Ordinance 1974-001 Changing Vestment Requirements of Pension PlanORDINANCE N0. 1-74
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
AMENDING SECTION 26-29 OF THE VILLAGE OF NORTH PALM BEACH CODE BY C}iANGING
THF, VESTING REQUIREMENTS OF THE VILLAGE PENSION PLAN FOR ALL EMPLOYEES OTHER
' THAN POLICEMEN AND FIREMEN FROM ONE HUNDRED PERCENT VESTING IN FIFTEEN
YEARS TO FIFTY PERCENT VESTING IN FIVE YEARS, SEVENTY-FIVE PERCENT VESTING
IN SEVEN YEARS, AND ONE HUNDRED PERCENT VESTING AFTER NINE YEARS OF SERVICE
TO THE VILLAGE OF NORTH PALM BEACH.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. Section 26-29 of the Village of North Palm Beach
Code is hereby amended to read as follows:
"Sec. 26-29. BENEFITS VESTED IN EMPLOYEE AFTER
CERTAIN YEARS---Retirement benefits in the
Village Pension Plan shall become fifty percent
vested after an employee or officer has
accumulated five years of service with the
Village, and said retirement benefits shall become
seventy-five percent vested after an employee or
officer has accumulated seven years of service
with the Village, and said retirement benefits
shall become one hundred percent vested after
an employee or officer has accumulated nine years
of service with the Village."
Section 2. The Village Manager is hereby directed to advise
Aetna Life and. Casualty Company of the amendment to the Village Pension
Plan.
Section 3. This Ordinance shall take effect immediately upon
passage.
PLACED ON FIRST READING THIS 13 DAY OF DECEMBER, 1973.
PLACED ON SECOND, FINAL READING AND PASSED THIS 10 DAY OF JANUARY,
1974.
' /_sf H. Mallory Privett, Jr.
MAYOR
ATTEST:
/s/ Dolores R. Walker
Village Clerk