Loading...
HomeMy WebLinkAboutAgenda Police Pension 032614 Agenda City of Palm Beach Gardens Police Officers’ Pension Fund MEETING OF MARCH 26, 2014 LOCATION: City Council Chambers’ 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • David Pierson, Secretary • Brad Seidensticker, Trustee • Greg Mull, Trustee • Marc Glass, Trustee 3. Discussion Regarding Future Changes to the Pension Plan 4. Other Business 5. Public Comments 6. Adjourn Next Meeting Date: To be determined PLEASE NOTE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s/he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. APPENDIX A RETIREMENT Retirement benefits and employee contributions for employees covered by this Agreement shall be as provided in the City of Palm Beach Gardens Police Officers’ Retirement Plan (the “Plan”), except as provided below. The changes to the existing Retirement System as provided below in paragraphs 5 and 7 shall take effect July 1, 2016. 1. The benefit multiplier shall be 2.75% for all service after September 13, 2012. Employees who are employed on September 13, 2012 shall retain their accrued benefits based on service prior to the effective date. 2. The maximum benefit shall be 75% of average final compensation; provided, any employee who has accrued a benefit percentage in excess of 75% on September 13, 2012 shall retain that benefit percentage, but shall not accrue any additional benefit percentage after September 13, 2012. 3. There shall be no cost of living adjustment applied to benefits earned based on service after September 13, 2012. 4. Compensation for pension purposes shall be base pay, excluding all other compensation; provided, in no event shall compensation for pension purposes be less than an employee’s compensation on the day before September 13, 2012, determined in accordance with the Plan provisions in effect on that date. 5. The normal retirement date for all employees with less than 10 years of creditable service on September 13, 2012 shall be age 55 with 10 or more years of creditable service, or 25 years of creditable service regardless of age. Employees with 10 or more years of creditable service on September 13, 2012 shall retain the normal retirement date in effect prior to September 13, 2012 (age 52 with 10 or more years of creditable service or 20 years of creditable service regardless of age). 6. The City may, at its discretion, discontinue participation in Chapter 185, Florida Statutes, following the effective date. At the time the City discontinues participation in Chapter 185 the employee pension contribution shall decrease to 8% of compensation. 7. The date upon which an employee may elect to enter the DROP may be delayed until the employee has accrued the maximum benefit of 75% of his or her Final Average Earnings. 8. The Parties agree that the Accumulated Excess Chapter 185 Premium Tax Reserve as of October 1, 2012 ($538,552) shall be applied to reduce the City’s annual pension contribution requirement for the 2013 -14 and/or 2014-15 plan years, as determined by the City. In the event the Division of Retirement requires a benefit enhancement in conjunction with the foregoing application of the Accumulated Excess Chapter 185 Premium Tax Reserve, the Parties agree that the employee contribution shall be increased by a percentage of covered payroll equal to the amount of the Accumulated Excess Premium Tax Reserve as of October 1, 2012, and then immediately reduced to the current employee contribution level using the Accumulated Excess Chapter 185 Premium Tax Reserve to fund the reduction in employee contributions. In implementing the foregoing, no employee shall be required to contribute more than 8.6% of salary to the Plan, and the City’s annual pension contribution requirement for 2013 -14 and/or 2014-15 shall be reduced by an amount equal to the Accumulated Excess Chapter 185 Premium Tax Reserve as of October 1, 2012.