§ 18. Relief and pension funds for certain officers and employees of the City of West Palm Beach.

(1)

Pension funds. That the city commissioners of the City of West Palm Beach may create and establish and provide for the operation and maintenance of a fund or funds for the relief or pension, or both, of such of said city's officers (excepting city commissioners) and employees, or any group or groups thereof, for which relief and pension funds have not heretofore been provided by or pursuant to general special laws.

(2)

Contracts to insure pensions. That said City of West Palm Beach shall be and it is hereby given the right, power and authority, in the discretion of its city commission, to make and enter into contracts of insurance with any insurance company authorized to transact business in this state, insuring its officers (except city commissioners) and employees, or any group or groups thereof, under a policy or policies of group insurance covering life, or health, or accident insurance, or any combination of such types of insurance; and may make and enter into contracts with any such insurance company for the pensioning of such officers and employees, or any group or groups thereof.

Editor's note— For Laws of Florida authorizing cities in Palm Beach County to have group insurance, see Laws of Fla., Ch. 57-1684.

(3)

Provision for rules, regulations, management, investment, etc., of such funds. The city commission shall have the right, power and authority to provide for the appointment of trustees of the fund or funds created, established and maintained pursuant to this Act; may fix and determine the terms of office, rights, powers, duties and functions of such trustees; may provide for the removal of such trustees and the appointment of their successors; and may make and prescribe, or permit such trustees to make and prescribe, rules and regulations for the management, investment and administration of such fund or funds.

(4)

City commission may make benefits of social security legislation available to said city's employees. The said city commission shall have the right, power and authority, in the exercise of its discretion, to do and perform anything necessary and proper in order to make available to the officers and employees of said city, the benefits of social security legislation heretofore or hereafter enacted by the Congress of the United States or Legislature of the State of Florida, to the end that said city's officers and employees may be placed in the same status under such legislation as the employees of private businesses and industry.

(5)

City may contribute moneys to relief and pension funds so as to equalize benefits to all employees. When, in the opinion of the city commission, the provisions of any of said city's relief and pension funds, irrespective of whether or not the same was or is created and established by or pursuant to some other law or this law, or more liberal than another or other such fund or funds, it may provide for contributions by said city of moneys to, and for additional benefits under, any such fund or funds, to the end that all of said city's officers (excepting city commissioners) and employees may receive comparable benefits under said city's several relief and pension funds.

(6)

Appropriations and levies for pensions. From time to time such city commission may appropriate available monies in said city's general operating fund, and may levy, assess and provide for the collection of excise or ad valorem taxes, or both, any limitation, express or implied, contained in any general or special law or laws to the contrary notwithstanding, for such relief and pension funds, insurance, or both, and any or all expenses and costs, directly or indirectly connected with the exercise of the rights, powers, duties and functions referred to in this Act.

(7)

Standards for retirement systems. Any retirement system established by the City of West Palm Beach pursuant to the power granted in this section, or which has been previously established by virtue of similar grant of power, shall contain provisions making the compulsory retirement age of men and women employees sixty-five years and making the optional or voluntary retirement age fifty-five years for men employees and fifty years for women employees. In addition, any such system shall provide that should any member (1) who has fifteen years of service credited to his service account, and (2) who, in the case of a man, has attained the age of fifty years, or, in the case of a woman, who has attained the age of forty-five years, separates from the service of the city for reasons other than his death or becoming a beneficiary, such person shall remain a member of such retirement system during the period of his absence from city service for the exclusive purpose only of receiving a service retirement allowance in an amount to be fixed by the provisions of such retirement system, such retirement allowance to begin at the attainment of such person's eligible retirement age as fixed by such system, with the further provision that if a member should withdraw all or part of his accumulated contributions standing to his credit in the annuity savings fund set up by such system, he shall thereupon cease to be a member thereof.

(As amended, Laws of Fla., 1949, Ch. 26307, § 1; Laws of Fla., 1955, Ch. 31368, § 7)