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Council advances ordinance to let veterans buy up to five years of pension service credit; cost allocation to be clarified before second reading
Summary
On first reading the council approved an amendment allowing veterans to purchase up to five years of service credit in the general employee pension plan; actuary calculations will determine buyback costs, and council asked staff to confirm whether the village or pension board will cover the one‑time actuarial estimate.
The Village of Tequesta advanced on first reading Ordinance 01‑26, which would allow veterans to purchase up to five years of military service credit in the general employee pension plan.
Staff said the buyback amount will be calculated by actuaries based on the employee’s highest five years of earnings; councilmember questions focused on whether the actuary’s one‑time estimate should be paid by the applicant or by the village. Staff and councilors noted police and fire pension plans already contain buyback provisions, and some council members suggested the village absorbing a one‑time actuarial estimate is a common municipal practice.
The ordinance as presented applies only to military service and will give employees a one‑time option to purchase credit. The council voted to advance the ordinance on first reading and asked staff to clarify cost responsibilities and return with any recommended changes at second reading.
