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2014-017 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 Repeal of Ordinances All ordinances or parts of ordinances in conflict herewith are hereby repealed.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 Page 1 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 ksh \ococcAgen \07- 31- 14.ord Page 2