0473 General Employees PensionORDINANCE NO. 473
AN ORDINANCE AMENDING ORDINANCE 419 OF THE CITY OF OKEECHOBEE,
FLORIDA; SAID ORDINANCE PROVIDING FOR THE RETIREMENT OF EMPLOYEES
FOR THE CITY OF OKEECHOBEE; AMENDING SECTION 1, SUB-PARAGRAPH G
TO REDEFINE GENERAL EMPLOYEES; AMENDING SECTION 1, SUB-PARAGRAPH
• H TO REDEFINE MEMBER AND; AMENDING SECTION 1, SUB-PARAGRAPH J TO
REDEFINE EARNINGS; PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OKEECHOBEE,
FLORIDA AS FOLLOWS:
SECTION 1. Section 1, Sub-paragraphs G, H and J of Ordinance Number 419 providing
for the retirement of employees for the City of Okeechobee, Florida are hereby amended
as follows:
ORDINANCE NO. 419
SECTION l: DEFINITIONS. As used herein, unless otherwise defined or required by the
context, the following words and phrases shall have the meaning indicated:
A. City means City of Okeechobee, Florida
B. City Council means the City Council of the City of
Okeechobee, Florida.
C. Agreement means this written instrument setting
forth the provisions of the Retirement
System.
D. System means the City of Okeechobee Retirement
System as contained herein and all
amendments thereto.
E. Fund or Trust means the Trust Fund established as part
of the System.
F. Board means the Board of Trustees, which shall
administer and manage the System herein
provided and serve as Trustee of the Fund.
G. General Employee means any person other than a police
officer or fireman who is employed on or
after January 1, 1980 including all
elected and appointed officials who receive
compensation whether full or part time.
H. Member means a General €a€l-tiFAe Employee, who
fulfills the prescribed participation
requirements.
J. Earnings means salaries, wages, or any other compensa-
tion ea~s-base-ee~eesa~}ems paid by the
City to a Member, but excluding overtime
and bonuses ae~-aa-e~e~-aee-~ega~a-~a
payRqea:6.
K. Average Monthly means 1/12th of the arithmetic average of
Earnings annual Earnings for the highest consecutive
five years of the ten full years immediately
preceding the actual retirement or termina-
tion date of a Member; provided that if a
Member shall have been employed for fewer
than five years such average shall be taken
only over the period of his actual employment.
L. Beneficiary means the person or persons entitled to re-
ceive benefits hereunder at the death of a
• Member who has or have been designated in
writing by the Member and filed with the Board.
If no such designation is in effect at the
time of death of the Member, or if no person
so designated is living at that time, or if
no provision for an alternate or contingent
beneficiary is otherwise provided for in the
Plan, or if no such alternate or contingent
beneficiary is living at such time, the
Beneficiary shall be the Member's estate.
M. Accumulated Contributions means a Member's own contributions plus
interest credited thereto.
N. Spouse shall mean the lawful wife or husband of a
Member.
P. Effective Date means retroactive January 1, 1980 , the date
on which this amended Retirement System became
effective.
SECTION 2. This ordinance shall take effect upon its adoption.
Introduced on first reading and set for public hearing this 12th day of
October , 1982.
Mayor
ATTEST:
I
City Clerk
Following public hearing this ordinance was passed on this 26th day of
October , 1982.
Mayor
ATTEST:
J
City Clerk
APPRO AS TO FORM:
Ci y Attorney