Florida HB 4065: West Palm Beach Firefighters Pension Fund, Palm Beach County

Bill Text

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An act relating to the West Palm Beach Firefighters 2
Pension Fund, Palm Beach County; amending chapter 3
24981 (1947), Laws of Florida, as amended; revising 4
definitions relating to the West Palm Beach 5
Firefighters Pension Fund; removing certain duties of 6
the board secretary; revising members' credits for 7
service; providing powers of the board; revising 8
revenue sources; revising member contributions; 9
revising custodian of funds; revising investment 10
provisions; revising provisions regarding service 11
benefits; revising the supplemental pension 12
distribution; revising the optional forms of benefits; 13
revising the chapter 175 share accounts; revising 14
deferred retirement option plan (DROP); revising 15
backwards deferred retirement option plan (BackDROP); 16
revising disability pensions; providing duty-related 17
presumptions; revising beneficiary benefits; revising 18
review procedures; revising Internal Revenue Code 19
limits; providing minimum distribution of benefits; 20
revising rollovers from qualified plans; revising 21
prior firefighter service; providing an effective 22
date. 23
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Be It Enacted by the Legislature of the State of Florida: 25

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Section 1. Paragraphs (a), (g), and (h) of subsection (1), 27
paragraphs (a) and (b) of subsection (3), subsection (4), 28
paragraphs (a), (c), (d), (g), (j), and (k) of subsection (5), 29
paragraphs (c),(d), and (g) through (j) of subsection (6), 30
paragraph (b) of subsection (7), subsection (8), paragraph (c) 31
of subsection (9), subsection (15), paragraph (a) of subsection 32
(17), subsection (18), paragraph (b) of subsection (21), and 33
subsection (23) of section 17 of chapter 24981 (1947), Laws of 34
Florida, as amended, are amended, and paragraph (j) is added to 35
subsection (1), a new paragraph (g) is added to subsection (6), 36
paragraphs (f) and (g) are added to subsection (17), and a new 37
subsection (18) is added to that section, to read: 38
Section 17. West Palm Beach Firefighters Pension Fund.— 39
(1) Creation of fund.—There is hereby created a special 40
fund for the Fire Department of the City of West Palm Beach to 41
be known as the West Palm Beach Firefighters Pension Fund. All 42
assets of every description held in the name of the West Palm 43
Beach Firemen's Relief and Pension Fund and in the name of the 44
West Palm Beach Firefighters Pension Fund have been and shall 45
continue to be combined. 46
(a) Definitions.—The following words or phrases, as used 47
in this act, shall have the following meanings, unless a 48
different meaning is clearly indicated by the context: 49
1. "Actuarial equivalent value," "actuarial equivalence," 50

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or "single sum value" means the stated determination using an 51
interest rate and mortality table (50% Male/50% Female for both 52
member and joint annuitant) in the most recently approved 53
valuation. Any change in the factors will be used to determine 54
actuarial equivalence beginning the July 1 following the 55
adoption of the new rate and mortality table of 8.00 percent per 56
year and the RP-2000 Mortality Table. 57
2. "Beneficiary" means any person who is not at retirement 58
but who is entitled to receive a benefit from the West Palm 59
Beach Firefighters Pension Fund or the West Palm Beach Firemen's 60
Relief and Pension Fund, as applicable. 61
3. "Board of Trustees" or "Board" means the Board of 62
Trustees provided for in this act. 63
4. "City" means the City of West Palm Beach, Florida. 64
5. "Department" means the Fire Department of the City. 65
6. "Enrolled actuary" means an actuary who is enrolled 66
under Subtitle C of Title III of the Employee Retirement Income 67
Security Act of 1974 and who is a member of the Society of 68
Actuaries or the American Academy of Actuaries. 69
7. "Final average salary" means: 70
a. The average monthly salary paid to a member in the 3 71
best years of employment before retirement for all active 72
members who retire on or after May 13, 2012, who are not 73
eligible for normal retirement as of May 13, 2012, or do not 74
have a calculated BackDROP date of October 1, 2011, or earlier. 75

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b. The average of the monthly salary paid a member in the 76
2 best years of employment, paid in and