0352 (City Retirement)ORDINANCE NO. 35.2.
AN ORDINANCE ESTABLISHING A PENSION AND RETIREMENT
SYSTEM FOR EMPLOYEES OF THE CITY OF OKEECHOBEE,
FLORIDA, AND CREATING AN EMPLOYEE TRUST FUND;
PROVIDING FOR ITS ADMINISTRATION; PROVIDING FOR
APPOINTMENT OF TRUSTEES AND THEIR QUALIFICATIONS;
PROVIDING FOR CONTRIBUTION 'BY PARTICIPANTS AND
THE CITY OF OKEECHOBEE; PROVIDING FOR THE PURCHASE
OF WHOLE LIFE INSURANCE FOR PARTICIPANTS BY CITY;
PROVIDING FOR ENTERIrNG INTO CONTRACT WITH INSURANCE
COMPANY AND THAT INITIAL CONTRACT SHALL BE WITH NEW
YORK LIFE INSURANCE COMPANY; PROVIDING EFFECTIVE DATE.
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE
CITY OF OKEECHOBEE, FLORIDA:
SECTION 1. A pension and retirement system for all full -
time employees in the service of the City of Okeechobee is hereby
established to provide retirement allowances and death benefits as
provided by this Ordinance. It shall be self - administered by the
City of Okeechobee and be known as the City of Okeechobee Pension
Plan.
SECTION 2. All full -time employees of the City of
Okeechobee are eligible to become included in the City of Okeechobe
Pension Plan on January 1, 1972, providing they have attained age
21 but have not attained age 56 and have completed at least six
months of continuous service to the City. Employees not eligible
to be included in the Plan on January 1, 1972, and all subsequently
employed persons shall become eligible to be included in the Plan
after one year continuous service, and may become participants in
the Plan on January 1 next following their eligibility, but no
later.
SECTION 3. There is hereby created a special fund to be
known as the City of Okeechobee Employee Trust Fund.
SECTION 4. Each included employee will contribute toward
the cost of his future service benefits under the City of Okeechobe
Pension Plan at the rate of five per cent (5%) of his earnings
each pay period. The balance of the cost for future service
benefits and the entire cost for past service benefits will be
contributed by the City of Okeechobee.
SECTION 5. The City shall have the right to enter into a
contract for $10,000.00 whole life insurance for each partici-
pating employee, to be used in conjunction with the City of
Okeechobee Pension Plan. Such contract for insurance may be
entered into with any qualified insurance company and such
company may be changed from time to time, at the discretion of
the City Council. The contract for insurance to be maintained
should be that which, in the judgment of the City Council, is in
the best interests of the City and the participating employees
and initially will be with New York Life Insurance Company.
SECTION 6. There shall be a pension trust agreement by
and between the City of Okeechobee and five (5) trustees appointed
by the City Council of the City of Okeechobee, for the administra-
tion of the City of Okeechobee Employee Pension Plan. Membership
of the trustees shall be comprised of the following: three
department heads of the City, one Councilman of the City, and
one elector of the City not an officer or employee thereof. Two
of the initial trustees shall be appointed to terms of two years
each and the remaining three shall be appointed to terms of one
year each. Thereafter trustees shall be appointed to terms of
two years each. Vacancies occuring in the trustees shall be
filled by the City Council not later than their third regular
meeting after having been so notified in writing.
SECTION 7. All ordinances or parts of ordinances in
conflict herewith are, to the extent of such conflict, hereby
repealed.
SECTION 8. This ordinance shall take effect upon its
passage by the City Council and approval by the Mayor.
PASSED AND ADOPTED this L'4 day of December, 1971.
Attest:
City Clerk
V.
President of the City Council
APPROVED by me this J- day of December, 1971.
(ilt. z. /76/Z/W-1
Mayor, City�of Okeechobee, Florida
2
AMENDMENT TO CITY OF OKEECHOBEE EMPLOYEE
TRUST FUND
BE IT KNOWN THAT, the City of Okeechobee, a municipal
Corporation organized and existing under the laws of the State of
Florida, and having its principal office at Okeechobee, Florida,
hereinafter referred to as the City, did on the 14th day of De-
cember, 1971, enter into an agreement known as The City of Okee-
chobee Employee Trust Fund, hereinafter referred to as the trust;
and,
WITNESSETH:
WHEREAS, under the provisions of said trust, the City
reserves the right to amend said trust at any time; and,
WHEREAS, it is now desired to amend such trust in the
following respects;
NOW THEREFORE, said trust is hereby amended as follows
to wit:
Section 2 Qualifications, therefore is amended to read;
All full -time employees of the City of Okeechobee are
eligible to become included in the City of Okeechobee
Pension Plan on January 1, 1972, providing they have
attained age 18 but have not attained age 56 and have
completed at least six months of continuous service to
the City. Employees not eligible to be included in the
Plan on January 1, 1972, and all subsequently employed
persons shall become eligible to be included in the
Plan after one year continuous service, and may become
participants in the Plan on January 1 next following
their eligibility, but no later.
IN WITNESS WHEREOF, the City has caused this amendment
to be executed by a duly authorized officer as of this i thday of
June, 1975, nunc pro tunc as of January 1, 1975.
ATTEST: CITY OF OKEECHOBEE, FLORIDA
A,,,,,i..,a-4-1
City Clerk President of City Council