CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 The Committee on Community Affairs offered the following:
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13 Amendment (with title amendment)
14 Remove from the bill: Everything after the enacting clause
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16 and insert in lieu thereof:
17 Section 1. Paragraph (a) of subsection (2) of section
18 16 of chapter 24981, Laws of Florida, 1947, as amended by
19 chapters 93-373 and 99-483, Laws of Florida, is amended to
20 read:
21 Section 16. West Palm Beach Police Pension Fund.--
22 (2) Definitions.--The following words or phrases, as
23 used in this act, shall have the following meanings, unless a
24 different meaning is clearly indicated by the context:
25 (a) "Actuarial equivalent value," "actuarial
26 equivalence," or "single sum value" means the stated
27 determination using an interest rate of 8.25 7 percent per
28 year and the 1983 Group Annuity Mortality Table.
29 Section 2. Paragraph (c) of subsection (8) of section
30 16 of chapter 24981, Laws of Florida, 1947, as amended by
31 chapter 93-373, Laws of Florida, is amended to read:
1
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 Section 16. West Palm Beach Police Pension Fund.--
2 (8) Age and service requirements for retirement.--
3 (c) Early retirement.--Any member may retire from the
4 service of the department, with the consent of the city, as of
5 the first day of any calendar month which is prior to the
6 member's normal retirement date but subsequent to the date as
7 of which he or she has both attained the age of 50 and
8 completed 10 years of credited service. In the event of early
9 retirement, the monthly amount of retirement income payable
10 shall be computed as described in paragraph (9)(a), taking
11 into account his or her credited service to his or her date of
12 actual retirement and his or her final average salary as of
13 such date. The amount of retirement income shall be
14 actuarially reduced to take into account the member's younger
15 age and earlier commencement of retirement income benefits.
16 In no event shall the early retirement reduction exceed 3
17 percent for each year by which the member's age at retirement
18 preceded the member's normal retirement age.
19 Section 3. Paragraph (a), subparagraph 1.a. of
20 paragraph (d), and paragraph (e) of subsection (9) of section
21 16 of chapter 24981, Laws of Florida, 1947, as amended by
22 chapter 93-373, Laws of Florida, are amended to read:
23 Section 16. West Palm Beach Police Pension Fund.--
24 (9) Retirement pension calculation.--
25 (a) Upon retirement eligibility as provided in
26 subsection (8), a member shall receive a monthly pension. The
27 pension shall be equal to the greater of the following, as
28 applicable:
29 1. A member who has more than or equal to twelve years
30 and six months of service at October 1, 1999, and who was
31 actively employed by the department on or after October 1,
2
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 1999, shall receive a benefit equal to the greater of the
2 following:
3 a. Three percent (3%) of final average salary
4 multiplied by the number of years, and fraction of a year, of
5 credited service earned from April 1, 1987, plus two and
6 one-half percent (2 1/2%) of final average salary multiplied
7 by the number of years, and fraction of a year, of credited
8 service earned prior to April 1, 1987, up to a total of
9 twenty-six (26) years, plus one percent (1%) of the final
10 average salary multiplied by the number of years, and fraction
11 of a year, of credited service which is in excess of
12 twenty-six (26) years; or
13 b. Two and one-half percent (2 1/2%) of final average
14 salary multiplied by the number of years, and fraction of a
15 year, of credited service, not to exceed twenty-six (26)
16 years, plus one percent (1%) of the final average salary
17 multiplied by the number of years, and fraction of a year, of
18 credited service which is in excess of twenty-six years; or
19 c. The sum of the following:
20 (I) Two and one-half percent (2 1/2%) of final average
21 salary multiplied by the number of years, and fraction of a
22 year, of credited service earned through September 30, 1988;
23 and
24 (II) Two percent (2%) of final average salary
25 multiplied by the number of years, and fraction of a year, of
26 credited service earned on and after October 1, 1988.
27
28 However, in no event shall the benefit be less than 2% per
29 year of credited service.
30 2. A member who has more than twelve years and six
31 months of service and who entered the DROP on or before
3
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 October 1, 1999, and who was actively employed by the
2 department on October 1, 1999, shall receive a benefit equal
3 to the greater of the following:
4 a. Three percent (3%) of final average salary
5 multiplied by the number of years, and fraction of a year, of
6 credited service earned in the twelve years and six months
7 prior to entering the DROP, plus 2 1/2% of final average
8 salary multiplied by the number of years and fraction of a
9 year of credited service earned prior to that date which is
10 twelve years and six months prior to entering the DROP, up to
11 a total of twenty-six (26) years, plus one percent (1%) of the
12 final average salary multiplied by the number of years, and
13 fraction of a year, of credited service which is in excess of
14 twenty-six (26) years. The one-half percent (1/2%) enhancement
15 to the accrual rate shall also be applied retroactively to the
16 date of entering the DROP, or two years, whichever is less;
17 provided that the retroactive application shall include
18 principal only, not any earnings thereon. An example of the
19 calculation described in this paragraph is set forth in the
20 collective bargaining agreement between the City of West Palm
21 Beach and the Police Benevolent Association, Certified Unit
22 No. 825, October 1, 1998-September 30, 2001; or
23 b. Two and one-half percent (2 1/2%) of final average
24 salary multiplied by the number of years, and fraction of a
25 year, of credited service, not to exceed twenty-six (26)
26 years, plus one percent (1%) of the final average salary
27 multiplied by the number of years, and fraction of a year, of
28 credited service which is in excess of twenty-six years; or
29 c. The sum of the following:
30 (I) Two and one-half percent (2 1/2%) of final average
31 salary multiplied by the number of years, and fraction of a
4
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 year, of credited service earned through September 30, 1988;
2 and
3 (II) Two percent (2%) of final average salary
4 multiplied by the number of years, and fraction of a year, of
5 credited service earned on and after October 1, 1988.
6
7 However, in no event shall the benefit be less than 2% per
8 year of credited service.
9 3. A member who has less than twelve years and six
10 months of service on October 1, 1999, and who was actively
11 employed by the department on or after October 1, 1999, shall
12 receive a benefit equal to the greater of the following:
13 a. Three percent (3%) of final average salary
14 multiplied by the number of years, and fraction of a year, of
15 credited service up to a total of twenty-six (26) years, plus
16 one percent (1%) of the final average salary multiplied by the
17 number of years, and fraction of a year, of credited service
18 which is in excess of twenty-six (26) years; or
19 b. Two and one-half percent (2 1/2%) of final average
20 salary multiplied by the number of years, and fraction of a
21 year, of credited service, not to exceed twenty-six (26)
22 years, plus one percent (1%) of the final average salary
23 multiplied by the number of years, and fraction of a year, of
24 credited service which is in excess of twenty-six (26) years;
25 or
26 c. The sum of the following:
27 (I) Two and one-half percent (2 1/2%) of final average
28 salary multiplied by the number of years, and fraction of a
29 year, of credited service earned through September 30, 1988;
30 and
31 (II) Two percent (2%) of final average salary
5
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 multiplied by the number of years, and fraction of a year, of
2 credited service earned on and after October 1, 1988.
3
4 However, in no event shall the benefit be less than 2% per
5 year of credited service.
6 4. A member who terminated employment, retired on a
7 vested deferred benefit, or retired on or before October 1,
8 1999, shall receive a benefit equal to the greater of the
9 following:
10 a. Two and one-half percent (2 1/2%) of final average
11 salary multiplied by the number of years, and fraction of a
12 year, of credited service, not to exceed twenty-six (26)
13 years, plus one percent (1%) of the final average salary
14 multiplied by the number of years, and fraction of a year, of
15 credited service which is in excess of twenty-six years; or
16 b. The sum of the following:
17 (I) Two and one-half percent (2 1/2%) of final average
18 salary multiplied by the number of years, and fraction of a
19 year, of credited service earned through September 30, 1988;
20 and
21 (II) Two percent (2%) of final average salary
22 multiplied by the number of years, and fraction of a year, of
23 credited service earned on and after October 1, 1988.
24
25 The three percent (3%) benefit accrual factor for active
26 employees in subparagraphs (9)(a)1., 2., 3., and 4. is
27 contingent on and subject to the adoption and maintenance of
28 the assumptions set forth in subsection (34). If such
29 assumptions are modified by legislative, judicial, or
30 administrative agency action and the modification results in
31 increased city contributions to the pension fund, the three
6
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 percent (3%) benefit accrual factor for active employees in
2 subparagraphs (9)(a)1., 2., and 3. shall be automatically
3 decreased prospectively from the date of the action, to
4 completely offset the increase in city contributions.
5 Provided, however, in no event shall the benefit accrual
6 factor in subparagraphs (9)(a)1., 2., 3., and 4. be adjusted
7 below two and one half percent (2 1/2%).
8
9 To the extent that the benefit accrual factor is less than
10 three percent (3%) for active members with less than twelve
11 years and six months of service on October 1, 1999, the
12 supplemental pension distribution calculation under
13 subparagraph (12)(a)2. shall be adjusted for employees who
14 retire or enter the DROP after October 1, 1999. The adjustment
15 shall be to decrease the minimum return of eight and
16 one-quarter percent (8.25%) needed to afford the supplemental
17 pension distribution, where the amount of the reduction is
18 zero if an employee has been credited with twelve years and
19 six months of service or more with the three percent (3%)
20 benefit accrual factor or one and one-quarter percent (1.25%)
21 if an employee has been credited with no more than a two and
22 one-half percent (2.5%) benefit accrual factor. If an employee
23 has been credited with less than twelve years and six months
24 of service at the three percent (3%) benefit accrual factor,
25 then the accumulated amount over two and one-half percent
26 (2.5%) for each year of service divided by one-half percent
27 (0.5%) divided by twelve and one-half (12.5) subtracted from
28 one multiplied by one and one-quarter percent (1.25%) is the
29 reduction from eight and one-quarter percent (8.25%). An
30 example of the calculation of the minimum return for the
31 supplemental pension distribution as described in this
7
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 paragraph is set forth in the collective bargaining agreement
2 between the City of West Palm Beach and the Police Benevolent
3 Association, Certified Unit No. 145 and Certified Unit No.
4 825, October 1, 1998-September 30, 2001.
5 1. Two and one-half percent of final average salary
6 multiplied by the number of years, and fraction of a year, of
7 credited service, not to exceed 26 years, plus 1 percent of
8 final average salary multiplied by the number of years, and
9 fraction of a year, of credited service which is in excess of
10 26 years; or
11 2. The sum of the following:
12 a. Two and one-half percent of his or her final
13 average salary multiplied by the number of years, and fraction
14 of a year, of credited service earned through September 30,
15 1988; and
16 b. Two percent of final average salary multiplied by
17 the number of years, and fraction of a year, of credited
18 service earned on and after October 1, 1988.
19 (d) Optional forms of retirement income.--
20 1.a. In the event of normal, or early, or disability
21 retirement, in lieu of the normal form of retirement income
22 payable as specified in paragraph (c), and in lieu of the
23 death benefits as specified in subsection (17), a member, upon
24 written request to the board and submission of evidence of
25 good health (except that such evidence shall not be required
26 if such request is made at least 3 years prior to the date of
27 commencement of retirement income) and subject to the approval
28 of the board, may elect to receive a retirement income of
29 equivalent actuarial value payable in accordance with one of
30 the following options:
31 (I) Lifetime option.--A retirement income of a larger
8
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 monthly amount, payable to the member for his or her lifetime
2 only.
3 (II) Joint and survivor option.--A retirement income
4 of a modified monthly amount, payable to the member during the
5 joint lifetime of the member and a dependent joint pensioner
6 designated by the member, and following the death of either of
7 them, 100 percent, 75 percent, 66 2/3 percent, or 50 percent
8 of such monthly amounts, payable to the survivor for the
9 lifetime of the survivor.
10 (e) Designation of beneficiary.--
11 1. Each member may, on a form provided for that
12 purpose, signed and filed with the board, designate a
13 beneficiary (or beneficiaries) to receive the benefit, if any,
14 which may be payable in the event of the member's death; and
15 each designation may be revoked by such member by signing and
16 filing with the board a new designation of beneficiary form.
17 However, after the benefits have commenced, a retirant may
18 change his or her designation of a joint annuitant or
19 beneficiary only twice. If the retirant desires to change his
20 or her joint annuitant or beneficiary, he or she shall file
21 with the board a notarized notice of such change either by
22 registered letter or on a form as provided by the board. Upon
23 receipt of a completed change of joint annuitant form or such
24 other notice, the board shall adjust the member's monthly
25 benefit by the application of actuarial tables and
26 calculations developed to ensure that the benefit paid is the
27 actuarial equivalent of the present value of the member's
28 current benefit.
29 2. Absence or death of beneficiary.--If a deceased
30 member failed to name a beneficiary in the manner prescribed
31 in subparagraph 1., or if the beneficiary (or beneficiaries)
9
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 named by a deceased member predeceases the member, death
2 benefits, if any, which may be payable under this act on
3 behalf of such deceased member may be paid, in the discretion
4 of the board, to: in accordance with subsection (11)(g).
5 a. The spouse or dependent child or children of the
6 member;
7 b. The dependent living parent or parents of the
8 member; or
9 c. The estate of the member.
10 Section 4. Paragraphs (b) through (e) of subsection
11 (12) of section 16 of chapter 24981, Laws of Florida, 1947, as
12 amended by chapters 93-373 and 99-483, Laws of Florida, are
13 redesignated as paragraphs (c) through (f), respectively, and
14 paragraph (a) of said subsection is amended to read:
15 (12) Supplemental pension distribution.--
16 (a) The Board of Trustees shall annually authorize a
17 supplemental pension distribution, the amount of which shall
18 be determined as of each September 30, as applicable.
19 1. For employees who retired prior to October 1, 1999,
20 the amount of the distribution shall be equal to the actuarial
21 present value of future pension payments to current
22 pensioners, multiplied by the positive difference, if any,
23 between the rate of investment return (not to exceed nine
24 percent (9%)) and seven percent (7%), plus one-half of any
25 investment earnings over nine percent (9%).
26 2. For those employees who have more than twelve and
27 one-half (12 1/2) years of service on and after October 1,
28 1999, or who are part of the DROP on or after October 1, 1999,
29 the amount of the distribution shall be equal to the actuarial
30 present value of future pension payments to those pensioners
31 multiplied by the positive difference, if any, between the
10
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 rate of investment return (not to exceed nine percent (9%))
2 and seven percent (7%) plus one-half of any investment
3 earnings over nine percent (9%).
4 3. For those employees who have less than twelve and
5 one-half years of serve as of October 1, 1999, the amount of
6 the distribution shall be equal to the actuarial present value
7 of future pension payments to those pensioners multiplied by
8 the positive difference, if any, between the rate of
9 investment return (not to exceed nine percent (9%)) and eight
10 and one-quarter percent (8.25%), plus one-half of any
11 investment earnings over nine percent (9%). The amount of the
12 distribution shall be equal to the actuarial present value of
13 future pension payments to current pensioners, multiplied by
14 the positive difference, if any, between the rate of
15 investment return (not to exceed 9 percent) and 7 percent plus
16 one-half of any investment earnings over 9 percent.
17 (b) The actuary shall determine whether there may be a
18 supplemental pension distribution based on the following
19 factors:
20 1. The actuary for the pension fund shall determine
21 the rate of investment return earned on the pension fund
22 assets during the 12-month period ending each September 30.
23 The rate determined shall be the rate reported in the most
24 recent actuarial report submitted pursuant to part VII of
25 chapter 112, Florida Statutes.
26 2. The actuary for the pension fund shall, as of
27 September 30, determine the actuarial present value of future
28 pension payments to current pensioners. The actuarial present
29 values shall be calculated using an interest rate of 7 percent
30 a year compounded annually and a mortality table as approved
31 by the board of trustees and as used in the most recent
11
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 actuarial report submitted pursuant to part VII of chapter
2 112, Florida Statutes.
3 3. The supplemental pension distribution amount shall
4 not exceed accumulated net actuarial experience from all
5 pension liabilities and assets. If the net actuarial
6 experience is favorable, cumulatively, commencing with the
7 experience for the year ended September 30, 1991, after offset
8 for all prior supplemental distributions, the supplemental
9 distribution may be made. If the net actuarial experience is
10 unfavorable, cumulatively, commencing with the experience for
11 the year ended September 30, 1991, after offset for all prior
12 supplemental distributions, no supplemental distribution may
13 be made, and the city must amortize the loss until it is
14 offset by cumulative favorable experience.
15
16 If an actuarial report submitted as provided in this paragraph
17 is not state accepted prior to distribution, and if a
18 deficiency to the pension fund results, the deficiency shall
19 be made up from the next available supplemental pension
20 distribution, unless sooner made up by agreement between the
21 board of trustees and the city. No such deficiency shall be
22 permitted to continue for a period greater than 3 years from
23 the date of payment of the supplemental pension distribution
24 which resulted in the deficiency.
25 Section 5. Effective for share account distributions
26 made for calendar year 1998 from chapter moneys received in
27 July 1999, paragraph (a) of subsection (13) of section 16 of
28 chapter 24981, Laws of Florida, 1947, as amended by chapters
29 93-373 and 99-483, Laws of Florida, is amended to read:
30 Section 16. West Palm Beach Police Pension Fund.--
31 (13) Deferred Retirement Option Plan (DROP).--
12
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 (a) Eligibility to participate in the DROP.--
2 1. Any member who is eligible to receive an early or
3 normal retirement pension and who has either attained age 50,
4 regardless of credited service, or completed between 25 and 30
5 years of credited service, may participate in the DROP.
6 Members shall elect to participate by applying to the board of
7 trustees on a form provided for that purpose.
8 2. Election to participate shall be forfeited if not
9 exercised within the first 27 years of combined credited
10 service. However, participation in the first years of
11 enactment will be extended to those members with 28 years of
12 service in 1992.
13 3. A member shall not participate in the DROP beyond
14 the time of attaining 30 years of service and the total years
15 of participation in the DROP shall not exceed 5 years. For
16 example:
17 a. Members with 25 years of credited service at time
18 of entry shall participate for only 5 years.
19 b. Members with 26 years of credited service at time
20 of entry shall participate for only 4 years.
21 c. Members with 27 years of credited service at time
22 of entry shall participate for only 3 years.
23 4. Upon a member's election to participate in the
24 DROP, he or she shall cease to be a member and shall no longer
25 accrue any benefits under the pension fund, except for the
26 benefits provided under subsection (11), Chapter 185 share
27 accounts. For all fund purposes, the member becomes a
28 retirant, except that a DROP participant shall continue to
29 receive shares of the chapter moneys in accordance with
30 subsection (11), Chapter 185 share accounts. The amount of
31 credited service and final average salary shall freeze as of
13
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 the date of entry into the DROP.
2 5. Notwithstanding any provision of this section to
3 the contrary, the police chief of the department may, at his
4 or her option, extend his or her participation in the DROP
5 beyond 5 years or 30 years of total service. For purposes of
6 this subsection, "police chief" means a member who has been
7 promoted from police officer through the ranks of the
8 department to the position of police chief. Any such police
9 chief shall not participate in the DROP beyond the attainment
10 of 33 years of service, and the total years of participation
11 in the DROP shall not exceed 8 years.
12 Section 6. Subparagraph 1. of paragraph (d) of
13 subsection (16) of section 16 of chapter 24981, Laws of
14 Florida, 1947, as amended by chapter 93-373, Laws of Florida,
15 is amended to read:
16 Section 16. West Palm Beach Police Pension Fund.--
17 (16) Conditions applicable to all disability
18 retirants.--
19 (d) Normal form of disability retirement income.--
20 1. Duty or nonduty disability with 10 years of
21 service.
22 a. Married member.--The standard form of disability
23 retirement benefit for a married member or for a member with
24 dependent children or parents shall be a disability pension
25 and death benefit. This form of benefit shall provide monthly
26 payments for the life of the member as set forth in subsection
27 (14) or subsection (15), as applicable, or the disability
28 retiree may select optional forms of benefits in accordance
29 with paragraph (9)(d). Thereafter, death benefits shall be
30 paid as provided in subsection (17).
31 b. Nonmarried member.--The standard form of disability
14
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 retirement benefit for a member who is not married or who does
2 not have dependent children or parents shall be a 10-year
3 certain benefit. This benefit shall pay monthly benefits for
4 the member's lifetime. In the event the member dies after his
5 or her retirement but before he or she has received disability
6 retirement benefits for a period of 10 years, the same monthly
7 benefit shall be paid to the beneficiary (or beneficiaries) as
8 designated by the member for the balance of such 10-year
9 period. In the absence of a designated beneficiary, then the
10 benefits will be paid to the estate of the retiree.
11 Section 7. Subparagraph 1. of paragraph (a) of
12 subsection (19) of section 16 of chapter 24981, Florida
13 Statutes, 1947, as amended by chapter 93-373, Laws of Florida,
14 is amended to read:
15 (19) Member's contributions; refunds.--
16 (a) Member's contributions.--
17 1. The member shall contribute 7 6.45 percent of his
18 or her salary to the fund.
19 Section 8. Paragraph (d) is added to subsection (33)
20 of section 16 of chapter 24981, Florida Statutes, 1947, as
21 renumbered by chapters 95-478 and 99-483, Laws of Florida, to
22 read:
23 Section 16. Palm Beach Pension Fund.--
24 (33) Miscellaneous requirements.--
25 (d) False or misleading statements made to obtain
26 retirement benefits prohibited.--
27 1. It is unlawful for a person to willfully and
28 knowingly make, or cause to be made, or to assist, conspire
29 with, or urge another to make, or cause to be made, any false,
30 fraudulent, or misleading oral or written statement or to
31 withhold or conceal material information to obtain any benefit
15
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 under this plan.
2 2.a. A person who violates subparagraph 1. commits a
3 misdemeanor of the first degree, punishable as provided in s.
4 775.082 or s. 775.083, Florida Statutes.
5 b. In addition to any applicable criminal penalty,
6 upon conviction for a violation described in subparagraph 1.,
7 a participant or beneficiary of this plan may, in the
8 discretion of the board of trustees, be required to forfeit
9 the right to receive any or all benefits to which the person
10 would otherwise be entitled under this plan. For purposes of
11 this sub-subparagraph, "conviction" means a determination of
12 guilt that is the result of a plea or trial, regardless of
13 whether adjudication is withheld.
14 Section 9. Subsection (34) is added to section 16 of
15 chapter 24981, Laws of Florida, 1947, as amended by chapters
16 95-478 and 99-483, Laws of Florida, to read:
17 (34) Actuarial assumptions.--The following actuarial
18 assumptions shall be used for all purposes in connection with
19 this fund, effective October 1, 1999:
20 (a) The assumed investment rate of return shall be
21 eight and one-quarter percent (8.25%); and
22 (b) The period for amortizing current, future, and
23 past actuarial gains or losses shall be 20 years.
24
25 The consequences of the change in assumptions in paragraphs
26 (a) and (b) shall first take effect during the October 1,
27 1999-September 30, 2000, fiscal year of the City of West Palm
28 Beach. To the extent that effective dates or legislative
29 delays might influence the direct application to the October
30 1, 1999-September 30, 2000, fiscal year of the actuarial cost
31 estimate dated March 24, 2000, there shall be a minimum
16
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 contribution reserve established by the pension fund for the
2 City of West Palm Beach. The reserve will be credited with any
3 amounts contributed to the pension fund by the City of West
4 Palm Beach during the October 1, 1999-September 30, 2000,
5 fiscal year in excess of $1,462,965. This amount has been
6 determined by combining the contribution requirement from the
7 September 30, 1998, actuarial valuation report dated May 7,
8 1999, with the subsequent actuarial cost estimate dated March
9 24, 2000, both of which were prepared by the fund's actuary.
10 Section 10. All special laws and parts of special
11 laws, ordinances, or regulations, insofar as they are in
12 conflict or inconsistent with the provisions of this act, are
13 repealed.
14 Section 11. This act shall take effect upon becoming a
15 law.
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19 And the title is amended as follows:
20 remove from the title of the bill: the entire title
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22 and insert in lieu thereof:
23 A bill to be entitled
24 An act relating to the City of West Palm Beach,
25 Palm Beach County; amending chapter 24981, Laws
26 of Florida, 1947, as amended; revising language
27 with respect to the West Palm Beach Police
28 Pension Fund; revising language relating to
29 early retirement; revising the provisions
30 regarding optional forms of retirement income;
31 revising the beneficiary provisions; revising
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HOUSE AMENDMENT
Bill No. HB 1091
Amendment No. 01 (for drafter's use only)
1 the disability provisions; providing for a
2 definition of the actuarial equivalent value;
3 providing for retirement pension calculations;
4 providing for supplemental pension
5 distributions; providing for actuarial
6 assumptions; adding language imposing penalties
7 for false or misleading statements to obtain
8 benefits; providing for retroactive effect;
9 providing an effective date.
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