Ordinance No. 58-05-30 v"` Ordinance 58-05-30
AN ORDINANCE AMENDING CHAPTER 2
ADMINISTRATION, ARTICLE VI, EMPLOYEE
BENEFITS, DIVISION III GENERAL EMPLOYEE
RETIREMENT SYSTEM, SECTION 2-281 AMOUNT
OF LEVEL STRAIGHT LIFE PENSION; TO
REDUCE THE BENEFIT MULTIPLIER FOR NEW
HIRES; AMENDING SECTION 2-298 BENEFIT
GROUP GENERAL, RAISING THE EMPLOYEE
CONTRIBUTION PERCENTAGE; TO PROVIDE
FOR SEVERABILITY; TO PROVIDE FOR AN
EFFECTIVE DATE.
WHEREAS, the city is in the process of repackaging the mix of salary and benefits
provided by having approved a salary rate adjustment to partially be off-set by an
increase in the deduction for pension contributions, and
WHEREAS, it is the city's intent to achieve competitiveness in the local area with
respect to salary and benefits offered to its employees.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION ON
BEHALF OF THE PEOPLE OF THE CITY OF ATLANTIC BEACH, FLORIDA,
that;
SECTION 1. Chapter 2 Administration, Article VI Employee Benefits, Division III
General Employee Retirement System be amended as follows:
Sec. 2-281. Amount of level straight life pension.
(a) Benefit group general for employees hired before(see note):
Subject to section 2-285, the amount of level straight life pension shall be
equal to the retiring member's benefit group general credited service
multiplied by the sum of two and eighty-five hundredths (2.85) percent of
the retiring member's final average compensation.
(b) Bene,~t Qroup Qeneral for emplovees hired after (see note):
Subject to section 2-285 the amount of level straight life pension shall be
eaual to the retiringmember's benefit group general credited service
multiplied by the sum of two and fifty hundredths (2.50) percent of the
retirin_g,.,member's final avers eg compensation.
Sec. 2-298. Member contributions.
~""~,
(a) Member contributions for benefit group general shall be twe-(~
three 3 ercent of salary and said contribution shall be deducted from the
member's pay and paid over into the retirement system at least monthly.
SECTION 2. Severability
If any section, sentence, clause, or phrase of this ordinance is held to be
invalid or unconstitutional by any court of competent jurisdiction, then
said holding shall in no way affect the validity of the remaining portions
of this ordinance.
SECTION 3. Effective Date
Note: The above modifications to the pension ordinance include a blank
for the date of the change. The staff will insert the date that corresponds
with the first full pay period after adoption that it is feasible to implement.
This Ordinance shall take effect upon its final passage and adoption as
described in the note above.
Passed by the City Commission on first reading this ~$ ~hDay of March,
2005.
Passed by the City Commission on final reading this I ~ ~' Day of April,
~nnc
Approved as to form and correctness:
~~~~~~~
~lan C. J n, Esquire
City A ey
ATTEST:
~'~YL'Yt,GL
Donna Bussey
City Clerk