CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (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 Local Government & Veterans Affairs offered
12 the following:
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14 Amendment
15 Remove everything after the enacting clause
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17 and insert:
18 Section 1. Section 16 of chapter 24981, Laws of
19 Florida, 1947, as amended, is amended and readopted to read:
20 (Substantial rewording of section. See
21 chapter 93-373, Laws of Florida, as amended
22 by chapters 96-526, 97-336, 99-483, 2000-410,
23 and 2001-312, Laws of Florida, for present text.)
24 Section 16. West Palm Beach Police Pension Fund.--
25 (1) Creation of fund.--There is hereby created and
26 established a special fund for the police officers of the City
27 of West Palm Beach to be known as the West Palm Beach Police
28 Pension Fund. All assets of every description held in the name
29 of the West Palm Beach Police Pension and Relief Fund and in
30 the name of the West Palm Beach Pension Fund have been and
31 continue to be combined.
1
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (2) Definitions.--The following words or phrases, as
2 used in this act, shall have the following meanings, unless a
3 different meaning is clearly indicated by the context:
4 (a) "Actuarial equivalent value," "actuarial
5 equivalence," or "single sum value" means the stated
6 determination using an interest rate of 8.25 percent per year
7 and the 1983 Group Annuity Mortality Table.
8 (b) "Beneficiary" means any person, except a retirant,
9 who is entitled to receive a benefit from the West Palm Beach
10 Police Pension Fund or the West Palm Beach Police Pension and
11 Relief Fund, as applicable.
12 (c) "Board of Trustees" or "Board" means the Board of
13 Trustees provided for in this act.
14 (d) "City" means the City of West Palm Beach, Florida.
15 (e) "Department" means the Police Department in the
16 City of West Palm Beach.
17 (f) "Enrolled actuary" means an actuary who is
18 enrolled under Subtitle C of Title III of the Employee
19 Retirement Income Security Act of 1974 and who is a member of
20 the Society of Actuaries or the American Academy of Actuaries.
21 (g) "Final average salary" means the average of the
22 monthly salary paid a member in the 3 best years of
23 employment.
24 (h) "Fund" or "Pension Fund" means the West Palm Beach
25 Police Pension Fund or the West Palm Beach Pension and Relief
26 Fund, as applicable.
27 (i) "Member" or "participant" means any person who is
28 included in the membership of the Fund in accordance with
29 subsection (6).
30 (j) "Pension" means a monthly amount payable from the
31 Fund throughout the future life of a person, or for a limited
2
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 period of time, as provided in this act.
2 (k) "Police officer" means any person who is elected,
3 appointed, or employed full time by the City, who is certified
4 or required to be certified as a law enforcement officer in
5 compliance with section 943.14, Florida Statutes, who is
6 vested with authority to bear arms and make arrests, and whose
7 primary responsibility is the prevention and detection of
8 crime or the enforcement of the penal, criminal, traffic, or
9 highway laws of the state. This definition includes all
10 certified supervisory and command personnel whose duties
11 include, in whole or in part, the supervision, training,
12 guidance, and management responsibilities of full-time law
13 enforcement officers, part-time law enforcement officers, or
14 auxiliary law enforcement officers, but does not include
15 part-time law enforcement officers or auxiliary law
16 enforcement officers as the same are defined in subsections
17 (6) and (8) of section 943.10, Florida Statutes.
18 (l) "Qualified health professional" means a person
19 duly and regularly engaged in the practice of his or her
20 profession who holds a professional degree from a university
21 or college and has special professional training or skill
22 regarding the physical or mental condition, disability, or
23 lack thereof, upon which he or she is to present evidence to
24 the Board.
25 (m) "Qualified public depository" means any bank or
26 savings association organized and existing under the laws of
27 Florida and any bank or savings association organized under
28 the laws of the United States that has its principal place of
29 business, or a branch office, in Florida which is authorized
30 under the laws of Florida or the United States to receive
31 deposits in Florida; that meets all of the requirements of
3
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 chapter 280, Florida Statutes; and that has been designated by
2 the Treasurer of the State of Florida as a qualified public
3 depository.
4 (n) "Retirant" means any member who retires with a
5 pension from the Fund.
6 (o) "Retirement" means a member's withdrawal from City
7 employment with a pension payable from the Fund.
8 (p) "Salary" means the fixed monthly compensation paid
9 to a member; compensation shall include those items as have
10 been included as compensation in accordance with past
11 practice. However, the term shall not be construed to include
12 lump sum payments for accumulated leave. On and after January
13 1, 1997, compensation shall mean payment for regular hours
14 worked, overtime payments for services performed for the City,
15 hazardous duty pay, holiday pay, educational supplements,
16 longevity pay, specialized assignment pay, and any payments
17 for approved leave, excluding lump sum payments for
18 accumulated leave such as accrued vacation leave, accrued sick
19 leave, and accrued personal leave. This definition of
20 compensation shall not include off-duty employment performed
21 for vendors other than the City of West Palm Beach per Article
22 37, Salary Plan Section 7 of the Officers' and Sergeants'
23 Contract and Article 36, Salary Plan Section 5 of the
24 Lieutenants' Contract.
25 (q) "Service" or "service credit" means the total
26 number of years, and fractional parts of years, of employment
27 of any police officer, omitting intervening years, and
28 fractional parts of years, when such police officer was not
29 employed by the City. No member shall receive credit for
30 years, or fractional parts of years, of service for which the
31 member has withdrawn his or her contributions to the Fund. It
4
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 is further provided that a member may voluntarily leave his or
2 her contributions in the Fund for a period of 5 years after
3 leaving the employ of the Department, pending the possibility
4 of being rehired by the Department, without losing credit for
5 the time he or she has participated actively as a police
6 officer. Should he or she not be reemployed as a police
7 officer with the Department within 5 years, his or her
8 contributions shall be returned without interest. In
9 determining the aggregate number of years of service of any
10 member, the time spent in the military service of the United
11 States or United States Merchant Marine by the police officer
12 on leave of absence for such reason shall be added to the
13 years of service. However, to receive credit for such service,
14 the member must have reentered the employ of the Department
15 within 1 year after date of release from such service.
16 (r) The masculine gender includes the feminine and
17 words in the singular with respect to persons shall include
18 the plural and vice versa.
19 (3) Board of Trustees of Police Pension Fund.--
20 (a) Board of Trustees created.--There is hereby
21 created a Board of Trustees, which shall be solely responsible
22 for administering the West Palm Beach Police Pension Fund. The
23 Board shall be a legal entity, with the power to bring and
24 defend lawsuits of every kind, nature, and description and
25 shall be independent of the City to the extent required to
26 accomplish the intent, requirements, and responsibilities
27 provided for in this act. The Board shall consist of five
28 trustees, as follows:
29 1. Two legal residents of the City, who shall be
30 appointed by the City. Each resident trustee shall serve as a
31 trustee for a period of 2 years, unless sooner replaced by the
5
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 City, at whose pleasure he or she shall serve, and may succeed
2 himself or herself as a trustee.
3 2. Two police officers, who shall be elected by a
4 majority of the police officers who are members of the Fund.
5 Elections shall be held under such reasonable rules and
6 regulations as the Board shall from time to time adopt. Each
7 member-trustee shall serve as trustee for a period of 2 years,
8 unless he or she sooner ceases to be a police officer in the
9 employ of the Department, whereupon the members shall choose
10 his or her successor in the same manner as the original
11 appointment. Each member-trustee of the Fund may succeed
12 himself or herself as a trustee.
13 3. A fifth trustee, who shall be chosen by a majority
14 of the other four trustees. This fifth person's name shall be
15 submitted to the City, which shall, as a ministerial duty,
16 appoint such person to the Board as a fifth trustee. The fifth
17 person shall serve as trustee for a period of 2 years, and may
18 succeed himself or herself as a trustee.
19 (b) Board vacancy; how filled.--In the event a trustee
20 provided for in subparagraph (a)2. ceases to be a police
21 officer in the employ of the Department, he or she shall be
22 considered to have resigned from the Board. In the event a
23 trustee provided for in subparagraph (a)2. shall resign, be
24 removed, or become ineligible to serve as a trustee, the Board
25 shall, by resolution, declare the office of trustee vacated as
26 of the date of adoption of said resolution. If such a vacancy
27 occurs in the office of trustee within 90 days of the next
28 succeeding election for trustee, the vacancy shall be filled
29 at the regular election for the next term; otherwise, the
30 vacancy shall be filled for the unexpired portion of the term,
31 as provided in subparagraph (a)2. In the event a trustee
6
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 provided for in subparagraph (a)1. or subparagraph (a)3. shall
2 resign, be removed, or become ineligible to serve as a
3 trustee, the Board shall, by resolution, declare the office of
4 trustee vacated as of the date of adoption of said resolution.
5 The trustee's successor for the unexpired portion of said
6 trustee's term shall be chosen in the same manner as an
7 original appointment.
8 (c) Board meetings; quorum; procedures.--The Board
9 shall hold meetings regularly, at least one in each quarter
10 year, and shall designate the time and place thereof. At any
11 meeting of the Board, three trustees shall constitute a
12 quorum. Each trustee shall be entitled to one vote on each
13 question before the Board and at least three concurring votes
14 shall be required for a decision by the Board at any of its
15 meetings. The Board shall adopt its own rules of procedure and
16 shall keep a record of its proceedings. All public records of
17 the Board shall be kept and maintained as required by law. All
18 meetings of the Board shall be open to the public and shall be
19 held as required by law.
20 (d) Board chair.--The Board shall elect from among the
21 trustees a chair.
22 (e) Board secretary.--The Board shall elect from among
23 the trustees a secretary. The secretary shall keep a complete
24 minute book of the actions, proceedings, and hearings of the
25 Board.
26 (f) Compensation.--The trustees of the Fund shall not
27 receive any compensation for their services as such, but may
28 receive expenses and per diem as provided by law.
29 (4) Professional and clerical services.--
30 (a) Pension administrator.--The pension administrator
31 of the Fund shall be designated by the Board and shall carry
7
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 out its orders and directions.
2 (b) Custodian of funds.--All moneys and securities of
3 the Fund may be deposited with the cash management coordinator
4 of the City, acting in a ministerial capacity only, who shall
5 be bonded and shall be liable in the same manner and to the
6 same extent as he or she is liable for the safekeeping of
7 funds for the City. However, any funds and securities
8 deposited with the cash management coordinator shall be kept
9 in a separate fund by the cash management coordinator or
10 clearly identified as funds and securities of the Fund. In
11 lieu thereof, the Board shall deposit the Funds and securities
12 in a qualified public depository designated by the Board.
13 1. The cash management coordinator or other designated
14 qualified public depository shall receive all moneys due said
15 Fund from all sources whatsoever. All tax revenue received
16 pursuant to the provisions of chapter 185, Florida Statutes,
17 shall be deposited into the Fund no more than 5 days after
18 receipt. Member contributions withheld by the City on behalf
19 of a member shall be deposited in the Fund immediately.
20 2. The Board may issue drafts upon the Fund pursuant
21 to this act and rules and regulations prescribed by the Board,
22 provided that such drafts shall be issued in accordance with
23 generally accepted accounting procedures, American Institute
24 of Certified Public Accountants guidelines, and rules of the
25 State of Florida Auditor General. All such drafts shall be
26 consecutively numbered and signed by the chair and secretary,
27 and each draft shall, upon its face, state the purpose for
28 which it is drawn. For this purpose, the chair and secretary
29 shall be bonded. The cash management coordinator or other
30 depository shall retain such drafts when paid, as permanent
31 vouchers for disbursements made, and no money shall be
8
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 otherwise drawn from the Fund. Payments from the Fund shall be
2 made only upon a specific or general motion or resolution
3 previously adopted by the Board authorizing such payment or
4 payments.
5 (c) Legal counsel.--The City Attorney shall give
6 advice to the Board in all matters pertaining to its duties in
7 the administration of the Fund whenever requested, shall
8 represent and defend the Board as its attorney in all suits
9 and actions at law or in equity that may be brought against
10 it, and shall bring all suits and actions in its behalf that
11 may be required or determined upon by said Board. However, if
12 the Board so elects, it may employ independent legal counsel
13 at the Fund's expense for the purposes set forth in this act.
14 (d) Actuary.--The Board shall designate an enrolled
15 actuary who shall be its technical advisor and who shall
16 perform such other actuarial services as are required.
17 (e) Certified public accountant.--The Board shall
18 employ, at its expense, a certified public accountant to
19 conduct an independent audit of the Fund. The certified public
20 accountant shall be independent of the Board and the City.
21 (f) Additional professional, technical, or other
22 services.--The Board shall have the authority to employ such
23 professional, technical, or other advisors as are required to
24 carry out the provisions of this act.
25 (5) Reports; experience tables; regular interest.--
26 (a) Reports.--The pension administrator shall keep, or
27 cause to be kept, such data as shall be necessary for an
28 actuarial valuation of the assets and liabilities of the Fund.
29 (b) Experience tables; regular interest; adoption of
30 same.--The Board shall, from time to time, adopt such
31 mortality and other tables of experience, and a rate or rates
9
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 of interest, as required to operate the Fund on an actuarial
2 basis.
3 (6) Membership.--All police officers in the employ of
4 the Department shall be included in the membership of the
5 Fund, and all persons who hereafter become police officers in
6 the employ of the City shall thereupon become members of the
7 Fund. Except as otherwise provided in this act, should any
8 member cease to be a police officer in the employ of the
9 Department, he or she shall thereupon cease to be a member and
10 his or her credited service at that time shall be forfeited.
11 In the event such person is reemployed in the Department as a
12 police officer, he or she shall again become a member. Should
13 said employment occur within a period of 6 years from and
14 after the date the member last left the employ of the
15 Department, his or her forfeited service shall be restored to
16 the member's credit, provided that he or she returns to the
17 Fund the amount he or she might have withdrawn, together with
18 regular interest from the date of withdrawal to the date of
19 repayment. Upon the member's retirement or death, he or she
20 shall thereupon cease to be a member.
21 (7) Service credit.--Pursuant to appropriate rules and
22 regulations, the Board shall determine and credit the amount
23 of service to which each member shall be credited, consistent
24 with the provisions of this act and chapter 185, Florida
25 Statutes.
26 (8) Age and service requirements for retirement.--
27 (a) Normal retirement.--Upon written application filed
28 with the Board, any member may retire and receive the
29 applicable pension provided for in paragraph (9)(a), provided
30 that the member has attained age 50 and has at least 20 years
31 of credited service, has attained age 55 and has at least 10
10
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 years of credited service, or has at least 25 years of
2 continuous credited service, regardless of age.
3 (b) Vested deferred retirement.--A member who leaves
4 the employ of the Department with 10 or more years of credited
5 service and who is not eligible for any other retirement
6 benefit under this act shall be entitled to the pension
7 provided for in this subsection. Payments of this pension
8 shall begin the first day of the calendar month following the
9 month in which his or her application is filed with and
10 accepted by the Board on or after attainment of age 50 years.
11 If applicable, the amount of the pension shall be determined
12 in accordance with the early retirement provisions below.
13 (c) Early retirement.--Any member may retire from the
14 service of the Department as of the first day of any calendar
15 month which is prior to the member's normal retirement date
16 but subsequent to the date as of which he or she has both
17 attained the age of 50 and completed 10 years of credited
18 service. In the event of early retirement, the monthly amount
19 of retirement income payable shall be computed as described in
20 paragraph (9)(a), taking into account his or her credited
21 service to his or her date of actual retirement and his or her
22 final average salary as of such date. The amount of retirement
23 income shall be actuarially reduced to take into account the
24 member's younger age and earlier commencement of retirement
25 income benefits. The early retirement reduction shall be 3
26 percent for each year by which the member's age at retirement
27 preceded the member's normal retirement age.
28 (9) Retirement pension calculation.--
29 (a) Upon retirement eligibility as provided in
30 subsection (8), a member shall receive a monthly pension. The
31 pension shall be the following, as applicable:
11
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 1. A member who has more than or equal to 12 years and
2 6 months of service at October 1, 1999, and who was actively
3 employed by the Department on or after October 1, 1999, shall
4 receive a benefit equal to the greater of the following:
5 a. Three percent of final average salary multiplied by
6 the number of years, and fraction of a year, of credited
7 service earned from April 1, 1987, plus 2.5 percent of final
8 average salary multiplied by the number of years, and fraction
9 of a year, of credited service earned prior to April 1, 1987,
10 up to a total of 26 years, plus 1 percent of the final average
11 salary multiplied by the number of years, and fraction of a
12 year, of credited service which is in excess of 26 years;
13 b. Two and one-half percent of final average salary
14 multiplied by the number of years, and fraction of a year, of
15 credited service, not to exceed 26 years, plus 1 percent of
16 the final average salary multiplied by the number of years,
17 and fraction of a year, of credited service which is in excess
18 of 26 years; or
19 c. The sum of the following:
20 (I) Two and one-half percent of final average salary
21 multiplied by the number of years, and fraction of a year, of
22 credited service earned through September 30, 1988; and
23 (II) Two percent of final average salary multiplied by
24 the number of years, and fraction of a year, of credited
25 service earned on and after October 1, 1988.
26
27 However, in no event shall the benefit be less than 2 percent
28 per year of credited service.
29 2. A member who has more than 12 years and 6 months of
30 service and who has entered the DROP on or before October 1,
31 1999, and who was actively employed by the Department on
12
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 October 1, 1999, shall receive a benefit equal to the greater
2 of the following:
3 a. Three percent of final average salary multiplied by
4 the number of years, and fraction of a year, of credited
5 service earned in the 12 years and 6 months prior to entering
6 the DROP, plus 2.5 percent of final average salary multiplied
7 by the number of years, and fraction of a year, of credited
8 service earned prior to that date which is 12 years and 6
9 months prior to entering the DROP, up to a total of 26 years,
10 plus 1 percent of the final average salary multiplied by the
11 number of years, and fraction of a year, of credited service
12 which is in excess of 26 years. The one-half percent
13 enhancement to the accrual rate shall also be applied
14 retroactively to the date of entering the DROP, or 2 years,
15 whichever is less, provided that the retroactive application
16 shall include principal only and not any earnings thereon. An
17 example of the calculation described in this sub-subparagraph
18 is set forth in the collective bargaining agreement between
19 the City of West Palm Beach and the Police Benevolent
20 Association, Certified Unit No. 825, October 1, 1998-September
21 30, 2001;
22 b. Two and one-half percent of final average salary
23 multiplied by the number of years, and fraction of a year, of
24 credited service, not to exceed 26 years, plus 1 percent of
25 the final average salary multiplied by the number of years,
26 and fraction of a year, of credited service which is in excess
27 of 26 years; or
28 c. The sum of the following:
29 (I) Two and one-half percent of final average salary
30 multiplied by the number of years, and fraction of a year, of
31 credited service earned through September 30, 1988; and
13
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (II) Two percent of final average salary multiplied by
2 the number of years, and fraction of a year, of credited
3 service earned on and after October 1, 1988.
4
5 However, in no event shall the benefit be less than 2 percent
6 per year of credited service.
7 3. A member who has less than 12 years and 6 months of
8 service on October 1, 1999, and who was actively employed by
9 the Department on or after October 1, 1999, shall receive a
10 benefit equal to the greater of the following:
11 a. Three percent of final average salary multiplied by
12 the number of years, and fraction of a year, of credited
13 service up to a total of 26 years, plus 1 percent of the final
14 average salary multiplied by the number of years, and fraction
15 of a year, of credited service which is in excess of 26 years;
16 b. Two and one-half percent of final average salary
17 multiplied by the number of years, and fraction of a year, of
18 credited service, not to exceed 26 years, plus 1 percent of
19 the final average salary multiplied by the number of years,
20 and fraction of a year, of credited service which is in excess
21 of 26 years; or
22 c. The sum of the following:
23 (I) Two and one-half percent of final average salary
24 multiplied by the number of years, and fraction of a year, of
25 credited service earned through September 30, 1988; and
26 (II) Two percent of final average salary multiplied by
27 the number of years, and fraction of a year, of credited
28 service earned on and after October 1, 1988.
29
30 However, in no event shall the benefit be less than 2 percent
31 per year of credited service.
14
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 4. A member who terminated employment, retired on a
2 vested deferred benefit, or retired on or before October 1,
3 1999, shall receive a benefit equal to the greater of the
4 following:
5 a. 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 the
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 b. The sum of the following:
12 (I) Two and one-half percent of final average salary
13 multiplied by the number of years, and fraction of a year, of
14 credited service earned through September 30, 1988; and
15 (II) Two percent of final average salary multiplied by
16 the number of years, and fraction of a year, of credited
17 service earned on and after October 1, 1988.
18
19 The 3-percent benefit accrual factor for active employees in
20 subparagraphs (a)1., 2., 3., and 4. is contingent on and
21 subject to the adoption and maintenance of the assumptions set
22 forth in subsection (34). If such assumptions are modified by
23 legislative, judicial, or administrative agency action and the
24 modification results in increased City contributions to the
25 Pension Fund, the 3-percent benefit accrual factor for active
26 employees in subparagraphs (a)1., 2., and 3. shall be
27 automatically decreased prospectively from the date of the
28 action, to completely offset the increase in City
29 contributions. However, in no event shall the benefit accrual
30 factor in subparagraphs (a)1., 2., 3., and 4. be adjusted
31 below 2.5 percent.
15
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1
2 To the extent that the benefit accrual factor is less than 3
3 percent for active members with less than 12 years and 6
4 months of service on October 1, 1999, the supplemental pension
5 distribution calculation under subparagraph (12)(a)2. shall be
6 adjusted for employees who retire or enter the DROP after
7 October 1, 1999. The adjustment shall be to decrease the
8 minimum return of 8.25 percent needed to afford the
9 supplemental pension distribution, where the amount of the
10 reduction is zero if an employee has been credited with 12
11 years and 6 months of service or more with the 3-percent
12 benefit accrual factor or 1.25 percent if an employee has been
13 credited with no more than a 2.5-percent benefit accrual
14 factor. If an employee has been credited with less than 12
15 years and 6 months of service at the 3-percent benefit accrual
16 factor, then the accumulated amount over 2.5 percent for each
17 year of service divided by one-half percent divided by 12.5
18 subtracted from 1 multiplied by 1.25 percent is the reduction
19 from 8.25 percent. An example of the calculation of the
20 minimum return for the supplemental pension distribution as
21 herein described is set forth in the collective bargaining
22 agreement between the City of West Palm Beach and the Police
23 Benevolent Association, Certified Unit No. 145 and Certified
24 Unit No. 825, October 1, 1998-September 30, 2001.
25 (b) Payment of benefits.--
26 1. First payment.--Service pensions shall be payable
27 on the first day of each month. The first payment shall be
28 payable the first day of the month coincident with or next
29 following the date of retirement or death, provided the member
30 has completed the applicable age and service requirements.
31 2. Last payment.--The last payment shall be the
16
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 payment due next preceding the member's death, except that
2 payments shall be continued to the designated beneficiary (or
3 beneficiaries) if a 10-year certain benefit, a joint and
4 survivor option, or beneficiary benefits, as applicable, are
5 payable.
6 (c) Normal form of retirement income; 10-year certain
7 benefit.--
8 1. Married member.--The normal form of retirement
9 benefit for a married member or for a member with dependent
10 children or parents shall be a pension and death benefits. The
11 pension benefit shall provide monthly payments for the life of
12 the member. Thereafter, death benefits shall be paid to the
13 beneficiary designated by the member as provided in subsection
14 (17).
15 2. Unmarried member.--The normal form of retirement
16 benefit for an unmarried member without dependent children or
17 parents shall be a 10-year certain benefit. This benefit shall
18 pay monthly benefits for the member's lifetime. In the event
19 the member dies after his or her retirement but before
20 receiving retirement benefits for a period of 10 years, the
21 same monthly benefit shall be paid to the beneficiary (or
22 beneficiaries) as designated by the member for the balance of
23 such 10-year period or, if no beneficiary is designated, to
24 heirs at law, or estate of the member, as provided in section
25 185.162, Florida Statutes.
26 (d) Optional forms of retirement income.--
27 1.a. In the event of normal, early, or disability
28 retirement, in lieu of the normal form of retirement income
29 payable as specified in paragraph (c), and in lieu of the
30 death benefits as specified in subsection (17), a member, upon
31 written request to the Board and subject to the approval of
17
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 the Board, may elect to receive a retirement income of
2 equivalent actuarial value payable in accordance with one of
3 the following options:
4 (I) Lifetime option.--A retirement income of a larger
5 monthly amount, payable to the member for his or her lifetime
6 only.
7 (II) Joint and survivor option.--A retirement income
8 of a modified monthly amount, payable to the member during the
9 joint lifetime of the member and a dependent joint pensioner
10 designated by the member, and following the death of either of
11 them, 100 percent, 75 percent, 66-2/3 percent, or 50 percent
12 of such monthly amounts, payable to the survivor for the
13 lifetime of the survivor.
14 b. The member, upon electing any option of this
15 paragraph, shall designate the joint pensioner or beneficiary
16 (or beneficiaries) to receive the benefit, if any, payable in
17 the event of his or her death, and shall have the power to
18 change such designation from time to time; but any such change
19 shall be deemed a new election and shall be subject to
20 approval by the Board. Such designation shall name a joint
21 pensioner or one or more primary beneficiaries where
22 applicable. If a member has elected an option with a joint
23 pensioner or beneficiary and his or her retirement income
24 benefits have commenced, he or she may thereafter change the
25 designated joint pensioner or beneficiary only twice.
26 c. The consent of a member's joint pensioner or
27 beneficiary to any such change shall not be required. However,
28 the spouse of a married member must consent to any election to
29 waive a joint and survivor benefit by signing the election
30 before a notary public. The spouse's written consent must
31 acknowledge the effect of such a waiver. Consent of the spouse
18
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 shall not be required if the spouse cannot be located, or for
2 such other circumstances as may be prescribed by regulations
3 of the Secretary of the Treasury. Any consent by a spouse
4 shall be effective only with respect to such spouse.
5 d. The Board may request such evidence of the good
6 health of the joint pensioner who is being removed as it may
7 require; and the amount of the retirement income payable to
8 the member upon the designation of a new joint pensioner shall
9 be actuarially redetermined, taking into account the ages and
10 sex of the former joint pensioner, the new joint pensioner,
11 and the member. Each such designation shall be made in writing
12 on a form prepared by the Board, and, on completion, shall be
13 filed with the Board. In the event that no designated
14 beneficiary survives the member, such benefits as are payable
15 in the event of the death of the member subsequent to his or
16 her retirement shall be paid as provided in subparagraph (c)2.
17 2. Retirement income payments shall be made under the
18 option elected in accordance with the provisions of this
19 paragraph and shall be subject to the following limitations:
20 a. If a member dies prior to his or her normal
21 retirement date or early retirement date, whichever first
22 occurs, retirement benefits shall be paid in accordance with
23 subsection (17).
24 b. If the designated beneficiary (or beneficiaries) or
25 joint pensioner dies before the member's retirement, the
26 option elected shall be canceled automatically and a
27 retirement income of the normal form and amount shall be
28 payable to the member upon his or her retirement as if the
29 election had not been made, unless a new election is made in
30 accordance with the provisions of this paragraph or a new
31 beneficiary is designated by the member prior to his or her
19
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 retirement.
2 c. If a member continues in the employ of the
3 Department after meeting the age and service requirements set
4 forth in paragraph (8)(a) and dies prior to retirement and
5 while an option provided for in this paragraph is in effect,
6 monthly retirement income payments shall be paid, under the
7 option, to a beneficiary (or beneficiaries) designated by the
8 member in the amount or amounts computed as if the member had
9 retired under the option on the date on which his or her death
10 occurred.
11 3. No member may make any change in his or her
12 retirement option after the date of cashing or depositing the
13 first retirement check.
14 (e) Designation of beneficiary.--
15 1. Each member may, on a form provided for that
16 purpose, signed and filed with the Board, designate a
17 beneficiary (or beneficiaries) to receive the benefit, if any,
18 which may be payable in the event of the member's death; and
19 each designation may be revoked by such member by signing and
20 filing with the Board a new designation of beneficiary form.
21 However, after the benefits have commenced, a retirant may
22 change his or her designation of a joint annuitant or
23 beneficiary only twice. If the retirant desires to change his
24 or her joint annuitant or beneficiary, he or she shall file
25 with the Board a notarized notice of such change either by
26 registered letter or on a form as provided by the Board. Upon
27 receipt of a completed change of joint annuitant form or such
28 other notice, the Board shall adjust the member's monthly
29 benefit by the application of actuarial tables and
30 calculations developed to ensure that the benefit paid is the
31 actuarial equivalent of the present value of the member's
20
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 current benefit.
2 2. Absence or death of beneficiary.--If a deceased
3 member failed to name a beneficiary in the manner prescribed
4 in subparagraph 1., or if the beneficiary (or beneficiaries)
5 named by a deceased member predeceases the member, death
6 benefits, if any, which may be payable under this act on
7 behalf of such deceased member may be paid, in the discretion
8 of the Board, to:
9 a. The spouse or dependent child or children of the
10 member;
11 b. The dependent living parent or parents of the
12 member; or
13 c. The estate of the member.
14 (10) Cost-of-living adjustments.--
15 (a) The following words and phrases as used in this
16 subsection mean:
17 1. Unadjusted amount of retirement benefit.--The
18 amount of retirement benefit that would be paid a retiree or
19 beneficiary of the provisions if this subsection were not
20 applicable.
21 2. Consumer price index.--The consumer price index for
22 urban wage earners and clerical workers as published by the
23 United States Department of Labor, Bureau of Labor Statistics.
24 Should the Bureau of Labor Statistics adopt a new base or
25 modify the method of computation of the consumer price index
26 so as to render it unsuitable, the Board shall make
27 appropriate adjustments. The Board shall choose another index
28 which it determines to be appropriate if the consumer price
29 index is no longer published.
30 3. Retirement benefit effective date.--The date as of
31 which payments of a retirement benefit first commence. A new
21
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 effective date does not occur when a retiree dies and a
2 retirement allowance is paid to a beneficiary.
3 4. Base month.--The more recent of the month of
4 October 1976, the month and year of the retirement benefit
5 effective date, or the month and year in which the retiree
6 attains age 64 years.
7 (b) Subject to the limitations stated in this
8 subsection, the unadjusted amount of the retirement benefit
9 for retirees 65 years of age or older shall be increased each
10 January 1, beginning January 1, 1977. The retirement benefit
11 shall increase by 3 percent multiplied by the number of
12 complete years from the later of:
13 1. January 1, 1976;
14 2. The retirement benefit effective date; or
15 3. The first day of the month after attainment of age
16 65 years
17
18 to January 1 of the year in which the adjustment is being
19 made.
20 (c) The accumulated adjustments to a retirement
21 benefit after January 1, 1977, expressed as a percentage of
22 the unadjusted amount of retirement allowance, shall not
23 exceed the percentage increase in the consumer price index for
24 the period between the base month and the month of October in
25 the year preceding adjustment.
26 (d) An adjustment shall not be made on any January
27 first if the amount of the adjustment is less than 1 percent
28 of the unadjusted amount of retirement benefit.
29 (11) Chapter 185 share accounts.--
30 (a) A separate individual member account shall be
31 established and maintained in each member's name effective
22
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 October 1, 1988.
2 (b) Share account funding.--
3 1. Chapter 185 moneys.--Each individual member account
4 shall be credited with the moneys received from chapter 185,
5 Florida Statutes, tax revenues in June 1988 and thereafter.
6 2. Forfeitures.--In addition, any forfeitures as
7 provided in paragraph (e) shall be credited to the individual
8 member accounts in accordance with the formula set forth in
9 paragraph (c).
10 (c) Annual allocation of accounts.--
11 1. Moneys shall be credited to each individual member
12 account in an amount directly proportionate to the number of
13 pay periods for which the member was paid compared to the
14 total number of pay periods for which all members were paid,
15 counting the pay periods in the calendar year preceding the
16 date for which chapter 185, Florida Statutes, tax revenues
17 were received.
18 2. At the end of each fiscal year (September 30), each
19 individual member account shall be adjusted to reflect the
20 earnings or losses resulting from investments, as well as
21 reflecting the costs, fees, and expenses of administration.
22 3. The investment earnings (or losses) credited to the
23 individual member accounts shall be the same percentage as are
24 earned (or lost) by the total investment earnings (or losses)
25 of the Fund as a whole, unless the Board dedicates a separate
26 investment portfolio for chapter 185, Florida Statutes, share
27 accounts, in which case the investment earnings (or losses)
28 shall be measured by the investment earnings (or losses) of
29 the separate investment portfolio.
30 4. Costs, fees, and expenses of administration shall
31 be debited from the individual member accounts on a
23
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 proportionate basis, taking the costs, fees, and expenses of
2 administration of the Fund as a whole, multiplied by a
3 fraction, the numerator of which is the total of the assets in
4 all individual member accounts and the denominator of which is
5 the total of the assets of the Fund as a whole. The
6 proportionate share of the costs, fees, and expenses shall be
7 debited to each individual member account on a pro rata basis
8 in the same manner as chapter 185, Florida Statutes, tax
9 revenues are credited to each individual member account (i.e.,
10 based on pay periods).
11 5. If the entire balance of the individual member
12 account is withdrawn before September 30 of any year, there
13 shall be no adjustment made to that individual member account
14 to reflect either investment earnings (or losses) or costs,
15 fees, and expenses of administration.
16 (d) Eligibility for benefits.--Any member who
17 terminates employment with the City, upon application filed
18 with the Board, shall be entitled to 100 percent of the value
19 of his or her individual member account, provided the member
20 meets any of the following criteria:
21 1. The member is eligible to receive a pension as
22 provided in subsection (8);
23 2. The member has 5 or more years of credited service
24 and is eligible to receive either:
25 a. A nonduty disability pension as provided in
26 paragraph (14)(a); or
27 b. Death benefits for nonduty death as provided in
28 paragraph (17)(a); or
29 3. The member has any credited service and is eligible
30 to receive either:
31 a. A duty disability pension as provided in subsection
24
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (15); or
2 b. Death benefits for death in the line of duty as
3 provided in paragraph (17)(b).
4 (e) Forfeitures.--Any member who has less than 10
5 years of credited service and who is not eligible for payment
6 of benefits after termination of employment with the City
7 shall forfeit his or her individual member account. The
8 amounts credited to said individual member account shall be
9 redistributed to the remaining individual member accounts in
10 the same manner as chapter 185, Florida Statutes, tax revenues
11 are credited (i.e., based on pay periods).
12 (f) Payment of benefits.--The normal form of benefit
13 payment shall be a lump sum payment of the entire balance of
14 the member's individual member account or upon the written
15 election of the member, upon a form provided by the Board; and
16 payment shall be made:
17 1. Over 3 years in annual installments; or
18 2. In monthly installments over the lifetime of the
19 member or until the entire balance is exhausted. The monthly
20 amount paid shall be determined by the Fund's actuary in
21 accordance with selections made by the member on a form
22 provided by the Board of Trustees.
23 (g) Death of member.--If a member dies and is eligible
24 for benefits from the individual member account, the entire
25 balance of the individual member account shall be converted to
26 the name of the beneficiary designated in accordance with
27 paragraph (9)(e). The entire balance shall be paid out in a
28 lump sum to the beneficiary, at the discretion of the
29 beneficiary. If the designated beneficiary is the surviving
30 spouse, the account may remain with the Fund until the latest
31 period specified under subsection (30). These individual
25
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 accounts shall not be eligible for any further shares of the
2 Chapter 185 moneys but shall be credited with interest. If a
3 member fails to designate a beneficiary, or if the beneficiary
4 predeceases the member, the entire balance shall be converted,
5 in the following order, to the name or names of:
6 1. The member's surviving children on a pro rata
7 basis;
8 2. If no children are alive, the member's spouse;
9 3. If no spouse is alive, the member's surviving
10 parents on a pro rata basis; or
11 4. If none are alive, the estate of the member.
12
13 The accounts which are converted to the names of the
14 beneficiaries shall have the right to name a successor
15 beneficiary. Any designated beneficiary, other than the
16 surviving spouse of the member, must take a distribution of
17 the entire share account balance by the end of 5 years
18 following the death of the member. Installment distributions
19 which begin in the calendar year of the member's death shall
20 be treated as complying with this 5-year distribution
21 requirement, even though the installments are not completed
22 within 5 years after the member's death.
23 (12) Supplemental pension distribution.--
24 (a) The Board of Trustees shall annually authorize a
25 supplemental pension distribution, the amount of which shall
26 be determined as of each September 30, as applicable.
27 1. For employees who retired prior to October 1, 1999,
28 the amount of the distribution shall be equal to the actuarial
29 present value of future pension payments to current
30 pensioners, multiplied by the positive difference, if any,
31 between the rate of investment return (not to exceed 9
26
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 percent) and 7 percent, plus one-half of any investment
2 earnings over 9 percent.
3 2. For those employees who have more than 12-1/2 years
4 of service on and after October 1, 1999, or who are part of
5 the DROP on or after October 1, 1999, the amount of the
6 distribution shall be equal to the actuarial present value of
7 future pension payments to those pensioners multiplied by the
8 positive difference, if any, between the rate of investment
9 return (not to exceed 9 percent) and 7 percent, plus one-half
10 of any investment earnings over 9 percent.
11 3. For those employees who have less than 12-1/2 years
12 of service as of October 1, 1999, the amount of the
13 distribution shall be equal to the actuarial present value of
14 future pension payments to those pensioners multiplied by the
15 positive difference, if any, between the rate of investment
16 return (not to exceed 9 percent) and 8.25 percent, plus
17 one-half of any investment earnings over 9 percent.
18 (b) The actuary shall determine whether there may be a
19 supplemental pension distribution based on the following
20 factors:
21 1. The actuary for the Pension Fund shall determine
22 the rate of investment return earned on the Pension Fund
23 assets during the 12-month period ending each September 30.
24 The rate determined shall be the rate reported in the most
25 recent actuarial report submitted pursuant to part VII of
26 chapter 112, Florida Statutes.
27 2. The actuary for the Pension Fund shall, as of
28 September 30, determine the actuarial present value of future
29 pension payments to current pensioners. The actuarial present
30 values shall be calculated using an interest rate of 7 percent
31 per year compounded annually, and a mortality table approved
27
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 by the Board of Trustees and as used in the most recent
2 actuarial report submitted pursuant to part VII of chapter
3 112, Florida Statutes.
4 3. The supplemental pension distribution amount shall
5 not exceed accumulated net actuarial experience from all
6 pension liabilities and assets. If the net actuarial
7 experience is favorable, cumulatively, commencing with the
8 experience for the year ending September 30, 1991, after
9 offset for all prior supplemental distributions, the
10 supplemental distribution may be made. If the net actuarial
11 experience is unfavorable, cumulatively, commencing with the
12 experience for the year ended September 30, 1991, after offset
13 for all prior supplemental distributions, no supplemental
14 distribution may be made, and the City must amortize the loss
15 until it is offset by cumulative favorable experience.
16
17 If an actuarial report submitted as provided in this paragraph
18 is not state accepted prior to distribution, and if a
19 deficiency to the Pension Fund results, the deficiency shall
20 be made up from the next available supplemental pension
21 distribution, unless sooner made up by agreement between the
22 Board of Trustees and the City. No such deficiency shall be
23 permitted to continue for a period greater than 3 years from
24 the date of payment of the supplemental pension distribution
25 which resulted from the deficiency.
26 (c) If the actuary determines there may be a
27 supplemental distribution, the Board of Trustees shall
28 authorize a "supplemental pension distribution," unless the
29 administrative expenses of distribution exceed the amount
30 available for the distribution.
31 (d) Eligible persons are:
28
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 1. Pensioners.
2 2. Surviving spouses.
3 3. Surviving dependent children.
4 4. Pensioners' estates.
5 (e) The supplemental pension distribution shall be
6 allocated among eligible persons based upon years of service
7 in the proportion that the eligible person's years of service
8 bear to the aggregate amount of years of service of all
9 eligible persons. Allocations for surviving spouses and
10 surviving dependent children who are eligible to receive
11 supplemental pension distributions shall be 66-2/3 percent of
12 the years of service earned by the pensioner. Maximum service
13 credits shall be 25 years. Allocations for duty-disability
14 pensioners shall be based upon 25 years of service.
15 Allocations for duty-death beneficiaries (surviving spouse and
16 surviving dependent children) shall be based upon 66-2/3
17 percent of 25 years of service.
18 (f) The supplemental pension distribution shall be
19 made as of April 1, 1992, and each April 1 thereafter. Each
20 eligible person shall be paid his or her allocated portion
21 from the preceding September 30. Eligible persons retired for
22 less than 1 year are entitled to a pro rata share of their
23 supplemental pension distribution based on the number of
24 months retired. A pensioner's estate is entitled to a pro rata
25 share of the deceased retirant's supplemental pension
26 distribution based on the number of months that the deceased
27 retirant received a pension during the year ending the
28 September 30 prior to the retirant's death.
29 (13) Deferred Retirement Option Plan (DROP).--
30 (a) Eligibility to participate in the DROP.--
31 1. Any member who is eligible to receive a normal
29
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 retirement pension may participate in the DROP. Members shall
2 elect to participate by applying to the Board of Trustees on a
3 form provided for that purpose.
4 2. Election to participate shall be forfeited if not
5 exercised within the first 27 years of combined credited
6 service.
7 3. A member shall not participate in the DROP beyond
8 the time of attaining 30 years of service and the total years
9 of participation in the DROP shall not exceed 5 years. For
10 example:
11 a. Members with 25 years of credited service at the
12 time of entry shall participate for only 5 years.
13 b. Members with 26 years of credited service at the
14 time of entry shall participate for only 4 years.
15 c. Members with 27 years of credited service at the
16 time of entry shall participate for only 3 years.
17 4. Upon a member's election to participate in the
18 DROP, he or she shall cease to be a member and shall no longer
19 accrue any benefits under the Pension Fund, except for the
20 benefits provided under subsection (11), Chapter 185 share
21 accounts. For all Fund purposes, the member becomes a
22 retirant, except that a DROP participant shall continue to
23 receive shares of the chapter moneys in accordance with
24 subsection (11), Chapter 185 share accounts. The amount of
25 credited service shall freeze as of the date of entry into the
26 DROP.
27 5. Notwithstanding any provision of this section to
28 the contrary, the Police Chief in the Department may, at his
29 or her option, extend his or her participation in the DROP
30 beyond 5 years or 30 years of total service. For purposes of
31 this subsection, "Police Chief" means a member who has been
30
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 promoted from police officer through the ranks of the
2 Department to the position of Police Chief. Any such Police
3 Chief shall not participate in the DROP beyond the attainment
4 of 33 years of service, and the total years of participation
5 in the DROP shall not exceed 8 years.
6 (b) Amounts payable upon election to participate in
7 DROP.--
8 1. Monthly retirement benefits that would have been
9 payable had the member terminated employment with the
10 Department and elected to receive monthly pension payments
11 shall be paid into the DROP and credited to the retirant.
12 Payments into the DROP shall be made monthly over the period
13 the retirant participates in the DROP, up to a maximum of 60
14 months.
15 2. Payments to the DROP earn interest using the rate
16 of investment return earned on Pension Fund assets as reported
17 by the Fund's investment monitor. However, if a police officer
18 does not terminate employment at the end of participation in
19 the DROP, interest credits shall cease on the current balance
20 and on all future DROP deposits.
21 3. No payments shall be made from the DROP until the
22 member terminates employment with the Department.
23 4. Upon termination of employment, participants in the
24 DROP shall receive the balance of the DROP account in
25 accordance with the following rules:
26 a. Members may elect to begin to receive payment upon
27 termination of employment or defer payment of the DROP until
28 the latest day as provided under sub-subparagraph c.
29 b. Payments shall be made in either:
30 (I) Lump sum.--The entire account balance shall be
31 paid to the retirant upon approval of the Board of Trustees.
31
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (II) Installments.--The account balance shall be paid
2 out to the retirant in three equal payments paid over 3 years,
3 the first payment to be made upon approval of the Board of
4 Trustees.
5 (III) Annuity.--The account balance shall be paid out
6 in monthly installments over the lifetime of the member or
7 until the entire balance is exhausted. Monthly amount paid
8 shall be determined by the Fund's actuary in accordance with
9 selections made by the member on a form provided by the Board
10 of Trustees.
11 c. Any form of payment selected by a police officer
12 must comply with the minimum distribution requirements of s.
13 401(A)(9) of the Internal Revenue Code and is subject to the
14 requirements of subsection (29) of this act; e.g., payments
15 must commence by age 70-1/2.
16 d. The beneficiary of the DROP participant who dies
17 before payments from the DROP begin shall have the same right
18 as the participant in accordance with subsection (17).
19 (c) Loans from the DROP.--
20 1. Availability of loans.--
21 a. Loans are available to members only after
22 termination of employment, provided the member had
23 participated in the DROP for a period of 12 months.
24 b. Loans may only be made from a member's own account.
25 c. There may be no more than one loan at a time.
26 2. Amount of loan.--
27 a. Loans may be made up to a maximum of 50 percent of
28 account balance.
29 b. The maximum dollar amount of a loan is $50,000,
30 reduced by the highest outstanding loan balance during the
31 last 12 months.
32
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 c. The minimum amount of a loan is $5,000.
2 3. Limitations on loans.--Loans shall be made from the
3 amounts paid into the DROP and the earnings thereon.
4 4. Term of loan.--
5 a. The loan must be for at least 1 year.
6 b. The loan shall be no longer than 5 years.
7 5. Loan interest rate.--
8 a. The interest rate shall be fixed at the time the
9 loan is originated for the entire term of the loan.
10 b. The interest rate shall be equal to the prime rate
11 published by an established local bank on the last day of each
12 calendar quarter preceding the date of loan application.
13 6. Defaults on loans.--
14 a. Loans shall be in default if 2 consecutive months'
15 repayments are missed or if a total of 4 months' repayments
16 are missed.
17 b. Upon default, the entire balance becomes due and
18 payable immediately.
19 c. If a loan in default is not repaid in full
20 immediately, the loan may be canceled and the outstanding
21 balance treated as a distribution, which may be taxable.
22 d. Upon default of a loan, a member shall not be
23 eligible for additional loans.
24 7. Miscellaneous provisions.--
25 a. All loans must be evidenced by a written loan
26 agreement signed by the member and the Board of Trustees. The
27 agreement shall contain a promissory note.
28 b. A member's spouse must consent in writing to the
29 loan. The consent shall acknowledge the effect of the loan on
30 the member's account balance.
31 c. Loans shall be considered a general asset of the
33
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 Fund.
2 d. Loans shall be subject to administrative fees to be
3 set by the Board of Trustees.
4 (14) Nonduty disability pension.--
5 (a) Retirement.--Any member who entered the employ of
6 the Department as a police officer after September 30, 1961,
7 and who has 5 or more years of credited service, who becomes
8 physically or mentally, totally and permanently disabled to
9 perform the duties of a police officer, shall be retired with
10 a pension provided for in this subsection upon his or her
11 application, or upon the application of the Police Chief on
12 his or her behalf, filed with the Board, provided that after a
13 medical examination of the member made by or under the
14 direction of the medical committee, the medical committee
15 reports to the Board in writing whether:
16 1. The member is wholly prevented from rendering
17 useful and efficient service as a police officer; and
18 2. The member is likely to remain so disabled
19 continuously and permanently.
20
21 The Board may admit and consider any other evidence that will
22 assist it in understanding the medical committee's report. The
23 final decision as to whether a member meets the requirements
24 for a nonduty disability pension rests with the Board and
25 shall be based on substantial competent evidence on the record
26 as a whole.
27 (b) Nonduty disability pension benefits; disability
28 occurs after age and service eligibility.--A member whose
29 retirement on account of disability, as provided in paragraph
30 (a), occurs on or after the date he or she became eligible to
31 retire under subsection (8) shall receive the applicable
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 pension provided for in subsection (9).
2 (c) Nonduty disability pension benefits; disability
3 occurs before age and service eligibility.--A member whose
4 retirement on account of disability, as provided in paragraph
5 (a), occurs prior to the date he or she would have become
6 eligible to retire under paragraph (8)(a) shall receive a
7 disability pension equal to the applicable pension payable in
8 subsection (9), provided that:
9 1. If the member has less than 10 years of credited
10 service, the disability pension shall not be less than 20
11 percent of his or her final average salary as of his or her
12 disability retirement date;
13 2. If the member has at least 10 years of credited
14 service, the disability pension shall not be less than 25
15 percent of his or her final average salary as of his or her
16 disability retirement date; and
17 3. The disability pension shall be subject to the
18 provisions of subsection (18).
19 (15) Duty disability pension.--
20 (a) Retirement.--Any member who becomes physically or
21 mentally, totally and permanently disabled to perform the
22 duties of a police officer by reason of a personal injury or
23 disease arising out of and in the course of the performance of
24 his or her duties as a police officer in the employ of the
25 City shall be retired with a pension provided for in this
26 subsection, provided that, after a medical examination of the
27 member made by or under the direction of the medical
28 committee, the medical committee reports to the Board in
29 writing whether:
30 1. The member is wholly prevented from rendering
31 useful and efficient service as a police officer; and
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 2. The member is likely to remain so disabled
2 continuously and permanently.
3
4 The Board may admit and consider any other evidence that will
5 assist it in understanding the medical committee's report. Any
6 condition or impairment of health of a member caused by
7 tuberculosis, hypertension, heart disease or hardening of the
8 arteries, hepatitis, or meningococcal meningitis resulting in
9 total or partial disability or death shall be presumed to be
10 accidental and suffered in line of duty unless the contrary be
11 shown by competent evidence. Any condition or impairment of
12 health caused directly or proximately by exposure, which
13 exposure occurred in the active performance of duty at some
14 definite time or place without willful negligence on the part
15 of the member, resulting in total or partial disability shall
16 be presumed to be accidental and suffered in the line of duty,
17 provided that such member shall have successfully passed a
18 physical examination upon entering such service, which
19 physical examination, including electrocardiogram, failed to
20 reveal any evidence of such condition. In order to be entitled
21 to the presumption in the case of hepatitis, meningococcal
22 meningitis, or tuberculosis, the member must meet the
23 requirements of section 112.181, Florida Statutes. The final
24 decision as to whether a member meets the requirements for
25 duty disability pension rests with the Board and shall be
26 based on substantial competent evidence on the record as a
27 whole.
28 (b) Duty disability pension benefits; disability
29 occurs after age and service eligibility.--A member whose
30 retirement on account of disability, as provided in paragraph
31 (a), occurs on or after the date he or she becomes eligible to
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 retire under subsection (8) shall receive the applicable
2 pension provided for in subsection (9).
3 (c) Duty disability pension benefits; disability
4 occurs before age and service eligibility.--A member whose
5 retirement on account of disability, as provided in paragraph
6 (a), occurs prior to the date he or she would become eligible
7 to retire under subsection (8) shall receive a disability
8 pension equal to the appropriate pension payable in subsection
9 (9). The disability pension payable to age 55 shall not be
10 less than two-thirds of his or her final average salary. Upon
11 reaching age 55, the member shall begin receiving a pension
12 computed in accordance with the applicable provisions of
13 subsection (9). In calculating the new pension figure, the
14 member shall be given service credit for the period he or she
15 was in receipt of the disability pension provided for in this
16 paragraph. Any pension payable under this subsection shall be
17 subject to the provisions of subsection (18).
18 (16) Conditions applicable to all disability
19 retirants.--
20 (a) Medical committee.--The medical committee provided
21 for in subsections (14) and (15) shall consist of no less than
22 two qualified health professionals, one of whom shall be
23 designated by the Board, and one by the member. If deemed
24 necessary by the Board, a third qualified health professional,
25 selected by the two committee members previously designated,
26 may be named to the medical committee. The member shall be
27 responsible for the expenses of the qualified health
28 professional he or she designates to serve on the medical
29 committee. Expenses for any other medical examination required
30 under this act shall be paid by the Fund. The medical
31 committee shall report to the Board the existence and degree
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 of permanent physical impairment of the member, if any, based
2 upon the most recent edition of the American Medical
3 Association's Guide to the Evaluation of Permanent Impairment,
4 if applicable.
5 (b) Exclusions from disability pensions.--No
6 disability pension shall be payable, either as a duty
7 disability or as a nonduty disability, if the disability is
8 the result of:
9 1. Excessive and habitual use by the member of drugs,
10 intoxicants, or narcotics;
11 2. Injury or disease sustained by the member while
12 willfully and illegally participating in fights, riots, or
13 civil insurrections or while committing a crime;
14 3. Injury or disease sustained by the member while
15 serving in any armed forces;
16 4. Injury or disease sustained by the member after his
17 or her employment has terminated;
18 5. Injury or disease sustained by the member while
19 working for anyone other than the City and arising out of such
20 employment; or
21 6. Injury or disease sustained by the member before
22 employment with the City begins. This subparagraph applies
23 only in the event of a duty injury or disease.
24 (c) Payment of disability pensions.--Monthly
25 disability retirement benefits shall be payable as of the date
26 the Board determines that the member was entitled to a
27 disability pension; however, the first payment shall actually
28 be paid on the first day of the first month after the Board
29 determines such entitlement. Any portion due for a partial
30 month shall be paid together with the first payment. The last
31 payment shall be, if the member recovers from the disability
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 prior to his or her normal retirement date, the payment due
2 next preceding the date of recovery or, if the member dies
3 without recovering from his or her disability, then the
4 following shall apply:
5 1. Member with 10 or more years of service.--Death
6 benefits as set forth in subsection (17) shall be paid.
7 2. Member with less than 10 years of
8 service.--Payments shall be made until the member's death.
9
10 Any monthly disability retirement income payments due after
11 the death of a disabled member shall be paid to the member's
12 designated beneficiary (or beneficiaries) as provided in
13 section 185.162, Florida Statutes, or paragraph (9)(e) or
14 subsection (17), as applicable.
15 (d) Normal form of disability retirement income.--
16 1. Duty or nonduty disability with 10 years of
17 service.--
18 a. Married member.--The standard form of disability
19 retirement benefit for a married member or for a member with
20 dependent children or parents shall be a disability pension
21 and death benefit. This form of benefit shall provide monthly
22 payments for the life of the member as set forth in subsection
23 (14) or subsection (15), as applicable, or the disability
24 retiree may select optional forms of benefits in accordance
25 with paragraph (9)(d). Thereafter, death benefits shall be
26 paid as provided in subsection (17).
27 b. Unmarried member.--The standard form of disability
28 retirement benefit for a member who is not married or who does
29 not have dependent children or parents shall be a 10-year
30 certain benefit. This benefit shall pay monthly benefits for
31 the member's lifetime. In the event the member dies after his
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 or her retirement but before he or she has received disability
2 retirement benefits for a period of 10 years, the same monthly
3 benefit shall be paid to the beneficiary (or beneficiaries) as
4 designated by the member for the balance of such 10-year
5 period. In the absence of a designated beneficiary, then the
6 benefits shall be paid to the estate of the retiree.
7 2. Duty or nonduty disability with less than 10 years
8 of service.--The standard form of disability retirement
9 benefit shall provide monthly payments for the life of a
10 member as set forth in subsection (14) or subsection (15), as
11 applicable. Thereafter, beneficiary benefits shall be paid as
12 provided in subsection (17), as applicable.
13 (e) Reexaminations of disability retirants.--At least
14 once each year during the first 5 years following a member's
15 retirement on account of disability, and at least once in each
16 3-year period thereafter, the Board shall require any
17 disability retirant who has not attained age 50 to undergo a
18 medical examination by a physician designated by the Board. If
19 the retirant refuses to submit to the medical examination, his
20 or her disability pension may be suspended by the Board until
21 his or her withdrawal of such refusal. If such refusal
22 continues for 1 year, all of his or her rights in and to a
23 disability pension may be revoked by the Board. If, upon
24 medical examination of such retirant, the physician reports to
25 the Board that the retirant is physically able and capable of
26 performing the duties of a police officer in the rank held by
27 him or her at the time of his or her retirement, the retirant
28 shall be returned to employment in the Department at a salary
29 not less than the salary of the rank previously held by him or
30 her. The disability pension shall then terminate.
31 (f) Credited service for disability retirant.--In the
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 event a disability retirant is returned to employment in the
2 Department, as provided in paragraph (e), he or she shall
3 again become a member of the Fund and shall be restored the
4 credited service at the time of the member's retirement. If he
5 or she retired under a duty disability as provided in
6 paragraph (15)(a), he or she shall be given service credit for
7 the period he or she was in receipt of a disability pension.
8 If the member retired under a nonduty disability as provided
9 in paragraph (14)(a), then he or she shall not be given
10 service credit for the period he or she was in receipt of a
11 disability pension.
12 (17) Death benefits.--
13 (a) Nonduty death while employed by the department; 5
14 years or more.--In the event a member who has 5 or more years
15 of credited service dies, and the Board finds his or her death
16 to have occurred as the result of causes arising outside the
17 performance of his or her duties as a member, the following
18 applicable pensions shall be paid:
19 1. A pension equal to two-thirds of the pension to
20 which he or she would have been entitled under subsection (9)
21 if he or she had retired the day preceding the date of his or
22 her death, notwithstanding that he or she might not have
23 satisfied a retirement age and service requirement stipulated
24 in subsection (8), provided that the "widow's pension" shall
25 not be less than one-seventh of the member's final average
26 salary. Upon the surviving spouse's death, the pension shall
27 terminate. Any pension payable under this paragraph shall be
28 subject to the provisions of subsection (18).
29 2. In the event the deceased member does not leave a
30 surviving spouse, or if the surviving spouse dies and the
31 member leaves an unmarried child or children under age 18,
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 each such child shall receive a pension of any equal share of
2 the pension to which the said deceased member's surviving
3 spouse was entitled or would have been entitled if he or she
4 left a surviving spouse. Upon any such child's adoption,
5 marriage, death, or attainment of age 18, the child's pension
6 shall terminate and it shall be apportioned to the pensions
7 payable to the said deceased member's remaining eligible
8 children under the age of 18. In no case shall the pension
9 payable to any such child exceed one-seventh of the deceased
10 member's final average salary, nor shall it be less than $15
11 per month. A pension payable under this paragraph shall be
12 subject to the provisions of subsection (18).
13 3. In the event the deceased member does not leave a
14 surviving spouse or children eligible to receive a pension and
15 the member leaves a parent or parents who the Board finds are
16 dependent upon the member for at least 50 percent of his, her,
17 or their financial support, each parent shall receive a
18 pension of an equal share of the pension to which the member's
19 surviving spouse would have been entitled if he or she had
20 left a surviving spouse. Upon any such parent's remarriage or
21 death, his or her pension shall terminate. Any pension payable
22 under this paragraph shall be subject to the provisions of
23 subsection (18).
24 4. In the event the deceased member does not leave a
25 surviving spouse, children, or parents to receive a pension,
26 then the death benefit, if any, shall be paid to the estate of
27 the deceased member.
28
29 In any of the above cases, the Board, in its discretion, may
30 direct that the actuarial value of the monthly benefit be paid
31 as a lump sum.
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (b) Duty death.--In the event a member dies and the
2 Board finds his or her death to be the natural and proximate
3 result of a personal injury or disease arising out of and in
4 the course of his or her actual performance of the duties as a
5 police officer in the employ of the City, the following
6 applicable pensions shall be paid:
7 1. The surviving spouse shall receive a pension equal
8 to four-ninths of the member's final average salary. Upon the
9 surviving spouse's death, the pension shall terminate. Any
10 pension payable under this paragraph shall be subject to the
11 provisions of subsection (18).
12 2. If, in addition to a surviving spouse, the deceased
13 member leaves an unmarried child or children under age 18,
14 each child shall receive a pension of $150 per month. Upon any
15 child's adoption, marriage, death, or attainment of age 18,
16 the child's pension shall terminate. Any pension payable under
17 this paragraph shall be subject to the provisions of
18 subsection (18).
19 3. In the event the deceased member does not leave a
20 surviving spouse, or if the surviving spouse dies, and the
21 member leaves an unmarried child or children under age 18,
22 each such child shall receive a pension of an equal share of
23 one-third of the deceased member's final average salary. Upon
24 any such child's adoption, marriage, death, or attainment of
25 age 18, the child's pension shall terminate and it shall be
26 apportioned to the pensions payable to the deceased member's
27 remaining eligible children under age 18. Any pension payable
28 under this paragraph shall be subject to the provisions of
29 subsection (18).
30 4. Any pensions payable, under subparagraphs 2. and 3.
31 above, to any child under age 18 shall be paid to his or her
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 legal guardian.
2 5. In the event the deceased member does not leave a
3 surviving spouse or children under age 18 eligible to receive
4 a pension provided for in subparagraph 1., subparagraph 2., or
5 subparagraph 3., and the member leaves a parent or parents who
6 the Board finds are dependent upon the member for at least 50
7 percent of his, her, or their financial support, then each
8 parent shall receive a pension of an equal share of one-third
9 of the deceased member's final average salary. Upon any such
10 parent's remarriage or death, his or her pension shall
11 terminate. Any pension payable under this paragraph shall be
12 subject to the provisions of subsection (18).
13 6. In the event the deceased member does not leave a
14 surviving spouse, children, or parents eligible to receive a
15 pension, then the death benefit, if any, shall be paid to the
16 estate of the deceased member.
17
18 In any of the above cases, the Board, in its discretion, may
19 direct that the actuarial value of the monthly benefit be paid
20 as a lump sum.
21 (c) Death after retirement.--Upon the death of a
22 retirant, the following applicable pensions shall be paid,
23 subject to the provisions of subsection (18):
24 1. The surviving spouse of the retirant shall receive
25 a pension of two-thirds of the retirant's pension, provided
26 that the retirant was receiving a pension under paragraph
27 (9)(a). Upon the surviving spouse's death, the pension shall
28 terminate.
29 2. In the event the deceased retirant does not leave a
30 surviving spouse eligible to receive a pension, or if the
31 surviving spouse dies and he or she leaves an unmarried child
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 or children under age 18, each child shall receive a pension
2 of an equal share of two-thirds of the deceased retirant's
3 pension. Upon any child's adoption, marriage, death, or
4 attainment of age 18, the child's pension shall terminate and
5 it shall be apportioned to the pensions payable to the
6 deceased retirant's remaining eligible children under age 18.
7 In no case shall the pension payable to any such child exceed
8 20 percent of the deceased retirant's pension, or be less than
9 $15 per month.
10 3. In the event the deceased retirant does not leave a
11 surviving spouse or children eligible to a pension provided
12 for in subparagraphs 1. and 2. above, and he or she leaves a
13 parent or parents who the Board finds are dependent upon the
14 retirant for at least 50 percent of his, her, or their
15 financial support, each parent shall receive a pension of an
16 equal share of two-thirds of the deceased retirant's pension.
17 Upon any parent's remarriage or death, his or her pension
18 shall terminate.
19 4. In the event the deceased member does not leave a
20 surviving spouse, children, or parents eligible to receive a
21 pension, then the death benefit, if any, shall be paid to the
22 estate of the deceased member.
23
24 In any of the above cases, the Board, in its discretion, may
25 direct that the actuarial value of the monthly benefit be paid
26 as a lump sum.
27 (18) Workers' compensation offset.--The pension
28 benefits payable under this act shall not be offset by any
29 workers' compensation benefits payable as a result of the
30 disability or death of a member, except to the extent that the
31 total of the pension benefit and workers' compensation benefit
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 exceeds the member's average monthly wage.
2 (19) Member's contributions; refunds.--
3 (a) Member's contributions.--
4 1. The member shall contribute 7 percent of his or her
5 salary to the Fund.
6 2. The City shall cause the contributions provided for
7 in subparagraph 1. to be deducted from the compensation of
8 each member on each payroll, for each pay period, so long as
9 he or she remains a member of the Fund. The member's
10 contributions provided for herein shall be made,
11 notwithstanding that the minimum compensation provided by law
12 for any member is thereby changed. Each member shall be deemed
13 to consent and agree to the deductions made and provided for
14 herein. Payment of compensation, less said deductions, shall
15 be a full and complete discharge and acquittance of all claims
16 and demands whatsoever for the services rendered by him or her
17 during the period covered by such payment, except as to
18 benefits provided by this act. When deducted, each of said
19 contributions shall be paid into the Fund and credited to the
20 individual member from whose compensation said deduction was
21 made.
22 3. In addition to the contribution deducted from the
23 compensation of a member, as hereinbefore provided, a member
24 shall deposit in the Fund, by a single contribution or by an
25 increased rate of contribution, as approved by the Board of
26 Trustees, the amount of previously withdrawn member
27 contributions not repaid to the Fund, together with regular
28 interest from the date of withdrawal to the date of repayment.
29 In no case shall any member be given credit for service
30 rendered prior to the date he withdrew his aggregate
31 contributions until he or she repays to the member's deposit
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 account all amounts due the account by such member.
2 (b) Refund of member's contributions.--
3 1. Should any member cease to be employed by the City
4 as a police officer and not be entitled to a pension payable
5 from the Fund, upon application to and approval by the Board,
6 he or she shall be paid the aggregate contributions standing
7 to his or her credit in the Fund, without interest, less any
8 benefits paid to him or her. In accordance with paragraph
9 (2)(q), a member who has ceased to be employed by the City as
10 a police officer may elect to voluntarily leave his or her
11 contributions in the member's deposit account for a period of
12 up to 5 years, pending the possibility of being rehired by the
13 Department. If the member is not reemployed at the expiration
14 of 5 years following the date the member ceased to be employed
15 by the City as a police officer, all contributions remaining
16 in the member's deposit account shall be refunded without
17 interest.
18 2. Upon the death of a member, if no pension becomes
19 payable on account of his or her death, the aggregate
20 contributions standing to the member's credit in the Fund at
21 the time of death shall be paid to his or her designated
22 beneficiary. If there be no such designated person surviving
23 the member, his or her aggregate contributions shall be paid
24 to his or her estate in accordance with subsection (17).
25 3. Payments of refunds of a member's aggregate
26 contributions, as provided in this paragraph, may be made in
27 monthly installments according to such rules and regulations
28 as the Board of Trustees shall from time to time adopt.
29 (20) Sources of revenue.--
30 (a) Contributions credited to Fund.--The contributions
31 to be credited to the Fund shall consist of, but shall not be
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 limited to, the following sources of revenue:
2 1. Taxes of insurance companies.--The moneys returned
3 to the City as provided by chapter 185, Florida Statutes,
4 shall be used to fund the share account benefit described in
5 subsection (11). The City shall not opt out of participation
6 in chapter 185, Florida Statutes, or any similar statutory
7 enactment unless exigent circumstances exist, such as the
8 bankruptcy of the City or changes or amendments to the statute
9 regarding extra benefits. If any statutory changes are made by
10 the Legislature, the City and the Board shall renegotiate the
11 impact of such changes, if necessary.
12 2. City contribution.--The City shall contribute to
13 the Fund annually an amount which, together with the
14 contributions from the members and the amount derived from the
15 premium tax provided in chapter 185, Florida Statutes, and
16 other income sources as authorized by law, shall be sufficient
17 to meet the normal cost of the Fund and to fund the actuarial
18 deficiency over a period of not more than 40 years, provided
19 that the net increase, if any, in unfunded liability of the
20 Fund arising from significant amendments or other changes
21 shall be amortized within 30 plan years.
22 3. Member contributions.--As provided in subsection
23 (19).
24 4. Gifts, etc.--All gifts, bequests, and devises when
25 donated to the Fund.
26 5. Interest from deposits.--All accretions to the Fund
27 by way of interest on bank deposits or otherwise.
28 6. Other sources.--All other sources of income now or
29 hereafter authorized by law for the augmentation of the Fund.
30 (b) Actuarial valuations.--The Fund shall be
31 actuarially evaluated at least once in each 3-year period.
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (21) Investments.--
2 (a) The Board shall have the power and authority to
3 invest and reinvest the moneys of the Fund and to hold,
4 purchase, sell, assign, transfer, and dispose of any
5 securities and investments held in the Fund, including the
6 power and authority to employ counseling or investment
7 management services. The aim of the investment policies shall
8 be to preserve the integrity and security of Fund principal,
9 to maintain a balanced investment portfolio, to maintain and
10 enhance the value of the Fund principal, and to secure the
11 maximum total return on investments that is consonant with
12 safety of principal, provided that such investments and
13 reinvestments shall be limited to the following:
14 1. Direct obligations of the United States Government
15 or any agency thereof and any other evidences of indebtedness
16 which are fully guaranteed by the United States Government or
17 any agency thereof for the payments of principal and interest.
18 2. Direct obligations of the State of Florida.
19 3. Debt securities, preferred and common stocks and
20 mutual fund shares subject to limitations set forth in this
21 section.
22 4. Savings and loans associations, to the extent that
23 deposits are guaranteed by the United States Government or any
24 agency thereof.
25
26 Purchases of securities may include bonds or other evidence of
27 indebtedness, preferred stocks, and common stocks. Operations
28 shall be conducted on the basis of a balanced portfolio, the
29 total thereof invested in preferred stocks shall not aggregate
30 more than 5 percent, and the total amount thereof invested in
31 common stocks and mutual funds shall not aggregate more than
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 70 percent of the Fund. Percentages shall be based on market
2 value at the end of each reporting period (September 30).
3 Investment experience producing a market value percent
4 exceeding the stated limit does not arbitrarily mean assets
5 are to be liquidated to satisfy the limit.
6 (b) Maximum uninvested cash; minimum investment
7 standards.--No more than 10 percent of the assets of the Fund
8 shall be held in cash or in noninterest-bearing deposits. The
9 following minimum investment standards shall govern the
10 eligibility for the purchase of securities:
11 1. All corporate and association securities and mutual
12 funds shall be issued by a corporation or other legal person
13 incorporated or otherwise organized within the United States
14 and domiciled therein except as otherwise permitted by section
15 185.06, Florida Statutes.
16 2. Not more than 10 percent of the total fund
17 principal at market value may be invested in any issuing
18 company, other than United States Government or United States
19 Government agency obligations.
20 3. All bonds, stocks, or other evidence of
21 indebtedness shall be issued or guaranteed by a corporation
22 organized under the laws of the United States, any state or
23 organized territory of the United States, or the District of
24 Columbia, provided that the corporation is listed on any one
25 or more of the recognized national stock exchanges and, with
26 regard to bonds only, holds a rating in one of the four
27 highest classifications by a major rating service. Said bonds
28 and preferred stocks that are convertible into common stocks
29 shall be considered common stocks, and the purchase of same
30 shall be limited by the provisions of subparagraph (a)5.
31 4. The Board shall be required to engage the services
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 of professional investment counsel to assist and advise the
2 Trustees in the performance of their duties.
3 (c) Restricted use of assets.--The assets of the
4 Police Pension Fund shall be used only for the payment of
5 benefits and other disbursements authorized by this act and
6 shall be used for no other purpose.
7 (d) Performance evaluation and manager selection.--At
8 least once every 3 years, the Board of Trustees shall retain
9 an independent consultant professionally qualified to evaluate
10 the performance of its professional money manager or
11 investment counsel. The independent consultant shall make
12 recommendations to the Board of Trustees regarding the
13 selection of money managers for the next investment term.
14 These recommendations shall be considered by the Board of
15 Trustees at its next regularly scheduled meeting. The date,
16 time, place, and subject of this meeting shall be advertised
17 in a newspaper of general circulation in the municipality at
18 least 10 days prior to the date of the hearing.
19 (e) Administrative expenses.--The administrative
20 expenses of the Fund shall be paid by the Fund.
21 (22) Existing benefits continued.--This act, and any
22 amendments hereto, shall not be construed to increase or
23 decrease the benefits payable to, or on account of, any member
24 who retired or died prior to October 1, 1987.
25 (23) Assignments prohibited.--The pensions or other
26 benefits accrued or accruing to any person under the
27 provisions of this act and the accumulated contributions and
28 the cash securities in the Fund created under this act shall
29 not be subject to execution or attachment or to any legal
30 process whatsoever and shall be unassignable. However,
31 pursuant to a court support order, the trustees may direct
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 that retirement benefits be paid for alimony or child support
2 in accordance with rules and regulations adopted by the Board
3 of Trustees.
4 (24) Subrogation rights; loss of pension rights.--
5 (a) In the event a person becomes entitled to a
6 pension or other benefits payable from the Fund as a result of
7 an accident or injury caused by the act of a third party, the
8 City shall be subrogated to the rights of the said person
9 against such third person to the extent of the benefits which
10 the City pays or becomes liable to pay hereunder.
11 (b) No person shall be entitled to a pension under
12 this act who is convicted of a specified offense as provided
13 in section 112.3173, Florida Statutes.
14 (25) Ordinances applicable.--All ordinances of the
15 City applicable to chapter 185, Florida Statutes, are hereby
16 made applicable to this act with equal force and effect. No
17 proposed change or amendment to this act shall be adopted
18 without the approval required by section 185.35(2), Florida
19 Statutes.
20 (26) Review procedures.--
21 (a) The applicant for benefits under this act may,
22 within 20 days after being informed of the denial of his or
23 her request for pension benefits, appeal said denial by filing
24 a reply to the proposed order with the pension's coordinator.
25 If no appeal is filed within the time period specified, then
26 the proposed order shall be final.
27 (b) The Board of Trustees shall hold a hearing within
28 45 days after the receipt of the appeal. Written notice of
29 said hearing shall be sent by certified mail to the applicant
30 10 days prior to the hearing, at the address listed on the
31 application.
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (c) The procedures at the hearing shall be as follows:
2 1. All parties shall have an opportunity to respond,
3 to present physical and testimonial evidence and argument on
4 all issues involved, to conduct cross-examination, to submit
5 rebuttal evidence, and to be represented by counsel. Medical
6 reports and depositions may be accepted in lieu of live
7 testimony, at the Board's discretion.
8 2. All witnesses shall be sworn.
9 3. The applicant and the Board shall have an
10 opportunity to question all witnesses.
11 4. Formal rules of evidence and formal rules of civil
12 procedure shall not apply. The proceedings shall comply with
13 the essential requirements of due process and law.
14 5. The record in a case governed by this subsection
15 shall consist only of:
16 a. A tape recording of the hearing, to be taped and
17 maintained as part of the official files of the Board of
18 Trustees by the pension's secretary.
19 b. Evidence received or considered.
20 c. All notices, pleadings, motions, and intermediate
21 rulings.
22 d. Any decisions, opinions, proposed or recommended
23 orders, or reports by the Board of Trustees.
24 (d) Within 5 days after the hearing, the Board shall
25 take one of the following actions:
26 1. Grant the pension benefits by overturning the
27 proposed order by majority vote.
28 2. Deny the benefits and approve the proposed order as
29 a final order, after making any changes in the order that the
30 Board feels is necessary.
31 (e) Findings of fact by the Board shall be based on
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 competent, substantial evidence on the record.
2 (f) Within 20 calendar days after rendering its order,
3 the Board of Trustees shall send by certified mail a copy of
4 said order to the applicant.
5 (g) The applicant may seek review of the order of the
6 Board of Trustees by filing a petition for writ of certiorari
7 with the circuit court within 30 days.
8 (27) Lump sum payment of small retirement
9 income.--Notwithstanding any provision of the Fund to the
10 contrary, if the monthly retirement income payable to any
11 person entitled to benefits hereunder is less than $30 or if
12 the single sum value of the accrued retirement income is less
13 than $5,000 as of the date of retirement or termination of
14 service, whichever is applicable, the Board of Trustees, in
15 the exercise of its discretion, may specify that the actuarial
16 equivalent of such retirement income be paid in lump sum.
17 (28) Pickup of member contributions.--Effective the
18 first day of the first full payroll period of the first
19 calendar quarter following receipt of a favorable
20 determination letter from the Internal Revenue Service, the
21 City shall pick up the member contribution required by this
22 section. The contributions so picked up shall be treated as
23 employer contributions in determining tax treatment under the
24 United States Internal Revenue Code. The City shall pick up
25 the member contributions from funds established and available
26 for salaries, which funds would otherwise have been designated
27 as member contributions and paid to the Fund. Member
28 contributions picked up by the City pursuant to this
29 subsection shall be treated for purposes of making a refund of
30 members' contributions, and for all other purposes of this and
31 other laws, in the same manner and to the same extent as
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 member contributions made prior to the effective date of this
2 section. The intent of this section is to comply with s.
3 414(H)(2) of the Internal Revenue Code.
4 (29) Internal Revenue Code limits.--
5 (a) In no event may a member's annual benefit exceed
6 $160,000 (adjusted for cost of living in accordance with s.
7 415(d) of the Internal Revenue Code).
8 (b) If a member has less than 10 years of service with
9 the City, the applicable limitation in paragraph (a) shall be
10 reduced by multiplying such limitation by a fraction, not to
11 exceed 1. The numerator of such fraction shall be the number
12 of years, or part thereof, of service with the City; the
13 denominator shall be 10 years.
14 (c) For purposes of this subsection, "annual benefit"
15 means a benefit payable annually in the form of a straight
16 life annuity with no ancillary incidental benefits and with no
17 member or rollover contributions. To the extent that ancillary
18 benefits are provided, the limits set forth in paragraph (a)
19 shall be reduced actuarially, using an interest rate
20 assumption equal to the greater of 5 percent or the rate being
21 used for actuarial equivalence, to reflect such ancillary
22 benefits.
23 (d) If distribution of retirement benefits begins
24 before age 62, the dollar limitation as described in paragraph
25 (a) shall be reduced, using an interest rate assumption equal
26 to the greater of 5 percent or the interest rate used for
27 actuarial equivalence; however, retirement benefits shall not
28 be reduced below $75,000 if payment of benefits begins at or
29 after age 55 and not below the actuarial equivalent of $75,000
30 if payment of benefits begins before age 55. For a member with
31 15 or more years of service with the City, the reductions
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 described above shall not reduce such member's benefit below
2 $50,000 (adjusted for cost of living in accordance with s.
3 415(d) of the Internal Revenue Code, but only for the year in
4 which such adjustment is effective). If retirement benefits
5 begin after age 65, the dollar limitation of paragraph (a)
6 shall be increased actuarially by using an interest assumption
7 equal to the lesser of 5 percent or the rate used for
8 actuarial equivalence.
9 (e) Compensation in excess of limitations set forth in
10 s. 401(a)(17) of the Internal Revenue Code shall be
11 disregarded. The limitation on compensation for an eligible
12 employee shall not be less than the amount that was allowed to
13 be taken into account hereunder as in effect on July 1, 1993.
14 "Eligible employee" is an individual who was a member before
15 the first plan year beginning after December 31, 1995.
16 (30) Required distributions.--
17 (a) In accordance with s. 401(a)(9) of the Internal
18 Revenue Code, all benefits under this plan shall be
19 distributed, beginning not later than the required beginning
20 date set forth below, over a period not extending beyond the
21 life expectancy of the police officers or the life expectancy
22 of the police officer and a beneficiary designated in
23 accordance with paragraph (9)(e).
24 (b) Any and all benefit payments shall begin by the
25 later of:
26 1. April 1 of the calendar year following the calendar
27 year of the member's retirement date; or
28 2. April 1 of the calendar year following the calendar
29 year in which the member attains age 70-1/2.
30 (c) If an employee dies before his or her entire
31 vested interest has been distributed to him or her, the
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 remaining portion of such interest shall be distributed at
2 least as rapidly as provided for under subsection (17).
3 (31)(a) Rollovers from qualified plans.--A member may
4 roll over all or a part of his or her interest in another
5 qualified plan to the Fund, provided all of the following
6 requirements are met:
7 1. Some or all of the amount distributed from the
8 other plan is rolled over to this plan no later than the 60th
9 day after distribution was made from the Plan or, if
10 distributions are made in installments, no later than the 60th
11 day after the last distribution was made.
12 2. The amount rolled over to this Fund does not
13 include any amount contributed by the member to the Plan on a
14 posttax basis.
15 3. The rollover is made in cash.
16 4. The member certifies that the distribution is
17 eligible for a rollover.
18 5. Any amount which the Trustees accept as a rollover
19 to this Fund shall, along with any earnings allocated to them,
20 be fully vested at all times.
21
22 A rollover may also be made to this Plan from an individual
23 retirement account qualified under s. 408 of the Internal
24 Revenue Code when the individual retirement account was merely
25 used as a conduit for funds from another qualified plan and
26 the rollover is made in accordance with the rules provided in
27 subparagraphs 1.-5. Amounts rolled over may be segregated from
28 other Fund assets. The trustees shall separately account for
29 gains, losses, and administrative expenses of these rollovers
30 as provided for in subsections (11) and (13). In addition, the
31 Fund may accept the direct transfer of a member's benefits
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Amendment No. 1 (for drafter's use only)
1 from another qualified retirement plan or an Internal Revenue
2 Code section 457 plan. The Fund shall account for direct
3 transfers in the same manner as a rollover and shall obtain
4 certification from the member that the amounts are eligible
5 for a rollover or direct transfer to this Fund.
6 (b) Transfer of accumulated leave.--
7 1. Members eligible to receive accumulated sick leave,
8 accumulated vacation leave, or any other accumulated leave
9 payable upon separation shall have the leave transferred to
10 the Fund up to the amount permitted by law. Any additional
11 amounts shall be paid directly to the member. Members on whose
12 behalf leave has been transferred shall maintain the entire
13 amount of the transferred leave balance in the DROP or Share
14 Account.
15 2. If a member on whose behalf the City makes a
16 transferred leave balance to the Plan dies after retirement or
17 other separation, then any person who would have received a
18 death benefit had the member died in service immediately prior
19 to the date of retirement or other separation shall be
20 entitled to receive an amount equal to the transferred leave
21 balance in a lump sum. In the case of a surviving spouse or
22 former spouse, an election may be made to transfer the leave
23 balance to an eligible retirement plan in lieu of the lump sum
24 payment. Failure to make such an election by the surviving
25 spouse or former spouse within 60 days after the member's
26 death shall be deemed an election to receive the lump sum
27 payment.
28 3. The Board, by rule, shall prescribe the method for
29 implementing the provisions of this paragraph.
30 4. Amounts transferred under this section shall remain
31 invested in the Fund for a period of not less than 1 year.
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 (32) Rollover distributions.--
2 (a) This subsection applies to distributions made on
3 or after January 1, 1993. Notwithstanding any provision of the
4 Plan to the contrary that would otherwise limit a
5 distributee's election under this subsection, a distributee
6 may elect, at the time and in the manner prescribed by the
7 Board of Trustees, to have any portion of an eligible rollover
8 distribution paid directly to an eligible retirement plan
9 specified by the distributee in a direct rollover.
10 (b) Definitions.--
11 1. "Eligible rollover distribution" is any
12 distribution of all or any portion of the balance to the
13 credit of the distributee, except that an eligible rollover
14 does not include any distribution that is one of a series of
15 substantially equal periodic payments (not less frequently
16 than annually) made for the life (or life expectancy) of the
17 distributee or the joint lives (or joint life expectancies) of
18 the distributee and the distributee's designated beneficiary,
19 or for a specified period of 10 years or more; any
20 distribution to the extent such distribution is required under
21 s. 401(a)(9) of the Internal Revenue Code; and the portion of
22 any distribution that is not includable in gross income.
23 2. "Eligible retirement plan" is an individual
24 retirement account described in s. 408(a) of the Internal
25 Revenue Code, an individual retirement annuity described in s.
26 408(b) of the Internal Revenue Code, an annuity plan described
27 in s. 403(a) of the Internal Revenue Code, or a qualified
28 trust described in s. 401(a) of the Internal Revenue Code that
29 accepts the distributee's eligible rollover distribution.
30 However, in the case of an eligible rollover distribution to
31 the surviving spouse, an "eligible retirement plan" is an
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 individual retirement account or individual retirement
2 annuity.
3 3. "Distributee" includes an employee or former
4 employee. In addition, the employee's or former employee's
5 surviving spouse and the employee's or former employee's
6 spouse or former spouse who is entitled to payment for alimony
7 and child support under a domestic relations order determined
8 to be qualified by this Fund are distributees with regard to
9 the interest of the spouse or former spouse.
10 4. "Direct rollover" is a payment by the Plan to the
11 eligible retirement plan specified by the distributee.
12 (33) Miscellaneous requirements.--
13 (a) No benefit of any kind shall be payable from the
14 assets of the Pension Fund unless specifically provided for in
15 this act; however, the Board of Trustees, with the approval of
16 the City, may grant ad hoc benefits after a public hearing and
17 acceptance by the state of an actuarial impact statement
18 submitted pursuant to part VII of chapter 112, Florida
19 Statutes.
20 (b) The City may not offset any part of its required
21 annual contribution by the Fund's assets except as determined
22 in an actuarial valuation, the report for which is determined
23 to be state accepted pursuant to part VII of chapter 112,
24 Florida Statutes.
25 (c) All provisions of this act and operations of the
26 Pension Fund shall be carried out in compliance with part VII
27 of chapter 112, Florida Statutes.
28 (d)1. It is unlawful for a person to willfully and
29 knowingly make, or cause to be made, or to assist, conspire
30 with, or urge another to make, or cause to be made, any false,
31 fraudulent, or misleading oral or written statement or to
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Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 withhold or conceal material information to obtain any benefit
2 under this Plan.
3 2.a. A person who violates subparagraph 1. commits a
4 misdemeanor of the first degree, punishable as provided in
5 section 775.082 or section 775.083, Florida Statutes.
6 b. In addition to any applicable criminal penalty,
7 upon conviction for a violation described in subparagraph 1.,
8 a participant or beneficiary of this Plan may, in the
9 discretion of the Board of Trustees, be required to forfeit
10 the right to receive any or all benefits to which the person
11 would otherwise be entitled under this Plan. For purposes of
12 this sub-subparagraph, "conviction" means a determination of
13 guilt that is the result of a plea or trial, regardless of
14 whether adjudication is withheld.
15 (34) Actuarial assumptions.--The following actuarial
16 assumptions shall be used for all purposes in connection with
17 this Fund, effective October 1, 1999:
18 (a) The assumed investment rate of return shall be
19 8.25 percent.
20 (b) The period for amortizing current, future, and
21 past actuarial gains or losses shall be 20 years.
22
23 The consequences of the change in assumptions in paragraphs
24 (a) and (b) shall first take effect during the October 1,
25 1999-September 30, 2000, fiscal year of the City of West Palm
26 Beach. To the extent that effective dates or legislative
27 delays might influence the direct application to the October
28 1, 1999-September 30, 2000, fiscal year of the actuarial cost
29 estimate dated March 24, 2000, there shall be a minimum
30 contribution reserve established by the Pension Fund for the
31 City of West Palm Beach. The reserve shall be credited with
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HOUSE AMENDMENT
Bill No. HB 973
Amendment No. 1 (for drafter's use only)
1 any amounts contributed to the Pension Fund by the City of
2 West Palm Beach during the October 1, 1999-September 30, 2000,
3 fiscal year in excess of $1,462,965. This amount has been
4 determined by combining the contribution requirement from the
5 September 30, 1998, actuarial valuation report dated May 7,
6 1999, with the subsequent actuarial cost estimate dated March
7 24, 2000, both of which were prepared by the Fund's actuary.
8 Section 2. All special laws and parts of special laws,
9 ordinances, or regulations insofar as they are in conflict or
10 inconsistent with the provisions of this act be and the same
11 are repealed.
12 Section 3. This act shall take effect upon becoming a
13 law.
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