| 1 | The Committee on Local Government & Veterans' Affairs recommends |
| 2 | the following: |
| 3 |
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| 4 | Committee Substitute |
| 5 | Remove the entire bill and insert: |
| 6 | A bill to be entitled |
| 7 | An act relating to the City of Tampa, Hillsborough County; |
| 8 | amending chapter 23559 (1945), Laws of Florida, as |
| 9 | amended; revising provisions relating to the pension fund |
| 10 | for general employees of the City of Tampa; clarifying |
| 11 | covered employees; revising the definition of "average |
| 12 | monthly salary," "pension credit," and "normal retirement |
| 13 | date" to provide for 6-year vesting; revising deferred |
| 14 | pension, early retirement, and disability retirement |
| 15 | provisions to provide for 6-year vesting; providing |
| 16 | additional cost-of-living adjustments; revising benefits |
| 17 | provisions regarding reemployment after termination to |
| 18 | provide for 6-year vesting; providing for 6-year vesting |
| 19 | for elective officers, department heads, and appointive |
| 20 | officers; revising the eligibility requirements for the |
| 21 | Deferred Retirement Option Program to provide for 6-year |
| 22 | vesting; adding a provision regarding limitations on |
| 23 | amounts of benefits; providing an effective date. |
| 24 |
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| 25 | Be It Enacted by the Legislature of the State of Florida: |
| 26 |
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| 27 | Section 1. Section 2, subsections (I), (K), and (L) of |
| 28 | section 4, section 9, subsection (A) of section 10, subsection |
| 29 | (A) of section 11, subsection (C) of section 13, section 15, |
| 30 | subsection (A) of section 17, and subsection (A) of section 22 |
| 31 | of chapter 23559 (1945), Laws of Florida, as amended, are |
| 32 | amended, and subsection (G) is added to section 24 of said |
| 33 | chapter, to read: |
| 34 | Section 2. Creation. |
| 35 | A pension fund is hereby created for all employees of the |
| 36 | City of Tampa, Florida, who are not now members of any other |
| 37 | pension fund for employees of the City of Tampa, Florida, |
| 38 | heretofore created by the Legislature of the State of Florida. |
| 39 | Section 4. Definitions. |
| 40 | (I) Average Monthly Salary. The Average Monthly Salary |
| 41 | shall be determined by calculating the average of an Employee's |
| 42 | Salary for the highest 3 of the last 6 10 years of Continuous |
| 43 | Service ending on the date of retirement, and dividing by 12. |
| 44 | In the event an Employee does not have 6 10 years service at the |
| 45 | time his or her Average Monthly Salary is calculated, the |
| 46 | average for the highest 3 of the total number of years employed |
| 47 | shall be used for this definition. If the Employee does not |
| 48 | have 3 years service, the average for years employed shall be |
| 49 | used. |
| 50 | (K) Pension Credit. Pension Credit shall refer to the |
| 51 | minimum number numbers of years necessary to have a vested |
| 52 | pension. For the purposes of this Act, an Employee shall work 6 |
| 53 | 10 continuous years to earn Pension credit. |
| 54 | (L) Normal Retirement Date. This shall mean the date an |
| 55 | Employee qualifies for benefits under this Act. For Division A |
| 56 | Employees the Normal Retirement Date shall mean the date an |
| 57 | Employee has both 6 10 years of Continuous Service and has |
| 58 | attained the age of 55 years. For Division B Employees the |
| 59 | Normal Retirement Date shall mean the date an Employee has both |
| 60 | 6 10 years of Continuous Service and attains the age of 62 |
| 61 | years. |
| 62 | Section 9. Deferred Pension. |
| 63 | (A) Division A Employees. Any Employee who has been in |
| 64 | the service of the City of Tampa for a period of not less than 6 |
| 65 | 10 years continuously who voluntarily terminates his employment |
| 66 | or is discharged may elect to allow the amount contributed to |
| 67 | the pension Fund to remain in said Fund, and upon attaining the |
| 68 | age of 55 years shall be entitled to a pension in an amount |
| 69 | equal to the Employee's Accrued Pension based upon the number of |
| 70 | years and months of actual Service. |
| 71 | (B) Division B Employees. Any Employee in Division B who |
| 72 | has worked for the City of Tampa for a period of 6 10 years |
| 73 | continuously who leaves the employ of the City either |
| 74 | voluntarily or by discharge, and who has not reached his 62nd |
| 75 | birthday, upon attaining his 62nd birthday, shall be entitled to |
| 76 | a pension equal to his Accrued Pension based upon the number of |
| 77 | years and months of actual Service. However, if such Employee |
| 78 | was previously a member of Division A and elects to withdraw his |
| 79 | employee contributions in Division A, his period of Service as a |
| 80 | member of Division A shall not be used to qualify under this |
| 81 | subsection, or, if he otherwise qualifies, in computing his |
| 82 | pension, hereunder. |
| 83 | Section 10. Early Retirement. |
| 84 | (A) An Employee in Division B of this Plan, on or after |
| 85 | his 55th birthday, may elect to take an Early Retirement, |
| 86 | provided that he has been in the Service of the City of Tampa |
| 87 | for 6 10 continuous years. |
| 88 | Section 11. Disability Retirement. |
| 89 | (A) An Employee in Division A or Division B who has been |
| 90 | in the service of the City of Tampa for a period of not less |
| 91 | than 6 10 years, continuously who becomes totally and |
| 92 | permanently disabled physically or mentally, or both, from |
| 93 | further rendering useful and efficient service as an Employee |
| 94 | shall be entitled to immediately receive a monthly disability |
| 95 | pension equal to his Accrued Pension. |
| 96 | Section 13. Cost-of-living adjustment. |
| 97 | (C) Commencing January 1, 2000, and each January 1 |
| 98 | thereafter, the pension benefit due each retired Employee or |
| 99 | beneficiary shall be adjusted as follows: |
| 100 | 1. For those retired Employees, and beneficiaries thereof, |
| 101 | in Division A, the amount of the monthly pension benefit due for |
| 102 | the 12-month period commencing on the adjustment date shall be |
| 103 | the amount of the retired Employee's or beneficiary's monthly |
| 104 | benefit being received on December 31 immediately preceding the |
| 105 | adjustment date plus an amount equal to 2 percent of such |
| 106 | benefit. Commencing January 1, 2005, the 2-percent adjustment |
| 107 | amount provided for in this subparagraph (C)1. shall be revised |
| 108 | to 2.2 percent. |
| 109 | 2. For those retired Employees, and beneficiaries thereof, |
| 110 | in Division B, the amount of the monthly pension benefit due for |
| 111 | the 12-month period commencing on the adjustment date shall be |
| 112 | the amount of the retired Employee's or beneficiary's monthly |
| 113 | benefit being received on December 31 immediately preceding the |
| 114 | adjustment date plus an amount equal to 1 percent of such |
| 115 | benefit. Commencing January 1, 2005, the 1-percent adjustment |
| 116 | amount provided for in this subparagraph (C)2. shall be revised |
| 117 | to 1.2 percent. |
| 118 | Section 15. Reemployment After Termination. |
| 119 | (A) Should any former Employee in Division A of the City |
| 120 | of Tampa who had participated in this Fund and had withdrawn his |
| 121 | contributions be reinstated or reemployed, said Employee may |
| 122 | receive credit towards retirement for any previous service under |
| 123 | the provisions of this Act, provided said Employee shall |
| 124 | redeposit in the pension Fund the amount refunded upon the |
| 125 | Employee's voluntary resignation or discharge and shall pay a |
| 126 | yearly interest rate as determined by the Board of Trustees upon |
| 127 | the amount so redeposited for the period of time elapsing |
| 128 | between receipt of the refunded moneys provided for herein and |
| 129 | redeposit of the same in the pension Fund. In order to receive |
| 130 | credit for past service under this subsection, an Employee must |
| 131 | return to work with the City within 5 years of the date of |
| 132 | withdrawal of his contributions. Employees who have already |
| 133 | received a refund on the effective date of this Act shall have 5 |
| 134 | years from the effective date of this Act to be eligible to |
| 135 | repurchase past Service. Such Employee cannot receive any |
| 136 | benefit under this Act unless he shall then serve continuously |
| 137 | for a period of 6 10 years. Past Service in Division A |
| 138 | repurchased by a Division B Employee shall be treated as |
| 139 | Division B Service for the purpose of calculating benefits |
| 140 | subject to the minimum benefits specific in Section 8(B)2. |
| 141 | (B) An Employee in Division B who terminates his |
| 142 | employment with the City or is terminated, if he is reemployed |
| 143 | with the City, shall receive credit for his past Service if he |
| 144 | returns to employment with the City within 5 years of his |
| 145 | voluntary termination or discharge. However, the Employee shall |
| 146 | work 6 10 continuous years from his date of reemployment before |
| 147 | becoming eligible to receive any benefits under this Act. |
| 148 | (C) An Employee in Division A or B who elects to take a |
| 149 | Deferred Pension as defined in Section 9 of this Act and |
| 150 | subsequently returns to employment with the City shall not |
| 151 | receive any additional benefits (in computing Average Monthly |
| 152 | Salary, Continuous Service, or otherwise) until he shall then |
| 153 | serve for a period of 6 10 continuous years from his date of |
| 154 | reemployment. However, an Employee who earned a Deferred |
| 155 | Pension in Division A who returns to work with the City may have |
| 156 | either his Deferred Pension in Division A considered separate |
| 157 | and apart from his Service upon reemployment in Division B; (in |
| 158 | which case, he may receive his Division A benefits at age 55, |
| 159 | provided he is no longer in the employ of the City); or, he may |
| 160 | have his Service earned in Division A converted to Division B |
| 161 | Service subject to the minimum benefits of Section 8(B)2. This |
| 162 | election shall be made at the date of retirement after |
| 163 | reemployment. |
| 164 | Section 17. Officers. |
| 165 | (A) Elective officers, department heads, and appointive |
| 166 | officers of the City shall participate in the pension or |
| 167 | retirement Plan. Such elective officers, department heads, and |
| 168 | appointive officers shall have the same status for pension |
| 169 | purposes as permanent Employees; provided, however, the minimum |
| 170 | number of years necessary for an elective officer of the City to |
| 171 | have a vested pension under the plan and be eligible for the |
| 172 | Deferred Retirement Option Program set forth in section 22 of |
| 173 | this Plan shall be 8 continuous years of Service; and provided |
| 174 | further that any such elective officer, department head, or |
| 175 | appointive officer of the City who (1) shall have participated |
| 176 | in the pension or retirement Plan and acquired a vested right to |
| 177 | a deferred proportionate pension thereunder, (2) shall have at |
| 178 | the end of any term in office (a) unsuccessfully sought |
| 179 | election, (b) not been appointed, or (c) not declined |
| 180 | appointment to any office of the City, (3) shall have left his |
| 181 | contributions in the Fund if he was a member of Division A and |
| 182 | had contributed to the Fund, and (4) is or shall have been |
| 183 | subsequently elected or appointed to any office or employed in |
| 184 | any position in the City, shall resume his participation in the |
| 185 | Plan; and the period during which such person shall have been |
| 186 | out of office shall not constitute a break in Service, but no |
| 187 | creditable Service shall be allowed for such period. Pensions |
| 188 | under this section shall be calculated in the same manner as any |
| 189 | pensions of Employees receiving retirement benefits who were |
| 190 | subsequently reemployed (section 16). |
| 191 | Section 22. Deferred Retirement Option Program. |
| 192 | (A) Eligibility. In order to be eligible for the DROP |
| 193 | option, the member must meet the following eligibility criteria: |
| 194 | 1. The member must have attained the age of 55 years and |
| 195 | at least 6 10 years of continuous Service at the time the member |
| 196 | files an election under this section. A member is eligible for |
| 197 | accumulations pursuant to the DROP for a maximum of 7 years. |
| 198 | 2. The member must meet all eligibility requirements for |
| 199 | pension benefits, other than separation from Service as an |
| 200 | Employee of the City. |
| 201 | 3. Upon electing to participate in the DROP, the member |
| 202 | shall submit on forms required by the City and the Board of |
| 203 | Trustees: |
| 204 | a. An irrevocable written election to participate in the |
| 205 | DROP, specifying a DROP benefit calculation date. The DROP |
| 206 | benefit calculation date is used to determine the DROP |
| 207 | calculation period, which commences on the DROP benefit |
| 208 | calculation date and ends on the earlier of the member's |
| 209 | separation from service or death; |
| 210 | b. An irrevocable notice of employment termination to take |
| 211 | effect upon the expiration of the DROP calculation period; |
| 212 | provided that a DROP participant shall not be precluded from |
| 213 | voluntarily terminating employment with the City before the |
| 214 | expiration of the DROP calculation period, nor shall the City be |
| 215 | precluded from terminating such DROP participant's employment as |
| 216 | applicable due to disciplinary action, layoff, or other |
| 217 | separation in accordance with the applicable collective |
| 218 | bargaining agreement, civil service law, or other applicable |
| 219 | law; |
| 220 | c. A properly completed application for longevity |
| 221 | retirement benefits to be calculated pursuant to Section 8 or |
| 222 | Section 10 as of the DROP benefit calculation date; and |
| 223 | d. Any other information required by the Board of |
| 224 | Trustees. |
| 225 | 4. A member may only make one DROP election during the |
| 226 | member's lifetime. |
| 227 | Section 24. Limitations on Amounts of Benefits. |
| 228 | (G) Notwithstanding any other provision of this Plan, |
| 229 | benefits and limitations under this Plan shall satisfy all the |
| 230 | applicable provisions of Section 415 of the Code and the |
| 231 | regulations thereunder, which provisions and regulations are |
| 232 | incorporated by reference. |
| 233 | Section 2. This act shall take effect January 1, 2005. |