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2010-07ORDINANCE N0.2010-07 AN ORDINANCE OF THE CITY OF AVENTURA AMENDING PROVISIONS OF THE POLICE OFFICERS' RETIREMENT PLAN REQUIRED BY LAWS OF FLORIDA CHAPTER NO. 2009-97 PROVIDING FOR INCREASED TERMS FOR TRUSTEES TO FOUR YEARS; PROVIDING FOR AN INCREASED CAP ON INTERNATIONAL INVESTMENTS UP TO TWENTY-FIVE PERCENT; PROVIDING FOR COMPLIANCE WITH THE PROTECTING FLORIDA'S INVESTMENTS ACT; PROVIDING FOR COMPLIANCE WITH PROVISION OF THE UNIFORMED SERVICES EMPLOYMENT AND REEMPLOYMENT RIGHTS ACT; PROVIDING FOR CHANGING OF JOINT SURVIVOR ANNUITY AFTER RETIREMENT UP TO TWO TIMES WITHOUT PRIOR APPOVAL; PROVIDING FOR FULL FUNDING UPON TERMINATION OF THE RETIREMENT PLAN; PROVIDING FOR AUTHORITY TO DIRECT PAYMENT FROM RETIREMENT BENEFIT OF CERTAIN INSURANCE PREMIUMS; PROVIDING FOR A REPEALER; PROVIDING FOR SEVERABILITY; PROVIDING FOR CODIFICATION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Chapter 2009-97 Laws of Florida establishes new requirements and options for police retirement plans established under Chapter 185 of the Florida Statutes; and WHEREAS, the Boazd of Trustees for the City of Aventura Police Officers' Retirement Plan has reviewed these required and optional revisions and has approved implementation thereof; and WHEREAS, the City Commission has received an actuarial impact statement addressing these required revisions. NOW THEREFORE, be it ordained by the City Commission of the City of Aventura, Florida:l Section 1. The foregoing WHEREAS clauses aze hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Ordinance upon adoption hereof. Section 2. That Section 36-23(c) Administration of the Retirement Plan, of the Municipal Code of Ordinances be amended as follows: Sec. 36-23. Administration of the Retirement Plan ' Proposed additions to existing City Code text aze indicated by an underline; proposed deletions from existing City Code text are indicated by ~fiEet~e~. Ordinance No. 2010-07 Page 2 (c) All Trustees shall serve a term of twefour years. If a vacancy shall occur prior to the expiration of a member's term, a replacement member shall be chosen in the same manner as the person who has left office. A replacement Trustee shall serve a full term measured from the date of replacement. All Trustees shall serve until their replacements aze selected. Section 3. That Section 36-25(c)(9) and (i), Fund management and investments, of the Municipal Code of Ordinances be amended as follows: Sec. 36-25. Fund management and investments. (c) The Boazd shall establish a written investment policy, with the advice and counsel of such advisors as the Boazd deems necessary, and said investment policy shall set forth the types of securities and other types of investments into which shall be place the assets of the fund. The policy shall further set forth appropriate limitations on those investments, including, but not limited to, anticipated rate of return, quality of investment, class of investment and acceptable risk. The Boazd shall have the authority to invest and reinvest the assets of the plan in such securities or property, real or personal, as the Board deems appropriate, including, but not limited to: (9) Foreign securities, not to exceed tentwenty-five percent of the portfolio at sestmazket value. The boazd shall identi and publicly report any direct or indirect holdings it may have in any scrutinized company, as defined in Florida Statutes, Section 215.473, and proceed to sell, redeem, divest, or withdraw all publicly traded securities it may have in such company beg'nning January 1, 2010 and shall thereafter be prohibited from purchasing or holdin such securities. The divestiture of any such security must be completed b~eptember 30, 2010. In accordance with Ch. 2009-97, Laws of Florida, no person ma~g any civil, criminal, or administrative action against the boazd or any employee, officer, director, or advisor of such boazd based upon the divestiture of any security pursuant to this paragraph. Ordinance No. 2010-07 Page 3 Section 4. That Section 36-26(h)(2) Service retirement benefit, of the Municipal Code of Ordinances be amended as follows: Sec. 36-26. Service retirement benefit. (h) A member entitled to a normal or early service retirement benefit shall have the right at any time prior to the date upon which the first payment is received to elect to have the benefit payable under one of the options provided in this plan. A member shall be permitted to revoke any such election and to elect a new option at any time prior to the receipt of the first payment. Each retirement option shall be the actuarial equivalent of the other retirement options available. Election of the retirement option shall be on a form prescribed by the Board. (2) Joint and last survivor option. A member may elect to receive an actuarially reduced benefit for life and to have the benefit (or designated fraction of the benefit) continued after the member's death and during the lifetime of a designated survivor. A designated survivor may be any natural person or a trust for the benefit of such person, but need not be the spouse of the member. In the event that the designated survivor dies, or in the case of the spouse, the marriage is dissolved, before the member's benefit payments begin, this option shall be canceled automatically and a retirement income shall be payable to the member as if the election had never been made. A member may, at that time, elect an unreduced life annuity or a ten year certain and life thereafter benefit. A retired member ma~~e his or her desi ated survivor up to two times without the approval of the Board or the current designated survivor. The retiree member need not provide proof of the good health of the designated survivor being removed, and the designated survivor being removed need not be living. Any changes in the form of retirement benefit or the designated survivor shall require a recalculation and change of the retirement benefit so that the changed benefit will be actuariallyequivalent to the one previouslX elected or received. In order to accurately recalculate the member's benefit, should no evidence of the good health of the joint pensioner or beneficiary being removed be provided, the beneficiary or joint annuitant being removed will be assumed deceased by the actuary in determining the actuarially~e. uivalent amount of the revised monthly benefit. Any potential increase in plan liability, as determined by the Plan actuary, to the Plan as Ordinance No. 2010-07 Page 4 a result of the member's new election shall be borne solely by the member. Section 5. That Section 36-27 Buy-back for military service, of the Municipal Code of Ordinances be amended as follows: Sec. 36-27. Buy-back for military and prior police service. (a) Any member of the plan who is employed by the City prior to entry into military service and who takes a leave of absence for the purpose of entering into military service in the Armed Forces of the United States and thereafter re-enters the employ of the City, ° shall be entitled to phase-service credits for the period of absence ~e which would have been earned had the member continued in City employment for the period of military service, with a lifetime maximum of five years of service credits, if: lased-ea-the . ~e~ if (1) The police officer is in the active employ of the municipality prior to such service and leaves a position, other than a temporary position, for the purpose of voluntary or involuntary service in the Armed Forces of the United States. (2) The police officer is entitled to reemployment under the provisions of the Uniformed Services Employment and Reemployment Rights Act. (3) The police officer returns to his or her employment as a police officer of the municipality within one year from the date of his or her release from such active service. (b) A member who is receiving, or will receive the pension benefit for military service in any other pension plan supported by public funds, excluding a military pension, may not use that service for this Pension Plan. Ordinance No. 2010-07 Page 5 Section 6. That Section 36-32(b) Amendment or termination of the system, of the Municipal Code of Ordinances be amended as follows: Sec. 36-32. Amendment or termination of the system. (b) In the event of termination or partial termination of the plan, each participant's accrued pension benefit shall become nonforfeitable (100 percent vested), . At such time, the funds shall be appropriated and distributed in accordance with the provisions of Chapter 185 of the Florida Statutes. The Board shall determine the date of distribution and the asset value required to fund all of the nonforfeitable benefits. The Board shall inform the City, if additional assets are required, in which event the City shall continue to financially support the Retirement Plan until all nonforfeitable benefits have been fully funded. ~, s~; ,,;~.~o ~otl~o:-z=- the~ se Ordinance No. 2010-07 Page 6 Section 7. That Section 36-34(a) Miscellaneous, of the Municipal Code of Ordinances be amended as follows: Sec.36-34. Miscellaneous. (a) The present or future right of a person to money in the Pension Fund or to a retirement allowance, an optional allowance, a death benefit, the return of contributions, or any other right accrued or accruing under the provisions of this Plan shall not be assignable and shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency law or any other process of law whatsoever, except with respect to alimony, child support or medical payments to a former spouse or minor child. Further the recipient of any monthly benefit may authorize the board of trustees upon written request. to withhold from the monthly benefit those funds necessary to pay for accident, health, and long-term care insurance premiums for the recipient, the recipient's spouse and the recipient's dependents. The Pension Fund shall not incur any liability for participation in such permissive program if its action is taken in good faith. Section 8. All sections or parts of sections of the Code of Municipal Ordinances, all ordinances or parts of ordinances, and all resolutions or parts of resolutions in conflict herewith, be and the same are hereby repealed to the extent of such conflict. Section 9. Should any section or provision of this Ordinance, or any paragraph, sentence or word, be declared by a Court of competent jurisdiction to be invalid, such decision shall not affect the invalidity of the remainder hereof, as a whole or apart hereof, other than the part declared to be invalid. Section 10. It is the intention of the City Commission of the City of Aventura that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Aventura and that the sections of this Ordinance may be renumbered or relettered and the word "ordinance" may be changed to "Chapter", "Section", "Article", or such other appropriate word or phrase, the use of which shall accomplish the intentions herein expressed. Ordinance No. 2010-07 Page 7 Section 11. This Ordinance shall take effect immediately upon adoption. The foregoing Ordinance was offered by Commissioner Holzberg, who moved its adoption on first reading. This motion was seconded by Commissioner Auerbach and upon being put to a vote, the vote was as follows: Commissioner Zev Auerbach yes Commissioner Bob Diamond yes Commissioner Teri Holzberg yes Commissioner Billy Jcel absent Commissioner Luz Urbaez Weinberg yes Vice Mayor Michael Stern yes Mayor Susan Gottlieb yes The foregoing Ordinance was offered by Commissioner Jcel, who moved its adoption on second reading. This motion was seconded by Commissioner Holzberg, and upon being put to a vote, the vote was as follows: Commissioner Zev Auerbach yes Commissioner Bob Diamond yes Commissioner Teri Holzberg yes Commissioner Billy Jcel yes Commissioner Luz Urbaez Weinberg yes Vice Mayor Michael Stern yes Mayor Susan Gottlieb yes PASSED AND ADOPTED on first reading this 1st day of June, 2010. Ordinance No. 2010- D ~ Page 8 PASSED AND ADOPTED on second reading this 6`~' day of July, 2010. / `~ - SAN GOTTLIEB, MAYOR AT ST: Cv SA M. SOR KA, C Y CLE APPROVED AS TO LF~L SUFFICIENCY: CITY TORNEY