December 09, 2019
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       Florida Senate - 2010                            (NP)    SB 2758
       
       
       
       By Senator Joyner
       
       
       
       
       18-02264-10                                           20102758__
    1                        A bill to be entitled                      
    2         An act relating to the City Pension Fund for
    3         Firefighters and Police Officers in the City of Tampa,
    4         Hillsborough County; authorizing the City of Tampa to
    5         enter into a supplemental contract with certain
    6         firefighters and police officers to comply with
    7         chapter 2009-97, Laws of Florida; revising the manner
    8         in which elective trustees are elected; increasing the
    9         maximum length of time prior to term commencement in
   10         which to conduct trustee elections; allowing the board
   11         to retain the services of more than one nationally
   12         recognized professional investment counselor;
   13         increasing the investment cap on foreign securities;
   14         providing that the investment cap on foreign
   15         securities may not be revised, amended, increased, or
   16         repealed except as provided by general law; allowing
   17         retired members to elect to receive a reduced
   18         retirement benefit in order to provide a surviving
   19         spouse benefits under certain circumstances; allowing
   20         DROP participants upon entering DROP and annually
   21         thereafter to elect as an option for accruing annual
   22         interest a low-risk variable rate selected annually by
   23         the board of trustees, in its sole discretion, in lieu
   24         of a rate reflecting the fund’s net investment
   25         performance, as determined by the board of trustees;
   26         prohibiting members from selecting certain pension
   27         contract changes and rejecting others; confirming in
   28         part the City of Tampa Firefighters and Police
   29         Officers Pension Contract; providing for severability;
   30         providing an effective date.
   31  
   32  Be It Enacted by the Legislature of the State of Florida:
   33  
   34         Section 1. The City of Tampa is authorized and empowered to
   35  enter into a supplemental contract with each firefighter or
   36  police officer who was an active member of the City Pension Fund
   37  for Firefighters and Police Officers in the City of Tampa on or
   38  after the date this act becomes a law, or each firefighter or
   39  police officer who hereafter enters into a pension contract with
   40  the City, to comply with chapter 2009-97, Laws of Florida.
   41         Section 2. Section 5(C), Section 6, Section 9(C), and
   42  Section 26(D) of the City of Tampa Firefighters and Police
   43  Officers Pension Contract as prescribed by Section 28-17 of the
   44  City of Tampa Code [Ordinance No. 4746-A, enacted September 30,
   45  1969], as amended by Section 28-19 of the City of Tampa Code
   46  [Ordinance No. 6038-A, enacted September 17, 1974], pursuant to
   47  chapter 74-613, Laws of Florida, as further amended by Ordinance
   48  No. 89-314, enacted December 21, 1989, and approved, ratified,
   49  validated, and confirmed by chapter 90-391, Laws of Florida, as
   50  further amended by chapter 92-231, Laws of Florida, chapter 94
   51  463, Laws of Florida, chapter 98-515, Laws of Florida, chapter
   52  2000-485, Laws of Florida, Ordinance No. 2001-133, enacted July
   53  3, 2001, chapter 2001-288, Laws of Florida, chapter 2002-369,
   54  Laws of Florida, Ordinance No. 2003-22, enacted January 23,
   55  2003, chapter 2004-427, Laws of Florida, and chapter 2007-304,
   56  Laws of Florida, are amended to read:
   57         SECTION 5. The general administration and responsibility
   58  for the proper operation of the pension system and for making
   59  effective the provisions of this Act are hereby vested in a
   60  board consisting of nine persons, as follows:
   61         (1) Three members of the City Administration other than
   62  firefighters or police officers to be appointed as hereinafter
   63  provided;
   64         (2) Three members of the Fire Department to be elected as
   65  hereinafter provided; and
   66         (3) Three members of the Police Department to be elected as
   67  hereinafter provided.
   68         (C) The elective trustees shall be elected in the following
   69  manner, to wit: by per capita vote of all members of each of
   70  said respective departments who come within the purview of this
   71  Act, both active and retired, at elections meetings to be held
   72  at places designated by the Board, at which elections meetings
   73  all qualified members entitled to vote shall be notified in
   74  person or by mail ten days in advance of said election meeting.
   75  The candidate receiving the majority of votes for each office
   76  shall be declared elected and shall take office immediately upon
   77  commencement of the term of office for which elected or as soon
   78  thereafter as he shall qualify therefor. An election shall be
   79  held each year not more than sixty thirty and not less than ten
   80  days prior to the commencement of the terms for which trustees
   81  are to be elected in that year. The Board of Trustees shall
   82  meet, organize, and elect one trustee as chairman, one trustee
   83  as vice chairman, and one trustee as secretary within ten days
   84  after any trustees are elected and duly qualified.
   85         SECTION 6. Money shall be withdrawn from the Pension Fund
   86  created by this Act only upon warrants executed by a majority of
   87  the Board of Trustees. Monies needed for the meeting of the
   88  current obligations of said fund may be deposited in a
   89  depository recognized by law for the deposit of funds of the
   90  State of Florida and upon the posting of similar security for
   91  that required for state deposits. The Board shall have exclusive
   92  charge of the investment of any surplus in said fund not needed
   93  for the current obligations thereof; and said funds shall be
   94  managed by said Board and shall be invested by said Board in
   95  accordance with the following:
   96         (1) That the Board shall retain the services of one or more
   97  a nationally recognized professional investment counselors
   98  counsel.
   99         (2) That not less than once every six (6) months a written
  100  opinion shall be obtained from the investment counselor or
  101  counselors counsel as to the overall condition and composition
  102  of the investment portfolio.
  103         (3) That the portfolio, representing the principal or
  104  surplus funds of the Pension Fund may be invested in the
  105  following securities or other property, real or personal,
  106  including, but without being limited to, bonds, notes, or other
  107  evidences of indebtedness issued, or assumed or guaranteed in
  108  whole or in part by the United States or any of its agencies or
  109  instrumentalities; or by any foreign government or political
  110  subdivisions or agencies thereof; or by the State of Florida, or
  111  by any county, city, school district, municipal corporation, or
  112  other political subdivision of the State of Florida, both
  113  general and revenue obligations; in mortgages and other
  114  interests in realty; or in such corporation bonds, notes, or
  115  other evidences of indebtedness, and corporation stocks
  116  including common and preferred stocks, of any corporation
  117  created or existing under the laws of the United States or any
  118  of the states of the United States, or of any foreign government
  119  or political subdivisions or agencies thereof, provided that in
  120  making each and all of such investments the Board of Trustees
  121  shall exercise the judgment and care under the circumstances
  122  then prevailing which men of ordinary prudence, discretion, and
  123  intelligence exercise in the management of their own affairs,
  124  not in regard to speculation but in regard to the permanent
  125  disposition of their funds, considering the probable income
  126  therefrom as well as probable safety of their capital; provided,
  127  however, that not more than sixty-five per centum (65%) of said
  128  fund, based on the total book value of all investments held,
  129  shall be invested at any given time in common stocks, and that
  130  not more than five per centum (5%) of said fund shall be
  131  invested at any given time in the preferred and common, or
  132  either, stock of any one corporation and its affiliates and that
  133  not more than twenty-five per centum (25%) ten per centum (10%)
  134  of said fund, based on the total book value of all investments
  135  held, shall be invested at any given time in the bonds, notes or
  136  other evidences of indebtedness of any foreign government or
  137  political subdivisions or agencies thereof or corporations
  138  created or existing under the laws thereof. The investment cap
  139  on foreign securities may not be revised, amended, increased, or
  140  repealed except as provided by general law.
  141         SECTION 9. To the widow or widower (until death or
  142  remarriage) and child or children (under the age of eighteen
  143  (18) years), until death or marriage before reaching the age of
  144  eighteen (18) years, of any member who dies from causes not
  145  attributed to his active duties in the departments, provided,
  146  however, that such member shall have been a member of such
  147  department for ten (10) years prior to the date of his death,
  148  the Trustees shall authorize and direct payment in equal monthly
  149  installments as follows:
  150         (C)(1) The widow or widower of a member who dies while
  151  receiving a retirement pension shall receive sixty-five per
  152  centum (65%) of the pension which the member was receiving;
  153  provided, however, that no pension shall be allowed to any widow
  154  or widower unless she or he was married to the member prior to
  155  the date of retirement of the member, except as provided in
  156  paragraph (2). For the widow or widower of any member of this
  157  Pension Fund who prior to October 16, 1992 was a member of
  158  Division B of the General Employees Pension Plan as established
  159  by Chapter 81-497, Laws of Florida, as amended, upon the
  160  reaching social security normal retirement age, except as
  161  provided in Section 28(C) of this Contract, the benefit paid to
  162  the widow or widower shall be reduced by an amount equal to the
  163  actual social security benefit earned by the member for
  164  employment as a firefighter or police officer for the City to
  165  the extent that such employment is considered to be creditable
  166  service under this Fund; provided, however, that if the widow or
  167  widower does not receive the member’s accrued social security
  168  benefit, there shall be no reduction in benefits paid to such
  169  widow or widower. The effect of such reduction shall be that the
  170  sum of the benefit paid herein and said social security benefit
  171  shall be equal to the amount of the benefit otherwise payable
  172  herein. The widow or widower of each such member shall, upon
  173  demand by the Board, authorize the Social Security
  174  Administration to release any information necessary to calculate
  175  such reduction. The Board shall not make any payment for the
  176  benefit payable herein for any period during which such widow or
  177  widower willfully fails or refuses to authorize the release of
  178  such information in the manner and within the time prescribed by
  179  rules adopted by the Board.
  180         (2)(a) Members (i) who have been retired for less than
  181  forty (40) years as of the effective date of this act, (ii) who
  182  retired or entered DROP prior to October 1, 2002, and (iii) who
  183  married or remarried after the date of the member’s retirement
  184  may elect prospectively to receive a voluntarily reduced
  185  retirement benefit payable to the widow or widower. The amount
  186  of the widow or widower’s benefit will be based on the actuarial
  187  equivalence calculated by the Fund’s actuary, and such benefit
  188  shall not result in any additional cost to the Fund or to the
  189  plan sponsor than would have been incurred if the member had not
  190  elected such benefit under this paragraph. Said actuarial
  191  calculation shall be paid for by the retired member.
  192         (b) The election under subparagraph (a) is available only
  193  if (i) the spouse is not more than twenty (20) years younger
  194  than the married or remarried member, (ii) the marriage or
  195  remarriage occur at least three (3) years prior to the member’s
  196  said election, and (iii) the electing member is restricted to
  197  exercising this provision for a maximum of two remarriages after
  198  retirement.
  199         SECTION 26. DEFERRED RETIREMENT OPTION PROGRAM
  200         Notwithstanding any other provisions of this contract, and
  201  subject to the provisions of this section, the Deferred
  202  Retirement Option Program, hereinafter referred to as the DROP,
  203  is an option under which an eligible member may elect to have
  204  the member’s pension benefits calculated as of a certain date
  205  prior to retirement, and accumulate benefits plus the investment
  206  return pursuant to this section during the DROP calculation
  207  period. Participation in the DROP does not guarantee employment
  208  for the DROP calculation period, as defined in this section.
  209         (D) Interest and Administrative Costs – Interest shall
  210  accumulate annually at the rate to reflect the Fund’s net
  211  investment performance, whether positive or negative, during the
  212  DROP calculation period, less the cost of administering the
  213  DROP, all of which shall be determined by the Board of Trustees.
  214  A DROP participant shall have the opportunity to elect, as
  215  provided in this subsection, an investment option to be applied
  216  to such DROP participant’s account for the Plan Year when
  217  entering the DROP and for each subsequent Plan Year. In such
  218  election, the DROP participant shall choose to have interest
  219  accumulate annually, whether positive or negative, at either (i)
  220  a rate reflecting the Fund’s net investment performance, as
  221  determined by the Board of Trustees, or (ii) a rate reflecting a
  222  low-risk variable rate selected annually by the Board of
  223  Trustees in its sole discretion. Each election must be made at
  224  such time, on such forms, and in such manner as the Board of
  225  Trustees may determine in its sole discretion. If the DROP
  226  participant fails to make a valid election upon entering the
  227  DROP, the Fund interest rate shall be applied as provided
  228  herein. If the DROP participant fails to make a valid election
  229  in a subsequent Plan Year, the election for the then-current
  230  Plan Year shall be applied.
  231         Section 3. The changes to the pension contract in this act
  232  for firefighters and police officers who are active members of
  233  the City Pension Fund for Firefighters and Police Officers in
  234  the City of Tampa on or after the date this act becomes a law
  235  shall be made available in a supplemental pension contract, and
  236  an individual shall not be permitted to select some of the
  237  pension contract changes and reject other pension contract
  238  changes. Any firefighter or police officer who is entitled to
  239  benefits under the City Pension Fund for Firefighters and Police
  240  Officers in the City of Tampa who is actively employed as a
  241  firefighter or police officer in the City of Tampa on or after
  242  the date this act becomes a law shall have the opportunity to
  243  sign such supplemental pension contract before October 1, 2010.
  244  However, any person who becomes a member of the City Pension
  245  Fund for Firefighters and Police Officers in the City of Tampa
  246  on or after the date this act becomes a law shall be required as
  247  a condition of membership into said Pension Fund to sign a
  248  pension contract which includes the provisions of this act, and
  249  shall be required to make contributions if required as a result
  250  of such benefits.
  251         Section 4. The City of Tampa Firefighters and Police
  252  Officers Pension Contract as prescribed by Section 28-17 of the
  253  City of Tampa Code [Ordinance No. 4746-A, enacted September 30,
  254  1969], as amended by Section 28-19 of the City of Tampa Code
  255  [Ordinance No. 6038-A, enacted September 17, 1974], pursuant to
  256  chapter 74-613, Laws of Florida, as further amended by Ordinance
  257  No. 89-314, enacted December 21, 1989, and approved, ratified,
  258  validated, and confirmed by chapter 90-391, Laws of Florida, as
  259  further amended by chapter 92-231, Laws of Florida, chapter 94
  260  463, Laws of Florida, chapter 98-515, Laws of Florida, chapter
  261  2000-485, Laws of Florida, Ordinance No. 2001-133, enacted July
  262  3, 2001, chapter 2001-288, Laws of Florida, chapter 2002-369,
  263  Laws of Florida, Ordinance No. 2003-22, enacted January 23,
  264  2003, chapter 2004-427, Laws of Florida, and chapter 2007-304,
  265  Laws of Florida, is in all other respects approved, ratified,
  266  validated, and confirmed.
  267         Section 5. If any provision of this act or its application
  268  to any person or circumstance is held invalid, the invalidity
  269  does not affect other provisions or applications of the act
  270  which can be given effect without the invalid provision or
  271  application, and to this end the provisions of this act are
  272  severable.
  273         Section 6. This act shall take effect October 1, 2010.

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