1284, Pension_General EmployeesORDINANCE NO. 1284
• AN ORDINANCE OF THE CITY OF OKEECHOBEE FURTHER AMENDING THE CITY OF
OKEECHOBEE GENERAL EMPLOYEES' RETIREMENT SYSTEM, RESTATED
PURSUANT TO ORDINANCE 1141; AMENDING SECTION 10, OPTIONAL FORMS OF
BENEFITS; PROVIDING FOR CONFLICT; PROVIDING FOR CODIFICATION;
PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Okeechobee, Florida, General Employees are presently provided pension and certain
other benefits under the Ordinances of the City of Okeechobee, Florida; 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; and
WHEREAS, the Board of Trustees of the City of Okeechobee General Employees' Retirement System has
requested an addition to the Plan's Optional Forms of Benefits provision in the event a designated
survivor annuitant pre-deceases the Plan participant; and
WHEREAS, an amendment to the Plan Summary is necessary to permit such new conditions; and
WHEREAS, the Board of Trustees of the City of Okeechobee General Employees' Retirement System have
requested and approved such an amendment as being in the best interests of the participants and
beneficiaries and improves the administration of the Plan; and
WHEREAS, an actuarial impact statement has been conducted describing the actuarial impact of the
amendment provided herein; and
WHEREAS, for the purposes of this Ordinance, underlined type shall denote additions to and strike thrn�h
shall denote deletions from the original text.
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: that
SECTION 1: The foregoing "whereas" clauses are incorporated herein as legislative findings by this
reference and made a part hereof for all intents and purposes.
SECTION 2: That the City of Okeechobee General Employees' Retirement System, restated
pursuant to Ordinance No.1141, is hereby further amended by amending Section 10, Optional Forms
of Benefits, subsection 10.1 by adding an additional optional form of benefit as sub -subsection E,,
Joint and Survivor with pop-up option, as follows:
In lieu of the amount and form of retirement income payable in the event of normal or early
retirement as specified herein, a Member, upon written request to the Board may elect to
receive a retirement income or benefit of equivalent actuarial value payable in accordance
with one of the following options:
E. Joint and Survivor with pop-up option: A retirement income of a modified monthly amount,
payable to the Member during the lifetime of the Member and following the death of the
Member, 100 percent, 75 percent, 66-2/3 percent, or 50 percent of such monthly amount
payable to a joint pensioner for his lifetime. Should the joint pensioner pre -decease the
participant after the participant's benefit payments have commenced, then the participant's
benefit shall revert to the straight -life annuity retirement benefit as of the date of death of
the joint pensioner.
SECTION 3: That the City of Okeechobee General Employees' Retirement System, restated
pursuant to Ordinance No.1141, is hereby further amended by amending Section 10, Optional Forms
of Benefits, Subsection 2 as follows:
Ordinance No. 1284, Page 1 of 3
If applicable, language to be added is underlined.
If applicable, language to be deleted is skusktlueugh
The Member, upon electing any option of this Section, will designate the joint pensioner
(subsection 1. A. or subsection 1.E, above) or Beneficiary (or Beneficiaries) to receive the
benefit, if any, payable under the System in the event of Member's death, and will have the power
to change such designation from time to time. Such designation will name a joint pensioner or
one or more primary Beneficiaries where applicable. If a Member has elected an option with a
joint pensioner or Beneficiary and the Member's retirement income benefits have commenced,
the Member may thereafter change his designated Beneficiary at any time, but may only change
his joint pensioner anl„ if the designated inint neneinner onrt the Member were married at the
time ef Member's ret'remeRt and aFe divlamed subseq-tiRt theFete and the joint peRsiener is alive
at the time of the GhaRge mice. Subject to the restriction in the previous sentence, a Member
may substitute a new joint pensioner for a deceased joint pensioner. In the absence of proof of
good health of the joint pensioner being replaced, the actuary will assume that the joint pensioner
has deceased for purposes of calculating the new payment.
SECTION 4: That the City of Okeechobee General Employees' Retirement System, restated
pursuant to Ordinance No.1141, is hereby further amended by amending Section 10, Optional Forms
of Benefits, Subsection 4 as follows:
Upon change of a Retiree's joint pensioner in accordance with this Section, the amount of he
retirement income payable to the Retiree shall be actuarially Bete F redetermined to take into
account the age and a of the former joint pensioner, the new joint pensioner and the Retiree and
to ensure that the benefit paid is the Actuarial Equivalent of the present value of the Retiree's then -
current benefit at the time of the change. Any such Retiree shall pay the actuarial recalculation
expenses. Each request for a change will be made in writing on a form prepared by the Board and
on completion will be filed with the Board. In the event that no designated Beneficiary survives the
Retiree, such benefits as are payable in the event of the death of the Retiree subsequent to his
retirement shall be paid as provided in Section 11.
SECTION 5: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby
repealed.
SECTION 6: Specific authority is hereby granted to codify and incorporate this Ordinance in the
existing City of Okeechobee General Employees Retirement System Plan Summary.
SECTION 7: 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 8: That this Ordinance shall become effective upon adoption.
INTRODUCED for First Reading and set for Final Public Hearing this 2^d day of January 2024. Roll Call
Vote:
Yes No Abstained Absent
Council Member Chandler: X
Council MemberNice Mayor Clark: X
Council Member Jarriel: X
Council Member McAuley: X
Mayor Watford: X
Dowling R. Watford, Jr., ayor
AT
7ST:
Lane G_arNotea, City Clerk
•
Ordinance No. 1284, Page 2 of 3
If applicable, language to be added is underlined.
If applicable, language to be deleted is skask through
is
•
PASSED AND ADOPTED after Second Reading and Final Public Hearing on the 6th day of February 2024.
Roll Call Vote:
Council Member Chandler:
Council Member/Vice Mayor Clark:
Council Member Jarriel:
Council Member McAuley:
Mayor Watford:
ATTEST:
i
Lane G miotea, City Cl rk
APPROV GAL S CY:
ohn umero, City Attorney
Nason Yeager Gerson Harris & Fumero, P.A.
Yes No Abstained Absent
X
X
i
Dowling R. Watford, Jr., Mayor
X
If applicable, language to be added is underlined.
If applicable, language to be deleted is sNask through
Ordinance No. 1284, Page 3 of 3