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HomeMy WebLinkAboutOrdinance 97-27 ORDINANCE NO. 97- 27 AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING TO THE CITY OF OCOEE MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND, ADOPTED AND RESTATED IN FULL BY ORDINANCE NUMBER 96-19; AMENDING SECTION 4, FINANCES AND FUND MANAGEMENT, AMENDING SECTION 5, CONTRIBUTIONS, AMENDING SECTION 6, BENEFIT AMOUNTS AND ELIGIBILITY; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. SECTION 1: Authority. The City Commission of the City of Ocoee has the authority to adopt this ordinance pursuant to Article vm of the Constitution of the State of Florida and Chapter 166, Florida Statutes. SECTION 2: That Ordinance No. 96-19, adopting the amended and restated City of Ocoee Municipal General Employees' Retirement Trust Fund, is hereby amended by amending Section 4, Finances and Fund Management, subsection 6.B.(4), and subsection 6.C., to read as follows: 6. B. (4) Bonds, stocks, mutual funds, commingled funds administered by National or State Banks or e'/idences of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States, or the District of Columbia, proyidcd that thc security of thc corporation is traded on a nationally recognized exchange and holds a rating or ranking in onc of thc thrcc highest classifications by a major rating or ranking servicc, and if such investments are madc in a commingled fund administered by a state or national bank, then thc rating or ranking of each issuc in the commingled fund shall hold a rating or ranking within thc top thrcc (3) rating or ranking classifications of a major rating or ranking service and international securities shall bc permitted in a mutual ftlfld or commingled fund to thc extent provided for in subsection 6.C. bclow. 6. C. Stocks, commingled funds administered b6 national or state banks. mutual funds. international securities and onds or other evidences of indebtedness. subject to the limitations provided for in subsection 6.C. The Board shall not invest more than five percent (5 %) of its assets in the common stock or capital stock of anyone issuing company, nor shall the aggregate investment in anyone issuing company exceed five percent (5 %) of the outstanding capital stock of that company; nor shall the aggregate of its investments in common stock, capital stock and convertible bonds at cost exceed fifty perccnt (50%) sixty percent (60%) of the assets of the Fund. The Board may invest up to ten percent (10%) of the total fund asset value at cost in international securities in a mutual fund or commingled fund. The Board shall provide a report to the City on the international investment experience, five years from the date this international investment authority is added to the System, in order for the City to consider the advisability of amending the System by increasing or decreasing the extent of international investments. SECTION 3: That Ordinance No. 96-19, adopting the amended and restated City of Ocoee Municipal General Employees' Retirement Trust Fund, is hereby amended by amending Section 5, Contributions, subsection 1, Member Contributions, to read as follows: 1. Member Contributions. A. Amount. Each Member of the System shall be required to make regular contributions to the Fund in the amount of tive seven and four-tenths percent (~ 7.4 %) of his or her Salary. Member contributions withheld by the City on behalf of the Member shall be deposited with the Board at least monthly. The contributions made by each Member to the Fund shall be designated as employer contributions pursuant to ~414(h) of the Code. Such designation is contingent upon the contributions being excluded from the Members' gross income for Federal Income Tax purposes. For all other purposes of the System, such contributions shall be considered to be Member contributions. B. Method. Such contributions shall be made by payroll deduction. SECTION 4: That Ordinance No. 96-19, adopting the amended and restated City of Ocoee Municipal General Employees' Retirement Trust Fund, is hereby amended by amending Section 6, Benefit Amounts and Eligibility, subsection 2, Normal Retirement Benefit, to read as follows: 2. Normal Retirement Benefit. A Member retiring hereunder on or after his or her normal retirement date shall receive a monthly benefit which shall commence on the first day of the month next following his or her Retirement and be continued thereafter during Member's lifetime, ceasing upon death, but with one hundred twenty (120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal two and one-half percent (2..J%) of Average Final Compensation, for each year of Credited Service. SECTION 5: That Ordinance No. 96-19, adopting the amended and restated City of Ocoee Municipal General Employees' Retirement Trust Fund, is hereby amended by amending Section 6, Benefit Amounts and Eligibility, to add subsection 5, Cost-of-Living Adjustment, to read as follows: i.. Cost-of-Living Adjustment. The monthly retirement benefit being paid to all Retirees and Beneficiaries who were receiving benefits on June 15. 1997. shall be increased by ten percent (10 % ). SECTION 6. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 7. Severability. In the event any section, subsection, paragraph, sentence, clause, phrase or word of this ordinance shall be held invalid by a court of competent jurisdiction, then such invalidity shall not effect the remaining portions hereof. SECTION 8. Effective Date. This ordinance shall take effect retroactively on October 1, 1997 except that Section 4 and Section 5 shall take effect retroactively on June 15, 1997. Page 2 'i PASSED AND ADOPTED this JL day of Dc-IO t3~- (<. , 1997. ATIEST: (SEAL) FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO ~~%~~ LEGALITY THIS :J-I day of , 1997. CHRISTIANSEN & DEHNER, P.A. Special Counsel By: !dt~L9 dmlooocc\gen\9-29-97 .OR! APPROVED: CITY OF OCOEE, FLORIDA By::$ 5.~ ~~ S. Scott Vandergrift, May r ADVERTISED October 9 , 1997 READ FIRST TIME October 7 ,1997 READ SECOND TIME AND ADOPTED {:;c..it> &-y{ ..l J ,1997 APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON () e.. TO (\g ". 2. \ , 1997 UNDER AGENDA ITEM NO. VT P\ tt Page 3