ORDINANCE NO.1174 AN ORDINANCE OF THE CITY OF LYNN HAVEN AMENDING CHAPTER 50, PERSONNEL, ARTICLE III, POLICE OFFICERS' RETIREMENT SYSTEM, OF THE CODE OF ORDINANCES OF THE CITY OF LYNN HAVEN; AMENDING SECTION 50-104, SUPPLEMENTAL BENEFIT COMPONENT FOR SPECIAL BENEFITS CHAPTER 185 SHARE ACCOUNTS; PROVIDING FOR INCLUSION IN THE CODE; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND WHEREAS, the Board ofTrustees oft the City ofLynn Haven Police Officers' Retirement System has prepared this ordinance to amend the Plan, effective upon passage of this ordinance; PROVIDING FOR. AN EFFECTIVE DATE. and WHEREAS, the passage of Ordinance 1159 on September 26, 2023, providing for a graduated vesting schedule necessitates an update to the Share Plan provisions of the Police Officers' Retirement System; and WHEREAS, the Board ofTrustees oft the City ofLynn Haven Police Officers' Retirement System believes that implementation oft this ordinance isi in the best interests oft the Plan members and the citizens oft the City ofI Lynn Haven; and WHEREAS, passage of this ordinance will allow the City to retain more experienced NOW, THEREFORE, BE. ITI ENACTED. BY THE CITY OF LYNNHAVEN, FLORIDA, Police Officers; that; SECTION1: That the City ofLynn Haven Police Officers' Retirement System, is hereby amended by amending Section 50-104, Supplemental Benefit Component: for Special Benefits; Chapter 185 Share. Accounts, as follows: Section 50-104. Supplemental Benefit component for special benefits; chapter 185 share accounts. (d). Forfeitures. Any member who has less than ten years of service credit and is not 100% vested in their accrued benefits and who is not otherwise eligible for payment of benefits after termination of employment with the city as provided for in subsection (e) shall forfeit his individual member share account epte Ordinance 1174 Forfeited amounts shall be redistributed to the other individual member share accounts on each valuation date in an amount determined in accordance with subsection (c)(). (e). Eligibilityfor benefits. Any member (or his beneficiary) who terminates employment as aj police officer with the city or who dies, upon application filed with the board, shall be entitled to be paid the value of! his individual member share account, subject to the following criteria: (1)Retirement benefit. a.A member shalll be entitled to 100 percent of the value of! his share account ifl he has ten vears of service credit and is 100 percent vested pursuant to section 50-84, upon normal or early retirement pursuantte section50126, ori ifthe member enters the DROP, upon termination of b.s Such payment shall be made as provided in subsection (f). a. In the event that ai member's employment as aj police officeri is terminated by reason other than retirement, death or disability, he shall be entitled to receive the value ofl his share account only ifhe has ten years ofservice credit and is 100 percent vested is-vested in accordance with b.S Suchj payment shall be made as provided in subsection (f). employment. (2) Termination benefit. section 50-84. SECTION2: Ifany section, subsection, sentence, clause, phrase ofthis ordinance, or thej 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 SECTION 3: It is the intention of the City Council that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City; and that sections of this Ordinance: may ber renumbered or relettered and the word "ordinance"mayl be changed to' "chapter", "section", "article", or such other appropriate word or phrase in order to accomplish such intentions; and regardless of whether such inclusion in the Code is accomplished, sections of this Ordinance may bei renumbered or relettered and the correction oft typographical and/or scrivener's errors which do not affect thei intent may be authorized by thel Mayor or his designee, without need ofpublic hearing, by filing a corrected or recodified copy of same with the City Clerk. application shall not be affected thereby. Ordinance 1174 SECTION 4: All ordinances or parts of ordinances, resolutions or parts ofresolutions in conflict herewith are hereby repealed to the extent ofs such conflict. SECTION: 5: This Ordinance shall be effective upon passage and retroactive to October 1,2023. INTRODUCED AND PASSED on first reading, this 14 day OFTANCM2M25 PASSED AND. ADOPTED on second reading this 3g"day of JANWIML-,2025 ATTEST: lcz VICKIE GAINER, CITYMANAGER CA Coding: Words in strikeout type are deletions from existing text. Words inj underline type are additions. Ordinance 1174