CITY OF BOCA RATON POLICE OFFICERS' PENSION PLAN ...

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TABLE <strong>OF</strong> CONTENTSIntroduction………………………………………………………………………… 2Administration……………………………………………………………………… 3Glossary of Terms………………………………………………………………….. 4Eligibility & Enrollment……………………………………………………………. 5Contributions & Funding………………………………………….............................. 5Purchase of Prior Service ...………………………………………………………... 6Eligibility for Retirement Benefits…..……………………………………………… 6Normal Retirement Benefits….………………………………………........................ 7Early Retirement Benefits…………………………………………............................. 7Benefit Payment Options………………………………………………………….. 8Deferred Vested Benefit……...……………………………………............................ 8Eligibility for Disability Benefits ……..……………………………............................ 9Disability Benefits…………………………………………………........................... 9Pre-Retirement Death Benefits……………………………………........................... 10Post Retirement Death Benefits…………………………………………………. 11Cost of Living Adjustments………………………………………………………. 11Deferred Retirement Option Plan (DROP)………………………………………. 11Retirement Supplement…………………..………….……………………………. 12Non – Vested Benefits…………………………………………………………..... 13Failure to Sign Waiver……………………………………………………………... 13Claims by Participants & Beneficiaries……………………………………………. 14Plan Amendments or Termination…………………………….…………………... 15Participant Data…………………………………………………………………… 15Financial Information and Actuarial Report………………………………………. 151
INTRODUCTIONThe City of Boca Raton (City) has established and maintains the City of Boca Raton Police andFirefighters’ Retirement System (Plan). The Plan is a tax qualified defined benefit plan. Because the Planis tax qualified, generally neither you nor the Plan will pay any income tax on the contributions you makeor the benefits you earn under the Plan. Instead, you will be taxed when you begin receiving benefitsunder the Plan, at which time you may be in a lower tax bracket than during your peak earning years.Because the Plan is a defined benefit plan, your ultimate benefit depends upon factors such as yourcompensation level and service, and the form in which your benefits are paid.The Plan is governed by Sections 12-126 through 12-154 of the City Code of Ordinances and by Part VII,Chapter 112, Chapter 175 and Chapter 185 of the Florida Statutes. Article 34 of the City’s three yearcollective bargaining agreement with the Fraternal Order of Police Lodge 35 effective through September30, 2013 provides for the pension plan as described in the Plan Ordinance. Copies of these documents areavailable upon request.The Plan is designed to provide a measure of economic security for retirement beyond that provided bySocial Security and your own personal savings. Of course, you are encouraged to establish andconsistently maintain your own retirement savings program and not rely solely on Social Security andemployer provided retirement benefits. To assist in your personal savings, you may wish to take advantageof deferred compensation plans sponsored by the City.This booklet is called a Summary Plan Description. It introduces the Plan to you and answers frequentlyasked questions about the Plan. If you have questions, if you want to verify your understanding of howthe Plan's provisions apply to you, if you want to confirm your understanding of the Summary PlanDescription, or if you want to determine if the Plan has been amended, please contact the Pension Office.Please keep in mind that this Summary Plan Description is a summary only. It does not contain everydetail addressed in the Plan. If there is any inconsistency between the Plan Ordinance (or other legaldocuments under which your participation and benefit rights are determined) and this Summary PlanDescription, the City Ordinance (and legal documents if any) will control. You, your beneficiaries andyour personal representatives may examine the Plan and other applicable legal documents in the PensionOffice by appointment during regular business hours.This Summary Plan Description may be changed from time to time. Please be certain that you have themost recent version of the booklet and all amendments thereto called “Material Modifications.” ThePension Office can verify this for you upon request.2
Page 1: CITY OF BOCA RATONPOLICE OFFICERS
Page 5 and 6: GLOSSARY OF TERMSAverage Monthly Ea
Page 7 and 8: All contributions and investment ea
Page 10 and 11: ELIGIBILITY FOR DISABILITY BENEFITS
Page 12 and 13: POST RETIREMENT DEATH BENEFITSIf yo
Page 14 and 15: NON-VESTED BENEFITSIf you terminate
Page 16 and 17: PLAN AMENDMENTS OR TERMINATIONThe C
Page 18: CITY OF BOCA RATONPOLICE AND FIREFI

CITY OF BOCA RATON POLICE OFFICERS' PENSION PLAN ...

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