1084 FF Pension Fund ORDINANCE NO. 1084
AN ORDINANCE OF THE CITY OF OKEECHOBEE AMENDING THE CITY
OF OKEECHOBEE MUNICIPAL FIREFIGHTERS' PENSION FUND,
ADOPTED PURSUANT TO ORDINANCE 1055, AMENDING SECTION 1,
• DEFINITIONS; PROVIDING FOR CODIFICATION; PROVIDING FOR
SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN
CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE.
WHEREAS,the City of Okeechobee and the Firefighter employees are presently provided
pension and certain other benefits under Ordinances of the City Okeechobee, and
WHEREAS, it becomes necessary from time to time to amend said ordinances in order to
clarify or restate certain provisions of the ordinance, or to enact amendments to
comply with revised Federal regulations; and
WHEREAS, the amendment of this ordinance to change the definition of actuarial
equivalent, and to change the percentage rate that future payments are discounted
for interest and mortality, will have no actuarial impact on the plan; and
WHEREAS, such changes are recommended by the Pension Board of Trustee's upon the
advise of the plan's Actuary.
NOW THEREFORE, be it ordained before the City Council of the City of Okeechobee,
Florida; presented at a duly advertised public meeting; and passed by majority vote
of the City Council; and properly executed by the Mayor or designee, as Chief
Presiding Officer for the City:
SECTION 1: That the City of Okeechobee Municipal Firefighters' Pension Fund,
adopted pursuant to Ordinance No. 1055, is hereby amended by amending Section
1, Definitions, to amend the definition of"Actuarial Equivalent," to read as follows:
Actuarial Equivalent means that any benefit payable under the terms of this System
in a form other than the normal form of benefit shall have the same actuarial
present value on the date payment commences as the normal form of benefit. For
purposes of establishing the actuarial present value of any form of payment other
than a lump sum distribution, all future payments shall be discounted for interest
and mortality by using-eigM seven percent (8 7%) interest and the 1983 Group
Annuity Mortality Table for Ma 1994 Group Annuity Mortality Table. 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 2: Specific authority is hereby granted to codify and incorporate this
Ordinance in the existing Code of Ordinances of the City of Okeechobee.
SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.
SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance,
or the particular application thereof shall be held invalid by any court, administrative
agency, or other body with appropriate jurisdiction, the remaining section,
subsection, sentences, clauses, or phrases under application shall not be affected
thereby.
SECTION 5: That this Ordinance shall become effective upon adoption.
INTRODUCED on first reading and set for public hearing this t'' day of March, 4012.
es E. Kirk, Mayor
ATTEST:, -,
(—X C"I
Lane G miotea, City Clerk
Ordinance No. 1084 - Page 1 of 2
PASSED AND ADOPTED after Second and Final Public ing public hearing this 3`d
d" of April, 2012.
J s E. Kirk, Mayor
ATT T:
a
Lane GaMi6lea, City G4erk
APPROVED FOR L AL FFICIENCY:
{
John R. Cook, City Attorney
Ordinance No. 1084 - Page 2 of 2
DEPARTMENT OF MANAGEMENT
RICK sc°Tr SERVICES J°HN P.MILES
Governor Secretary
March 27, 2012
Ms. Lane Gamiotia, City Clerk
City of Okeechobee
55 S.E. Third Avenue
Okeechobee, FL 34974-2903
RE: Notification of Receipt
Dear Ms. Gamiotia:
This letter acknowledges receipt of the following items:
• March 13, 2012 Actuarial Impact Statement for the City of Okeechobee Employees' and Utility
Authority Employees' Retirement System, prepared by Gabriel Roeder Smith & Company
• Ordinance No. 1082
• January 13, 2012 Actuarial Impact Statement for the City of Okeechobee Police Officers' Pension
Plan and Trust Agreement, prepared by Gabriel Roeder Smith & Company
• Ordinance 1083
• March 13, 2012 Actuarial Impact Statement for the City of Okeechobee Municipal Firefighters'
Pension Fund, prepared by Gabriel Roeder Smith & Company
• Ordinance 1084
Upon further review of this material, you will be notified if additional information is needed. Please feel
free to contact our office with any questions or concerns you may have. You may also contact me by
e-mail, if more convenient.
Sincerely,
Barbara Lorberg
Staff Assistant
Bureau of Local Retirement Systems
barbara.lorberg(cDdms.myflorida.com
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Department of Management Services I Division of Retirement I Bureau of Local Retirement Systems
P.O. Box 9000 1 Tallahassee, Florida 32315-9000
Toll Free: 877-738-5622 1 Tel: 850-488-2784 1 Fax:850-921-2161 1 Web: hftp://frs.myflorida.com