HomeMy WebLinkAboutOrdinance 2006-008
ORDINANCE NO. 20Q6-008
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; IS
HEREBY FURTHER AMENDED BY AMENDING SECTION
6, BENEFIT AMOUNTS AND ELIGIBILITY; REPEALING
ALL ORDINANCES IN CONFLICT HEREWITH AND
PROVIDING AN EFFECTIVE DATE.
SECTION 1: Authority. The City Commission ofthe City ofOcoee has the authority
to adopt this ordinance pursuant to Article VIII 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, as subsequently amended, is
hereby further amended by amending Section 6, Benefit Amounts and Eligibility, to read as
follows:
SECTION 6. BENEFIT AMOUNTS AND ELIGIBILITY.
1. Normal Retirement Date.
A Member's normal retirement date shall be the first day of the month
coincident with, or next following age sixty (60) regardless of the years of Credited Service.
A Member may retire on his or her normal retirement date or on the first day of any month
thereafter, and each Member shall become 100% vested in his or her accrued benefit on the
Member's normal retirement date. Normal retirement under the System is Retirement from
employment with the City on or after the normal retirement date.
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 (2.5%) of Average Final Compensation,
for each year of Credited Service.
3. Early Retirement Date.
A Member may retire on his or her early retirement date which shall be the first
day of any month coincident with or next following the attainment of age fifty (50) and the
completion of five (5) years of Credited Service. Early retirement under the System is
Retirement from employment with the City on or after the early retirement date and prior to
the normal retirement date.
4. Early Retirement Benefit.
A Member retiring hereunder on his or her early retirement date may receive
either a deferred or an immediate monthly retirement benefit payable for life as follows:
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A. A deferred monthly retirement benefit which shall commence on what
would have been his or her normal retirement date had he or she
remained a General Employee and shall be continued on the first day
of each month thereafter. The amount of each such deferred monthly
retirement benefit shall be determined in the same manner as for
retirement as his or her normal retirement date except that Credited
Service and Average Final Compensation shall be determined as of his
or her early retirement date; or
B. An immediate monthly retirement benefit which shall commence on his
or her early retirement date and shall be continued on the first day of
each month thereafter. The benefit payable shall be as determined in
paragraph A above, which is actuarially reduced from the amount to
which he or she would have been entitled had he or she retired on his
or her normal retirement date and with the same number of years of
Credited Service as at the time his or her benefits commence and based
on his or her Average Final Compensation at that date.
5. 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%).
6. Early Retirement Incentive Window.
A. Those members with thirty (30) years of Credited Service as of the effective date
of this ordinance, may elect within thirty (30) days from the effective date of this
ordinance, to terminate employment on or before June 30, 2006 and shall be
eligible to receive the pension benefit provided for in paragraph B. below. This
election shall be irrevocable and shall be made to the Board of Trustees and the
City in writing.
B. Those members eligible to retire pursuant to paragraph A. of this subsection 6.,
shall receive an unreduced monthly benefit in the amount of two and one-half
(2.5%) of the member's Average Final Compensation times years of Credited
Service.
SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 4. Effective Datt:. This ordinance shall take effect upon adoption.
PASSED AND ADOPTED this ,~j1.~y of ~n \
,2006.
ATTEST:
y~~~~
Beth Eikenberry, City Clerk U
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(SEAL)
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPR~eiif AS TO fO~ AND LEGALITY
THIS day of ~, 2006.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
By:Hi!LM Gek
noc\ocoee\gen \03 -08-06. ord
ADVERTISED
READ FIRST TIME
~ SE~ND TIM AND
'l \ , 2006.
,2006
,2006
OPTED
APPROVED BY THE OCOEE CITY
iMMIVHON AT A MEETING HEW ON
r\' \ , 2006 UNDER AGENDA ITEM
N. \0 .
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