Commission Meeting Agenda Item
Agenda Item
Ordinance 2019-17 (First Reading) — An Ordinance of the Town of Lady Lake, Lake County, Florida, Amending Chapter 10.5, Pensions And Retirement, Article III, Police Officers’ Retirement Trust Fund, of the Code of Ordinances of the Town of Lady Lake; Amending Section 10.5-58, Reemployment After Retirement
Department
Police Department
Staff Recommended Motion
Staff recommends approval of the first reading of Ordinance 2019-17 as presented.
Summary
Any retiree who is retired under normal retirement pursuant to the Town of Lady Lake Police Pension Trust Fund and who is reemployed by the Town after that retirement, and by virtue of that reemployment, is ineligible to participate in this system, shall, during the period of such reemployment, continue receipt of benefits during any subsequent employment period. This does not apply to early retirement or disability from this system.
Fiscal Impact
Foster & Foster, the actuary, will provide an impact study prior to the second and final reading of this ordinance at the November 18, 2019 Commission meeting.
Source of Funding
Not applicable.
Funding Account
Not applicable.
Past Actions
The proposed changes have been approved and recommended by the Town of Lady Lake Police Officers’ Pension Board at their September 11, 2019 meeting.
PW/nvs
Draft Ordinance 2019-17
Note: proposed changes within this document are displayed as follows:
[begin add] new, added text [end add]
[begin delete] deleted text [end delete]
AN ORDINANCE OF THE TOWN OF LADY LAKE, LAKE COUNTY, FLORIDA, AMENDING CHAPTER 10.5, PENSIONS AND RETIREMENT, ARTICLE III, POLICE OFFICERS’ RETIREMENT TRUST FUND, OF THE CODE OF ORDINANCES OF THE TOWN OF LADY LAKE; AMENDING SECTION 10.5-58, REEMPLOYMENT AFTER RETIREMENT; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Lady Lake police officers are presently provided pension benefits pursuant to Chapter 185, Florida Statutes, and Ordinances of the Town of Lady Lake; and
WHEREAS, the following proposed changes have been approved and recommended by the Board of Trustees of the plan.
NOW, THEREFORE, BE IT ORDAINED by the Town Commission of the Town of Lady Lake, Lake County, Florida, as follows:
Section 1:
Chapter 10.5, Pensions and Retirement, Article III, Police Officers’ Retirement Trust Fund, of the Code of Ordinances of the Town of Lady Lake, is hereby amended by amending Section 10.5-58, Reemployment after retirement, to read as follows:
Sec. 10.5-58. — Reemployment after retirement.
- Any retiree who is retired under this system, [begin delete] except for disability retirement as previously provided for, [end delete] may be reemployed by any public or private employer, [begin delete] except the town, [end delete] and may receive compensation from that employment without limiting or restricting in any way the retirement benefits payable under this system. [begin delete] Reemployment[end delete] Notwithstanding the previous sentence, reemployment by the town shall be subject to the limitations set forth in this section.
- After normal retirement. Any retiree who is retired under normal retirement pursuant to this system and who is reemployed as a police officer after that retirement and, by virtue of that reemployment, is eligible to participate in this system, shall upon being reemployed discontinue receipt of benefits. Upon reemployment, the retiree shall be deemed to be fully vested and the additional credited service accrued during the subsequent employment period shall be used in computing a second benefit amount attributable to the subsequent employment period, which benefit amount shall be added to the benefit determined upon the initial retirement to determine the total benefit payable upon final retirement. Calculations of benefits upon retirement shall be based upon the benefit accrual rate, average final compensation, and credited service as of that date and the retirement benefit amount for any subsequent employment period shall be based upon the benefit accrual rate, average final compensation (based only on the subsequent employment period), and credited service as of the date of subsequent retirement. The amount of any death or disability benefit received as a result of a subsequent period of employment shall be reduced by the amount of accrued benefit eligible to be paid for a prior period of employment. The optional form of benefit and any joint pensioner selected upon initial retirement shall not be subject to change upon subsequent retirement except as otherwise provided herein, but the member may select a different optional form and joint pensioner applicable to the subsequent retirement benefit.
- Any retiree who is retired under normal retirement pursuant to this system and who is reemployed by the town after that retirement and, by virtue of that reemployment is ineligible to participate in this system, shall, during the period of such reemployment, [begin delete] discontinue [end delete] [begin add] continue [end add] receipt of benefits during any subsequent employment period.
- After early retirement. Any retiree who is retired under early retirement pursuant to this system and who subsequently becomes an employee of the town in any capacity shall discontinue receipt of benefits from the system. If by virtue of that reemployment, the retiree is eligible to participate in this system, the retiree shall be deemed to be fully vested and the additional credited service accrued during the subsequent employment period shall be used in computing a second benefit amount attributable to the subsequent employment period, which benefit amount shall be added to the benefit determined upon the initial retirement to determine the total benefit payable upon final retirement. Calculations of benefits upon retirement shall be based upon the benefit accrual rate, average final compensation, credited service and early retirement reduction factor as of that date and the retirement benefit amount for any subsequent employment period shall be based upon the benefit accrual rate, average final compensation (based only on the subsequent employment period), and credited service as of the date of subsequent retirement. The amount of any death or disability benefit received as a result of a subsequent period of employment shall be reduced by the amount of accrued benefit eligible to be paid for a prior period of employment. The optional form of benefit and any joint pensioner selected upon initial retirement shall not be subject to change upon subsequent retirement except as otherwise provided herein, but the member may select a different optional form and joint pensioner applicable to the subsequent retirement benefit. Retirement pursuant to an early retirement incentive program shall be deemed early retirement for purposes of this section if the member was permitted to retire prior to the customary retirement date provided for in the system at the time of retirement.
[begin add]
5. After disability retirement.
1) Subject to paragraph 2 below, any retiree who is retired under Section 10.5-38 Disability (“disability retiree”), may, subject to subsection (5), physical examination requirement, of that section, be reemployed by any public or private employer, and may receive compensation from that employment without limiting or restricting in any way, the retirement benefits payable under this system.
2) Any disability retiree who subsequently becomes an employee of the town in any capacity, except as a police officer, shall discontinue receipt of disability benefits from the system for the period of such employment.
3) If a disability retiree is reemployed as a police officer, his disability benefit shall cease, and Section 10.5-38 shall apply. [end add]
- Reemployment of terminated vested persons. Reemployed terminated vested persons shall not be subject to the provisions of this section until such time as they begin to actually receive benefits. Upon receipt of benefits, terminated vested persons shall be treated as normal or early retirees for purposes of applying the provisions of this section and their status as an early or normal retiree shall be determined by the date they elect to begin to receive their benefit.
Section 2:
Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the Town of Lady Lake, Florida.
Section 3:
All ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed.
Section 4:
This ordinance shall become effective immediately upon final passage by the Town Commission.
Section 5:
This Ordinance does not have retroactive applicability and does not apply to applications filed prior to the effective date of this Ordinance.
PASSED AND ADOPTED this 18th day of November, 2019, in the regular session of the Town Commission of the Town of Lady Lake, Lake County, Florida, upon the second and final reading.
Town of Lady Lake, Florida
_________________________
Jim Richards, Mayor
Attest:
_________________________
Kristen Kollgaard, Town Clerk
Approved as to form:
_________________________
Derek Schroth, Town Attorney
Downloads
Commission Meeting Agenda Item 2019230 (.pdf document)
Draft Ordinance 2019-17 (.pdf document)