Ordinance No. 58-87-8 v ORDINANCE NO. 58-87-8
AN ORDINANCE AMENDING CHAPTER 2, ARTICLE VI, DIVI-
SION 3, SECTION 2-281 TO INCREASE THE PERCENTAGE OF
AVERAGE FINAL COMPENSATION FOR ALL MEMBERS OF THE
RETIREMENT SYSTEM; ADDING SECTION 2-298, PROVIDING
FOR MEMBER CONTRIBUTIONS; PROVIDING AN EFFECTIVE
DATE
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF ATLANTIC
BEACH, FLORIDA
Section 1. Chapter 2, Article VI, Division 3, Section 2-281 is
hereby amended to read as follows:
CHAPTER 2
ADMINISTRATION
ARTICLE VI. EMPLOYEE BENEFITS
DIVISION 3. RETIREMENT SYSTEM
Section 2-281. Amount of level straight life pension.
(a) Benefit Group Fire. Subject to Section 2-285, the amount of
level straight life pension of the retirement system member
shall be equal to the retiring member's benefit group fire
credited service multiplied by twe-42-) two and four-tenths
(2.4) percent of the retiring member's final average compen-
sation.
(b) Benefit Group Police. Subject to Section 2-285, the amount of
level straight life pension shall be equal to the retiring
member's group police credited service multiplied by twe--(-2-)
two and four-tenths (2.4) percent of the retiring member's
final average compensation.
(c) Benefit Group General. Subject to Section 2-285, the amount
of level straight life pension shall be equal to the retiring
member's group general credited service multiplied by the sum
of twe-{2} two and twenty-five hundredths (2.25) percent.
Section 2. Chapter 2, Article VI, Division 3, is hereby amended
to add Section 2-298 which section shall read as follows:
CHAPTER 2
ADMINISTRATION
ARTICLE VI. EMPLOYEE BENEFITS
DIVISION 3. RETIREMENT SYSTEM
Section 2-298. Member contributions.
(a) Member contributions by benefit group fire and benefit group
police shall be no less than one (1) percent of salary which
shall be deducted from the member's pay and paid over into the
retirement system at the same time as city contributions are
made.
410
(b) Member contributions for benefit group general shall be no
less than one (1) percent of salary after same shall have been
approved by a majority vote of all members constituting
benefit group general and said contribution shall be deducted
from the member's pay and paid over into the retirement system
at the same time as the city contribution is made to the
retirement system
Section 3. This Ordinance shall take effect upon its adoption.
* * * * * * * * * * * * *
Passed by the City Commission on first reading October 12, 1987
Passed by the City Commission on sec nd & f' al reading October 26,1987.
illiam 5. Howell Mayor, PresidingOfficer
Y �
Approved as to form and correctness:
41110
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Claude L. Mullis, City ttorney
(SEAL)
ATTEST:
aileh-de- rie-/e-
Adelaide R. Tucker, City Clerk