Exh 7CAGENDA ITE1V1 #7C
APRIL I1, 200
Ordinance 58-OS-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;
j SECTION 1. Chapter 2 Administration, Article VI Employee Benefits, Division III
i General Employee Retirement System be amended as foIIows:
s
e
,J Sec. 2-281. Amount of level straight life pension.
s
2 (a) Benefit group general or emplovees hired be{ore(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.
(h) Benefit ~p general for emplovees hired after (see note):
' Subiect to section 2-285, the amount of level straight life uension shall be
equal to the retirine member's benefit group General credited service
multiplied by the sum of two and fifl~hundredths (2.50) percent of the
` ~ retiring member's final average compensation.
~ Sec. 2-298. Member contributions.
..
AGENDA ITEM #7C
APRIL ll, 2005
C (a) Member contributions for benefit group general shall be t~e-(~
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 fast reading this Day of March,
2005.
Passed by the City Commission on final reading this Day of April,
2005.
John S. Meserve
Mayor /Presiding Officer
Approved as to form and correctness:
Alan C. Jensen, Esquire
City Attorney
ATTEST:
Donna Bussey
City Clerk