HomeMy WebLinkAbout2014-017 General Employees' Retirement - Amending Actuarial EquivalentORDINANCE NO. 2014-017
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING
TO THE CITY OF OCOEE MUNICIPAL GENERAL EMPLOYEES'
RETIREMENT TRUST FUND, ADOPTED BY ORDINANCE
NUMBER 2009 -020; AS SUBSEQUENTLY AMENDED; AMENDING
SECTION 1, DEFINITIONS BY AMENDING THE DEFINITION OF
"ACTUARIAL EQUIVALENT "; 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 Vlll of the Constitution of the State of Florida and Chapterl66, Florida Statutes
SECTION 2 . That the City of Ocoee Municipal General Employees' Retirement Trust Fund adopted
by Ordinance No. 2009 -020, as subsequently amended, is hereby further amended by amending Section 1,
Definitions, by amending the definition of "Actuarial Equivalent", to read as follows:
Actuarial Equivalent means a benefit or amount of equal value, based upon the RP 2000Combined
Healthy Mortality Table and an interest rate of e+, E ereent (8 %)seven a nd three quarters percent (7.75 %)
per annum. This definition may only be amended by the City pursuant to the recommendation of the Board
using assumptions adopted by the Board with the advice of the plan's actuary, such that actuarial assumptions
are not subject to City discretion.
SECTION 3 . 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 in validity shall
not affect the remaining portions hereof.
SECTION 4 . Repeal of Ordinances All ordinances or parts of ordinances in conflict herewith are
hereby repealed.
SECTION 5 . Effective Date This ordinance shall be effective on the date of adoption.
PASSED AND ADOPTED this day of ' �C , 2014.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
"y Eikenberry, City Cl rk
(SEAL)
S. Scott Vandergrift, Mayor
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ADVERTISED WkC0 �,�(� 1 2014
READ FIRST TIME 1 k( f ? , 2014 READ
SECOND TIME AND ADOPTED
� ( of �) 1 2014
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS day of, 2014
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD ON
Q \ 1 2014
UNDER AGENDA ITEM NO. _ -- I
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