0491 General Employees PensionORDINANCE NO. 491
AN ORDINANCE AMENDING THE ORDINANCE CODE OF THE CITY OF OKEECHOBEE,
FLORIDA; AMENDING ORDINANCE 419, SECTION III, SUB-PARAGRAPH A(1)
is TO PROVIDE FOR FIVE YEARS OF CONTINUOUS SERVICE INSTEAD OF TEN YEARS
OF CONTINUOUS SERVICE; AMENDING SECTION III, SUB-PARAGRAPH B (1) TO
INCREASE THE MONTHLY RETIREMENT BENEFIT FROM 1.5 PERCENT TO 1.6
PERCENT OF AVERAGE MONTHLY EARNINGS; PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE, FLORIDA
AS FOLLOWS:
SECTION I: Ordinance 419, Section III, sub-paragraph A (1) and sub-paragraph B (1) are
hereby amended to read as follows:
Section III RETIREMENT DATES AND BENEFITS
A. Normal Retirement Date
(1) A Member may retire on the first day of the month coincident
with or next following that date on which such Member attains
age sixty-five (65) and completes ten-494 five (5) years of
continuous service.
B. Normal Retirement Benefit
(1) Amount
The monthly retirement benefit shall be an amount equal to
eae-aa~-eae-l~a~€-~e~eea-~~~ one and sixth tenths percent
(1.6%) of Average Monthly Earnings times years and completed
months of continuous service with the City.
SECTION II: This Ordinance shall take effect upon its adoption.
Introduced on first reading and set for public hearing this 12thday of September
1983.
MAYOR
ATTEST:
City Clerk
Introduced and passed on second and final reading this 17th day of October
1983.
ATTEST:
A 0
r
City Clerk