HomeMy WebLinkAboutItem 06 Ordinance Amending Ordinance No. 96-20, Section 4, re: Police Officers’ and Firefighters’ Retirement Trust Fund
AGENDA ITEM COVER SHEET
Meeting Date: 10/18/05
Item # lo
Reviewed By: &~
Contact Name: James Carnicella Department Director-= ~a
Contact Number: 1032 City Manager: _ ----=-==--____
Subje.ct: Qrctinance Amerlclil'lgc>rclinance96-20, Section4
Background Summary:
The Pension Board Trustees and the Money Managers for the City of Ocoee Police Officers' and Firefighters
Retirement Trust Funds are responsible for recommending investment strategies regarding the above mentioned
funds.
Issue:
Amend Ordinance 96-20, Section 4. Finances and Fund Management.
Recommendations
The Trustees and Money Mangers of the City of Ocoee Police Officers' and Firefighters Retirement Trust Fund
recommend amending the Fund investment strategy by providing authority to invest in common stock, capital
stock and convertible securities at market rather than at cost and not to exceed seventy percent rather than sixty
percent of the assets of the Fund.
Attachments:
Ordinance Amendment, letter from the Pension Board Attorney Mr. Lee Dehner and a letter from the Actuary Mr.
Donlan.
Financial Impact:
None.
Type of Item: (please mark with an "x'J
Public Hearing
----.X- Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
For Clerk's Deot Use:
_ Consent Agenda
_ Public Hearing
_ Regular Agenda
_ Original DocumenUContract Attached for Execution by City Clerk
Original DocumenUContract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ( )
N/A
N/A
N/A
City Manager
Robert Frank
Commissioners
Danny Howell. District 1
Scott Anderson. District 2
Rusty Johnson. District 3
Nancy J. Parker. District 4
Mayor
S. Scott Vandergrift
STAFF REPORT
TO:
The Honorable Mayor and City Commissioners
FROM:
James Carnicella, Pension Administrator
DATE:
September 23,2005
RE:
Amendment to Ordinance 96-20
ISSUE
Amend Ordinance 96-20; Section 4- Finances and Fund Management.
BACKGROUNDIDISCUSSION
The Money Managers for the City of Ocoee Municipal Police Officers' and Firefighters Trust Fund have
recommended to the Pension Board they consider amending the authority of the Money Managers to invest
funds within certain limits. The Pension Board has approved the same and requested the Attorney for the Board
to prepare the attached amendment. The Actuary from Foster and Foster, Inc. has also included a letter that
indicates there is no financial impact to the City as a result of this amendment and as a result there is no need for
an actuarial impact statement.
The revisions contained in this amendment will allow the Money Manager to invest in common stock, capital
stock and convertible securities at market rather than at cost, and not to exceed seventy percent of the Fund,
rather than sixty percent of the assets of the Fund.
The Money Managers and the Attorney will be available for the reading at the Commission meeting.
FOSTER & FOSTER, INC.
~andW~@J"'~~
TELEPHONE
(239) 433-5500
6290 CORPORATE COURT, C-201
FORT MYERS, FLORIDA 33919
FACSIMILE
(239) 481- 0634
August 16, 2005
Capt. Tony Wilson, Chairman
City of Ocoee Police Officers'
and Firefighters' Pension Board
150 North Lakeshore Drive
Ocoee, FL 34761
Re: Police Officers' and Firefighters'
Retirement Trust Fund
Dear Tony:
In response to H. Lee Dehner's letter dated August 5,2005, we have reviewed the
proposed Ordinance, identified on page 2 as noc\ocoee\pf\06-05.ord, amending the
investment provisions of the Plan and have determined that its adoption will have no
financial impact on the funding requirements to the program.
Because the changes do not result in a financial impact on the funding requirements, it
is our opinion that a formal Actuarial Impact Statement is not required in support of its
adoption. However, since the Division of Retirement must be aware of the current
provisions of all public pension programs, it is recommended that you send a copy of
this letter and a copy of the fully executed Ordinance to each of the following offices:
Mr. Charles Slavin
Division of Retirement
Bureau of Local Retirement Systems
P. O. Box 9000
Tallahassee, FL 32315-9000
Ms. Patricia Shoemaker
Division of Retirement
Municipal Police and Fire
Pension Trust Funds
P.O. Box 3010
Tallahassee, FL 32315-3010
If you have any questions, please let me know.
Sincerely,
f~Q~
Patrick 1. Donlan
PTD/hja
cc: Jim Carnicella, H.R. Director
H. Lee Dehner, Board Attorney
Mr. Rob Frank, City Manager
05-08-18POJ :aa RCVD
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE
OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST
FUND; AMENDING ORDINANCE NUMBER 96-20, AS
SUBSEQUENTLY AMENDED; AMENDING SECTION 4,
FINANCES AND FUND MANAGEMENT; 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 of the Constitution of the State of Florida and
Chapter 166, Florida Statutes.
SECTION 2: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby further amended by amending Section 4, Finances and Fund Management,
subsection, B.(5)(c), to read as follows:
B.
(5)
(c)
The Board shall not invest more than five percent (5%) of its assets
in the common stock, capital stock, or convertible securities of any
one 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 securities at cost market
exceed mty seventy percent f6B%7 (70%) of the assets of the Fund.
SECTION 2. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 3. Effective Date. This ordinance shall take effect upon second reading
and adoption.
PASSED ~l\iD ADOPTED this _ day of
,2005.
ATTEST:
APPROVED:
CITY OF OCOEE, FLORIDA
Beth Eikenberry, City Clerk
By:
S. Scott Vandergrift, Mayor
1
(SEAL)
ADVERTISED
READ FIRST TIME
READ SECOND TIME AND ADOPTED
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS _ day of , 2005.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
By:
noe \oeoee\pf\06-05 .ord
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON ,2005, UNDER
AGENDA ITEM NO.
2
Copy of Public Hearing Advertisement
Date Published
SUNDAY, OCTOBER 9, 2005
Advertisement
CITY Of OCOEE -
PU8UC IlEAIIING , "
-::J:8~'::- ';'
OFFICEIIS' AND RRERGlITERS' ~
REllREMENT TRUST fUflll ~ " ;
A Po"io Hllrinq before 'tHe
00011 City CommIssion wi If" tie
held Tuesday, October'ilI,
2005. 7:15'P.M.. or os soon
thereafter os may be hed'rd,
in the Commission Cham-
bers of City Hall at '150
North Lakeshore Drive;
Ocoee. Florida. to consiaer '
the follawing:
AN ORDINANCE OF THE CITY":
OF OCOEE. FLORIDA, RELAT-'
IN& TO THE CITY OF OCBEE
MUNICIPAl POUCE OmCERS' -
AND FIREFIGHTERS RETIRE-
MENT TRUST FUND, AMEND-
IN& ORDINANCE NUMBER _
96-20: AS SUBSEQUENTlY _
AMENDED; AMENDING SEC.
TlON 4, FINANCES AND FUND
MANAGEMENT; REPEALING
All ORDINANCES IN CON.
FUCT HEREWITH AND PRO-
VlOING AN EFFECTIVE DATE.
If a person dec ides to ap.
peal any decision made bY
the abave City Commission
with respect to any matter
considered at such hearing.
they will need a record of
the proceedings, and for
SUCh purpose they may need
to ensure that a verbatim
record of the proceedings is
made. which record in-
cludes the testimony and ev-
I idence upon which the op.
peal is to be based.
All interested parties are in-
vited to attend and be heard
with respect to the above. In
accordance with the Ameri-
cans with Disabilities Act.
persons needing a speci.GIl
accommodation or an inter'~
preter to participate in this
proceeding should conlact
the City Clerk's office, at
407.905.3105 at least two
days prior to the date of
hearing.
Beth Eikenberry
City Clerk
COR6419952 OCT.9.2oo5