Accrued benefit
(ii) 2% of AFC times Credited Service
Not Vested:Refund of accumulated contributions.
Computed the same as set forth under Normal Retirement,based upon AFC and Credited Service as of
delayed retirement date.
Outline of Principal Provisions of the Retirement System
Attainment of age 50 with completion of 10 years of Credited Service.
Benefit accrued to date of retirement,reduced by 3%for each year early retirement date precedes age
55.
City of Okeechobee Firefighters' Retirement System 5
L.Termination Benefits:
1.Eligibility:
2.Benefit:
M.Normal Form of Retirement Income:
N.Optional Forms of Retirement Income:
O.Deferred Retirement Option Program (DROP)
1.Eligibility:
2.Benefit:
In lieu of electing the normal form of payment, the optional forms of payment available are the Single
Life Annuity option and the 50%, 66 2/3%, 75%and 100%Joint and Contingent options.A Social
Security option is available for Members retiring prior to being eligible for Social Security retirement
benefits. A 20% Partial Lump Sum is available for Members who do not participate in the DROP.
Member must be eligible for Normal Retirement.
Retirement benefits are transferred to a hypothetical DROP account within the pension fund.
Interest is credited or debited based upon either the quarterly rate of return earned by the Fund or
a monthly 6.5%fixed rate of return,as elected by the Member. Members may elect to change their
interest crediting election once during the DROP period. The period of participation in the DROP is
limited to no more than 60 months. The benefit is paid as a lump sum upon actual termination of
employment.
Outline of Principal Provisions of the Retirement System
100%vesting upon the completion of 10 years of credited service.Employees who have not
completed 10 years of credited service at date of termination of employment shall only be entitled
to the return of their accumulated contributions with 3.0% interest.
Accrued benefit based upon credited service and AFC as of date of termination, payable at age 55.
Monthly benefit payable for ten (10) years certain and life thereafter.
City of Okeechobee Firefighters' Retirement System 6
P.Cost of Living Adjustment (COLA)
Q.Changes Since Previous Actuarial Valuation
Contributions were:
Employee:5.0% of Salary.
State:Premium Tax Revenue.
City:Balance required to maintain System on sound actuarial basis.
All actively employed full time Firefighters of the City are eligible on date of employment;Participation is
mandatory.
Outline of Principal Provisions of the Retirement System
Beginning October 1, 1999 and October 1 of every odd-numbered year thereafter,monthly benefits of all retirees
(service, disability,DROP),beneficiaries and vested terminated participants who have been in the DROP or in pay
status for at least one year on the adjustment date will be increased by 0.5%.
Eligibility was:
City of Okeechobee Firefighters' Retirement System 7
A.Mortality
Sample
Ages
(2020)Men Women Men Women
55 30.45 34.32 27.59 31.17
60 25.51 29.26 23.01 26.39
62 23.58 27.25 21.28 24.55
Sample
Ages
(2040)Men Women Men Women
55 32.09 35.81 29.48 33.00
60 27.08 30.70 24.79 28.13
62 25.11 28.67 23.00 26.25
B.Interest to be Earned by Fund
C.Allowances for Expenses or Contingencies
6.0% (net of investment expenses), compounded annually - includes inflation at 2.5%.
Actual administrative expenses incurred during the prior System year.
Pre-retirement Post-retirement
Future Life Future Life
Expectancy (Years)Expectancy (Years)
Expectancy (Years)Expectancy (Years)
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
For healthy participants during employment,PUB-2010 Headcount Weighted Safety Employee
Female Mortality Table and Safety Below Median Employee Male Mortality Table,both set forward 1
year,with fully generational mortality improvements projected to each future decrement date with
Scale MP-2018.
For healthy participants post employment,PUB-2010 Headcount Weighted Safety Healthy Retiree
Female Mortality Table and Safety Below Median Healthy Retiree Male Mortality Table,both set
forward 1 year,with fully generational mortality improvements projected to each future decrement
date with Scale MP-2018.
For disabled participants,80% PUB-2010 Headcount Weighted General Disabled Retiree Mortality
Table /20% PUB-2010 Headcount Weighted Safety Disabled Retiree Mortality Table, separate rates
for males and females, without projected mortality improvements.
Pre-retirement Post-retirement
Future Life Future Life
City of Okeechobee Firefighters' Retirement System 8
D.Salary Increase Factors
E.Disability Rates
Disability Rates
Per 100 Employees
0.14
0.18
0.30
1.00
85% of disabilities are assumed to be service incurred - 15% non-service incurred.
F.Employee Withdrawal Rates
G.Rates of Retirement
60 0.2%
100% at normal retirement age.
All active members on the valuation date are assumed to have a minimum of one year of future service.
30 5.0%
40 2.6%
50 0.8%
Age Withdrawal Rate
20 6.0%
Withdrawal rates for males and for females were used in accordance with the following illustrative
example.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Current salary is assumed to increase at a rate of 7.0% - includes wage inflation of 3.5%.
Disability rates for males and for females were used in accordance with the following illustrative
example.
Age
20
30
40
50
City of Okeechobee Firefighters' Retirement System 9
H.Cost Methods
Normal Retirement, Termination, Disability, and Death Benefits: Aggregate
Vested Normal Retirement, Termination, Disability, and Death Benefits: Unit Credit Cost Method
I.Asset Valuation Method
J.Changes Since Previous Actuarial Valuation
Interest to be earned by the Fund was 7%.
The method used for determining the smoothed value of assets phases in the deviation between
the expected and actual return on assets at the rate of 25%per year.The smoothed value of
assets will be further adjusted to the extent necessary to fall within the corridor whose lower
limit is 80% of the fair market value of System assets and whose upper limit is 120% of the fair
market value of System assets.
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
Under this method the excess of the Actuarial Present Value of Projected Benefits of the group
included in the valuation,over the sum of the Smoothed Value of Assets is allocated as a level
percentage of earnings of the group between the valuation date and the assumed retirement
age.This allocation is performed for the group as a whole,not as a sum of individual allocations.
The portion of this Actuarial Present Value allocated to a specific year is called the Normal Cost.
Under this method, actuarial gains (losses) reduce (increase) future Normal Costs.
Under this method, the actuarial present value of vested accrued benefits is an amount
calculated to be the sum of the present values of each individual's vested accrued or earned
benefit under the Fund as of the valuation date.Each individual's calculation is based on pay and
service as of the valuation date.
City of Okeechobee Firefighters' Retirement System 10
�
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N�ViTS1i�EDIA INC. [fS�l
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Drd. No• I��
Lake Okeechobee News
107 SW 17th Street, Suite D
Okeechobee, Florida 34974
863-763-3134
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
Before the undersigned authority personally appeared
Katrina Elsken Muros, who on oath says she is the Publisher of
the Lake Okeechobee News, a weeldy Newspaper published
in Qkeechobee Cotaiity,��l ri.da, that the ,attached copy of an
advertisement being a�� &„��.�L�� � t:_: .�� �,�`; �'c Cr�=`
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in the matter of���,�C'��.�-;ad�.�.tL���\t`� m`e �'� ��t'�%����"a rl�.
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in the 19th Judicial District of the Circuit Court of Okeechobee
County, Florida, was published in said newspaper in the issues of
s
Affiant further says that the said Lake Okeec�obee News is a
newspaper published at Okeechobee, in said Okeechobee County,
Florida, and that said newspaper has heretofore been published
continuously in said Okeechobee County, Florida each week and
has been entered as second class mail matter at the post office in
Okeechobee, in said Okeechobee County, Florida, for a period of
one year next preceding the first publication of the attached copy
of advertisement, and affiant further says that she has neither
paid nor promised any person, firm or corporation any discount,
rebate, commission or refund for the purpose of securing this
advertisement for publication in the said newspaper.
L--ti._..�.
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G
Katrina Elsken Muros
Sworn to and subscribed before me by means of � ysical
presence or _ online notarization, this �
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Notary Public, State of Florida at Large
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aONSIDERATION OF ADOPTIPIG A t1iYORDIIiNNCE
N07ICE IS HEREBY QVEN Ui3t the Cm' CAund of tt�e Gty of
p�� wnll mndud a Publ�c Fla3blea t Gly lia�%�5� 3rd A�e,
6:00 PM, or as 9oon tl�erealler Pc�. oF the fdlwnn9
Ordi���� I�'a �mr �� r�al ra�dug for ado(��
AN ORDIIdANCE OF 7HE C1TY OF OI�EU108EE AMENDING
AND RFSTATING 7Y1E CIi1� OF O���EE MUMIQPAL
FIREFIG.�iiERS 0.S SUBSEQUEML�'�� �% PROVID-
ORDIfJANCE 88��
ING FOR OODIFICATION; PROVIDIIVG POR SEVERABILIfY
OF PROVL40I�LS; REPEALING All. ORDINAN(iS IN OOP7-
FLTCf HEREWIfH AND PROVIDING AN EFFECfiVE DATE
The Pm',�o�d admar� arngids�e F�i9h�s R�ision Plant� rdled
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I�ritle� to tlieGh/ Qerlcfortlie Gt�s r�r�. ANY PER.90N DEC��ING
• TO APPEAL arry cieas�a� made b�' tlie Counal wdh r� m�'
I�� °x� is �made and the Irers�d udud� ��*/ and
of the Pro� d �9 . with tl �e
�� upon wh� the appeal will be t�.1n amx��
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=; � ";; MY COMMISSION # HH 129146
:;�� o�: EXPIRES: May 12, 2025
''•.FOF F;;°; Bonded Thru Notary Pu6itc Undeiwrlters
Lane Gamiotea
From: MPF_Mailbox <mpf@dms.fl.gov>
To: Lane Gamiotea
Sent: Monday, July 19, 2021 1:36 PM
Subject: Read: City of Okeechobee Firefighter Pension Fund Plan, Proposed Amendments &
Actuary Statement
Your message
To: MPF Mailbox
Subject: City of Okeechobee Firefighter Pension Fund Plan, Proposed Amendments & Actuary Statement
Sent: Monday, July 19, 2021 12:59:13 PM (UTC-05:00) Eastern Time (US & Canada)
was read on Monday, July 19, 2021 1:36:07 PM (UTC-05:00) Eastern Time (US & Canada).
Lane Gamiotea
From: local_ret <Local_Ret@dms.fl.gov>
Sent: Thursday, July 22, 2021 11:59 AM
To: Lane Gamiotea
Subject: RE: City of Okeechobee Firefighter Pension Fund Plan, Proposed Amendments &
Actuary Statement
Hello,
This email will serve as recognition of receipt of the above-referenced Impact Statement and Ordinance (1129).
Thank you,
Christina Pollard � Administrative Assistant I
Bureau of Local Retirement Systems
Division of Retirement
850-488-2784 (office) � 877-738-5622 (toll free)
Florida Department of Management Services
We Serve Those Who Serve Florida
it� ■ .W
DMS
How Are We Doinp? Click Here to Take the DMS Customer Satisfaction Survev
From: Lane Gamiotea <Igamiotea@cityofokeechobee.com>
Sent: Monday, July 19, 2021 12:59 PM
To: local_ret <Local_Ret@dms.fl.gov>; MPF_Mailbox <mpf@dms.fl.gov>
Cc: Pension Atty Scott Christian (scott@cdpension.com) <scott@cdpension.com>; scott@resourcecenters.com; Herb
Smith <hsmith@cityofokeechobee.com>; City Attorney <cityattorney@cityofokeechobee.com>; Gary Ritter
<gritter@cityofokeechobee.com>; City Attorney <cityattorney@cityofokeechobee.com>
Subject: City of Okeechobee Firefighter Pension Fund Plan, Proposed Amendments & Actuary Statement
Caution: This email originated from outside of the organization. Please ensure that you recognize the
sender and know that the content is safe before clicking on any links or opening attachments:
__ . ..
Local Retirement Section of the Florida Division of Retirement and Municipal Firefighters
Retirement Trust Fund Office:
Good afternoon, the City Council for the City of Okeechobee is considering amendments
to the Firefighters Pension Fund Plan. I am forwarding two attachments as required, for
review prior to the final adoption, which include:
• Proposed Ordinance No. 1229 as presented to the City Council and approved for
first reading on July 6, 2021;
• The Actuarial Impact Statement.
The final public hearing for adoption for the proposed Ordinance was set for August 3,
2021.
Please contact me should there be any issues, or you require any additional information.
Thank you.
i
�r�s ��e �������;o�a, c�c
� '� City Clerk/Personnel Administrator
� ---.- �� City of Okeechobee
�..- .:� 55 SE 3�d Avenue, Room 100, Okeechobee, FL 34974
'-. �- =•' Office: 863.763.3372 ext. 9814, Fax: 863.763.1686, Cell: 863.697-0345
Under Florida law, email addresses are public records. If you do not want your email address released in
response to a public records request, do not send electronic mail to this entity. Instead, contact this office by
phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad public records law.
Most written communications to or from local officials regarding city business are public records available to
the public and media upon request. Your correspondence via e-mail, text message, voice mail, etc., may
therefore be subject to public disclosure.
Lane Gamiotea
From: Janice Rustin <jrustin@Ilw-law.com>
Sent: Friday, July 2, 2021 10:14 AM
To: Jim Linn; Lane Gamiotea; Scott cdpension
Cc: Debbie cdpension; City Attorney; Gary Ritter; Robin Brock; 'Carlyn H. Kowalsky'
Subject: RE: Pension Ordinance FW: Fire Department Merger
Attachments: 1229 Fire Pension (01510274xBA9D6).pdf
Lane: In addition to the change that Jim noted below to subsection 31(5), there is an additional change in
31(6) that is not reflected in the final draft. Please see change below:
(6) In the event a Firefighter with ten (10) or more years of Credited Service in the System
elects to join the Florida Retirement System upon employment by the County, such Firefighter may either
receive a deferred early or r�orrn�i retirement benefit from the System upon attaining eligibility for such
benefit, or receive a refund of his Accumulated Contributions from the System.
All of our other edits to the ordinance are reflected in the attached draft.
Thank you,
Janice
From:lim Linn <jlinn@Ilw-law.com>
Sent: Thursday, July 1, 2021 5:46 PM
To:'Lane Gamiotea' <Igamiotea@cityofokeechobee.com>; Scott cdpension <scott@cdpension.com>;lanice Rustin
<jrustin@Ilw-law.com>
Cc: Debbie cdpension <debbie@cdpension.com>; City Attorney <cityattorney@cityofokeechobee.com>; Gary Ritter
<gritter@cityofokeechobee.com>; Robin Brock <rbrock@cityofokeechobee.com>; 'Carlyn H. Kowalsky'
<CKowalsky@nasonyeager.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Dear Lane: it appears that our edits to Section 31(5) of the ordinance are not correctly reflected in the
reformatted draft. Section 31(5) should read:
In the event a Firefighter with less than ten (10) years of Credited Service in the System elects to join the
Florida Retirement System upon employment by the County, such Firefighter shall receive a refund of his
Accumulated Contributions from the System.
We would like to review the reformatted ordinance to make sure there are no otlier issues. We should be able
to do this tomorrow.
Thanks,
Jim
James W. Linn I Shareholder
315 South Calhoun Street, Suite 830 � Tallahassee, Florida 32301
IlinnCc�llw-law.com � 850.222.5702 � Cell: 850.443.0086
vCard � Website I Bio I join us online
' r��� ` LEW1S
� �`��� ,� L L'�I' �o�����1ACi
�'�w�,��.' � VJALKfR
�,� _
Lane Gamiotea
From: Janice Rustin <jrustin@Ilw-law.com>
Sent: Friday, July 2, 2021 10:47 AM
To: Lane Gamiotea
Cc: Jim Linn
Subject: RE: Pension Ordinance FW: Fire Department Merger
Lane:
Yes, the text highlighted yellow below remains in the ordinance.
Regards,
lanice
On Jul 2, 2021, at 8:52 AM, Lane Gamiotea <I�amiotea@cityofol<eechobee.com> wrote:
External Email
Jim, just wanted to verify, the remainder of the last sentence was to remain?
it reads: In the event a Firefiqhter with less than ten (10) vears of Credited Service in the Svstem elects to ioin the
Florida Retirement Svstem upon emplovment bv the County, such Firefiqhter shall receive a refund of his
Accumulated Contributions from the Svstem upon completion of the necessary forms.
�r,�s ��e �����-��;o�a, cr�c
<image001.png> City Clerk/Personnel Administrator
City of Okeechobee
55 SE 3�d Avenue, Room 100, Okeechobee, FL 34974
Office: 863.763.3372 ext. 9814, Fax: 863.763.1686, Cell: 863.697-0345
Under Florida law, email addresses are public records. If you do not want your email address
released in response to a public records request, do not send electronic mail to this entity.
Instead, contact this office by phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad
public records law. Most written communications to or from local officials regarding city business
are public records available to the public and media upon request. Your correspondence via e-
mail, text message, voice mail, etc., may therefore be subject to public disclosure.
From: Jim Linn <jlinn@Ilw-law.com>
Sent: Thursday, July 1, 2021 5:46 PM
To: Lane Gamiotea <I�amiotea@cityofol<eechobee.com>; Scott cdpension <scott@cdpension.com>;
Janice Rustin <irustin@Ilw-law.com>
Cc: Debbie cdpension <debbie(a�cdpension.com>; City Attorney <citvattornev citvofol<eechobee.com>;
Gary Ritter <�ritter@citvofol<eechobee.com>; Robin Brock <rbrocl<(a�citvofol<eechobee.com>; 'Carlyn H.
Kowalsky' <CKowalsl<y nasonyea�er.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Lane Gamiotea
From:
Sent:
To:
Cc:
Subject:
India Riedel
Wednesday, June 30, 2021 12:00 PM
Shelly.Jones@grsconsulting.com
Lane Gamiotea; City Attorney; Robin Brock; Herb Smith
RE: Elections of Pension for Fire Dept.
Glenn Hodges is in DROP with the FF Pension Plan
Michael Matos has left employment and most likely has requested withdrawal of his pension as he is not vested.
Let me know if you need anything further.
India
India Riedel
Finance Director
�,
�� _ � t�� (�'�
� �'
.�"°""� � . ; �.�Rt��t < = i4as
55 SE 3�d Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372
Direct: (863) 763-9818
Fax: (863) 763-1686
Email: iriedel(a�citvofokeechobee.com
Website: www.citvofokeechobee.com
NOTICE: Under Florida law, email addresses are public records. If you do not want your email address released in response to a public
records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad public records law. Most written
communications to or from local officials regarding city business are public records available to the public and media upon request.
Your correspondence via e-mail, text message, voice mail, etc., may therefore be subject to public disclosure.
From: Shelly.Jones@grsconsulting.com <Shelly.Jones@grsconsulting.com>
Sent: Wednesday, June 30, 2021 11:33 AM
To: India Riedel <iriedel@cityofokeechobee.com>
Cc: Lane Gamiotea <Igamiotea@cityofokeechobee.com>; City Attorney <cityattorney@cityofokeechobee.com>; Robin
Brock <rbrock@cityofokeechobee.com>; Herb Smith <hsmith@cityofokeechobee.com>
Subject: RE: Elections of Pension for Fire Dept.
Good morning India!!!
Upon review, we have two questions.
• Glenn Hodges was not a provided to us a member of the System as of October 1, 2020. Please
provide the date he was hired and/or became a member of the System.
Lane Gamiotea
From:
Sent:
To:
Cc:
Subject:
Good morning India!!!
Shelly.Jones@grsconsulting.com
Wednesday, June 30, 2021 11:33 AM
India Riedel
Lane Gamiotea; City Attorney; Robin Brock; Herb Smith
RE: Elections of Pension for Fire Dept.
Upon review, we have two questions.
Glenn Hodges was not a provided to us a member of the System as of October 1, 2020. Please
provide the date he was hired and/or became a member of the System.
Michael Matos was a member of the System as of October 2020 and is missing an election
below. Did he make an election or perhaps change status since that time? Please advise.
Please let us know if there are any questions.
Best regards,
Shelly
� ��
��t,` � ;�'
Shelly Jones, ASA, EA, FCA, MAAA, CFA
Consultant and Actuary
One East Broward Blvd � Suite 505 � Fort Lauderdale, FL 33301
Phone: 954.527.1616 I Cell: 203.525.0375
Shelly.jones .grsconsulting.com
The above communication shall not be construed to provide tax advice, legal advice or
investment advice.
Notice of Confidentiality: This transmission contains information that may be confidential
and that may also be privileged. Unless you are the intended recipient of the message (or
authorized to receive it for the intended recipient), you may not copy, forward, or otherwise
use it, or disclose its contents to anyone else. If you have received this email in er-ror, please
notify me immediately and delete it from your system.
From: India Riedel <iriedel@cityofokeechobee.com>
Sent: Thursday, June 24, 2021 3:10 PM
Lane Gamiotea
From: Carlyn H. Kowalsky <CKowalsky@nasonyeager.com>
Sent: Tuesday, June 29, 2021 12:40 PM
To: Lane Gamiotea; India Riedel; J.J. Smith; City Attorney
Cc: Gary Ritter; Robin Brock; John Fumero
Subject: RE: Pension Ordinance FW: Fire Department Merger
Jim Linn, the City's attorney assisting us with the Fire Services Transfer concerning the Firefighters Pension
Plan is going to talk with Scott, the attorney for the Pension Fund.
After their discussion, there may be a few tweaks to the Ordinance. I wanted to give everyone a heads up.
Carlyn
Carlyn H. Kowalsky
Attorney at Law
1 I�asonYea �er
� �ek.s�ati � �L�� �; � �ir,�L���, ��,.,,.
Email: CKo_walsky_�na_.so�eage_rcom ' :'i ".�';�,�.' .'' -;'Sv� ,'..''t,'.'
Tel: 561-982-7114 � Fax: 561-982-7116 ' 750 Park of Commerce Blvd., Suite 210 � Boca Raton � FI
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Think Green! Please do not print this e-mail unless absolutely necessary.
From: Lane Gamiotea [mailto:lgamiotea@cityofokeechobee.com]
Sent: Thursday, June 24, 2021 1:Z7 PM
To: Scott cdpension <scott@cdpension.com>; Shelly.Jones@grsconsulting.com
Cc: Carlyn H. Kowalsky <CKowalsky@nasonyeager.com>; Gary Ritter <gritter@cityofokeechobee.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Let me see who has all that information.
�r�s ��� �������;o�a, c�rc
�'�. City Clerk/Personnel Administrator
;
- ' City of Okeechobee
i�.�- :� 55 SE 3�d Avenue, Room 100, Okeechobee, FL 34974
Office: 863.763.3372 ext. 9814, Fax: 863.763.1686, Cell: 863.697-0345
Under Florida law, email addresses are public records. If you do not want your email address released in
response to a public records request, do not send electronic mail to this entity. Instead, contact this office by
phone or in writing, Florida Statute 668.6076.
Lane Gamiotea
From:
Sent:
To:
Cc:
Subject:
Attachments:
Good morning Janice,
Debbie cdpension <debbie@cdpension.com>
Tuesday, June 29, 2021 9:24 AM
Janice Rustin; Scott cdpension
Jim Linn; Lane Gamiotea
RE: Pension Ordinance FW: Fire Department Merger
04-12-21.ord.rev 06-11-21.doc
Here is the converted Word document, as we sent to Mr. Ritter and to the City Clerk last week. Lane may have already
made formatting changes that are not included in this draft. Please provide any comments or suggested changes and I
will have Scott review. He is out of the office on vacation but I can reach him on this issue.
Thank you,
Debbie
�e+� 1�% %�2c(�
Christiansen & Dehner, P.A.
Office Manager
Assistant to Scott R. Christiansen
63 Sarasota Center Blvd., Suite 107
Sarasota, FL 34240
941-377-2200
Debbie(a� cdpension. com
From: Janice Rustin <jrustin@Ilw-law.com>
Sent: Monday, June 28, 20215:02 PM
To: Scott cdpension <scott@cdpension.com>
Cc: Debbie cdpension <debbie@cdpension.com>; Jim Linn <jlinn@Ilw-law.com>
Subject: FW: Pension Ordinance FW: Fire Department Merger
Scott:
We have been asked by the City to review the proposed ordinance amending and restating the City of Okeechobee
Firefighter retirement system to reflect the inter-local with the County for fire services. We are proposing some minor
changes for your review. Can you forward a copy of the attached ordinance in Word, so that I can send you a redline
version of the proposed changes.
Thank you,
Janice Rustin ( Attorney
Board Certified in City, County and Local Government Law
515 North Flagler Drive, Suite 1500 � West Palm Beach, Florida 33401
Working remotely to adhere to LLW's COVID-19 Policy, learn more
jrustin Ilw-law.com � office: 561.640.0820 mobile: 561.789.1464
vCard J Website � Bio � join us online
�-
'� n�,�;�'`° LEti��9S
��� �� � � LQtJGPs7AN
� •�.�`�' �` 1VALK�€i
The information contained in this transmission may be legally privileged and confidential. It is intended only for the use of the recipient(s) named above. If the reader of this message is not the intended
recipient, you are hereby notified that you received this communication in error, and that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this
communication in error, please notify the sender immediately by reply email and delete the message and all copies of it.
From: Scott cdpension [mailto:scott@cdpension.com]
Sent: Friday, June 11, 20214:44 PM
To: City Attorney <cityattornev@citvofokeechobee.com>; Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofol<eechobee.com>; Lane Gamiotea <I�amiotea@cityofol<eechobee.com>; Gary Ritter
<�ritter@cityofol<eechobee.com>; Robin Brock <rbrocl<@cityofol<eechobee.com>; John Fumero
<jfumero(�nasonvea�er.com>; Carlyn H. Kowalsky<CKowalskv@nasonyea�er.com>; Debbie cdpension
<debbie@cdpension.com>; Scott cdpension <scott@cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Good afternoon Carlyn,
Attached is a revised ordinance reflecting the new date of August 2"d. The date was changed on the effective date of the
ordinance, in Section 2 and in Section 31 regarding the merger.
Please let us know when the dates become available for its presentation and adoption by the City.
Thank you and have a good weekend,
Debbie
DeE�e r� �?ZcL?ond
Christiansen & Dehner, P.A.
Office Manager
Assistant to Scott R. Christiansen
63 Sarasota Center Blvd., Suite 107.
Sarasota, FL 34240
941-377-2200
Debbiena,cdpension. com
From: City Attorney <cityattorney@citvofol<eechobee.com>
Sent: Friday, June 11, 2021 2:48 PM
To: Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofol<eechobee.com>; Lane Gamiotea <I�amiotea@cityofokeechobee.com>; Gary Ritter
<gritter(a�citvofokeechobee.com>; Robin Brock <rbrocl<@citvofol<eechobee.com>; John Fumero
<jfumero@nasonyea�er.com>; Carlyn H. Kowalsky <CI<owalskv@nasonyea�er.com>
Subject: Pension Ordinance FW: Fire Department Merger
H i Scott
Lane Gamiotea
From:
Sent:
Cc�
Subject:
Tracking:
Lane Gamiotea f ,�
Wednesday, June 23, 2021 2:43 PM !� a�a �"i
Scott cdpension; Atty Christiansian - Debbie
Robin Brock; City Attorney (cityattorney@cityofokeechobee.com) ����— �
RE: Pension Ordinance FW: Fire Department Merger -
Recipient Delivery L!�"`�� � �
,
Scott cdpension `/ n � �
--�, ��`�? � �,;� -
Atty Christiansian - Debbie
Robin Brock Delivered: 6/23/2021 2:43 PM
City Attorney (cityattorney@cityofokeechobee.com) Delivered: 6/23/2021 2:43 PM
Debbie, would you mind forwarding the word version of this ordinance so that I can assign the number and put it in our
format to provide it to Administration for the exhibit to the agenda.
The first reading is going to be July 6, 2021 and final public hearing August 3, 2021.
Thanks!
�r,�s �aK� �������;o�a, cr�c
f �,���'�F� City Clerk/Personnel Administrator
� - � "� City of Okeechobee
>; ;
;�, �.- �� 55 SE 3�d Avenue, Room 100, Okeechobee, FL 34974
��� Office: 863.763.3372 ext. 9814, Fax: 863.763.1686, Cell: 863.697-0345
Under Florida law, email addresses are public records. If you do not want your email address released in
response to a public records request, do not send electronic mail to this entity. Instead, contact this office by
phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad public records law.
Most written communications to or from local officials regarding city business are public records available to
the public and media upon request. Your correspondence via e-mail, text message, voice mail, etc., may
therefore be subject to public disclosure.
From: Scott cdpension <scott@cdpension.com>
Sent: Friday, June 11, 20214:44 PM
To: City Attorney <cityattorney@cityofokeechobee.com>; Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofokeechobee.com>; Lane Gamiotea <Igamiotea@cityofokeechobee.com>; Gary Ritter
<gritter@cityofokeechobee.com>; Robin Brock <rbrock@cityofokeechobee.com>; John Fumero
<jfumero@nasonyeager.com>; Carlyn H. Kowalsky <CKowalsky@nasonyeager.com>; Debbie cdpension
<debbie@cdpension.com>; Scott cdpension <scott@cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Good afternoon Carlyn,
Attached is a revised ordinance reflecting the new date of August 2"d. The date was changed on the effective date of the
ordinance, in Section 2 and in Section 31 regarding the merger.
Please let us know when the dates become available for its presentation and adoption by the City.
Thank you and have a good weekend,
Debbie
r
Lane Gamiotea
From: Debbie cdpension <debbie@cdpension.com>
Sent: Wednesday, June 23, 2021 1024 AM
To: City Attorney; Scott cdpension
Cc: India Riedel; Lane Gamiotea; Gary Ritter; Robin Brock;lohn Fumero; Carlyn H. Kowalsky;
Ms. Shelly Jones
Subject: RE: Pension Ordinance FW: Fire Department Merger
Attachments: Ritter.06-23-21.pdf
Good morning AGAIN,
Please disregard the previous letter, as it was addressed to former City Administrator MontesDeOca. Attached is a
revised letter with Administrator Gary Ritter as the recipient.
Our apologies.
Thank you,
Debbie
[/e� .� %�"GC�N'�
Christiansen & Dehner, P.A.
Office Manager
Assistant to Scott R. Christiansen
63 Sarasota Center Blvd., Suite 107
Sarasota, FL 34240
941-377-2200
Debbie(a� cdpens ion. com
From: City Attorney <cityattorney@cityofokeechobee.com>
Sent: Tuesday, June 22, 2021 3:37 PM
To: Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofokeechobee.com>; Lane Gamiotea <Igamiotea@cityofokeechobee.com>; Gary Ritter
<gritter@cityofokeechobee.com>; Robin Brock <rbrock@cityofokeechobee.com>; John Fumero
<jfumero@nasonyeager.com>; Carlyn H. Kowalsky <CKowalsky@nasonyeager.com>; Debbie cdpension
<debbie@cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Hi Scott
The City needs to get this on its agenda for first reading at the City Council meeting on July 6t"� To do so, we
need to have an agenda title and backup memo by this Friday June 25t"
The final public hearing would then be August 3rd because of the newspaper advertising schedule.
Will you please prepare a short memo to the council explaining the need and purpose of the ordinance.
Lane mentioned that she will also need the letter from the actuary to go along with the ordinance.
Thank you so much.
Carlyn
561-248-3922
From: Scott cdpension [mailto:scottCa�cdpension.com]
Sent: Friday, June 11, 20214:44 PM
To: City Attorney <cityattorney@citvofol<eechobee.com>; Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@citvofol<eechobee.com>; Lane Gamiotea <I�amiotea@citvofol<eechobee.com>; Gary Ritter
<�ritter(c@citvofol<eechobee.com>; Robin Brock <rbrocl<@citvofol<eechobee.com>; John Fumero
<IfumeroC�nasonvea�er.com>; Carlyn H. Kowalsky<CI<owalsl<v@nasonveager.com>; Debbie cdpension
<debbie@cdpension.com>; Scott cdpension <scott@cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Good afternoon Carlyn,
Attached is a revised ordinance reflecting the new date of August 2"d. The date was changed on the effective date of the
ordinance, in Section 2 and in Section 31 regarding the merger.
Please let us know when the dates become available for its presentation and adoption by the City.
Thank you and have a good weekend,
Debbie
�e�e � %'�2G(�
Christiansen & Dehner, P.A.
Office Manager
Assistant to Scott R. Christiansen
63 Sarasota Center Blvd., Suite 107
Sarasota, FL 34240
941-3 77-2200
Debbie(a� cdpension. com
From: City Attorney <citvattornev@cityofol<eechobee.com>
Sent: Friday, June 11, 2021 2:48 PM
To: Scott cdpension <scottC@cdpension.com>
Cc: India Riedel <iriedel@citvofol<eechobee.com>; Lane Gamiotea <I�amiotea@citvofol<eechobee.com>; Gary Ritter
< ri� tter@citvofol<eechobee.com>; Robin Brock <rbrocl<@citvofol<eechobee.com>; John Fumero
<jfumero@nasonvea�er.com>; Carlyn H. Kowalsky <CI<owalsl<v@nasonyea�er.com>
Subject: Pension Ordinance FW: Fire Department Merger
H i Scott
The City and the Counry postponed the Fire Merger until August 2, 2021. We can place this Ordinance on the
agenda for sometime in July. I will need some input from City staff as to which date that can occur.
We will need a new document to include with the Ordinance you provided. Is there anything else that should
be revised in this ordinance other than Section 2 of the City of Okeechobee Municipal Firefighter's Pension
Fund to change the Date to August 2nd�
Carlyn
From: Scott cdpension [mailto:scott@cdpension.com]
Sent: Monday, April 12, 2021 3:50 PM ,
To: SheIly.Jones@�rsconsulting.com
Cc: Jennifer.Borre�ard@�rsconsultin�.com; Nicolas.Lahaye@�rsconsultin�.com; William.Cui a�rsconsultin�.com;
Andrew.Chen@�rsconsultin�.com; Bobbie Jenkins <bienl<ins@cityofol<eechobee.com>; City Attorney
<citvattarnev@citvofol<eechobee.com>; Carlyn Kowalsky - City of Okeechobee (cl<owalsl<y@nasonyea�er.com)
<cl<owalsl<y(c�nasonyea�er.com>; Kyle Tintle <I<v�e@resourcecenters.com>; Debbie cdpension
<debbie@cdpension.com>
Subject: RE: Fire Department Merger
Shelly,
Attached please find a proposed REVISED ordinance for the Okeechobee Fire Merger with the two changes you
suggested to the Membership section and the Board of Trustees section.
By copy of this document to the City attorney, I would ask that this new version dated 04-12-21 replace the previous
version when it is presented to the City for adoption.
If anyone has any questions, please feel free to give me a call.
Scott
From: Shelly.Jones@�rsconsultin�.com <SheIIV.Jones@�rsconsultin�.com>
Sent: Monday, April 12, 2021 1:12 PM
To: Scott cdpension <scott@cdpension.com>
Cc: Jennifer.Borre�ard@�rsconsultin�.com; Nicolas.Lahaye@�rsconsultin�.com; William.Cui@�rsconsultin�.com;
Andrew.Chen@grsconsulting.com
Subject: FW: Fire Department Merger
Good afternoon Scott!!!
We took a look at the ordinance as drafted and have two comments:
Under Section 2 we recommend adding the word reemployed as below:
SECTION 2. MEMBERSHIP.
Conditions of Eligibility.
o All Firefighters as of the Effective Date who elect, followin� the mer�er with the Countv, to remain
Members of this Svstem, ���' �" {��+,��� ^�, ��•�f�^"*^��, �"," "�^^�^ shall remain Members of this
System as a condition of employment. After June 1. 2021, there shall be no new or reemployed
Members of the Svstem.
Under Section 3 the statement "DROP participants can be elected as but not vote for elected Trustees." may
need to be revised. Earlier in the section active and retired firefighters are able to vote for Trustees.
Please provide the draft after first reading so that we may prepare an Actuarial Impact Statement.
Please let us know if you have any questions.
Best regards,
Shelly
� RS
-_-- �
Shelly Jones, ASA, EA, FCA, MAAA, CFA
Consultant and Actuary
One East Broward Blvd � Suite 505 � Fort Lauderdale, FL 33301
Phone: 954.527.1616 � Cell: 203.525.0375
Shelly.jones angrsconsulting.com
The above communication shall not be constr-ued to provide tax advice, legal advice or investment advice.
Notice of Confidentiality: This transmission contains information that may be confidential and that may also be
privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you
may not copy, forward, or• otherwise use it, or disclose its contents to anyone else. If you have received this email in error,
please notify me immediately and delete it fi-om your system.
From: Amrose, Trisha (FLP1)
Sent: Tuesday, March 16, 2021 3:03 PM
To: Borregard, Jennifer (FLP3) <Jennifer.Borre�ard@�rsconsulting.com>; Jones, Shelly (FLP3)
<SheIlv.Jones(�grsconsultin�.com>
Subject: FW: Fire Department Merger
Hi Jen and Shelly — I think this email was meant for you.
From: Scott cdpension <scott@cdpension.com>
Sent: Tuesday, March 16, 2021 2:22 PM
To: City Attorney <cityattornev@citvofol<eechobee.com>
Cc: Carlyn Kowalsky - City of Okeechobee (cl<owalsl<v@nasonveager.com) <cl<owalsl<v@nasonvea�er.com>; 'Kyle Tintle'
<Kyle@resourcecenters.com>; Debbie cdpension <debbie@cdpension.com>; Amrose, Trisha (FLP1)
<Trisha.Amrose@�rsconsultin�.com>
Subject: RE: Fire Department Merger
** CAUTION: This message originated from an external source.**
Do not click linl<s or open attachments unless you recognize the sender and I<now the content is safe.
John-
4
As discussed, please see attached draft of the Fire Merger restatement ordinance for your review.
Best regards,
Scott 1�., CFiristiansen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott(a�cdpension.com
From: City Attorney <cityattornev@citvofol<eechobee.com>
Sent: Friday, February 12, 2021 10:32 AM
To: Scott cdpension <scott@cdpension.com>
Cc: Bobbie Jenkins <bienl<ins@cityofol<eechobee.com>; Marcos Montes De Oca
<mmontesdeoca@cityofol<eechobee.com>; Lane Gamiotea <I�amiotea@citvofol<eechobee.com>; Robin Brock
<rbrocl<@citvofol<eechobee.com>; Carlyn Kowalsky <CI<owalsl<v@nasonyea�er.com>
Subject: Re: Fire Department Merger
Thanks Scott. Please provide Carlyn and I with a draft.
Best Regards,
JOHN J. FUMERO
Attorney at Law
Office. (561) 314-3999
Cell. (561) 315-4595
Sent Via iPhone
On Feb 11, 2021, at 11:36 AM, Scott cdpension <scott@cdpension.com> wrote:
Thank you. I will work on the ordinance.
Scott 1�., C(zristian.sen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott�cdpension.com
From: Bobbie Jenkins <_bjenl<ins@citvofol<eechobee.com>
Sent: Wednesday, February 10, 2021 11:56 AM
To: Marcos Montes De Oca <mmontesdeoca(�cityofokeechobee.com>; Lane Gamiotea
<�amiotea@citvofol<eechobee.com>
Cc: Robin Brock <rbrocl<@cityofol<eechobee.com>; Scott cdpension <scott@cdpension.com>; City
Attorney <cityattorney@cityofol<eechobee.com>
Subject: RE: Fire Department Merger
Please see attached.
Bobbie J. Jenkins
Deputy Clerk
City of Okeechobee
55 SE 3�d Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372 ext. 9814
Direct: (863) 763-9814
Fax: (863) 763-1686
<image002.png>
<image003.png>
<image004.png>
NOTICE: Florida has a very broad public records law. As a result, any written communication created or received by the City of
Okeechobee officials and employees will be available to the public and media, upon request, unless otherwise exempt. Under
Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records
request, do not send electronic mail to this office. Instead, contact our office by phone or in writing.
From: Marcos Montes De Oca <mmontesdeoca@cityofol<eechobee.com>
Sent: Wednesday, February 10, 2021 11:49 AM
To: Lane Gamiotea <I�amioteaC�cityofol<eechobee.com>
Cc: Robin Brock <rbrock@cityofokeechobee.com>; Scott cdpension <scott@cdpension.com>; City
Attorney <ci_tyattorney@citvofol<eechobee.com>; Bobbie Jenkins <bienlcins@citvofol<eechobee.com>
Subject: RE: Fire Department Merger
Lane,
Can we please forward a copy of the most to date adopted / ratified interlocal we have on the fire
department to Scott
Scott, let me know about the ordinance, please let me know I will have our folks review as required.
Thank you
Marcos
Marcos Montes De Oca, P. E.
City Administrator
<image005.png>
55 SE 3�d Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372 x 9812
Cell: (863) 801-0177
FAX: (863) 763-1686
Email: marcosCc?cityofokeechobee.com
Website: www.cityofol<eechobee.com
NOTICE: Florida has a very broad public records law. As a result, any written communication created or received by
the City of Okeechobee officials and employees will be available to the public and media, upon request, unless
otherwise exempt. Under Florida law, e-mail addresses are public records. If you do not want your e-mail address
released in response to a public records request, do not send electronic mail to this office. Instead, contact our office
by phone or in writing.
From: Scott cdpension <scottC@cdpension.com>
Sent: Wednesday, February 10, 2021 11:32 AM
To: Marcos Montes De Oca <mmontesdeocaC�cityofokeechobee.com>
Subject: Fire Department Merger
Marcos—
Was the Interlocal Agreement between the City and the County approved by both parties? If so, can
you provide me with a copy of the fully executed document? We will need to do an ordinance
amending the Firefighters' pension plan to set forth the terms of the "merger" and make some other
adjustments to reflect that there is no longer a fire department and that those who remain in the City
Firefighters' plan will continue to participate and get credited service for time served with the County
Fire Department. Thanks for your assistance.
Scott 1�., Christiansen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott(a�cdpension.com
This email has been scanned for spam and viruses by Proofpoint Essentials. Click here to report this email as spam.
' � • . ,
L.iw Offices
�! � rn��i�ns�� �. ��eh� � ��r, P...A.,
Scott R. Christiansen 63 Sarasota Center Blvd. Suite 107
Sarasota, Florida 3$240
941-377-ZZou
Fax 941-377-48-�8
Jtuic 23. 2021
Via E-Mail: GRitter�.CitvofOkeechobee.eom
NIr. Gary Ititter
City Administrator
City of Okeechobee
5� S.E. 3rd Avenue
Okeeci�obee, FL 3=�974-?032
H. Lcc Dehner
(1952-2019j
Re: City of Okeechohee Municipal �iretighters' Pension Fund - Proposed Ordinance
Dear Mr. Ritter:
As you kno�ti. I represent thc [3oard of"I'rustees of thc Cit� of Ukeechobce Municipal Firefighters'
Pension I'�md. Enclosed plelse find a proposcd ordinance amendin�z the City of Okeechobee Municipal
Firefi�hters' Pension fund. This ordina��ce amcnds man,y sections of thc plan to reflect Cl�e provisions of the
Au�,ust 2, 2d21 merger with Okechobce County. �vhc� will be �arovidin� fire; services ta the City. As of
Au�,ust 2, 2021, there �vill no ne�v memGe:rs adcled ta this plan, and only those current ittembers who elect
to r�main a member of t{�is pl£lfl SI11II CCI11�i1i1 I�1EIt1IlCt'S OI�tI1C S)'S1CI11.
The changes include a pro��ision that the fu•elighter boarcl men�be:i• seats may be held by either a
retired tirefighter or an active (irefi��hter who remains a mcmber of the plan, or an individual elected by the
[3oaed if there ai•e no acti�e or retircd iireti��htcrs remainin� in the plan. Several sections of the plan �vere
updated with recent chanbes to the Iniernal Revenuc Code (IRC) regardinb a change in the mandatory
distribution date fi•om aac 70'/ to age 72. �I'hese IRC changes are unrclated to the mer��er• There have been
no changes made to any of the plan's benefits.
By copy of tbis letter to the plan's actuary, Gabricl Roecler Smith �X, Com�any, I am rcquesti��g that
they provide you with a letter ar actuarial impact statement t:hrit must accompany tl�is ordinance �vhen it is
presented to the Council far consideration and adoption.
Ifyou or any member c�f your staff'havc any questions �vith regard to tllis o►-dinancc, please feel frce
to give me a call. "This documeut has alr�ady been rcvie�vcd by the City Attorney's office.
Yours ve�►ly,
�
Ct.�
Scoti R. Christianscn
SRC/dm
enclos�n•e
E-copy:
Shellv Jones, with enclosures
Carlyn Kc��a�alsky, �vith enclosures
:
Lane Gamiotea
From:
Sent:
To:
Cc:
Subject:
Attachments:
Shelly---
Scott cdpension <scott@cdpension.com>
Tuesday, June 22, 2021 520 PM
Ms. Shelly Jones
Jennifer.Borregard@grsconsulting.com; Nicolas.Lahaye@grsconsulting.com; Lane
Gamiotea; Ms. Carlyn Kowalsky; Debbie cdpension
FW: Pension Ordinance FW: Fire Department Merger
04-12-21.ord.rev 06-11-21.pdf
Please provide an impact statement or no-impact letter for the attached proposed ordinance and send it to the City
Clerk as soon as possible.
Scott 1�., �'hristiansen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott@cdpension.com
From: City Attorney <cityattorney@cityofokeechobee.com>
Sent: Tuesday, June 22, 2021 3:37 PM
To: Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofokeechobee.com>; Lane Gamiotea <Igamiotea@cityofokeechobee.com>; Gary Ritter
<gritter@cityofokeechobee.com>; Robin Brock <rbrock@cityofokeechobee.com>; John Fumero
<jfumero@nasonyeager.com>; Carlyn H. Kowalsky <CKowalsky@nasonyeager.com>; Debbie cdpension
<debbie@cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
H i Scott
The City needs to get this on its agenda for first reading at the City Council meeting on July 6t"� To do so, we
need to have an agenda title and backup memo by this Friday June 25t"
The final public hearing would then be August 3�d because of the newspaper advertising schedule.
Will you please prepare a short memo to the council explaining the need and purpose of the ordinance.
Lane mentioned that she will also need the letter from the actuary to go along with the ordinance.
Thank you so much.
Carlyn
561-248-3922
From: Scott cdpension [mailto:scottCvcdpension.comj
Sent: Friday, June 11, 20214:44 PM
To: City Attorney <citvattornev@cityofol<eechobee.com>; Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel@cityofol<eechobee.com>; Lane Gamiotea <I�amiotea@citvofol<eechobee.com>; Gary Ritter
<�ritter@citvofol<eechobee.com>; Robin Brock <rbrocl<@cityofol<eechobee.com>; John Fumero
<jfumero@nasonvea�er.com>; Carlyn H. Kowalsky <CKowalskv@nasonyea�er.com>; Debbie cdpension
<debbie@cdpension.com>; Scott cdpension <scottC�cdpension.com>
Subject: RE: Pension Ordinance FW: Fire Department Merger
Good afternoon Carlyn,
Attached is a revised ordinance reflecting the new date of August 2"d. The date was changed on the effective date of the
ordinance, in Section 2 and in Section 31 regarding the merger.
Please let us know when the dates become available for its presentation and adoption by the City.
Thank you and have a good weekend,
Debbie
�e� � %�C(i�'�
Christiansen & Dehner, P.A.
Office Manager
Assistant to Scott R. Christiansen
63 Sarasota Center Blvd., Suite 107
Sarasota, FL 34240
941-377-2200
Debbie ,cdpension.com
From: City Attorney <citvattorney@cityofol<eechobee.com>
Sent: Friday, June 11, 2021 2:48 PM
To: Scott cdpension <scott@cdpension.com>
Cc: India Riedel <iriedel(c@cityofol<eechobee.com>; Lane Gamiotea <Igamiotea@cityofo!<eechobee.com>; Gary Ritter
<�ritter@citvofol<eechobee.com>; Robin Brock <rbrocic@citvofol<eechobee.com>; John Fumero
<ifumero@nasonvea�er.com>; Carlyn H. Kowalsky <CI<owalsl<v@nasonyea�er.com>
Subject: Pension Ordinance FW: Fire Department Merger
Hi Scott
The City and the County postponed the Fire Merger until August 2, 2021. We can place this Ordinance on the
agenda for sometime in July. I will need some input from City staff as to which date that can occur.
We will need a new document to include with the Ordinance you provided. Is there anything else that should
be revised in this ordinance other than Section 2 of the City of Okeechobee Municipal Firefighter's Pension
Fund to change the Date to August 2na7
Carlyn
From: Scott cdpension [mailto:scott@cdpension.com]
Sent: Monday, April 12, 2021 3:50 PM
To: SheIly.Jones@�rsconsultin�.com
Cc: Jennifer.Borre�ard@grsconsultin�.com; Nicolas.Lahaye@�rsconsulting.com; William.Cui@�rsconsultin�.com;
Andrew.Chen@�rsconsultin�.com; Bobbie Jenkins <bienkins@citvofol<eechobee.com>; City Attorney
<citvattornev@citvofol<eechobee.com>; Carlyn Kowalsky - City of Okeechobee (d<owalsl<y@nasonyea�er.com)
<cl<owalsl<V@nasonyeager.com>; Kyle Tintle <I<vle@resourcecenters.com>; Debbie cdpension
<debbie@cdpension.com>
Subject: RE: Fire Department Merger
Shelly,
Attached please find a proposed REVISED ordinance for the Okeechobee Fire Merger with the two changes you
suggested to the Membership section and the Board of Trustees section.
By copy of this document to the City attorney, I would ask that this new version dated 04-12-21 replace the previous
version when it is presented to the City for adoption.
If anyone has any questions, please feel free to give me a call.
Scott
From: Shelly.Jones@�rsconsultin�.com <SheIIV.Jones@�rsconsultin�.com>
Sent: Monday, April 12, 2021 1:12 PM
To: Scott cdpension <scott@cdpension.com>
Cc: Jennofer.Borre�ard@�rsconsultin�.com; Nicolas.Lahaye@�rsconsultin�.com; William.Cui@grsconsultin�.com;
Andrew.Chen@�rsconsultin�.com
Subject: FW: Fire Department Merger
Good afternoon Scott!!!
We took a look at the ordinance as drafted and have two comments:
Under Section 2 we recommend adding the word reemployed as below:
SECTION 2. MEMBERSHIP.
Conditions of Eligibility.
o All Firefighters as of the Effective Date who elect, following the mer�er with the Countv, to remain
Members of this Svstem, �^�' �" ���*���^ ^,���^{�^"*^��, �"�" "^^^^�^ shall remain Members of this
System as a condition of employment. After June 1, 2021, there shall be no new or reemployed
Members of the Svstem.
Under Section 3 the statement "DROP participants can be elected as but not vote for elected Trustees." may
need to be revised. Earlier in the section active and retired firefighters are able to vote for Trustees.
Please provide the draft after first reading so that we may prepare an Actuarial Impact Statement.
Please let us know if you have any questions.
Best regards,
Shelly
���Shelly Jones, ASA, EA, FCA, MAAA, GFA
Consultant and Actuary
�_�, �� One East Broward Blvd � Suite 505 � Fort Lauderdale, FL 33301
Phone: 954.527.1616 � Cell: 203.525.0375
Shelly.jones(a�grsconsulting.com
The above communication shall not be construed to provide tax advice, legal advice or investment advice.
Notice of Confidentiality: This a•ansmission contains information that may be confidential and that may also be
privileged. Unless you are the intended recipient of the message (or authorized to receive it for the incended recipient), you
may not copy, forward, or other•wise use it, or disclose its contents to anyone else. If you have received this email in error,
please notify me immediately and delete it fi•om your system.
From: Amrose, Trisha (FLP1)
Sent: Tuesday, March 16, 2021 3:03 PM
To: Borregard, Jennifer (FLP3) <Jennifer.Borre�ard@�rsconsultin�.com>; Jones, Shelly (FLP3)
<ShellvJones(��rsconsultin�.com>
Subject: FW: Fire Department Merger
Hi Jen and Shelly — I think this email was meant for you.
From: Scott cdpension <scott(�cdpension.com>
Sent: Tuesday, March 16, 2021 2:22 PM
To: City Attorney <cityattornev@citvofol<eechobee.com>
Cc: Carlyn Kowalsky - City of Okeechobee (cl<owalsl<v@nasonyea�er.com) <cl<owalsl<vC�nasonvea�er.com>; 'Kyle Tintle'
<I�le@resourcecenters.com>; Debbie cdpension <debbie(�cdpension.com>; Amrose, Trisha (FLP1)
<Trisha.AmroseC@�rsconsultin�.com>
Subject: RE: Fire Department Merger
** CAUTION: This message originated from an external source.**
Do not clicl< linl<s or open attachments unless you recognize the sender and I<now the content is safe.
John—
As discussed, please see attached draft of the Fire Merger restatement ordinance for your review.
Best regards,
Scott 12., C(zristiansen
Christiansen & Dehner P.A.
F
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott(a�cdpension. com
From: City Attorney <citvattornev@citVofol<eechobee.com>
Sent: Friday, February 12, 2021 10:32 AM
To: Scott cdpension <scott@cdpension.com>
Cc: Bobbie Jenkins <bienl<ins@citvofol<eechobee.com>; Marcos Montes De Oca
<mmontesdeocaC@cityofol<eechobee.com>; Lane Gamiotea <Igamiotea@citvofol<eechobee.com>; Robin Brock
<rbrocl<@citvofokeechobee.com>; Carlyn Kowalsky <CI<owalsl<vC�nasonveager.com>
Subject: Re: Fire Department Merger
Thanks Scott. Please provide Carlyn and I with a draft.
Best Regards,
JOHN J. FUMERO
Attorney at Law
Office. (561) 314-3999
Cell. (561) 315-4595
Sent Via iPhone
On Feb 11, 2021, at 11:36 AM, Scott cdpension <scott@cdpension.com> wrote:
Thank you. I will work on the ordinance.
Scott 12., CFiristiansen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott(cr�.cdpension.com
From: Bobbie Jenkins <bjenl<ins@cityofokeechobee.com>
Sent: Wednesday, February 10, 2021 11:56 AM
To: Marcos Montes De Oca <mmontesdeoca(a�citvofol<eechobee.com>; Lane Gamiotea
<I�amiotea@cityofol<eechobee.com>
Cc: Robin Brock <rbrocl<@citYofol<eechobee.com>; Scott cdpension <scott@cdpension.com>; City
Attorney <citvattornev@citvofol<eechobee.com>
Subject: RE: Fire Department Merger
Please see attached.
Bobbie J. Jenkins
Deputy Clerk
City of Okeechobee
. :.
55 SE 3rd Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372 ext. 9814
Direct: (863) 763-9814
Fax:(863)763-1686
<image002. png>
<image003.png>
<image004.png>
NOTICE: Florida has a very broad public records law. As a result, any written communication created or received by the City of
Okeechobee officials and employees will be available to the public and media, upon request, unless otherwise exempt. Under
Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records
request, do not send electronic mail to this office. Instead, contact our office by phone or in writing.
From: Marcos Montes De Oca <mmontesdeoca@citvofol<eechobee.com>
Sent: Wednesday, February 10, 2021 11:49 AM
To: Lane Gamiotea <�amiotea@citvofol<eechobee.com>
Cc: Robin Brock <rbrocl<@cityofol<eechobee.com>; Scott cdpension <scott@cdpension.com>; City
Attorney <cityattornev@cityofokeechobee.com>; Bobbie Jenkins <bienkins@cityofol<eechobee.com>
Subject: RE: Fire Department Merger
La n e,
Can we please forward a copy of the most to date adopted / ratified interlocal we have on the fire
department to Scott
Scott, let me know about the ordinance, please let me know I will have our folks review as required.
Thank you
M a rcos
Marcos Montes De Oca, P. E.
City Administrator
<image005.png>
55 SE 3rd Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372 x 9812
Cell: (863) 801-0177
FAX: (863) 763-1686
Email: marcosCa�citvofol<eechobee.com
Website: www.cityofol<eechobee.com
NOTICE: Florida has a very broad public records law. As a result, any written communication created or received by
the City of Okeechobee officials and employees will be available to the public and media, upon request, unless
otherwise exempt. Under Florida law, e-mail addresses are public records. If you do not want your e-mail address
released in response to a public records request, do not send electronic mail to this office. Instead, contact our office
by phone or in writing.
From: Scott cdpension <scott@cdpension.com>
Sent: Wednesday, February 10, 2021 11:32 AM
To: Marcos Montes De Oca <mmontesdeocaCa@citvofol<eechobee.com>
Subject: Fire Department Merger
Marcos—
Was the Interlocal Agreement between the City and the County approved by both parties? If so, can
you provide me with a copy of the fully executed document? We will need to do an ordinance
amending the Firefighters' pension plan to set forth the terms of the "merger" and make some other
adjustments to reflect that there is no longer a fire department and that those who remain in the City
Firefighters' plan will continue to participate and get credited service for time served with the County
Fire Department. Thanks for your assistance.
Scott 1�., CFiristiansen
Christiansen & Dehner P.A.
63 Sarasota Center Blvd.
Suite 107
Sarasota, Florida 34240
941-377-2200
Scott(c�cdpension. com
This email has been scanned for spam and viruses by Proofpoint Essentials. Click here to report this email as spam.
Lane Gamiotea �1 ff. P�S(cry�,�QX� `����q
From: India Riedel '
Sent.
To:
Cc:
Subject:
Thursday, June 24, 2021 3.10 PM �.
Shelly.Jones@grsconsulting.com
India Riedel; Lane Gamiotea; City Attorney; Robin Brock; Herb Smith
Elections of Pension for Fire Dept.
Shelly,
Below is a list and the elections as listed on each provided form:
Remain
continue with FRS
Crum, Adam
Hodges, Glenn
Rodriguez, Hilario
Brydebell, Mitch
Weeks, Steve
Gratton, Michael
Benet, Ashton
Cortez, David
Bohn, Austin
Crews, Jeremy
India Riedel
Finance Director
.� ���� �.��
_.�... C��c����rbr�e
,,,,�t'` FE.i�R�{5{t � = � i ���� ' 1415
55 SE 3rd Avenue
Okeechobee, FL 34974
Phone: (863) 763-3372
Direct: (863) 763-9818
Fax: (863) 763-1686
Email: iriedel�citvofokeechobee.com
Website: www.cityofokeechobee.com
Withdraw
Yes
Yes
Yes
Yes
Yes
Retain Vested membership and
Yes
NOTICE: Under Florida law, email addresses are public records. If you do not want your email address released in response to a public
records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad public records law. Most written
communications to or from local officials regarding city business are public records available to the public and media upon request.
Your correspondence via e-mail, text message, voice mail, etc., may therefore be subject to public disclosure.
Yes
Yes
Yes
Yes
1