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HomeMy WebLinkAboutAgenda Fire Pension 113011THE R ESOURCE C ENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW .R ESOURCE C ENTERS .COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Special Meeting of Wednesday, November 30, 2011 Location: Council Chambers, Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 2:30 P.M. A GENDA 1. Call Meeting to Order 2. Approval of Additional Cost Study Request From C ity (Regarding Pension Proposal to IAFF) 3. Other Business 4. Schedule Next Meeting: Monday, January 23, 2012 at 9:00 A.M. 5. Adjourn PLEASE NOTE: Should any interested party seek to appeal any deci sion made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the pr oceedings is made, which record includes the testim ony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodatio n to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. PBG City Proposal to IAFF RETIREMENT Retirement benefits and employee contributions for employees covered by this Agreement shall be as provided in the City of Palm Beach Gardens Fi re Fighters’ Retirement Plan (the “Plan”), except as provided below. All changes to the existi ng Plan shall take effect September 30, 2011 or upon implementation of this Agreement, if later (the “effective date”). 1. The accrued pension benefits of all bargaining unit members who are members of the Plan will be frozen on the effective date, as provi ded herein. The frozen accrued benefit of each member who is employed and not participatin g in the DROP on the effective date shall be calculated based on the Plan provisions in effect on the day before the effective date, and each member’s credited service and averag e final compensation on that date. All such members shall be 100% vested in their froz en accrued benefit earned prior to the freeze date, and will be eligible to receive the fr ozen accrued benefit upon reaching the normal retirement date in effect prior to the freez e, and separation from employment. The compensation used to calculate the frozen accru ed benefit shall include the member’s accrued leave as of the freeze date that would be i ncluded in compensation for pension purposes on the day before the effective date if th e member retired on that date; provided, if the member’s accrued leave balance upon retireme nt is less than the amount accrued as of the effective date, the frozen accrued benefit w ill be adjusted accordingly. Such members will accrue benefits on and after the effec tive date in accordance with section 2 below. 2. Bargaining unit members who are employed and not pa rticipating in the DROP on the effective date will accrue benefits under the Plan for service on and after that date as follows: a. The benefit multiplier shall be 3.00% for all s ervice after the effective date. Employees who are employed on the effective date shall retain their accrued benefits based on service prior to the effective da te. b. The maximum benefit shall be 75% of average fin al compensation; provided, any employee who has accrued a benefit pe rcentage in excess of 75% on the effective date shall retain that benefit per centage, but shall not accrue any additional benefit percentage after the effective d ate. c. There shall be no cost of living adjustment app lied to benefits earned based on service after the effective date. d. Compensation for pension purposes shall be base pay plus up to 300 hours of overtime, excluding all other compensation; prov ided, in no event shall compensation for pension purposes be less than an e mployee’s compensation on PBG City Proposal to IAFF the day before the effective date, determined in ac cordance with the Plan provisions in effect on that date. e. The normal retirement date for benefits based o n creditable service on and after the effective date shall be age 55 with 10 or more years of creditable service or 20 years of creditable service regardless of age . 3. The City shall, at its discretion, discontinue p articipation in Chapter 175, Florida Statutes, following the effective date. At the time the City discontinues participation in Chapter 175 the employee pension contribution shall increas e to 8% of compensation. Thereafter, the Firefighters’ Retirement Plan shall be merged with the Police Officers’ Retirement Plan to form one plan to be administered by a pension board composed of at least one firefighter and one police officer, and a t least 3 other members to be appointed by the City. 4. Bargaining unit members who are employed and not participating in the DROP on the effective date will, upon retirement, be eligible f or a pension benefit in two parts: (1) the frozen accrued benefit based on service and plan pr ovisions in effect prior to the freeze, payable upon reaching the normal retirement date in effect prior to the freeze (age 52 with 10 or more years of creditable service or 25 y ears of creditable service regardless of age); and (2) the benefit based on service and plan provisions after the freeze, payable at the new normal retirement date (age 55 with 10 year s of creditable service or 20 years of creditable service regardless of age). 5. The benefit reductions in section 2 above shall not apply to any bargaining unit member who has reached age 52 with 10 or more years of cre ditable service or 25 years of creditable service regardless of age as the effecti ve date; provided, such members shall contribute 8% of compensation to the Plan.