HomeMy WebLinkAboutItem #08 Approval of Changes to the General Employees' Retirement Trust Fund
"'"
AGENDA ITEM COVER SHEET
Meeting Date: 3/11/08
Item # 6
Reviewed By: ~ ~
Contact Name: James Carnic ell a D:partment Directo ~~ ~
Contact Number: 1032 City Manager: ~ _ _ ====----
Subject: Approval of ch~mgesto the City of Ocoee!Municipal General Employees' Retirement'Trust Fund.
Background Summary:
The Pension Board for the City of Ocoee Municipal General Employees' Retirement Trust Fund is governed
by ordinance.
Issue:
Amendment to the General Employees' Pension Ordinance to include Mayors and Commissioners, to include
City Manager, to change Finance and Fund Management, to allow Members who reached 81 % cap to
discontinue contributions and freeze benefit, to add an additional form of benefit known as PLOP (Partial
Lump Sum Option), to remove the window for electing the DROP (Deferred Retirement Option Plan) and
change the participation period for the DROP to 7 years, and to add the Purchase of Credited Service for Air
Time.
Recommendations
It is the recommendation of staff that the attached Ordinance amendment be approved.
Attach m ents:
An Ordinance amendment drafted by legal counsel for the General Employees' Pension Board and the
Actuarial report from Foster & Foster.
Financial Impact:
None for Fiscal Year 07-08, however in Fiscal Year 08-09 the City contribution to fund all of the above
mentioned changes will increase from 12.5% of payroll to 12.8% of payroll or an additional $48,000.
Type of Item:
o Public Hearing
[8J Ordinance First Reading
o Ordinance First Reading
o Resolution
o Commission Approval
o Discussion & Direction
For Clerk's Oem Use:
o Consent Agenda
o Public Hearing
o Regular Agenda
o Original Document/Contract Attached for Execution by City Clerk
o Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ( )
D N/A
D N/A
D N/A
Law Offices
'Christiansen & Dehner, P~A~
63 Sarasota Center Blvd. Suite 107 Sarasota, Florida 34240 . 941-377 -2200 . Fax 941-377-4848
January 11, 2008
Mr. James Camicella
Ocoee General Employees' Pension Plan
150 N. Lakeshore Drive
Ocoee, Florida 34761
Re: City ofOcoee Municipal General Employees' Retirement Trust Fund
Dear Jim:
As directed by the Board of Trustees of the designated pension plan, I am enclosing a
proposed ordinance. The amendments contained in this proposal are as follows:
I:
1.
Section 1., Definitions, has been amended by amending the definition of Member to
include Mayors and Commissioners and amending the definition of Salary to include
travel stipend for the Mayor and Commissioners.
2. Section 2., Membership, has been amended providing for the City Manager, and
current and future Mayors and Commissioners.
3. Section 4., Finances and Fund Management, has been amended by providing less
restrictive investment policies.
4. Section 5., Contributions, subsection 1., Member Contributions, has been amended
allowing a member who has reached 81 % of Average Final Compensation to make
a one time, irrevocable election to discontinue making contributions to the System
and have his benefit calculated and frozen at the time of such election. This election
may be made at any time after the 81 % cap is reached and if no election is made,
Member Contribution to the System shall continue. Also Mayors and
Commissioners are not required to make contributions.
5. Section 8., Vesting, has been amended, providing for a nine year vesting period for
the Mayor and Commissioners.
Mr. James Camicella
January 11, 2008
Page 2
6. Section 9., Optional Forms of Benefits, has been amended to add an additional
optional form of benefit known as a partial lump sum option (PLOP), which allows
a retiree to elect to receive 5%, 10%, 15%, or 20% ofthe total value of his retirement
benefit as a lump sum with the remaining value ofthe benefit used to determine the
monthly annuity benefit.
7. Section 25, Deferred Retirement Option Plan, has been amending by removing the
12 month window for a member's election to participate in the DROP and extending
the DROP participation period to 7 years.
8. Section 28, Purchase of Credited Service For Air Time, has been added allowing a
member to purchase credited service for periods when there was no performance of
service ("air-time) under certain circumstances,
By copy of the letter to the Board's Actuary, Foster & Foster, Inc., I am requesting them to
prepare the appropriate actuarial analysis and fOlWard it to you.
Please schedule this ordinance for first reading as soon as possible. If you have any questions
or comments, please do not hesitate to contact me.
Yours very truly,
,J)t~c) I~
H. Lee Dehner
HLD\noc
Enclosure
cc:
Brad Heinrichs, with enclosure
DICTATED BY MR. DEHNER
BUT SIGNED IN HIS ABSENCE
TO AVOID DELAY IN MAILING
ORDINANCE NO. 20-
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; AS SUBSEQUENTLY AMENDED;
AMENDING SECTION 1, DEFINITIONS BY AMENDING
THE DEFINITION OF "MEMBER" AND THE DEFINITION
OF "SALARY"; AMENDING SECTION 2, MEMBERSHIP;
AMENDING SECTION 4., FINANCES AND FUND
MANAGEMENT; AMENDING SECTION 5,
CONTRIBUTIONS; AMENDING SECTION 8., VESTING;
AMENDING SECTION 9, OPTIONAL FORMS OF BENEFITS;
AMENDING SECTION 25, DEFERRED RETIREMENT
OPTION PLAN; ADDING A NEW SECTION 28, PURCHASE
OF CREDITED SERVICE; 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 ofOcoee has the authority
to adopt this ordinance pursuant to Article VIII ofthe Constitution ofthe 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 1, Definitions, buy amending the definition of "Member", to read as follows:
Member means an actively employed General Employee who fulfills the prescribed
membership requirements. and effective October 1. 2006. current and future Mayors and
Commissioners. Benefit improvements which, in the past, have been provided for by amendments
to the System adopted by City ordinance, and any benefit improvements which might be made in the
future shall apply prospectively and shall not apply to Members who terminate employment or who
retire prior to the effective date of any ordinance adopting such benefit improvements, unless such
ordinance specifically provides to the contrary.
Salary means the total compensation (and travel stipend for the Mayor and Commissioners)
reported on the Member's W-2 form plus all tax deferred, tax sheltered or tax exempt items of
income derived from elective employee payroll deductions or salary reductions. Compensation in
excess oflimitations set forth in Section 401 (a)(17) ofthe Code shall be disregarded. The limitation
on compensation for an "eligible employee" shall not be less than the amount which was allowed to
be taken into account hereunder as in effect on July 1, 1993. "Eligible employee" is an individual
who was a Member before the first Plan Year beginning after December 31, 1995.
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 2,Membership, to read as follows:
SECTION 2. MEMBERSHIP.
1. Conditions of Eligibility.
Subject to A. ofthis subsection, all General Employees as ofthe Effective Date, and
all future new General Employees, shall become Members of this System as a condition of
employment.
A. The following employees may notify the Board and the city of his or her
election not to be a member ofthe System. Thereupon, it shall be the duty of the Board of Trustees
to refund, from the Fund, the full amount without interest, withheld from such employee's salary and
deposited in the Fund. Thenceforward, except as provided for in subparagraph B., below, no
withholding shall be made from his or her salary and all employees who have given such notice shall
be banned from participating in the System. The employees who are eligible to opt out ofthe System
are: City Manager, Assistant City Manager and Directors.
B. Effective July 11,2009, the City Manager shall be provided with five (5) years
of Credited Service in the System at no cost to him and at such time shall be a vested Member and
commence making Member Contributions in the amount of seven and four-tenths percent (7.4%)
of his salary.
C. Effective October 1, 2006, current and future Mayors and Commissioners,
may elect to enter the System as non-contributory Members and receive Credited Service,
determined as if they had been Members ofthe System on the later of October 1. 1997 or the date
they took office.
2. Membership.
Each GGlIelal Employee Member shall complete a form prescribed by the Board
providing for the designation of a Beneficiary or Beneficiaries.
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 4, Finances and Fund Management, to read as follows:
SECTION 4. FINANCES AND FUND MANAGEMENT.
Establishment and Operation of Fund.
1. As part of the System, there exists the Fund, into which shall be deposited all ofthe
contributions and assets whatsoever attributable to the System, including the assets of the prior
Municipal General Employee's Retirement Trust Fund.
2. The actual custody and supervision of the Fund (and assets thereof) shall be vested
in the Board. Payment of benefits and disbursements from the Fund shall be made by the disbursing
agent but only upon written authorization from the Board.
3. All funds of the Municipal General Employee's Retirement Trust Fund may be
deposited by the Board with the Finance Director of the City, acting in a ministerial capacity only,
who shall be liable in the same manner and to the same extent as he or she is liable for the
safekeeping of funds for the City. However, any funds so deposited with the Finance Director ofthe
City shall be kept in a separate fund by the Finance Director or clearly identified as such funds of
the Municipal General Employee's Retirement Trust Fund. In lieu thereof, the Board shall deposit
the funds of the Municipal General Employee's Retirement Trust Fund in a qualified public
depository as defined in 9280.02, Florida Statutes, which depository with regard to such funds shall
Page 2
conform to and be bound by all of the provisions of Chapter 280, Florida Statutes. In order to fulfill
its investment responsibilities as set forth herein, the Board may retain the services of a custodian
bank, an investment advisor registered under Investment Advisors Act of 1940 or otherwise exempt
from such required registration, an insurance company, or a combination of these, for the purposes
of investment decisions and management. Such investment manager shall have discretion, subject
to any guidelines as prescribed by the Board, in the investment of all Fund assets.
4. All funds and securities of the System may be commingled in the Fund, provided that
accurate records are maintained at all times reflecting the financial composition of the Fund,
including accurate current accounts and entries as regards the following:
A. Current amounts of Accumulated Contributions of Members on both an
individual and aggregate account basis, and
B. Receipts and disbursements, and
C. Benefit payments, and
D. Current amounts clearly reflecting all monies, funds and assets whatsoever
attributable to contributions and deposits from the City, and
E. All interest, dividends and gains (or losses) whatsoever, and
F. Such other entries as may be properly required so as to reflect a clear and
complete financial report of the Fund.
5. An audit shall be performed annually by a certified public accountant for the most
recent fiscal year of the City showing a detailed listing of assets and a statement of all income and
disbursements during the year. Such income and disbursements must be reconciled with the assets
at the beginning and end of the year. Such report shall reflect a complete evaluation of assets on
both a cost and market basis, as well as other items normally included in a certified audit.
6. The Board shall have the following investment powers and authority:
A. The Board shall be vested with full legal title to said Fund, subject, however,
and in any event to the authority and power of the Ocoee City Commission
to amend or terminate this Fund, provided that no amendment or Fund
termination shall ever result in the use of any assets of this Fund except for
the payment of regular expenses and benefits under this System, except as
otherwise provided herein. All contributions from time to time paid into the
Fund, and the income thereof, without distinction between principal and
income, shall be held and administered by the Board or its agent in the Fund
and the Board shall not be required to segregate or invest separately any
portion of the Fund.
B. All monies paid into or held in the Fund shall be invested and reinvested by
the Board and the investment of all or any part of such funds shall be limited
subiect to the following:
ill Notwithstanding any limitation provided for in the Florida Statutes to
the contrary (unless such limitation may not be amended by local
ordinance) or any limitation in prior city ordinances to the contrary.
all monies paid into or held in the Fund may be invested and
reinvested in such securities. investment vehicles or property
wherever situated and of whatever kind. as shall be approved by the
Page 3
&
Board. including but not limited to common or preferred stocks.
bonds. and other evidences of indebtedness or ownership. In no
event. however. shall more than ten percent of the assets of the Fund
be invested in foreign securities. unless the Florida Statutes. are
amended to remove or change or this mandatory restriction.
ill The Board shall develop and adopt a written investment policy
statement setting forth permissible types of investments. goals and
obiectives of investments and setting quality and quantity limitations
on investments in accordance with the recommendations of its
investment consultants. The investment policy statement shall be
reviewed by the Board at least annually. and shall be followed by the
Board in making its investment decisions.
ill In addition. the Board may. upon recommendation by the Board's
investment consultant. make investments in group trusts meeting the
requirements ofIntemal Revenue Service Revenue Ruling 81-100 or
successor rulings or guidance of similar import. and while any portion
of the assets of the Fund are invested in such a group trust. such
group trust is itself adopted as a part of the System or plan.
ft} AIu/uity and Ii&- insUlalice COlltl acts w itlllifc insUlance conlpalIies ill
amounts sufficient to plovidc, ill whole 01 in part, the benefits to
which all of the Mcmbels in the Pund shall be entitled undel the
plO visions ofthis System alId pay tile initial and subsequcnt pr ClIliUlll
theleon.
t21 Tinle- or savings accounts of a national balIk, a state- bal1k or a
sav ings/building alId loan association insUled by the [<ederal Deposit
hlSUlance Corporation.
ffl Obligations of the United StatGs or obligations gualantGed as to
principal and inte-Ie-st by tile go v Gll1111el1t of the UlIited States.
t4J Stocks, cOl/lmilIgled funds admilIistelcd by lIational 01 state balIks,
n/utual fUlIds, inte-mational secur itie-s and bonds 01 otllor ev idelIces of
indebtedness, subject to the linlitations prOvided for in subscction
6:€7
€: TIle- Doald sllall not in vest mOle tllan fi vC percent (5%) of its assets in the
COllllllOlI stock or e-apital stock of any onc issuing conlpany, lIor sllall thc
aggle-gatc in v e-stment in anyone issuing company exceed five percent (5%)
of the- outstanding capital stock of that company, nor shall the agglcgate of
its inve-stments in common stock, capital stock and convertible bonds at
market e-xcced seve-lity pClcent (70%) of tile assets of the found. TIle Doard
may invc-st up to twwty percent (20%) ofthc total ful1d assct value at cost in
intclnational secUlities in a mutual fund or comminglcd fund. The Doard
slla11 provide a leport to the- City on the intelnational imestIt1cnt expcriclice,
fi vc- years from the date this international in vcstnlent autholity is added to the
Syste-ltl, in ordol for the City to cOlisider the advisability of amending tile
SYSte-lil by illeteasing 01 dccr casing thc extent of intelllatiolIal in vcstmwts.
c.
The Board may retain in cash and keep unproductive of income such amount
of the Fund as it may deem advisable, having regard for the cash
requirements of the System.
Page 4
r.
:r.
IE-:
f7.
fr
F:
6:
H:
1
L
K.
D.
The Board may cause any investment in securities held by it to be registered
in or transferred into its name as Trustee or into the name of such nominee
as it may direct, or it may retain them unregistered and in form permitting
transferability, but the books and records shall at all times show that all
investments are part of the Fund.
E.
The Board is empowered, but is not required, to vote upon any stocks, bonds,
or securities of any corporation, association, or trust and to give general or
specific proxies or powers of attorney with or without power of substitution;
to participate in mergers, reorganizations, recapitalizations, consolidations,
and similar transactions with respect to such securities; to deposit such stock
or other securities in any voting trust or any protective or like committee with
the Trustees or with depositories designated thereby; to amortize or fail to
amortize any part or all of the premium or discount resulting from the
acquisition or disposition of assets; and generally to exercise any of the
powers of an owner with respect to stocks, bonds, or other investments
comprising the Fund which it may deem to be to the best interest ofthe Fund
to exercise.
F.
The Board shall not be required to make any inventory or appraisal or report
to any court, nor to secure any order of court for the exercise of any power
contained herein.
G.
Where any action which the Board is required to take or any duty or function
which it is required to perform either under the terms herein or under the
general law applicable to it as Trustee under this ordinance, can reasonably
be taken or performed only after receipt by it from a Member, the City, or any
other entity, of specific information, certification, direction or instructions,
the Board shall be free of liability in failing to take such action or perform
such duty or function until such information, certification, direction or
instruction has been received by it.
H.
Any overpayments or underpayments from the Fund to a Member, Retiree or
Beneficiary caused by errors of computation shall be adjusted with interest
at a rate per annum approved by the Board in such a manner that the
Actuarial Equivalent of the benefit to which the Member, Retiree or
Beneficiary was correctly entitled to, shall be paid. Overpayments shall be
charged against payments next succeeding the correction or collected in
another manner if prudent. Underpayments shall be made up from the Fund
in a prudent manner.
The Board shall sustain no liability whatsoever for the sufficiency ofthe Fund
to meet the payments and benefits herein provided for.
In any application to or proceeding or action in the courts, only the Board
shall be a necessary party, and no Member or other person having an interest
in the Fund shall be entitled to any notice or service of process. Any
judgment entered in such a proceeding or action shall be conclusive upon all
persons.
Any of the foregoing powers and functions reposed in the Board may be
performed or carried out by the Board through duly authorized agents,
provided that the Board at all times maintains continuous supervision over
the acts of any such agent; provided further, that legal ti tIe to said Fund shall
always remain in the Board.
Page 5
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 5, Contributions, subsection 1, Member Contributions, to read as follows:
I. Member Contributions.
A. Amount. Each Member of the System. except Mayors and Commissioners
shall be required to make regular contributions to the Fund in the amount of
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 g414(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.
Notwithstanding the preceding. when the Member's accrued benefit is equal
to 81 % of Average Final Compensation. the Member may make a one time
irrevocable election at anytime after the 81 % limit is met to discontinue
making Member Contributions to the System and have his benefit calculated
and frozen at the time of the election. Ifno such election is made. Member
Contributions to the Fund shall continue.
B. Method. Such contributions shall be made by payroll deduction.
SECTION 6: 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 8, Vesting, to read as follows:
SECTION 8. VESTING.
If a Member terminates his or her employment with the City, either voluntarily or by
discharge, and is not eligible for any other benefits under this System, the Member shall be entitled
to the following:
I. If the Member has less than five (5) years Credited Service upon termination, the
Member shall be entitled to a refund of his or her Accumulated Contributions or the Member may
leave it deposited with the Fund.
2. Ifthe Member (except a Mayor or Commissioner Member) has five (5) or more years
of Credited Service or if a Mayor or Commissioner Member has nine (9) or more years of Credited
Service upon termination, the Member shall be entitled to a monthly retirement benefit, determined
in the same manner as for normal or early retirement and based upon the Member's Credited Service,
A verage Final Compensation and the benefit accrual rate as of the date of termination, payable to
him or her commencing at the Member's otherwise normal or early retirement date, provided he or
she does not elect to withdraw his or her Accumulated Contributions and provided the Member
survives to his or her normal or early retirement date. If the Member does not withdraw his or her
Accumulated Contributions and does not survive to his or her otherwise normal or early retirement
date, his or her designated Beneficiary shall be entitled to a benefit as provided herein for a deceased
Member, vested or eligible for Retirement under Pre-Retirement Death.
3. Any vested Member ofthe System whose position is terminated, for whatever reason,
but who remains employed by the City in some other capacity, shall have all retirement benefits
accrued up to the date of such termination under this System preserved, provided he or she does not
elect to withdraw his or her Accumulated Contributions from this System. Such accrued retirement
Page 6
benefits shall be payable at his or her otherwise early (reduced as for early retirement) or normal
retirement date hereunder, or later, in accordance with the provisions of this System.
SECTION 7: 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 9, Optional Forms of Benefits, subsection 1., to read as follows:
1. In lieu of the amount and form of retirement income payable in the event of normal
or early retirement as specified herein, a Member, upon written request to the Board, may elect to
receive a retirement income or benefit of equivalent actuarial value payable in accordance with one
of the following options:
A. A retirement income of a larger monthly amount, payable to the Member for
his or her lifetime only.
B. A retirement income of a modified monthly amount, payable to the Member
during the joint lifetime of the Member and a dependent joint pensioner
designated by the Member, and following the death of either ofthem, 100%,
75%,66-2/3%, or 50% of such monthly amounts payable to the survivor for
the lifetime ofthe survivor. Except where the Retiree's joint pensioner is his
or her Spouse, the present value of payments to the Retiree shall not be less
than fifty percent (50%) of the total present value of payments to the Retiree
and his or her joint pensioner.
C. If a Member retires prior to the time at which social security benefits are
payable, he or she may elect to receive an increased retirement benefit until
such time as social security benefits shall be assumed to commence and a
reduced benefit thereafter in order to provide, to as great an extent as
possible, a more level retirement allowance during the entire period of
Retirement. The amounts payable shall be as recommended by the actuaries
for the System, based upon the social security law in effect at the time of the
Member's Retirement.
D. A member may elect a percentage of benefit in a lump sum as follows:
ill Five (5) percent lump sum benefit with ninety (95) percent paid under
the normal form or as per A.. B. or C. above.
ill Ten (10) percent lump sum benefit with ninety (90) percent paid
under the normal form or as per A.. B. or C. above.
ill Fifteen (15) percent lump sum benefit with eighty-five (85) percent
paid under the normal form or as per A.. B. or C. above.
ill Twenty (20) percent lump sum benefit with eighty (80) percent paid
under the normal form or as per A.. B. or C. above.
SECTION 8: 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 25, Deferred Retirement Option Plan, to read as follows:
Page 7
SECTION 25. DEFERRED RETIREMENT OPTION PLAN.
1. Definitions.
As used in this Section 25, the following definitions apply:"
A. "DROP" -- The Ocoee General Employees' Deferred Retirement Option Plan.
B. "DROP Account" -- The account established for each DROP participant
under subsection 3.
2. Participation.
A. Eligibility to Participate.
In lieu of terminating his employment as a General Employee, any Member
who is eligible for normal retirement under the System may elect to defer
receipt of such service retirement pension and to participate in the DROP
prOvided that th" de"tion to palti"ipate in the DROr is made within twelve
(12) montlls following the date on which the Membel fitst becomes eligible
for normal letilonent, 01 fOl a MenIb"l who fitst teached eligibility fOl
nOl1llall"tilemcnt priOl to the effective date of this Section, the dection to
participate is nIade within twd ve (12) 1110nths flom the cffecti ve datc ofthis
Section. A Membel who fails to make the election withillsuch twelve (12)
month limitation p"liod shall fOlfeit all lights to participate in the DROr.
B. Election to Participate.
A Member's election to participate in the DROP must be made in writing in
a time and manner determined by the Board and shall be effective on the first
day of the first calendar month which is at least fifteen (15) business days
after it is received by the Board.
C Period of participation.
A Member who elects to participate in the DROP under subsection 2.B., shall
participate in the DROP for a period not to exceed sixty (GO) eighty-four (84)
months beginning on the date which the Member first becomes eligible for
normal retirement. An election to participate in the DROP shall constitute an
irrevocable election to resign from the service of the City at the time of
election into the DROP. A Member may participate only once.
D. Termination of Participation.
(1) A Member's participation in the DROP shall cease at the earlier of:
(a) the end of his permissible period of participation in the DROP
as determined under subsection 2.C.; or
(b) termination of his employment as a General Employee.
(2) Upon the Member's termination of participation in the DROP,
pursuant to subsection(a) above, all amounts provided for in
subsection 3.B., including monthly benefits and investment earnings
and losses or interest, shall cease to be transferred from the System to
his DROP Account. Any amounts remaining in his DROP Account
Page 8
shall be paid to him in accordance with the provisions of subsection
4. when he terminates his employment as a General Employee.
(3) A Member who terminates his participation in the DROP under this
subsection 2.D. shall not be permitted to again become a participant
in the DROP.
E. Effect of DROP Participation on the System.
(1) A Member's Credited Service and his accrued benefit under the
System shall be determined on the date his election to participate in
the DROP first becomes effective. The Member shall not accrue any
additional Credited Service or any additional benefits under the
System (except for any additional benefits provided under any cost-
of-living adjustment in the System) while he is a participant in the
DROP. After a Member commences participation, he shall not be
permitted to again contribute to the System nor shall he be eligible for
disability or pre-retirement death benefits.
3. Funding.
A. Establishment of DROP Account.
(2) No amounts shall be paid to a Member from the System while the
Member is a participant in the DROP. Unless otherwise specified in
the System, if a Member's participation in the DROP is
terminated other than by terminating his employment as a General
Employee, no amounts shall be paid to him from the System until he
terminates his employment as a General Employee. Unless otherwise
specified in the System, amounts transferred from the System to the
Member's DROP Account shall be paid directly to the Member only
on the termination of his employment as a General Employee.
A DROP Account shall be established for each Member participating in the
DROP. A Member's DROP Account shall consist of amounts transferred to
the DROP under subsection 3.B., and earnings or interest on those amounts.
B. Transfers From Retirement System.
(1) As of the first day of each month of a Member's period of
participation in the DROP, the monthly retirement benefit he would
have received under the System had he terminated his employment as
a General Employee and elected to receive monthly benefit payments
thereunder shall be transferred to his DROP Account, except as
otherwise provided for in subsection 2.D.(2). A Member's period of
participation in the DROP shall be determined in accordance with the
provisions of subsections 2.C. and 2.D., but in no event shall it
continue past the date he terminates his employment as a General
Employee.
(2) Except as otherwise provided in subsection 2.D.(2), a Member's
DROP Account under this subsection 3.B. shall be debited or credited
after each fiscal year quarter with either:
Page 9
(a) Interest at an effective rate of six and one-halfpercent (6.5%)
per annum compounded monthly on the prior month's ending
balance; or
(b) Earnings, determined as follows:
The average daily balance in a Member's DROP Account
shall be credited or debited at a rate equal to the actual net
rate of investment return realized by the System for that
quarter. "Net investment return" for the purpose of this
paragraph is the total return of the assets in which the
Member's DROP Account is invested by the Board net of
brokerage commissions, transaction costs and management
fees.
Upon electing participation in the DROP, the Member shall elect to
receive either interest or earnings on his account to be determined as
provided above. The Member may, in writing, elect to change his
election only once during his DROP participation. An election to
change must be made prior to the end of a quarter and shall be
effective beginning the following quarter.
(3) A Member's DROP Account shall only be credited or debited with
earnings or interest and monthly benefits while the Member is a
participant in the DROP. A Member's final DROP account value for
distribution to the Member upon termination of participation in the
DROP shall be the value of the account at the end of the quarter
immediately preceding termination of participation plus any monthly
periodic additions made to the DROP account subsequent to the end
of the previous quarter and prior to distribution. If a Member is
employed by the City after participating in the DROP for the
permissible period of DROP participation, then beginning with the
Member's 1st month of employment following the last month of
DROP participation, the Member's DROP Account will no longer be
credited or debited with earnings or interest, nor will monthly benefits
be transferred to the DROP account. All such non-transferred
amounts shall be forfeited and continue to be forfeited while the
Member is employed by the City. A Member employed by the City
after the permissible period of DROP participation will still not be
eligible for pre-retirement death or disability benefits, nor will he
accrue additional Credited Service.
4. Distribution of DROP Accounts on Termination of Employment.
A. Eligibility for Benefits.
A Member shall receive the balance in his DROP Account in accordance with
the provisions of this subsection 4. upon his termination of employment as
a General Employee. Except as provided in subsection 4.E., no amounts shall
be paid to a Member from the DROP prior to his termination of employment
as a General Employee.
Page 10
B. Form of Distribution.
(1) Unless the Member elects otherwise, distribution of his DROP
Account shall be made in a cash lump sum, subject to the direct
rollover provisions set forth in subsection 4.& F. A Member may,
however, elect, in such time and manner as the Board shall prescribe,
that his DROP distribution be used to purchase a nonforfeitable fixed
annuity payable in such form as the Member may elect. Elections
under this paragraph shall be in writing and shall be made in such
time or manner as the Board shall determine.
(2) If a Member dies before his benefit is paid, his DROP Account shall
be paid to his Beneficiary in such optional form as his Beneficiary
may select. If no Beneficiary designation is made, the DROP
Account shall be distributed to the Member's estate.
C. Date of Payment of Distribution.
Except as otherwise provided in this subsection 4., distribution of a Member's
DROP Account shall be made as soon as administratively practicable
following the Member's termination of employment. Distribution of the
amount in a Member's DROP account will not be made unless the Member
completes a written request for distribution and a written election, on forms
designated by the Board, to either receive a cash lump sum or a rollover of
the lump sum amount.
D. Proof of Death and Right of Beneficiary or Other Person.
The Board may require and rely upon such proof of death and such evidence
of the right of any Beneficiary or other person to receive the value of a
deceased Member's DROP Account as the Board may deem proper and its
determination of the right of that Beneficiary or other person to receive
payment shall be conclusive.
E. Distribution Limitation.
Notwithstanding any other provision of this subsection 4., all distributions
from the DROP shall conform to the "Minimum Distribution Of Benefits"
provisions as provided for herein..
F. Direct Rollover of Certain Distributions.
This subsection applies to distributions made on or after January 1, 2002.
Notwithstanding any provision of the DROP to the contrary, a distributee
may elect to have any portion of an eligible rollover distribution paid in a
direct rollover as otherwise provided under the System in Section 23, herein
incorporated by reference.
5. Administration of DROP.
A. Board Administers the DROP.
The general administration of the DROP, the responsibility for carrying out
the provisions of the DROP and the responsibility of overseeing the
investment ofthe DROP's assets shall be placed in the Board. The members
of the Board may appoint from their number such subcommittees with such
Page 11
powers as they shall determine; may adopt such administrative procedures
and regulations as they deem desirable for the conduct of their affairs; may
authorize one or more of their number or any agent to execute or deliver any
instrument or make any payment on their behalf; may retain counsel, employ
agents and provide for such clerical, accounting, actuarial and consulting
services as they may require in canying out the provisions of the DROP; and
may allocate among themselves or delegate to other persons all or such
portion of their duties under the DROP, other than those granted to them as
Trustee under any trust agreement adopted for use in implementing the
DROP, as they, in their sole discretion, shall decide. A Trustee shall not vote
on any question relating exclusively to himself.
B. Individual Accounts. Records and Reports.
The Board shall maintain, or cause to be maintained, records showing the
operation and condition of the DROP, including records showing the
individual balances in each Member's DROP Account, and the Board shall
keep, or cause to be kept, in convenient form such data as may be necessary
for the valuation of the assets and liabilities of the DROP. The Board shall
prepare or cause to be prepared and distributed to Members participating in
the DROP and other individuals or filed with the appropriate governmental
agencies, as the case may be, all necessary descriptions, reports, information
returns, and data required to be distributed or filed for the DROP pursuant to
the Code, the applicable portions ofthe Act and any other applicable laws.
C. Establishment of Rules.
Subject to the limitations of the DROP, the Board from time to time shall
establish rules for the administration of the DROP and the transaction of its
business. The Board shall have discretionary authority to construe and
interpret the DROP (including but not limited to determination of an
individual's eligibility for DROP participation, the right and amount of any
benefit payable under the DROP and the date on which any individual ceases
to be a participant in the DROP). The determination of the Board as to the
interpretation of the DROP or its determination of any disputed questions
shall be conclusive and final to the extent permitted by applicable law. The
Board shall also oversee the investment of the DROP'S assets.
D. Limitation of Liability.
(1) The Trustees shall not incur any liability individually or on behalf of
any other individuals for any act or failure to act, made in good faith
in relation to the DROP or the funds of the DROP.
(2) Neither the Board nor any Trustee of the Board shall be responsible
for any reports furnished by any expert retained or employed by the
Board, but they shall be entitled to rely thereon as well as on
certificates furnished by an accountant or an actuary, and on all
opinions of counsel. The Board shall be fully protected with respect
to any action taken or suffered by it in good faith in reliance upon
such expert, accountant, actuary or counsel, and all actions taken or
suffered in such reliance shall be conclusive upon any person with
any interest in the DROP.
Page 12
6. General Provisions.
A. Amendment of DROP.
The DROP may be amended by an ordinance ofthe City at any time and from
time to time, and retroactively if deemed necessary or appropriate, to amend
in whole or in part any or all of the provisions of the DROP. However,
except as otherwise provided by law, no amendment shall make it possible
for any part ofthe DROP's funds to be used for, or diverted to, purposes other
than for the exclusive benefit of persons entitled to benefits under the DROP.
No amendment shall be made which has the effect of decreasing the balance
of the DROP Account of any Member.
B. Facility of Payment.
If the Board shall find that a Member or other person entitled to a benefit
under the DROP is unable to care for his affairs because of illness or accident
or is a minor, the Board may direct that any benefit due him, unless claim
shall have been made for the benefit by a duly appointed legal representative,
be paid to his Spouse, a child, a parent or other blood relative, or to a person
with whom he resides. Any payment so made shall be a complete discharge
of the liabilities of the DROP for that benefit.
C. Information.
Each Member, Beneficiary or other person entitled to a benefit, before any
benefit shall be payable to him or on his account under the DROP, shall file
with the Board the information that it shall require to establish his rights and
benefits under the DROP.
D. Prevention of Escheat.
If the Board cannot ascertain the whereabouts of any person to whom a
payment is due under the DROP, the Board may, no earlier than three (3)
years from the date such payment is due, mail a notice of such due and owing
payment to the last known address of such person, as shown on the records
of the Board or the City. If such person has not made written claim therefor
within three (3) months of the date of the mailing, the Board may, if it so
elects and upon receiving advice from counsel to the DROP, direct that such
payment and all remaining payments otherwise due such person be canceled
on the records of the DROP. Upon such cancellation, the DROP shall have
no further liability therefor except that, in the event such person or his
Beneficiary later notifies the Board of his whereabouts and requests the
payment or payments due to him under the DROP, the amount so applied
shall be paid to him in accordance with the provisions of the DROP.
E. Written Elections. Notification.
(1) Any elections, notifications or designations made by a Member
pursuant to the provisions of the DROP shall be made in writing and
filed with the Board in a time and manner determined by the Board
under rules uniformly applicable to all employees similarly situated.
The Board reserves the right to change from the time and manner for
making notifications, elections or designations by Members under the
DROP if it determines after due deliberation that such action is
justified in that it improves the administration of the DROP. In the
Page 13
event of a conflict between the provisions for making an election,
notification or designation set forth in the DROP and such new
administrative procedures, those new administrative procedures shall
prevail.
(2) Each Member or Retiree who has a DROP Account shall be
responsible for furnishing the Board with his current address and any
subsequent changes in his address. Any notice required to be given
to a Member or Retiree hereunder shall be deemed given if directed
to him at the last such address given to the Board and mailed by
registered or certified United States mail. If any check mailed by
registered or certified United States mail to such address is returned,
mailing of checks will be suspended until such time as the Member
or Retiree notifies the Board of his address.
F. Benefits Not Guaranteed.
All benefits payable to a Member from the DROP shall be paid only from the
assets of the Member's DROP Account and neither the City nor the Board
shall have any duty or liability to furnish the DROP with any funds, securities
or other assets except to the extent required by any applicable law.
G. Construction.
(1) The DROP shall be construed, regulated and administered under the
laws of Florida, except where other applicable law controls.
(2) The titles and headings of the subsections in this Section 25 are for
convenience only. In the case of ambiguity or inconsistency, the text
rather than the titles or headings shall control.
H. Forfeiture of Retirement Benefits.
Nothing in this Section shall be construed to remove DROP participants from
the application of any forfeiture provisions applicable to the System. DROP
participants shall be subject to forfeiture of all retirement benefits, including
DROP benefits.
I Effect of DROP Participation on Emplovrnent.
Participation in the DROP is not a guarantee of employment and DROP
participants shall be subject to the same employment standards and policies
that are applicable to employees who are not DROP participants.
SECTION 9: That Ordinance No. 96-19, adopting the amended and restated City of
Ocoee Municipal General Employees' Retirement Trust Fund, is hereby amended by adding
a new Section 28, Purchase of Credited Service for Air Time, to read as follows:
SECTION 28. PURCHASE OF CREDITED SERVICE FOR AIR TIME.
Unless otherwise prohibited by law, any member who has accrued at least five (5) years of
credited service under this system shall be permitted to purchase up to five (5) years of additional
credited service under this system for periods when there was no performance of service ("air time")
provided that:
Page 14
A. The member contributes to the fund the sum that he would have contributed had he
been a member of the system for the years or fractional parts of years for which he
is requesting credit plus amounts actuarially determined such that the crediting of
service does not result in any cost to the fund plus payment of costs for all
professional services rendered to the board in connection with the purchase of years
of credited service.
B. Multiple requests to purchase credited service pursuant to this section may be made
at any time prior to retirement.
C. Payment bv the member of the required amount shall be made within six (6) months
of his or her request for credit. but. in any event. prior to retirement. and shall be
~ade in one lump sum payment upon receipt of which credited service shall be
gIven.
D. Service purchased pursuant to this section shall count for all purposes except vesting
and eligibility for disability benefits. The maximum combined purchase under this
section and sections 26 and 27 shall be five (5) years.
SECTION 10. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed..
SECTION 11: If any section, subsection, sentence, clause, phrase ofthis ordinance, or
the particular application thereof shall be held invalid by any court, administrative agency,
or other body with appropriate jurisdiction, the remaining section, subsection, sentences,
clauses, or phrases under application shall not be affected thereby.
SECTION 12. Effective Date. This ordinance shall take effect upon adoption.
PASSED AND ADOPTED this _ day of ,2008.
APPROVED:
A TTEST: CITY OF OCOEE, FLORIDA
By:
Beth Eikenberry, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
ADVERTISED
READ FIRST TIME
,2008
,2008
READ SECOND TIME AND ADOPTED
,2008
Page 15
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS _ day of , 2008
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
By:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD ON
,2008 UNDER AGENDA ITEM
NO.
noc\ocoee\gen\O 1-07 -08.ord
Page 16
BO~~RD COpv
CITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEES'
RETIREMENT TRUST FUND
ACTUARIAL IMPACT STATEMENT
January 23, 2008
Attached hereto is a comparison of the impact on the Total Required Contribution (per
Chapter 112, Florida Statutes), and the Required City Contributions, resulting from the
implementation of the following amendment:
Provide an "opt-in" for the City Mayor, City Commissioners, and City Manager, based on
the following census data:
Date of
Participant Date of Birth Plan Entry Annual Salary
Anderson, Scott 02/04/1956 10/01/1997 7,900
Frank, Robert 07/23/1962 07/12/2004 144,452
Hood, Gary 09/26/1961 10/19/2005 7,900
Johnson, Jr., Leon 01/17/1946 10/01/1997 7,900
Keller, Joel 06/07/1954 03/21/2006 7,900
Vandergrift, Scott 03/22/1940 10/01/1997 9,300
Each of the above participants shall be non-contributory members, with the exception of
the City Manager (Robert Frank). He shall enter the plan on July 11, 2009, with past
service to July 12, 2004, and will begin member contributions at the 7.4% rate on and
after July 11, 2009.
The cost impact, determined as of October 1, 2006 (as established with the January 2,
2007, Actuarial Impact Statement), as applicable to the planlfiscal year ending
September 30, 2008, is as follows:
Current Proposed
Total Required Contribution $1,433,637 $1,478,376
% of Total Annual Payroll 19.9% 20.0%
Expected Member Cant. 532,295 532,295
Balance From City 901,342 946,081
% of Total Annual Payroll 12.5% 12.8%
CITY OF OCOEE
MUNICIPAL GENERAL EMPLOYEES'
RETIREMENT TRUST FUND
ACTUARIAL IMPACT STATEMENT
January 23, 2008
(Page 2)
The changes presented herein are in compliance with Part VII, Chapter 112, Florida
Statutes and Section 14, Article X of the State Constitution.
-J!~ ~{/~~J~L /
S ra R. Heinric s, MAAA
Enrolled Actuary #05-6549
STATEMENT OF PLAN ADMINISTRATOR
The prepared information presented herein reflects the estimated cost of the
proposed improvement.
Chairman, Board of Trustees
182 176
34 34
4 4
40 40
0 0
0 0
260 254
$6,870,891 $6,685,539
6,870,891 6,685,539
Comparative Summary of Principal Valuation Results
proposed
10/1/2006
A. Participant Data
Number Included
Actives
Service Retirees
Beneficiaries
Terminated Vested
Disability Retirees
DROP Retirees
Total
Total Annual Payroll
Payroll Under Assumed Ret. Age
Annual Rate of Payments to:
Service Retirees
Beneficiaries
Terminated Vested
Disability Retirees
DROP Retirees
500,936
18,790
327,989
o
o
B. Assets
Actuarial Value
Market Value
13,421,299
13,457,649
C. Liabilities
Present Value of Benefits
Active Members
Retirement Benefits
Disability Benefits
Death Benefits
Vested Benefits
Refund of Contributions
Service Retirees
Beneficiaries
Terminated Vested
Disability Retirees
DROP Retirees
17,091,566
o
397,234
953,399
360,199
4,800,739
136,628
1,399,068
o
o
25,138,834
Total
current
10/1/2006
500,936
18,790
327,989 .
o
o
13,421,299
13,457,649
16,658,756
o
383,686
935,118
358,882
4,800,739
136,628
1,399,068
o
o
24,672,878
proposed current
10/1/2006 10/1/2006
C. Liabilities - (Continued)
Present Value of Future Salaries 52,975,792 51,146,804
Present Value of Future
Member Contributions 3,904,190 3,784,864
Normal Cost (Entry Age Normal) 1,079,646 1,044,765
Present Value of Future
Normal Costs (Entry Age Normal) 7,481, 131 7,140,208
Actuarial Accrued Liability 17,657,702 17,532,669
Unfunded Actuarial Accrued 4,236,403 4,111,370
Liability (UAAL)
D. Actuarial Present Value of Accrued Benefits
Vested Accrued Benefits
Inactives
Actives
Member Contributions
$6,336,436 $6,336,436
3,520,401 3,476,517
2,346,531 2,346,531
$12,203,367 $12,159,484
272,964 248,804
$12,476,332 $12,408,288
Total
Non-vested Accrued Benefits
Total Present Value Accrued
Benefits
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments
Assumption Changes
New Accrued Benefits
Benefits Paid
Interest
Other
Total:
68,044
o
o
o
o
o
68,044
proposed current
Valuation Date 10/1/2006 10/1/2006
Applicable to Fiscal Year Ending 9/30/2008 9/29/2008
E. Pension Cost
Normal Cost (with interest) $1,178,974 $1,140,883
% of Total Annual Payroll* 15.9 15.9
Expected Adminstrative Expense 33,907 33,907
% of Total Annual Payroll* 0.5 0.5
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 30 years
(as of 10/1/06) 265,495 258,847
% of Total Annual Payroll* 3.6 3.6
Total Required Contribution 1,478.376 1,433,637
% of Total Annual Payroll* .20.0 19.9
Expected Member Contributions 532,295 532,295
% of Total Annual Payroll* 7.2 7.4
Expected City Contrib, 946,081 901,342
% of Total Annual Payroll* 12.8 12.5
* Contributions developed as of 10/1/06 are expressed as a percentage of projected
percentage of projected annual payroll at 04/1/08 of $7,392,595.
Mortality Rate
I nterest Rate
Retirement Age
Early Retirement
Disability Rate
Termination Rate
Salary Increases
Payroll Increases
ACTUARIAL ASSUMPTIONS AND FUNDING METHODS
Assumptions
1983 Group Annuity Mortality Table.
8% per year compounded annually,
net of investment related expenses.
Age 60. Also, any member who has
reached Normal Retirement is
assumed to continue employment for
one additional year.
Commencing with the earliest Early
Retirement Age (50), members are
assumed to retire with an immediate
subsidized benefit at the rate of 2% per
year.
See table below (1202).
See table below (T-3).
6.0% per year until the assumed
retirement age; see table below.
Projected salary at retirement is
increased 20% to account for
non-regular compensation.
5.0% per year.
Administrative Expenses
$31,050 annually.
Age
20
30
40
50
% Becoming Disabled
Durino the Year
% Terminating
Durinq the Year
Current Salary
as a % of Salary
at Aoe 60
0.051%
0.058%
0.121%
0.429%
50.0%
34.9%
3.8%
1.5%
9.7%
17.4%
31.2%
55.8%
Fundino Methods
Entry Age Normal Actuarial Cost Method.
SUMMARY OF PLAN PROVISIONS
(Through Ordinance No. 2006-010)
Eliqibilitv
Full-time employees who are classified
as General Employees participate as a
condition of employment.
Credited Service
Total years and fractional parts of years
of service with the City as a General
Employee.
Salarv
W-2 Compensation, plus tax-deferred,
tax-exempt, and tax-sheltered items of
income.
Averaqe Final Compensation
Average Salary for the 5 best years of
the 10 years immediately preceding
retirement or
termination.
Member Contributions
7.4% of Salary.
City Contributions
Remaining amount required in order to
pay current costs and amortize
unfunded past service cost, if any, over
30 years.
Normal Retirement
Date
Attainment of Age 60.
Benefit
3.0% of Average Final Compensation
times Credited Service.
Form of Benefit
Ten Year Certain and Life Annuity
(options available).
Earlv Retirement
Eligibility
Age 50 and 5 Years of Credited Service.
Benefit
Accrued benefit, actuarially reduced.
Vesting
Schedule
100% after 5 years of Credited Service.
Benefit Amount
Member will receive the vested portion
of his (her) accrued benefit payable at
the otherwise Early or Normal Retire-
ment Date.
Death Benefits
Pre-Retirement
Vested
Monthly accrued benefit payable to
designated beneficiary for 10 years.
Non-Vested
Refund of accumulated contributions
without interest.
Post-Retirement
Benefits payable to beneficiary in
accordance with option selected at
retirement.
Board of Trustees
a. Two City Commission appointees,
b, Two Members of the Plan elected by
the membership, and
c. Fifth Member elected by other 4 and
appointed by City Commission.
Deferred Retirement Option Plan
Eligibility
Within 12 months following satisfaction
of Normal Retirement requirements (age
60).
Participation
Not more than 60 months.
Rate of Return
At election of member (may change
once during DROP period) either: 1)
actual net rate of investment return (total
return net of brokerage commissions,
transaction costs, and management
fees), or 2) 6.5%. Earnings are credited
each fiscal quarter.
Form of Distribution
Cash lump sum (options available).
Copy of Public Hearing Advertisement
Date Published
Or-LGtY\o.o
.,...
SevrH vte}
SUNDAY, MARCH 9, 20llS
Advertisement
~
~
CITY OF OCOE.E-
PUSUC HEARING
A, Public Hearing before Ihe
~~~~ fM~~~~~'AA~~I~li~~
2008,'017:15 p,m. or as soan
l~er~~fl~~~~rs~ia~e ~~~~:
bers of Citv<'Hall at.150
North Lakeshore Drive,
Ocoee, Florida, to consider
Ihe fallowing:
1~~V~~l~NI~
PROVIOING
E,
If a person 'd~cides 10 ap-
peal any decision made bv
the above City Commission.
with respect to any maller
considered at such hearing,
they wi II need a record of
~~~t:"g~;~~:~g~h~rmfg~ ~
need to ensure that a verba- s<
tlm record of the proceed. f(
iogs is made, which record n
includes the testimony and w
~~~~e~cio u~nb~~~~~ the op. ~:
si
0:
rr
~Ne~~~r~~i:Ug~~e~e ah:ai~d
with respect to the above,
In accordance with the A- T
mericans with Disabilities tl
Act, persons needing a spe- 0
cial accommodation or an 1\
interpreter to participate in li
this proceeding should con- a
tact the City Clerk's office s
at 407.905-3105 at least two 2
days prior to the date of s
hearing, r
o
b
p
o
9
~
Beth Eikenberrv
City Clerk
COR657766
319 , 2008
~ --'.. I ,..",..nine roalition.9f
1,.;3
--.:
of- O"'J-l
'J