Exh 4BAGENDA ITEM #4B
AUGUST 13, 2001
CITY OF ATLANTIC BEACH
CITY COMMISSIONER MEETING
STAFF REPORT.
ACTION REQUESTED: Authorize Mayor to sign receipt for and deposit of $69,557.32 in
State tax revenues under Chapter 185, Florida Statutes for calendar
year 2000.
SUBMITTED BY: George Foster, Pension Plan Administrator
DATE: August 7, 2001
BACKGROUND: Annually the City receives Sec 185 premium tax moneys from the
State which are to be used to fund "extra" benefits within the
Police pension plan. Extra benefits means benefits in addition to
or greater than those provided to general employees.
In March 1999, Sec 185 mandated numerous changes in Police
pension plans, some administrative and/or technical and some
which mandated increased benefits. However, the increased
benefits aze not required to be implemented until additional Sec
185 funds are received, over the 1997 base year, to fimd the
increases. The following is a summary of Sec 185 premium tax
moneys received on, and since, the 1997 base yeaz:
1997 $ 70,289 (Base Year)
1998 $ 68,048
1999 $ 63,997
2000 $ 69,557
FUNDING:
N/A
RECOMMENDATION: That the City Commission authorize Mayor to sign receipt for and
deposit of $69,557.32 in State tax revenues under Chapter 185,
Florida Statutes.. Note: Funds were received on July 18, 2001 and
deposited the same date..
ATTACHMENTS: 1. Statement for Mayor's signature.
2. Listing of Enhancements
CITY MANAGER:
AGENDA ITEM #4B
AUGUST 13, 2001
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SERVICES
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Division of Retirement
Municipal Police Officers' and Firefighters'
Retirement Trust Funds Office
Post Offce Boz 3010
Tallahassee, FL 32315-3010
Telephone: 850-922.0667
Fax: B50-921-2161
IEB BUSH, GOVERNOR
July 11, 2001
The Honorable John S. Meserve
Mayor of Atlantic Beach
800 Seminole Road
Atlantic Beach, Florida 32233-5445
Re: 2000 Premium Tax Distribution
Atlantic Beach Police Officers' Retirement Trust Fund
Dear Mayor Meserve:
CYNTHI4 A. HENDERSON, SECRETARY
The enclosed state warrant in the amount of $69,557.32 constitutes the revenue due your city under Chapter 185, Florida
Statutes, for calendar year 2000. This warrant is to be deposited into the appropriate Police Officers' Retirement Trust
Fund immediately, and under nd circumstances more than five days after receipt as provided in § 185.11, Florida
Statutes.
Please acknowledge your receipt and deposit of this revenue by signing and returning the enclosed duplicate letter to our
office at the following address:
Municipal Police Officers' and Firefighters'
Retirement Trust Funds Office
Division of Retirement
Post Office Box 3010
Tallahassee, Florida 32315-3010
Sincerely,
~~~c•, ~; ,d1wG
Patricia F, Shoemaker
Benefits Administrator
Division of Retirement
PFS/bla
Enclosure (Mayor's Signature)
(Date)
Copy: Chairman, Police Officers' Retirement Fund
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RECYQFD PAPER
AGENDA ITEM #4B
AUGUST 13, 2001
ADMINISTRATION § 2-310.29
Sec. 2-310.29. Bene£t Enhancements.
To the extent that additional premium (section 185) tax dollars aver those received for
calendar yeaz 199'7 become available to incrementally fund the cost of enhancements, the
following benefits, as required by P'S 185, shall be considered by the city commission.
(a) Normal retirement. A normal retirement benefit for members who have attained the.
age of fifty-five (55) yeazs and have ten (10) or more yeazs of creditable service shall be
established.
(b) Normal retirement ten (10) year period certain. Normal retirement benefits will be paid
for a ten (10) yeaz period certain and life. In the event the officer dies after retirement
but before receiving retirement. benefits for a period of ten (10) yeazs, the same
monthly benefit will be paid to the beneficiary for the balance of such ten (10) year
period, or if no beneficiary is designated, to the estate of the police officer.
(c) Early retirement. A member who has attained the age of fifty (50) years and has ten
(10) years of credited service in force, shall be eligible for an early retirement. The
amount of an eazly retirement benefit shall be calculated as provided in section
2-310.10(a) taking into account credited service to the date of actual retirement and
final monthly compensation as of such date. Such amount of retirement income shall
be actuarially reduced to take into account the participant's younger age and eazlier
commencement of retirement income payments. In no event shall the eazly retirement
reduction exceed three (3) percent for ,each yeaz by which the member's age at
retirement preceded the member's normal retirement age.
(d) Early retirement ten (10) year period certain. An early retirement benefit benefits will
be paid for a ten (10) year period certain and life. In the event the officer dies after
retirement but before receiving retirement benefits for a period of ten (10) yeazs, the
same monthly benefit will be paid to the beneficiary for the balance of such ten (10)
year period, or if no beneficiary is designated, to the estate of the police officer.
(e) Deferred retirement r~pon separation. Any police officer who has been in the service of
the city for at least ten (10) yeazs elects to leave his or her accrued contributions in the
plan, such police officer upon attaining age fifty (50) years or more, may retire under
the provisions as set out for an eazly retirement.
(fl Deferred retirement ten (IO) year period certain. Such benefits will be paid for a ten. (10)
yeaz period certain and life. In the event the officer dies after retirement but before
receiving retirement benefits for a period of ten (10) years, the same monthly benefit
will be paid to the beneficiary for the balance of such ten (10) year period, or if no
beneficiary is designated, to the estate of the police officer.
(g) Disability retirement ten (IO) year period certain. Such benefits will be paid for a ten
(10) year period certain and life. In the event. the officer dies after retirement but
before receiving retirement benefits for a period of ten (10) years, the same monthly
benefit will be paid to the beneficiary for the balance of such ten (10) yeaz period, or if
no beneficiary is designated, to the estate of the police officer.
Supp. No. 23 188.25
AGENDA ITEM #4B
AUGUST 13, 2001
§ 2-310.29 ATLANTIC BEACH CODE
(h) Employee.de¢th ten (10) year period cert¢in. If any police officer having at least ten (10).
years of credited service dies prior to retirement, his or her beneficiary is entitled to the
benefits otherwise payable to the police officer at early or normal retirement age.
(Ord. No. 58-99-26, § 2, 7-10-00)
Supp. Na. 23 188.26