ORDINANCE NO. 96-03

A ORDINANCE THE TOWN OF SHALIMAR, OKALOOSA COUNTY, RELATING TO REVOKING MEMBERSHIP IN THE FLORIDA RETIREMENT SYSTEM; PROVIDING EFFECTIVE DATE.

WHEREAS, pursuant to Chapter 95-338, Laws of Florida the Town of Shalimar declares as its policy and purpose, a revocation of election to participate in the Florida Retirement System for all employees or officers hired on or after January 1, 1996; and

WHEREAS, all employees and officers of the Town of Shalimar who were participants in the Florida Retirement System before January 1, 1996 remain as participants in the system for as long as they are employees or officers of the Town of Shalimar, and all rights, duties, and obligations of the Town of Shalimar, the system, and the employees and officers remain in effect; and

WHEREAS, an employee or officer who is hired or takes office on or after January 1, 1996, may not participate in the Florida Retirement System, and the Town of Shalimar has no obligation to the system with respect to such employees and officers; and

WHEREAS, it is the intent of the Town of Shalimar to establish an alternative retirement plan for all employees or officers hired on or after January 1, 1996 effective by separate resolution.

NOW, THEREFORE, BE IT ADOPTED BY THE COMMISSION OF THE TOWN OF SHALIMAR, OKALOOSA COUNTY, FLORIDA, AS FOLLOWS:

Section 1. It is hereby declared to be the policy and purpose of the Town of Shalimar to revoke election to participate in the Florida Retirement System for all employees or officers hired on or after January 1, 1996.

Section 2. This ordinance shall remain in full force and effect until supplemented, amended, repealed or otherwise altered.

Section 3. This ordinance shall be published as required by the Code of the Town of Shalimar.

Section 4. This ordinance is adopted in accordance with Chapter 95-338, Laws of Florida, and hereby repeals all other actions in conflict herewith.

Section 5. This ordinance shall take effect upon its review and approval by the Shalimar Town Commission.

PASSED AND ADOPTED THIS 12 DAY OF DECEMBER, 1995.