2024-02-06 VI. A. Amend Gen Pension, Ord #1284, Exhibit 5Exhibit 5
02/06/2024
ORDINANCE 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 thFough
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:
1. 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:
2. 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 only if the designated joint pensioner and the Member were married of the
time of Member's retirement and are dmVGFGed subsequent thereto and the joint pensiener is alive
at the time of the nhaRge twice. Subject to the restriction in the previous sentence, a Member
may substitute a new joint pensioner for a deceased iointpensioner. 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 determined redetermined to take into
account the age and sex 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 2nd day of January 2024. Roll Call
Vote:
Council Member Chandler:
Council Member/Vice Mayor Clark:
Council Member Jarriel:
Council Member McAuley:
Mayor Watford:
ATTEST:
/s/ Lane Gamiotea
Lane Gamiotea, City Clerk
Yes No Abstained Absent
X
X
/s/ Dowling R. Watford, Jr.
Dowling R. Watford, Jr., Mayor
u
U
PASSED AND ADOPTED after Second Reading and Final Public Hearing on the 6th day of February 2024.
Roll Call Vote:
Yes No Abstained Absent
Council Member Chandler:
Council Member/Vice Mayor Clark:
Council Member Jarriel:
Council Member McAuley:
Mayor Watford:
Dowling R. Watford, Jr., Mayor
ATTEST:
Lane Gamiotea, City Clerk
APPROVED FOR LEGAL SUFFICIENCY:
John J. Fumero, City Attorney
Nason Yeager Gerson Harris & Fumero, P.A.
•
•
•e
CITY OF OKEECHOBEE, FLORIDA
�W JANUARY 2, 2024, REGULAR CITY COUNCIL MEETING
a m
MEETING MINUTES
I. CALL TO ORDER
Mayor Watford called the regular meeting of the City Council for the City of Okeechobee to order on January
2, 2024, at 6:00 P.M. in the City Council Chambers, located at 55 Southeast (SE) 3,d Avenue (AVE), Room
200, Okeechobee, Florida. The invocation was offered by Council Member McAuley; followed by the Pledge
of Allegiance led by Vice Mayor Clark.
II. ATTENDANCE
City Clerk Lane Gamiotea called the roll. Members present to establish a quorum: Mayor Dowling R. Watford,
Jr., Vice Mayor Monica M. Clark, and Council Members Noel A. Chandler, Robert "Bob" J. Jarriel, and David
R. McAuley.
III. AGENDA AND PUBLIC COMMENTS
A. There were no requests for items to be added, deferred, or withdrawn from the agenda.
B. Motion and second by Council Members Jarriel and Chandler to approve the agenda as published.
Motion Carried Unanimously.
C. One comment card was submitted for public participation for issues not on the agenda, by Ms. Regina
Tolbert -Gary, introducing herself and her new non-profit. She is an advocate working towards uniting the
community through various projects, with a current focus on honoring the legacy of Martin Luther King,
Jr. She requested permission to use Veterans Memorial Square of FLAGLER PARK, Block E/Park 1, for
an event on January 15, 2024. It was explained this park is reserved for military -related events but there
were other parks available. She was advised to contact General Services Staff to complete a Temporary
Use Permit for her event.
' IV. PRESENTATIONS AND PROCLAMATIONS
A. Congratulations were extended when Administrator Ritter provided an update on the Human Resources
Generalist position which was advertised internally. The panel, consisting of him, City Clerk Gamiotea,
Police Chief Hagan, and Finance Director Riedel, interviewed four applicants and unanimously selected
Heather Prince to fill the position.
V. CONSENT AGENDA
Motion and second by Council Members Jarriel and McAuley to:
A. Dispense with the reading and approve the Minutes for December 5, 2023, [as presented in Exhibit 1];
and
B. Approve the November 2023 Warrant Register [in the amounts: General Fund, $610,283.61; Public
Facilities Improvement Fund, $32,438.82; Capital Improvement Projects Fund, $193,090.20; CDBG
Fund, $10,324.97; and Appropriations Grant Fund, $9,885.25; as presented in Exhibit 21.
Motion Carried Unanimously.
VI. NEW BUSINESS
A. Motion and second by Council Members Chandler and Jarriel to read by title only, proposed Ordinance
No. 1284, amending the Optional Forms of Benefits for the General Employees Retirement System [as
presented in Exhibit 31.
Motion Carried Unanimously.
' City Attorney John Fumero read the title of proposed Ordinance No. 1284 into the record as follows: "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."
Motion by Vice Mayor Clark, second by Council Member McAuley to approve the first reading and set
February 6, 2024, as the Final Public Hearing date for proposed Ordinance No. 1284. Roll Call Vote:
Chandler -Yea, Clark -Yea, Jarriel-Yea, McAuley -Yea, Watford -Yea.
Motion Carried Unanimously,
JANUARY 2, 2024, CITY COUNCIL REGULAR MEETING, PAGE 1 OF 3
Meeting May 1, 2023 Page 2 of 3
Mr. Hess recommended changing the Vanguard 500 Index Fund with a Fidelity Investment alternative to
lower the management fee by 2.5 bp. Assets remain in line with policy targets. The assets gained 4.13%
for the June 30`f' quarter compared to 4.09% for the benchmark, in the top 20% fiscal year to date the
assets gained 15.88% compared to 16.24% for the benchmark. The 10n year returns of 7.16% average
annual gain ranks in the top 12%.
Melissa Henry made a motion to approve the substitution from Vanguard to Fidelity index fund. The
motion received a second from Donna Howard, approved by the Trustees 4-0.
Mr. Hess reviewed the individual holdings which all performed within expectations. This plan does not
hold a real estate fund, which hurt performance last year but helped the gains this year. He reviewed
the proposed updates to the Investment Policy Statement. House Bill 3 (HB3) required the Board to
consider only pecuniary factors when investing in the Retirement Systems assets, rather than any ESG
type considerations. The Board already considers only pecuniary factors so the proposed updates will
not have any practical impact on the management of the Retirement System assets. The Board must file
a new report by December 15. Investment managers retained by the Board must include a disclaimer
when offering opinions on ESG issues. Mr. Sugarman recommended that the Board update the
proposed changes.
Melissa Henry made a motion to adopt the revisions to the investment Policy Statement to comply
with HB3. The motion received a second from Donna Howard, approved by the Trustees 4-0.
6. Attorney Report (Robert Sugarman)
Mr. Sugarman stated his office prepared an ordinance to allow members to choose a pop-up optional
form of benefit payments. The Police and Firefighters already have the option to change joint
annuitants as well.
Melissa Henry made a motion to authorize the Resource Center to obtain an actuarial impact
statement on the proposed ordinance and recommend the proposed ordinance to the City Council
once the actuarial impact statement is completed. The motion received a second from Donna
Howard, approved by the Trustees 5-0.
7. Administrator Re ort Scott Baur
Mr. Baur informed the Trustees of the registration for the FPPTA Fall Trustee School being open. Donna
Howard plans to attend the Winter Trustee School. Donna Howard and Melissa Henry are both in the
CPPT track. Donna Howard was reappointed for an additional 3-year term.
8. Financials
The Trustees reviewed, received, and filed the interim financial statements. The Warrant dated August
7, 2023.
Melissa Henry made a motion to approve the Warrant dated August 7, 2023, as presented. The
motion received a second from Donna Howard, approved by the Trustees 4-0.
9. Benefit Approvals
A new employee approval was presented for Patricia Hampshire.
•
•
�GRS
October 17, 2023
Ms. Kyle Tintle
Resource Centers, LLC
4360 Northlake Blvd
Suite 206
Palm Beach Gardens, Florida 33410
P:954.527.1616 F:954.525.0083 j www.grsconsulting+.com
Re: City of Okeechobee General Employees' Retirement System
Actuarial Impact Statement
Dear Kyle:
As requested, we have performed an actuarial review of the proposed Ordinance (copy
attached).
Based upon our review, the proposed Ordinance:
Amends the Plan to include an actuarially equivalent joint and survivor with pop-up
optional form of payment
➢ Amends the Plan to allow members to change their joint pensioner up to two times and
allows the member to replace a deceased joint pensioner with the benefit recalculated to
reflect the joint pensioner death.
➢ Provides for codification.
➢ Repeals all Ordinances or parts of Ordinances in conflict herewith.
➢ Provides for severability.
➢ Provides for an effective date.
In our opinion, based upon the actuarial assumptions and methods employed in the October 1,
2022 Actuarial Valuation, the proposed Ordinance is a no cost Ordinance under our understanding
of State minimum funding requirements.
Please provide a signed copy of the Ordinance upon adoption for our records.
If you should have any question concerning the above, please do not hesitate to contact us.
Sincerest regards,
Gabriel, Roeder, Smith & Company
A,ci, �D(�
jvnq�4-
Shelly L. Jones, A.S.A.
Consultant and Actuary
Enclosure
David Robinson, Esq.
•
City of Okeechobee, Florida
Business Impact Estimate
Pursuant to §166.041, Florida Statutes
Proposed ordinance's reference and title: Ordinance 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.
This Business Impact Estimate is provided in accordance with section 166.041(4), Florida Statutes. If one or
more boxes are checked below, this means the City is of the view that a business impact estimate is not required
by state law' for the proposed ordinance, but the City is, nevertheless, providing this Business Impact Estimate
as a courtesy and to avoid any procedural issues that could impact the enactment of the proposed ordinance.
This Business Impact Estimate may be revised following its initial posting.
❑ The proposed ordinance is required for compliance with Federal or State law or regulation;
❑ The proposed ordinance relates to the issuance or refinancing of debt;
❑ The proposed ordinance relates to the adoption of budgets or budget amendments, including revenue
sources necessary to fund the budget;
❑ The proposed ordinance is required to implement a contract or an agreement, including, but not
limited to, any Federal, State, local, or private grant or other financial assistance accepted by the
municipal government;
❑ The proposed ordinance is an emergency ordinance;
❑ The ordinance relates to procurement; or
❑ The proposed ordinance is enacted to implement the following:
a. Part II of Chapter 163, Florida Statutes, relating to growth policy, county and municipal planning,
and land development regulation, including zoning, development orders, development
agreements and development permits;
b. Sections 190.005 and 190.046, Florida Statutes, regarding community development districts;
c. Section 553.73, Florida Statutes, relating to the Florida Building Code; or
d. Section 633.202, Florida Statutes, relating to the Florida Fire Prevention Code.
In accordance with the provisions of controlling law, even notwithstanding the fact that an exemption noted above
may apply, the City hereby publishes the following information:
1. Summary of the proposed ordinance (must include a statement of the public purpose, such as serving
the public health, safety, morals, and welfare):
The ordinance amends the Plan Summary of the City of Okeechobee General Employees'
Retirement System so that in the event a designated survivor annuitant pre-deceases the Plan
participant, the Plan participant can designate a new survivor annuitant.
See Section 166.041(4)(c), Florida Statutes.
0
0
2. An estimate of the direct economic impact of the proposed ordinance on private, for -profit businesses
in the City, if any:
(a) An estimate of direct compliance costs that businesses may reasonably incur;
(b) Any new charge or fee imposed by the proposed ordinance or for which businesses will be
financially responsible; and
(c) An estimate of the City's regulatory costs, including estimated revenues from any new charges
or fees to cover such costs.
None.
3. Good faith estimate of the number of businesses likely to be impacted by the proposed ordinance:
None.
4. Additional information the governing body deems useful (if any):
The proposed ordinance applies to present and future retirees under the City's General
Employee Retirement System.
MINUTE FILE
- /n (may CC
Heather Prince a .�y
m / /q
From: local_ret <Local_Ret@dms.fl.gov> X 5
Sent: Friday, January 5, 2024 10:00 AM
To: Heather Prince
Subject: [EXTERNAL]Thank You
Thank you for your submission. This will acknowledge receipt of your email. If additional information is required
someone will be in contact with you to follow up.
Bureau of Local Retirement Systems
Division of Retirement
850-488-2784 (office) 1 877-738-5622 (toll free)
Florida Department of Management Services
We Serve Those Who Serve Florida
D . MS A FR' 00
How Are We Doing? Click Here to Take the DMS Customer Satisfaction Survey
0
0
Heather Prince
From: Heather Prince
Sent: Friday, January 5, 2024 9:59 AM
To: local ret
Cc: Lane Gamiotea; Katie Rogers
Subject: City of Okeechobee, Proposed Ordinance to amend Gen. Employees Plan
Attachments: Actuarial Impact Statement Letter.pdf; Ordinance No. 1284.docx
Good morning,
The City Council for the City of Okeechobee is considering amendments to the General Employees'
Retirement Plan. As required prior to final adoption, the following documents are attached for review:
1. Proposed Ordinance No. 1284
2. Statement of No Actuarial Impact
The Final Public Hearing for the adoption of proposed Ordinance No. 1284 is set for February 6, 2024.
Please contact City Clerk Lane Gamiotea at 863.763.9814 or via email at
lgamiotea a,cityoiol<eechobee.com should there be any questions.
Best,
Heather Prince I Deputy Clerk
CITY CLERK'S OFFICE
CITY OF OKEECHOBEE
55 SE 3RD AVENUE, OKEECHOBEE, FL 34974
PHONE: (863) 763-3372 EXT. 9814
FAX: (863) 763-1686
EMAIL: DEPUPTYCLERK C@CITYOFOKEECHOBEE
Under Florida law, email addresses are public records. If you do not want your email address released in
response to a public records request, do not send electronic mail to this entity. Instead, contact this office by
phone or in writing, Florida Statute 668.6076.
CITY OF OKEECHOBEE ELECTRONIC DEVICE DISCLAIMER: Florida has a very broad public records law.
Most written communications to or from local officials regarding city business are public records available to
the public and media upon request. Your correspondence via e-mail, text message, voice mail, etc., may
therefore be subject to public disclosure.
INDEPENDENT
NNSMEDIA INC. USA
STATE OF FLORIDA
COUNTY OF OKEECHOBEE
Before the undersigned authority personally appeared Ka-
trina Elsken Muros, who on oath says that she is Editor
in Chief of the Lake Okeechobee News, a weekly news-
paper published in Okeechobee County, Florida; that the
attached copy of advertisement, being a Public Notice in
the matter of
Public Notice
in the 19th Judicial District of the Circuit Court of
Okeechobee County, Florida, was published in said news-
paper in the issues of
01 /24/24
(Print Dates)
or by publication on the newspaper's website, if authorized,
on
01 /24/24, 01 /25/24, 01 /26/24, 01 /27/24, 01 /28/24, 01 /29/24, 01 /30/24,
01 /31 /24
(Website Dates)
Affiant further says that the newspaper complies with all
legal requirements for publication in Chapter 50, Florida
Statutes.
• MINUTE FILE
n : v/. q
�xFl&v .5,
Lake Okeechobee News
313 NW 4th Avenue
Okeechobee, FL 34972
863-763-3134
Cm OF OKEECHOBEE PUBLIC NOTICE
CONSIDERATION OF ADOPTING A CITY ORDINANCE
NOTICEISFBiE3N GIVEN UtrttheO:yGMrd dd,e 0lycfumednbee
wimrdiGaRitkFi�igmf uary6, 44,,6Pht,orass�mtlr�f•
Oar atOty FHI, 55 SE 3rd AVE, Fan 200 GmetftdteG, R, m— Wer
Orel �drg icr adq�lm dtlie foRzt4g odnan�. �w (rw.1.My
AN ORDINANCE OF THE CRY OF OKEECHOBEE RNMER
AMENDING THE CITY OF OKEEQiOBEE GENERAL BPPLOYEES'
RETIREMENT SYS EK RESTATED PtXWANT TO ORDINANCE
1.141; AMENDING SECTION 1D, oPTIDNAL FORMS OF BITS;
PPJ74MM G FOR ODHfl-ICI; PROVIon FOR CODIFICATION,•
PROVIDING FOR I Y; PROVIDING FOR AN EFFECTIVE
DATE.
The p b5c is ling to amend and be heard on all rietNers
The Vaposed0drenremnbe hksatreLyattheaoltm
Pon d,rh,g Gs,e�sttcus,Morrfd 8M14:e+c�t
for CQtdd100 30
dle ofth2atYOsk3aRa[Efi3-7fi3?7814P.itvilbe
p a ine « e wade a� to the Rblic HmrM date, with the otY Card
aga,da rnamtaLs m 8 e ay welsie at tltrs/ANw++•a4dokeedcq ey r V
AWetdafft s,Qy bxd.r6Ti.
AS n3giiai Fiaidl Sfawe 166.041(4 ') tl,e Brstes Impact Btirrtzte is
postedmweNhaHzkAna�2 , f024. R on be vitwed at htlps//
BE ADVISEDthat stndd Ym rbed m straw arty doaaneM ptb% tide),
critwm tome ay card h spport oroppoAm to ary kEm on ft a dada
a any du,a dpa�,gt, ram, vldgp, or itan must be poafded m tfie o
Oak (a tl,eANY t]EttSbN DECIDING TO APPEAL av de -
Wm nede by the Olt' Card with e�sf m a y rt,alhr mwdeat at the
nedle
Ute�ar ied i b!V a,d eAdffm o W A aopwandbe
bald. In a=3dara with the Ameri a s with Darr, persons wih dig -
abides need g Tecial aox ovulation m pa tldpate in tt s shall
mtmQtl,eaY pason d863-763-4815, impaired:
Fbrida �Y 7-1-1 rok er than far txistrtes days prior to
%r C1y Oak Lane Gwwtm, CV C
634174 LCN 1/24/2024
Katrina Elsken .'Muros
Sworn to and subscribed before me by means of 2 3 4 s
Physical Presence QX Online Notarization Q`* 1 s �&
physical presence or online notarization, this aE �vEp "5
24th day of January. 2024. 41p14 ;1
lAN.2 )N
"rivy
(Signature of Notary Public)
STAMP OF NOTARY PUBLIC