City of Maitland
FL

Discussion Item

Share Plan Discussion

Information

Department:Police Officers & Firefighters Pension Trust Fund BoardSponsors:
Category:Discussion

Attachments

  1. Printout
  2. Share Plan Ordinance

Financial Impact

Ord and Res Only

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Meeting History

Mar 14, 2018  Police Officers & Firefighters Pension Trust Fund Board Regular
draft Draft

i. Stu Kaufman stated he reviewed the Ordinance and it allows for payment of share plan allocations to terminated members after they reach vested status. The Division of Retirement states a member may only receive share plan allocations after they begin drawing a normal retirement benefit, therefore, the language in the Plan’s Ordinance is contrary to the Division of Retirement’s interpretation. Stu commented the Chapter Laws were silent on the issue so he would contact the Division of Retirement regarding the matter and report back to the board at the next meeting.

ii. Kim Neisler stated administrative guidelines regarding terminated vested members should be established which state the member would not be entitled to their pension contributions if they had been paid their share allocation. These members would need to be flagged if the board implemented this rule.

iii.The board will wait for Stu to report back after he speaks with the Division of Retirement.

Discussion