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City of Clermont
CODE ORDINANCE
NO. 328-C
AN ORDINANCE OF THE CITY OF CLERMONT, AMENDING AND RESTATING THE
CITY OF CLERMONT FIREFIGHTERS' PENSION TRUST FUND, AS ADOPTED BY
ORDINANCE NO. 305-C; PROVIDING FOR CODIFICATION; PROVIDING FOR
SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; PROVIDING PLAN BENEFIT IMPROVEMENTS LIMITATION; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, The City of Clermont Firefighters are presently provided pension and certain
other benefits under Code Ordinance No. 305-C and;
WHEREAS, The City Council desires to restate the provisions of the Firefighters'
Retirement Plan;
NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CLERMONT, FLORIDA,
SECTION 1:
The following shall be added to Section E. (Credited Service) of the Adoption Agreement:
E.1 Option of Purchasing Prior Credited Service:
Credited service shall also include credited service purchased by a member in
accordance with this section:
a. Participants who were employed in a position covered by the Plan prior to the
effective date of this ordinance may purchase up to five (5) additional years
of credited service under the Plan for all or a portion of their previous full-time
employment with the federal government, including military service, or any
state, county, or city government other than the City of Clermont. Any
participant who elects, prior to three (3) months from the effective date of this
ordinance, to purchase previous full-time employment with the federal
government, including military service, or any state, county, or city
government other than the City of Clermont, shall pay the full actuarial cost of
such credited service on or before six (6) months from the effective date of
this ordinance in accordance with subsection (d) below. The calculation of
the full actuarial cost shall be made using the assumptions contained in the
actuarial valuation performed prior to the purchase of the service credits.
The employee salary used as the initial salary for the projected salary shall
be the salary for the year preceding the purchase of the service credits. The
service credits shall be used for benefit accrual and for satisfying service
requirements for benefits.
b. Participants with a hire date after the effective date of this ordinance may
purchase up to five (5) additional years of credited service at any time before
completing three (3) months of service with the City of Clermont; provided
the member has paid into the plan prior to completing six (6) months of
service, the full actuarial cost of such credited service as determined by the
plan actuary. The calculation of the full actuarial cost shall be made using
the assumptions contained in the actuarial valuation performed prior to the
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City of Clermont
CODE ORDINANCE
NO. 328-C
Page 2
purchase of the service credits. The employee salary used as the initial
salary for the projected salary shall be the employee's annualized starting
salary. The service credits shall be used for benefit accrual and for satisfying
service requirements for benefits.
c. No additional service credit will be allowed if the participant is receiving or will
receive any other retirement benefit based on the prior government service.
d. Payment for the purchase of credited service authorized in subsection
E. 1 (a) and (b), above, shall be made in one of the following manners:
a. Cash lump sum payment.
b. Direct transfer or rollover of an eligible rollover distribution from a
qualified Plan.
Full payment for the purchase of past service credit must be made before
separation from City employment.
SECTION 2:
All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed.
SECTION 3:
If any'section, subsection, sentence, clause, phrase of this Ordinance, or any particular
application thereof shall be held invalid by any court, administrative agency, or other body with
appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under
application shall not be affected thereby.
SECTION 4:
Plan benefit improvements provided by this Ordinance shall apply prospectively and shall not
apply to any plan member who has terminated employment or who has retired prior to the
effective date of this Ordinance.
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SECTION 5:
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City of Clermont
CODE ORDINANCE
NO. 328-C
Page 3
That this Ordinance shall be effective immediately.
PASSED ON FIRST READING, this 28th day of October, 2003.
PASSED AND ADOPTED ON SECOND READING, this 25" day of November, 2003.
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