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OUA Pension Split Interlocal AgreementAN INTERLOCAL AGREEMENT BETWEEN THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY THIS INTERLOCAL AGREEMENT, made and entered into this 20th day of September, 2016, by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial and financial reports for the shared pension plan for 2015 are complete, yet the reports for Fiscal Year Ending 2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. (the "Actuary") and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A. (the "Auditor "). 2. THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60 percent portion and the City receiving the 40 percent portion. 3. THAT the Actuary will update the 60/40 proportion to divide the assets through September 30, 2016, to provide a final ratio to split the assets. 4 THAT if the Actuary provides the final ratio to split the assets prior to September 30, 2016, then all contributions, benefits, assets and liabilities of the City General and OUA Employees' Retirement System attributable to current and former OUA employees on September 30, 2016, shall be transferred to and become contributions, benefits, assets, and liabilities of the OUA Employees Retirement System on October 1, 2016, or as soon thereafter as administratively possible. 5. THAT if the Actuary cannot provide the final ratio to split the assets on or before September 30, 2016, then the parties mutually agree that 95 percent of the 60 percent portion of the assets will be paid to the OUA Employees' Retirement System, and the City General Employees' Retirement System will retain 5 percent of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports, if necessary. Page 1 of 2 6. THE purpose of the retention, if necessary, is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. 7. THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary, the OUA Employees' Retirement System assets retained by the City General Employees' Retirement System will be transferred to the OUA Employees' Retirement System. The retention amount transferred to the OUA Employees' Retirement System will be reduced by any net losses or increased by any net gains occurring after September 30, 2016, in the same percentage gain or loss as the overall net gain or loss on all assets of the City General Employees' Retirement System for the same period of time after September 30, 2016, and prior to the transfer. 8. THAT the OUA will remain responsible for 60 percent of all expenses of the City General and OUA Employees' Retirement System incurred prior to October 1, 2016. 9. THAT the OUA shall remain responsible for any expense incurred for reporting after October 1, 2016, for the Fiscal Year End September 30, 2016, according to the final ratio determined by the Actuary. 10 THAT upon issuance of the 2016 audit and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. 11. THAT the assets associated with the liability attributed to the accrued benefit for member Raul Marrero - Sauveterre, as determined by the Actuary, shall remain in the City General Employees' Retirement System. The City General Employees' Retirement System shall be responsible for all future benefits due to Raul Marrero - Sauveterre. 12. THAT the parties acknowledge that the Board of Trustees for the City General Employees' Retirement System has a fiduciary obligation to the members of the Plan that may supersede the terms of this Agreement. 13. THAT the parties agree to execute any necessary agreement to fulfill the intent of this Agreement. EFFECTIVE DATE. This Agreement shall be deemed effective October 1, 2016, by all parties. IN WITNESS WHEREOF, the City and OUA have executed this Agreement on the day and year written below: AS TO THE CITY: J '"'es E. Kirk, Mayor ate: I,QI c't (20 ATTEST: Lan- Gamiotea, ' MC, City Clerk REVIEWED FOR LEGAL SU ICIEN.:Y: John R. Cook, City Attorney AS TO THE OUA: Ste ATTEST: D. Nelson, Board Chairperson „0. 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Motion and second by Council Members Ritter and O'Connor to adopt proposed Ordinance No. 1141. 0 z a) 0 c 0 0. 0 CO 0 0 0 CO a o CD (0 �O d O Qm a) 0 Q 0 ° a; m of E-° c a,) 0 0 CO 0 m .E ._ 0 0 t— v CL a) U E a Q _c U a) a) 0 L E .co i . a 0 0 I— 0 0 a) w. co 0 E 0 E � O c c U 0 0 0 a ib 'O c O O 0 .--a 0 a) o- 2 c O D (o -� 0) O N-0 E w °i E E Q 0 Hil co c o a) 0 c o E V) 0 a) -c co U a a) a) Y E L o -0 O 03 Ta) N� cv 2 O CO if LL b) Public comments and discussion. w 1- O 5 c) Vote on motion. w w r w I re re a o o z z Z o U O MAYOR KIRK CLOSED THE PUBLIC HEARING AT 6:10 P.M. CLOSE PUBLIC HEARING - Mayor Q m 0 Y O °- o O N Y o c M o E 2 _ 0. c a) a 0 c0 (o a) O P- 8 c c co - 1] c E 0 a) b� ° _ E 0 0 o -3 0 a 0 Cb O o c .0 > _ -0 0 a . O 0 U c Q) 0 0 OS O -2' O 2 II 'p _T CO D- O m ' CI O N O c N O O M a) Q) .c E 0) a) 0 v v Ii U> Q) O t 2, CV a) 0 a c t U o O) _o a E ° m v � CO 0 W z ,o 2 a ~ a o m w W ¢ X cn O a) 0 `a) L 0 a) N (/1 a. (X) • U U N 0 T (6 a) 1-- co c0 N O N o m ai c (n 0 0 c O 0 O CO 0 cn Q(n a) 0 o c 0 O'CONNOR - YEA MOTION CARRIED. City of Okeechobee September 26, 2016 Mr. John Hayford Executive Director Okeechobee Utility Authority 100 Southwest 5th Avenue Okeechobee, FL 34974 RE: Pension Inter -Local Agreement Dear Mr. Hayford: The Revised Inter -Local Agreement regarding the separation of the OUA from the General Employee's Pension Plan was approved by the City Council at the September 20, 2016, Regular Meeting. Enclosed, please find two original copies of the Agreement executed by City Officials. Kindly, return one original, after appropriate execution by the OUA, to the Office of the City Clerk, 55 SE 3rd Avenue, Okeechobee, FL 34974. As soon as the September 20, 2016, minutes are approved, a copy will be forwarded for your records. Should you require any additional information, please contact my office at Igamiotea@cityofokeechobee.com or (863) 763 -3372 ext. 215. With best regards, I am Sincerely, Lane Gamiotea, CMC City Clerk Enclosures LG /bj E -copy without enclosure: City Administrator Montes De Oca 55 S.E. Third Avenue • Okeechobee, Florida 34974 -2903 • (863) 763 -3372 • Fax: (863) 763 -1686 9121911t,e- Lane tEoICICI u 9/20/16 Agenda Exhibit 8 REQUEST TO ADD AGENDA ITEM TO: Mayor Kirk & City Council DATE: Sept 20, 2016 Please add the following as New Business Item G, Exhibit 8 to the Sept. 20, 2016 Agenda: At the September 6, 2016, meeting the City Council adopted an Interlocal Agreement with the OUA regarding the separation of assets and liabilities of the General Employees' Retirement System. The agreement was executed and sent to the OUA for adoption. Upon further review by Pension Attorney's and the Actuary, amendments were made. The revised version attached denotes the additions and deletions. Attorney Cook has also reviewed this version. Unless otherwise instructed, the final executed original agreement will have added language inserted and deleted language removed. A motion would be in order to resend the Interlocal Agreement with the OUA adopted September 6, 2016, and approve the revised Interlocal Agreement dated September 20, 2016. AN INTERLOCAL AGREEMENT BETWEEN THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY THIS INTERLOCAL AGREEMENT, made and entered into this 20th day of September, 2016, by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial and financial reports for the shared pension plan for 2015 are complete, yet the reports for Fiscal Year Ending 2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. (the "Actuary") and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A. (the "Auditor "). ,are complete as of September 30, 2015. 2. THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60% percent portion and the City receiving the 40% percent portion. 3. THAT the Actuary will update the 60/40 proportion to divide the assets through September 30, 2016, to provide a final ratio to split the assets. 4 THAT if the Actuary provides the final ratio to split the assets prior to September 30. 2016, then all contributions, benefits, assets and liabilities of the City General and OUA Employees' Retirement System attributable to current and former OUA employees on September 30. 2016, shall be transferred to and become contributions, benefits assets and liabilities of Page 1 of 3 Language to be added is double undedinrd. Language to be deleted is struck through. the OUA Employees Retirement System on October 1 2016 or as soon thereafter as administratively possible. 3-5. THAT if the Actuary cannot provide the final ratio to split the assets on or before September 30, 2016, then the parties mutually agree that of-the • !o. 95 percent of the 60 percent portion of the assets will be paid to the OUA Employees' Retirement System of such fund, and the City General Employees' Retirement System will retain 20% 5 percent of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary. 4.6. THE purpose of the retention if necessary, is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. 7. reports, the parties will, if there arc no investment losses in the funds, divide thc balance on the 60/'l0 basis, and the 20% retention held by the City will be transferred to OUA. If on the other hand, the audit and reports indicate losses, thc retention held by thc City will be applied against such losses, and any remainder distributed to OUA. THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary, the OUA Employees' Retirement System assets retained by the City General Employees' Retirement System will be transferred to the OUA Employees' Retirement System. The retention amount transferred to the OUA Employees' Retirement System will be reduced by any net losses or increased b an net •ains occurrin• after September 30 2016 in the same percentage gain or loss as the overall net gain or loss on all assets of the City General Employees' Retirement System for the same period of time after September 30, 2016, and prior to the transfer. 8. THAT the OUA will remain responsible for 60 percent of all expenses of the City General and OUA Employees' Retirement System incurred prior to October 1 2016. 9. THAT the OUA shall remain responsible for any expense incurred for reporting after October 1, 2016 for the Fiscal Year End September 30, 2016, according to the final ratio determined by the Actuary. 6:10 THAT upon issuance of the 2016 audits and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. 11. THAT the assets associated with the liability attributed to the accrued benefit for member Raul Marrero - Sauveterre, as determined by the Actuary, shall remain in the City General Employees' Retirement System. The City General Employees' Retirement System shall be responsible for all future benefits due to Raul Marrero - Sauveterre. 12. THAT the parties acknowledge that the Board of Trustees for the City General Employees' Retirement System has a fiduciary obligation to the members of the Plan that may supersede the terms of this Agreement. 13. THAT the parties agree to execute any necessary agreement to fulfill the intent of this Agreement. EFFECTIVE DATE. This Agreement shall be deemed effective immediately upon its exesetion October 1 2016, by all parties. Page 2 of 3 Language to be added is double underlined Language to be deleted is skasktheoogh. IN WITNESS WHEREOF, the City and OUA have executed this Agreement on the day and year written below: AS TO THE CITY: AS TO THE OUA: James E. Kirk Steven D. Nelson Mayor Board of Directors Chairperson Date: Date: ATTEST: ATTEST: Lane Gamiotea, CMC John Hayford City Clerk Executive Director REVIEWED FOR LEGAL SUFFICIENCY: REVIEWED FOR LEGAL SUFFICIENCY: John R. Cook, City Attorney Page 3 of 3 Language to be added is double underlined Language to be deleted is sfwsk- through. Tom W. Conely, III Board Attorney Bobbie Jenkins From: Lane Gamiotea Sent: Wednesday, September 14, 2016 9:41 AM To: local_ret @dms.myflorida.com Cc: Bobbie Jenkins Subject: City of Okee- Proposed Amendments to General Retirement Plan Attachments: Ord 1141 Pension Separation.pdf The City Council of the City of Okeechobee is considering amendments to the General Employees' and Okeechobee Utility Authority Employees' Retirement Plan. Attached is proposed Ordinance No. 1141 with the language. I am forwarding this document as required prior to final adoption. The first reading was held on September 6, 2016. The Final Reading and Adoption is scheduled for September 20, 2016. Another document required to accompany this proposed ordinance is the actuary impact statement. We requested it several weeks ago and have been told they will forward it prior to the final adoption. As soon as I receive it I will forward onto you. The City wanted to ensure you had sufficient time in receiving the ordinance. Please contact me should there be any issues. Lane Earnest - Gamiotea, CMC City Clerk /Personnel Administrator City of Okeechobee 55 Southeast 3rd Avenue Okeechobee, FL 34974 863- 763 -3372 ext 215 863- 763 -1686 fax 863 - 697 -0345 cell cityofokeechobee.com PUBLIC RECORDS NOTICE: All e -mail sent to and received from the City of Okeechobee, Florida, including e-mail addresses and content, are subject to the provisions of the Florida Public Records Law, Florida Statute Chapter 119, and may be subject to disclosure. 1 Bobbie Jenkins From: Baur, J Scott <ResourceCenters @Comcast.net> Sent: Friday, September 16, 2016 8:50 AM To: Robin Brock; India Riedel; scott@cdpension.com; Marcos Montes De Oca; John Hayford; jmckinley @ouafl.com Cc: Lane Gamiotea; debbie @cdpension.com; Bobbie Jenkins; melissa .moskovitz @gabrielroeder.com Subject: Fw: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Ordinance Adopting October 1 Plan Split) Attachments: AIS OKG No Impact 2016 -xx Plan Restatement.pdf Importance: High To All: Attached you will find the Impact Statement (no impact) for the second reading of the ordinance Tuesday evening. Scott Baur J. Scott Baur, Managing Partner Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 Contact: Office 561.624.3277 1 Fax 561.624.3278 1 Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 1 Office 239.573.4750 1 Fax 239.573.4752 Email: Scott@ResourceCenters.com 1 Please visit our website: http: / /www.resourcecenters.com/ From: Melissa .Moskovitz@grsconsulting.com Sent: Thursday, September 15, 2016 1:43 PM To: Scott@ResourceCenters.com Cc: Theora. Braccialarghe@grsconsulting.com ; Rhonda.Hart@grsconsulting.com ; C100320@�grsconsulting.com Subject: RE: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Ordinance Adopting October 1 Plan Split) Hi Scott, As requested, attached is an electronic copy of the impact statement related to the proposed ordinance. An original hard copy will follow via regular mail. Please let us know if you have any questions. Thanks, 1 k4ehssa RL11amk���� c-6,„ 'Lie\.�f��� Consultant &Actuary One East Browxn1Blvd. | Suite 5O5 | FonLnvde,dv|e, FL3jJA| Phone: 954,5I7,|6|6| Fzx:954.525(N8J mc|i,,amoskovitz(@.goconm|ong.com The above communication shall not Le coricrud to provide. o^advice, legal advice or investment advice, litotke of Corrilderistialiity; This transmission contains information that may be confide.ntial and that may also be privileged, Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), y 0 U may not copy, forward, o, otherwise use it, or disclose its contents m anyone else. |f you have received this ,em^i|/nerror, please nutify me mn-uediately and delete it from your system. O CO o m > W c O ID 0 5 co @ m m 0 v 2. 0 co co m 3- m 3 0 0 @ (D CS a O @ - @ CD , 0 O O. 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Q ° a0 co 0 ( a a O 0� C7 CD ° @ o 0 O CD X..0 (D n Q' o 0 @. @ @ o ro 0 0 -< a) Oa cr 0 @ 0 3 D ry ° c - N 0 0 D t7 m z 0 0 C 0 1 c07 1 0 z I � C (n V) O 0 In m co co m .Z) rn 01 • O c r- 73 m 0 sp -n 3 Q) 0 rn 00 c r r m A 0 9 A cxt O w PUBLIC HEARING - PAGE 6 OF 15 ING & FIRST BUDGE SEPTEMBER 6, 2016 - REGULAR ME COUNCIL ACTION - DISCUSSION - VOTE V) ->-. F., • r_-_ N- V) CL) I— Ti5 _C op --5 ...?„ -.;_, 1-7 L- -- o •c E al (r) 0 (= _L0 •c— "5 co -_-= ,c__-. - 0 = E p 0 .- — a ---0 0 H. „s ,.... (_CC0 E NCV D D -< no CVs'_D ') . ' `— •,2 aa00 - ) ) Lo c (2 zi ) „uF4ti _-I--.00 - ._ D L4(Q .,,,, -> • .F0 0c - ,5 aa0(/) l ) ,c-C.-.O N 0 0 e 8, > E _ . 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Dal.)0a)cEc_c -Co _._ a 0 0 8 ,c7.3 -0000- „ . — 0 ' - - - ' -c2 Fo co c). -(7) -5' 5 Ozi ,0 :--5 g 0 1---- c) -, —0,0o-o , ..0 0 a> 0 .c 0 2 0 c) CO a) 69 C.C) I— < C•1 CNi "0 ssimt 2 o cn al 0 0 _to 0 LLI z 1- 0 z ai ....,e _o c o -o 00) o ,-- o m = 4 !! ! -C 0 ,..-- CD_ c cll a) '5 2) 0 c- 0) E 00)0 a) .0 E 2 2 a) 0 2 co o-) a) 0 01 -5 0 - 0 0 0 0. 0 0 -c-ci a.) 0 '-0.- Cl. 0 ':' 0< 0 (-■4 2 c ›... lzu.v) a 5 -8 cn _,... —09 -C C0 0 15 >, 0 CL a.) c o >0 01 0-0 . 2 u = E — -0 E c,..c „•,° H- 2 ca 0 co .-° - c <a _a as 0 5 c) . <0 4-) - -4.-^ c 2 ._ °'E City of Okeechobee 6Q(\ Office of the City Clerk September 12, 2016 Mr. John Hayford Executive Director Okeechobee Utility Authority 100 Southwest 5th Avenue Okeechobee, FL 34974 RE: Pension Inter -Local Agreement The Inter -Local Agreement regarding the separation of the OUA from the General Employee's Plan was approved by the City Council at the September 6, 2016, Regular Meeting. Enclosed, please find two original copies of the Agreement executed by City Officials. Kindly, return one original, after appropriate execution by the OUA, to the Office of the City Clerk, 55 SE 3rd Avenue, Okeechobee, FL 34974. As soon as the September 6, 2016, minutes are approved, a copy will be forwarded for your records. Should you require any additional information, please contact my office at Igamiotea @cityofokeechobee.com or (863) 763 -3372 ext. 215. With best regards, I am Sincerely, Lane Garaiarea, CMC City Clerk Enclosures LG /bj Ecopy without enclosure: City Administrator Montes De Oca 55 S.E. Third Avenue • Okeechobee, Florida 34974 -2903 • (863) 763 -3372 • Fax: (863) 763 -1686 AN INTERLOCAL AGREEMENT BETWEEN THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY Selo (a/ 201 THIS INTERLOCAL AGREEMENT, made and entered into this 6t" day of September, 2016, by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial financial reports for the shared pension plan for 2015 are complete, yet the reports for 2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A., are complete as of September 30, 2015. 2. THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60% portion and the City receiving the 40% portion. 3. THAT the parties mutually agree that of the 60 %, portion of the fund accruing to OUA, they will receive 80% of such fund, and the City will retain 20% of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports. 4. THE purpose of the retention is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. Page 1 of 2 Zdolabed Aawolly Al!O 111 `1leu00 *M wol Aewolly ')1000 >j ugor :AON9IOIHHnS 1V031 ZIOd a3M3IA32j :AON3IOIddnS 7V031 210d 03M3IA32J :ail!' :aweN >aaln'l!O ono `eelo!weD auei :1s311d :1s311d :allil :aweN ioAen >1a!>1 •3 sewed :`df10 3H1 01 SV :A110 3H1 01 SV :Molaq ua4TIM aeai( pue Aep aql uo luawaaa6y sigl palnoexe aneg ynO pua Al!O agl `d031:13HM SS3NIIM NI .sa!ped Ile i(q uollnoaxe sl! uodn Alele!paww! anlloage pawe p aq is Tuawaaa6y s!qi '31t/a 3A1103dd3 .sueld luewaallaa pue uo!suad eLil su!eped se aaglo aql lsu!e6e sweep aaglanl Atm 6u!n!eM wee pue uolloe aaglanJ lnogllM eleu!waal !legs luaweaa6e s!gl 'Al!lua aagl!a anp slunowe Aue to uo!le!lpuooaa pue `spodaa /Caenloe pue sllpne 91,02 eql to aouenss! uodn 1`dHl .9 •vno o} painglalslp aapu!ewaa Aue pue 'sassol Lions lsuie6e pa!ldde aq II!M all Aq peg uoqualei age `sassol aleo!pu! slaodea pue l!pne age `pueq aeglo age uo 41 'yno o} paaaal.sueal aq II!M AID age Aq ping uollualaa %OZ age pue 's!seq 0i7/09 aql uo aoueleq age ap!Aip `spun} age u! sassol luawlsenu! ou aae aJeLil l! `lliM seiped age `slaodaa fuenloe pue l!pne 91, -91.0Z leosld age 40 uo!snpuoo uodn IVH± '9 AN INTERLOCAL AGREEMENT BETWEEN THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY THIS INTERLOCAL AGREEMENT, made and entered into this 6th day of September, 2016, by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial financial reports for the shared pension plan for 2015 are complete, yet the reports for 2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A., are complete as of September 30, 2015. 2. THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60% portion and the City receiving the 40% portion. 3. THAT the parties mutually agree that of the 60 %, portion of the fund accruing to OUA, they will receive 80% of such fund, and the City will retain 20% of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports. 4. THE purpose of the retention is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. Page 1 of 2 5. THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports, the parties will, if there are no investment losses in the funds, divide the balance on the 60/40 basis, and the 20% retention held by the City will be transferred to OUA. If on the other hand, the audit and reports indicate losses, the retention held by the City will be applied against such losses, and, any remainder distributed to OUA. 6. THAT upon issuance of the 2016 audits and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. EFFECTIVE DATE. This Agreement shall be deemed effective immediately upon its execution by all parties. IN WITNESS WHEREOF, the City and OUA have executed this Agreement on the day and year written below: E CITY: AS TO THE OUA: es E. Kirk Steve Nelson ayor Board of Directors Chairperson Date: Sic Amtiout. (.o, f Date: ATTEST:_. "A Lane Gamiote., CMC City Clerk ATTEST: John Hayford Executive Director REVIEWED FOR LEGAL SUFFI IENCY: REVIEWED FOR LEGAL SUFFICIENCY: Jon R. Cook, City Attorney Page 2 of 2 Tom W. Conely, III Board Attorney Lane Gamiotea From: Scott Christiansen <scott @cdpension.com> Sent: Monday, September 19, 2016 11:17 AM To: Baur, J Scott Cc: Robin Brock; India Riedel; Marcos Montes De Oca; jhayford@ouafl.com; jmckinley @ouafl.com; Lane Gamiotea; debbie @cdpension.com; Bobbie Jenkins; melissa .moskovitz @gabrielroeder.com Subject: Re: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Jim's amendment seems appropriate. Scutt CYvcistca en Christiansen & Dehner, P. A. 63 Sarasota Center Blvd., Ste 107 Sarasota, Florida 34240 941 - 377 -2200 scott©cdpension.com Original message From: "Baur, J Scott" To: rbrock@ cityofokeechobee.com; iriedelRacityofokeechobee.com; Scott@ cdpension.com; mmontesdeoca @cityofokeechobee.com; jhayford0ouafl.com; jmckinley0ouafl.com; Dated: 9/18/2016 10:05:21 PM Subject: Re: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Everyone: The attached Memo of Understanding incorporates some clarification on Paragraph 7 suggested by Jim Linn. I may have some periods on Monday where I cannot be reached while I travel to Georgia. Scott Baur J. Scott Baur, Managing Partner Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 Contact: Office 561.624.3277 1 Fax 561.624.3278 1 Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 1 Office 239.573.4750 1 Fax 239.573.4752 Email: Scott@ResourceCenters.com I Please visit our website: www.ResourceCenters.com 1 Lane Gamiotea From: Baur, J Scott <ResourceCenters @Comcast.net> Sent: Sunday, September 18, 2016 10:05 PM To: Robin Brock; India Riedel; scott @cdpension.com; Marcos Montes De Oca; John Hayford; jmckinley @ouafl.com Cc: Lane Gamiotea; debbie @cdpension.com; Bobbie Jenkins; melissa .moskovitz @gabrielroeder.com Subject: Re: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Attachments: Agenda 09 06 16 Ex 3 Rev 09- 18- 16.docx; Agenda 09 06 16 Ex 3 Rev 09- 18- 16.docx Importance: High Everyone: The attached Memo of Understanding incorporates some clarification on Paragraph 7 suggested by Jim Linn. I may have some periods on Monday where I cannot be reached while I travel to Georgia. Scott Baur J. Scott Baur, Managing Partner Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 Contact: Office 561.624.3277 1 Fax 561.624.3278 1 Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 1 Office 239.573.4750 1 Fax 239.573.4752 Email: Scott @ResourceCenters.com 1 Please visit our website: www.ResourceCenters.com 1 AN INTERLOCAL AGREEMENT BETWEEN Exhibit 3 Sept 6, 2016 Authority Employees Retirement System on October 1, 2016, or as soon thereafter as administratively possible., THAT if the Actuary cannot provide the final ratio to split the assets on or before September 30, 2016, then the parties mutually agree that of the 60 %, portion of the fund accruing to OUA, they will receive 8095% of the 60% portion of the assets will be paid to the Okeechobee Utility Authority Employees' Retirement Systemof such fund, and the City of Okeechobee General Employees' Retirement System will retain 285% of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary. THE purpose of the retention, if necessary, is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. reports, the parties will, if there are no investment loses in the funds, -- -- . .. - -- -- •0- - - -- -- -- City will be transferred to OUA. If on the other hand, the audit and reports .THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary, the Okeechobee Utility Authority Employees' Retirement System assets retained by City of Okeechobee Retirement System will be transferred to Okeechobee Utility Authority Employees' Retirement System. The retention amount transferred to the Okeechobee Utility Authority Employees' Retirement System will be reduced by any net losses or increased by any net gains occurring after September 30, 2016, in the same percentage pain or loss as the overall net gain or loss on all assets of the City of Okeechobee Retirement System for the same period of time after September 30, 2016 and prior to the transfer. LTC � 8. THAT the Okeechobeelit A horit�wlllCemmair� responsible for 60% of all expenses of the Okeechobee land Okeechobee Utility Authority Employees Retirement System incurred prior to October 1, 2016, 9. T• HAT the Okeechobee Utility Authority shall remain responsible for any expenses incurred for reporting after October 1, 2016 for the fiscal year ending September 30, 2016 according to the final ratio determined by the actuary., 10. THAT upon issuance of the 2016 audit- and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. 11. T• HAT the assets associated with the liability attributed to the accrued benefit for member Raul Marrero - Sauveterre, as determined by the Actuary, shall remain in the City of Okeechobee General Employees' Retirement System, The City of Okeechobee General Employees' Retirement System shall be responsible for all future benefits due to Raul Marrero - Sauveterre. 12 T• HAT the parties acknowledge that the Board of Trustees for the Okeechobee General Employees' Retirement System has a fiduciary obligation to the members of the plan that may supersede the terms of this Agreement. 6:13. T• HAT the parties agree to execute any necessary agreements to fulfill the intent of this Agreement. EFFECTIVE DATE. This Agreement shall be deemed effective immediately upon its Page 3 of 2 l Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", No bullets or numbering, Tab stops: Not at 1.07" Formatted: Font: 12 pt Formatted: Normal, No bullets or numbering Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt r Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" AN INTERLOCAL AGREEMENT BETWEEN Exhibit 3 Sept 6, 2016 Authority Employees Retirement System on October 1, 2016, or as soon thereafter as administratively possible., THAT if the Actuary cannot provide the final ratio to split the assets on or before September 30, 2016, then the parties mutually agree that of • - :e° , - e - - -- - e !95% of the 60% portion of the assets will be paid to the Okeechobee Utility Authority Employees' Retirement Systemof such fund, and the City of Okeechobee General Employees' Retirement System will retain 205% of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015 -16 audit and actuary reports, if necessary. 4. THE purpose of the retention, if necessary, is to determine contributions to the fund for the balance of Fiscal Year 2015 -16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. 5. THAT upon conclusion of the Fiscal Year 2015 16 audit and actuary • divide the balance on the 60/10 basis, and the 20% retcntion held by the City will be transferred to OUA. If on the other hand, the audit and reports • _ _ e _ .THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary, the Okeechobee Utility Authority Employees' Retirement System assets retained by City of Okeechobee Retirement System will be transferred to Okeechobee Utility Authority Employees' Retirement System. The retention amount transferred to the Okeechobee Utility Authority Employees' Retirement System will be reduced by any net losses or increased by any net gains occurring after September 30, 2016, in the same percentage gain or loss as the overall net pain or loss on all assets of the City of Okeechobee Retirement System for the same period of time after September 30, 2016 and prior to the transfer. 6. THAT the Okeechobee Utility Authority will remain responsible for 60% of all expenses of the Okeechobee and Okeechobee Utility Authority Employees Retirement System incurred prior to October 1, 2016, 7. T• HAT the Okeechobee Utility Authority shall remain responsible for any expenses incurred for reporting after October 1, 2016 for the fiscal year ending September 30, 2016 according to the final ratio determined by the actuary., 8. THAT upon issuance of the 2016 audits and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. 9. T• HAT the assets associated with the liability attributed to the accrued benefit for member Raul Marrero - Sauveterre, as determined by the Actuary, shall remain in the City of Okeechobee General Employees' Retirement System. The City of Okeechobee General Employees' Retirement System shall be responsible for all future benefits due to Raul Marrero - Sauveterre. 10. T• HAT the parties acknowledge that the Board of Trustees for the Okeechobee General Employees' Retirement System has a fiduciary obligation to the members of the plan that may supersede the terms of this Agreement. 611. THAT the parties agree to execute any necessary agreements to fulfill the intent of this Agreement. Page 3 of 2 Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", No bullets or numbering, Tab stops: Not at 1.07" Formatted: Left Formatted: Indent: Left: 1.08 ", No bullets or numbering Formatted: Font: 12 pt Formatted: Normal, No bullets or numbering Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Lane Gamiotea From: Baur, J Scott <ResourceCenters @Comcast.net> Sent: Friday, September 16, 2016 11:25 AM To: Robin Brock; India Riedel; scott @cdpension.com; Marcos Montes De Oca; John Hayford; jmckinley @ouafl.com Cc: Lane Gamiotea; debbie @cdpension.com; Bobbie Jenkins; melissa .moskovitz @gabrielroeder.com Subject: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Attachments: Agenda 09 06 16 Ex 3 Rev 09- 16- 16.docx Importance: High To All: Attached you will find an updated version of the Memo of Understanding that incorporates the changes recommended by Scott Christiansen. Scott Baur J. Scott Baur, Managing Partner Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 Contact: Office 561.624.3277 1 Fax 561.624.3278 1 Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 1 Office 239.573.4750 1 Fax 239.573.4752 Email: Scott @ResourceCenters.com I Please visit our website: www.ResourceCenters.com 1 AN INTERLOCAL AGREEMENT BETWEEN THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY Exhibit 3 Sept 6, 2016 THIS INTERLOCAL AGREEMENT, made and entered into this 6th day of September 2016, by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial financial reports for the shared pension plan for 2015 are complete, yet the reports for FYE2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. (the "Actuary ") and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A. (the "Auditor)., are complete as of September 30, 2015. 2 THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60% portion and the City receiving the 40% portion. 3. THAT the Actuary will update the 60/40 proportion to divide the assets through September 30, 2016 to provide a final ratio to split the assets. 4. THAT if the Actuary provides the final ratio to split the assets prior to September 30, 2016, then all contributions, benefits, assets and liabilities of the Okeechobee and Okeechobee Utility Authority Employees Retirement System attributable to current and former OUA employees on September 30, 2016, shall be transferred to and become contributions, benefits, assets and liabilities of the Okeechobee Utility Authority Employees Retirement System on October 1, 2016, or as soon thereafter Page 1 of 2 Formatted: Font: 12 pt Formatted: Justified, Indent: Left: 0.57 ", Hanging: 0.5 ", No bullets or numbering, Tab stops: Not at 1.07" THAT upon conclusion of the Fiscal Year 2015 -16 audit and actuary reports if necessary, the parties will, if there are no investment losses in the funds, divide the balance on the 60/10 basi:,final ratio, and the 20 %any retention held by the City of Okeechobee General Employees' Retirement System will be transferred to QUAOkeechobee Utility Authority Employees' Retirement System. If on the other hand, the audit andthe custody account statements and reports indicate losses, the retention held by the City of Okeechobee General Employees' Retirement System will oe applied against such Io °secbear a pro -rata share of the losses, and any remainder distributed to QUAOkeechobee Utility Authority Employees' Retirement System. 8 THAT the Okeechobee Utility Authority will remain responsible for 60% of all expenses of the Okeechobee and Okeechobee Utility Authority Employees Retirement System incurred prior to October 1, 2016, 9. THAT the Okeechobee Utility Authority shall remain responsible for any expenses incurred for reporting after October 1, 2016 for the fiscal year ending September 30, 2016 according to the final ratio determined by the actuary._ 10. THAT upon issuance of the 2016 audit- and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. 11. THAT the assets associated with the liability attributed to the accrued benefit for member Raul Marrero - Sauveterre, as determined by the Actuary, shall remain in the City of Okeechobee General Employees' Retirement System. The City of Okeechobee General Employees' Retirement System shall be responsible for all future benefits due to Raul M arrero- Sauveterre. 12 THAT the parties acknowledge that the Board of Trustees for the Okeechobee General Employees' Retirement System has a fiduciary obligation to the members of the plan that may supersede the terms of this Agreement. 313. THAT the parties agree to execute any necessary agreements to fulfill the intent of this Agreement. EFFECTIVE DATE. This Agreement shall be deemed effective immediately upon its execution by all parties. IN WITNESS WHEREOF, the City and OUA have executed this Agreement on the day and year written below: AS TO THE CITY: AS TO THE OUA: James E. Kirk Steve Nelson Mayor Board of Directors Chairperson Date: Date: ATTEST: ATTEST: Lane Gamiotea, CMC John Hayford Executive Director City Clerk REVIEWED FOR LEGAL SUFFICIENCY: REVIEWED FOR LEGAL SUFFICIENCY: Page 3 of 2 Formatted: Justified Formatted: Font: 12 pt Formatted: Normal, No bullets or numbering Formatted: Font: 12 pt Formatted: Justified, Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Justified, Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Justified, Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" ' Formatted: Font: 12 pt Formatted: Justified, Indent: Left: 0.57 ", Hanging: 0.5 ", Right: 0.33 ", No bullets or numbering, Tab stops: Not at 1.08" Lane Gamiotea From: India Riedel Sent: Monday, September 19, 2016 4:17 PM To: Lane Gamiotea Cc: John Cook; Marcos Montes De Oca; Robin Brock; India Riedel Subject: FW: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Attachments: Agenda 09 06 16 Ex 3 Rev 09- 18- 16.docx Importance: High Lane, John has reviewed the revised MOLL-and confi ra s that it okay (see attachment). Ir'de as'iv_ d rrne to forward ;ame for you to work your magic on the ordinance. Marco, was corning to speak to you on presentation oro the Tuesday nights agenda, Let me know India can assist, From: Baur, J Scott [ mailto :ResourceCenters@Comcast.net] Sent: Sunday, September 18, 2016 10:05 PM To: Robin Brock; India Riedel; scott@cdpension.com; Marcos Montes De Oca; John Hayford; jmckinley@ouafl.com Cc: Lane Gamiotea; debbie@cdpension.com; Bobbie Jenkins; melissa .moskovitz@gabrielroeder.com Subject: Re: Okeechobee & Okeechobee Utility Authority Employees Retirement System (Asset Split) Importance: High Everyone: The attached Memo of Understanding incorporates some clarification on Paragraph 7 suggested by Jim Linn. I may have some periods on Monday where I cannot be reached while I travel to Georgia. Scott Baur J. Scott Baur, Managing Partner Resource Centers, LLC Main Office: 4360 Northlake Blvd. Suite 206, Palm Beach Gardens, FL 33410 Contact: Office 561.624.3277 1 Fax 561.624.3278 1 Toll Free 800.206.0116 Cape Coral: 815 Nicholas Parkway East, Cape Coral, FL 33990 1 Office 239.573.4750 1 Fax 239.573.4752 Email: Scott@ResourceCenters.com 1 Please visit our website: www.ResourceCenters.com 1 THE CITY OF OKEECHOBEE, FLORIDA AND THE OKEECHOBEE UTILITY AUTHORITY THIS INTERLOCAL AGREEMENT, made and entered into this 6th day of September 2016 by and between the City Council of the City of Okeechobee, Florida, a municipal corporation existing under the laws of the State of Florida, hereinafter referred to as "City;" and the Okeechobee Utility Authority, hereinafter referred to as "OUA," or "Authority," for the Final Disposition of Shared Pension and Retirement Benefits. WITNESSETH: WHEREAS, the City and the OUA have, since inception of the Authority, operated a shared pension and retirement system for its employees, with all contributions placed within a single investment fund; and WHEREAS, at the request of the Authority, the City has agreed to permit a termination of that shared plan so that the Authority could operate its own plan with its own separate pension board of trustees and investment policies; and WHEREAS, the City is adopting Ordinance No. 1141 which will incorporate the terms of the separation and restate the details of the retirement plan of the City in the future; and WHEREAS, the actuarial and financial reports for the shared pension plan for 2015 are complete, yet the reports for F`c'E2016 will not be completed until 2017, meaning the final contributions, investment returns, or losses cannot be determined until the final actuarial report is submitted; NOW, THEREFORE, for and in consideration of the premises and the mutual agreements hereinafter set forth, the City and the OUA hereby agree as follows: 1. THAT the present firms responsible for the actuary reports are Gabriel, Roeder, Smith & Co. (the "Actuary") and for auditing services, DiBartolomeo, McBee, Hartley & Barnes P.A. "Audit on.- -r complete as of September 2. THAT the parties have previously agreed and directed the firms to divide the accumulated pension and retirement funds in a 60/40 split, with OUA receiving the 60% portion and the City receiving the 40% portion. 3. THAT the Actuary will update the 60/ 40 roporti n uti _aide the auss st through September 30, 2016 to provide r tio sp lit the assets. THAT if the Actuary ;rovii:9es the final ratios iir the ass tt sari ;I September 30, 2016, then all contributions, benefits, as-eta: and liabilities of the Okeechobee and Okeechobee bee lJtility Authority Employees Retirement System attrlbuutable to current and forroeij employees on September 30, 2016, shall ;),e transferred lo and L a ora& contributions. benefitsa a1s an 3 li��olo a f t I._.; Ik l 'rilir,, Page 2 of 2 Formatted: Font: 12 pt Formatted: Indent: Left: 0.57 ", Hanging: 0.5 ", No bullets or numbering, Tab stops: Not at 1.07" EFFECTIVE DATE. This Agreement shall be deemed effective immediately upon its execution by all parties. IN WITNESS WHEREOF, the City and OUA have executed this Agreement on the day and year written below: AS TO THE CITY: AS TO THE OUA: James E. Kirk Steven D. Nelson Mayor Board of Directors Chairperson Date: Date: ATTEST: ATTEST: Lane Gamiotea, CMC John Hayford City Clerk Executive Director REVIEWED FOR LEGAL SUFFICIENCY: REVIEWED FOR LEGAL SUFFICIENCY: John R. Cook, City Attorney Page 4 of 2 Tom W. Conely, III Board Attorney tb.ttroorteli Ernefoyeeds Retudernent Restelinli , 201 t",,, or thereafter 7 acrolinintetrafrliren„d THAT if the Actuard boar-moot nrda elite t,s, saft the assets. blie before ';.Septernber 30, 2010, then the parties mutually agree that 4 uf trts, 4.J.rt 4400d Theo; .4.4.9F;`)/0 der the 60lier rdurtion of tdrie., addeeto will fee peirt to,, the ados.lililid=tosjsoee utflite ..eofithoritli EntiMovees" Retirerne.rit lidbefterro4s?..deib duritod, and the City of folbeechobee jr Erepirrerees: Fredunernerot syystem will retain of said funds pending final determination of available funds on hand at the conclusion of the Fiscal Year 2015-16 audit and actuary reports if rreoessliary. /1. THE purpose of the retention, o.1 is to determine contributions to the fund for the balance of Fiscal Year 2015-16, whether the funds investment strategy yield gains or losses to the account, determine costs associated with servicing the fund, or other variables that may affect how the remaining funds are distributed. THAT upon conclusion of the Fisbad OrR4,4 44-442 dliddi't bdrid eeidetereiefof „.r,bb6tlieeyei-itt, do4:eeted bum b: irerostruret Hu:dodo trieudls., eifeidde fed: Oliolided 1611.bli frobtsiliseetne-dothe .2Odlid rederitieb held by. lotesek.liddrb..r„,44 rio.liyelis.44s4ssidolililifl 4-li...44A,..R.4.rstttitbodther, reurliod..141.- auelif bud nef.o..ts ihd.olilijitos tliee..-7-4.4oSesopliaottaufdre...0 seed. ter fhe niter .t,454 he Jabidlilis.4 lir;_re,fe'liet: lid..e_oh -44c Roos, yettord otU.A...THAT upon p:otiriciusion .of the: d' ear dim 5-1e, audit and alilittmilir redoes if necessiary, the elifeechrobee 1..ItiOity Authority Ernpicoeees' Retirement Rty:E;terri assets. retaiolisd:i city of Okeechobee Rlidtirement ;Sovstem wiii be. transferred to ipiteechetibee tAiiity Authority Empioyeetitt Retirement Sotaiterri. The retention amount transferred to. the Okeechobee Utiiity Authority Employees' Re.tirement Stistern tit:10i be reduced ititt any net tessius Most-eased by arof net 0,0c:wring after september 3,0, 2Cii,03, in the same percentage gain or iess as the overall net. pain or Doss on assets the (Jib,' of Oke.echobee Retirement Systern tor the same period time stet- .r.doefrlitember 30, 2•Col,e, lomer to the transfer. THAT tre.e, ',',24rdeechobtree, Awittreerfty rlidTi,airri reerliourisible for 50eyr,„ .d,lio eepedledeo, el the Oit..eeehobee sword fdAteetsrodft:dee t6t Atithority fbrsqlidoyees. ,Feetirement, ',„Solilistern iri-odturred erior t61, (dortob.,lier 1, 2016, „,li• THAT the tdkeeohohee titThteli Authority odtdali remain responsibfe for any liereasemses incurred for rep -du fler tlieut,ober „bete,: for the fiscal] year efrodirm Selliterriber libod, silielielitedine do, the fined ratio deterrniroad by the THAT upon issuance of the 2016 audit. and actuary reports, and reconciliation of any amounts due either entity, this agreement shall terminate without further action and each party waiving any further claims against the other as pertains the pension and retirement plans. THAlif the assets asosectiated with the liability .attributecl to the accrued! benefit for member Raul klarresselisauveterre adt deterroined by the Alio tuary, shali i the City of Clikeeddhobee Genera Empl(syeefd' Retbliemeilt. Sastem. Ti e RAN ,li.4 Okeeddrebee General Erriployees' Retirement Recstern 507P11 Lker resportsibie for Al future benefits ttde to, Raul ktarrere-Sauveterse. THAT the parties .,acimouwdectue, that the Board of Trustees for the Okeer,t0bee Geniar21 Embloyees Retirement System has a fiduciary oLdioiatjoe to the members of the [Dian trot may .,n..ipersod.,:cte• the terms of this Agreement.. -• THA:T the parties asiree eReoute any neoessam utlreements to ftfifili the intent of this rtkeireement. Page 3 of 2 • Formatted: Font: 12 pt Formatted: Indent: Left: 0.57", Hanging: 0.5", No bullets or numbering, Tab stops: Not at 1.07" _J Formatted: Normal, No bullets or numbering Formatted: Left Formatted: Right: 0.33", Space Before: 0 pt, Tab stops: 1.07", Left + Not at 1.08" [Formatted: Font: 12 pt Formatted: Normal, No bullets or numbering Formatted: Font: 12 pt Formatted: Indent: Left: 0.57", Hanging: 1 0.5", Right: 0.33", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57", Hanging: 0.5", Right: 0.33", No bullets or numbering, Tab stops: Not at 1.08" [Formatted: Font: 12 pt Formatted: Indent: Left: 0.57", Hanging: 0.5", Right: 0.33", No bullets or numbering, Tab stops: Not at 1.08" Formatted: Font: 12 pt Formatted: Indent: Left: 0.57", Hanging: 0.5", Right: 0.33", No bullets or numbering, Tab stops: Not at 1.08"