23-1584 Pension Plan Amendments - Laserfiche WebLink

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ORDINANCE 23-1584 AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AMENDING CHAPTER 62, PENSIONS AND RETIREMENT, ARTICLE I, POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN OF THE CODE OF ORDINANCES OF THE CITY OF CASSELBERRY; AMENDING SECTION 62-2001, DEFINITIONS; AMENDING SECTION 62-2004, FINANCES AND FUND MANAGEMENT; AMENDING SECTION 62-2016, MINIMUM DISTRIBUTION OF BENEFITS; AMENDING SECTION 62-2026, MILITARY SERVICE PRIOR TO EMPLOYMENT; AMENDING SECTION 62-2027, PRIOR POLICE OR FIRE SERVICE; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION 1: That Chapter 62, Pensions and Retirement, Article 1, Police Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of Casselberry, is hereby amended by amending Section 62-2001, Definitions, by amending the definition of Salary, to read as follows: Salary means the total compensation for services rendered to the City as a Police Officer or rendered to the City and/or County as a Firefighter reportable on the Member's W-2 form plus all tax deferred, tax sheltered, or tax-exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding any payments for extra duty or special detail work performed on behalf of a second party employer and also excluding holiday gift cards and service awards. For Police Officer Members, for service earned after October 22, 2012, and for Firefighter Members, for service earned after November 13, 2012, (the "effective date"), Salary shall not include more than three hundred (300) hours of overtime per fiscal year and shall also not include payments for accrued unused sick or annual leave. However, payments for overtime in excess of three hundred (300) hours per fiscal year or accrued unused sick or annual leave accrued as of the effective date and attributable to service earned prior to the effective date, may still be included in Salary for pension purposes even if the payment is not actually made until on or after the effective date. With respect to unused sick leave and unused annual leave accrued prior to the effective date, Salary will include the amount of sick or annual leave time accrued on the effective date or the actual amount of sick or annual leave time for which the retiree receives payment at the time of retirement, whichever is less. Overtime earned as part of the Members' regularly scheduled hours of work (also known as "built-in" or "FLSA" overtime) will not count towards the 300 -hour annual overtime cap and will be considered pensionable earnings. Members who have reached age fifty-five (55) and completed six