HomeMy WebLinkAboutCity of Tamarac Ordinance O-1994-016Temp. Reso. #1700-9/23/94
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-94- do
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, AMENDING ARTICLE III
OF CHAPTER 16 OF THE CODE OF ORDINANCES OF THE
CITY OF TAMARAC PERTAINING TO THE CITY'S
PENSION PLAN TO MODIFY THE DEFINITION OF THE
TERMS "ACTUARIAL EQUIVALENCE" AND
"ACTUARIALLY EQUIVALENT"; PROVIDING FOR THE
CLARIFICATION AND REPOSITIONING OF THE PLAN
LANGUAGE PERTAINING TO COST OF LIVING
ADJUSTMENT BENEFITS; PROVIDING FOR REPEALER;
PROVIDING FOR SEVERABILITY; PROVIDING FOR
CODIFICATION; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City of Tamarac Employees' Pension Trust Fund and
Pension Plan provides for cost of living adjustment benefits; and
WHEREAS, the Pension Board has determined that the meaning of
the plan language pertaining to such cost of living adjustment benefits
would be made clearer and simplified by renumbering same to Section 16-
232(c) of the Code; and
WHEREAS, the Pension Board and the City Commission have
determined that it is in the public interest to move the plan language
pertaining to such cost of living adjustment benefits to Section 16-232(c)
of the Code; and
WHEREAS, the Pension Board has engaged certain enrolled actuaries
to perform such services as may be required by applicable law and such
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Temp. Reso. #1700-9/23/94
other services as may be required by the Pension Board; and
WHEREAS, the actuaries have made certain recommendations to the
Pension Board related to the Plan definition of the terms "actuarial
equivalence" and "actuarially equivalent"; and
WHEREAS, the Pension Board and the City Commission have
determined that it is in the public interest to adopt the recommendations
of the enrolled actuaries; and
WHEREAS, the Pension Board and the City Commission have further
determined that it is in the public interest to adopt the following
ordinance; and
WHEREAS, the following amendment was approved by the Board of
Trustees of the City of Tamarac Pension Trust Fund on February 18, 1994.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1:
That the
foregoing whereas
clauses are
hereby
ratified and confirmed
as being
true and correct and
are hereby
made a
specific part of this Ordinance upon adoption hereof.
SECTION 2: That Article III, Section 16-126, of the Code of
Ordinances of the City of
Tamarac is hereby amended as
follows and
that
all other provisions of
Section 16-126 shall remain in
full force
and
effect:
Section 16-126. Definitions.
The following words, terms and phrases, when used in this
article, shall have the meanings ascribed to them in this section,
except where the context clearly indicates a different meaning:
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Temp. Reso. #1700-9/23/94
Actuarial
equivalence or
actuarially equivalent means that
any
benefit payable
under the terms of this plan in a form other than
the
standard form
of benefit for unmarried participants shall have
the
same actuarial
present value
on the date payment commences
as
such standard
form of benefit.
For the purposes of establishing
the
actuarial present
value or any
form of payment otheF than a lump
all future
payments shall be discounted.
for
interest and mortality
by using
seven -percent interest and the 1971
Group Annuity
Mortality Table for Males, with ages set ahead five
(5)
years in the case of disability
distribution, the
retirees. In she ^ace of a lump
value- shall be determined en
turr,
t
act-wial. P.,esent
Fates
ninety (90) days
employeF plans,
whiGh
.1 wffert prler4
eMinatien,
nr ninety(90) clays r.ri9r to
the
the Fneemhbar�a
distribut;ei; date
distribut f on
is made later than six (6) menth-s
.after the movr�'�'r berg-s--aatte
ef
neferiM7iRafivn.
SECTION 3: That Article III, Section 16-228(f), of the Code of
Ordinances of the City of Tamarac is hereby renumbered as Section 16-
232(c).
SECTION 4: It is the intention of the City Council and it is
hereby ordained that the provisions of this Ordinance shall become and be
made a part of the Code of Ordinances of the City of Tamarac, Florida, and
that the Sections of this Ordinance may be renumbered, relettered and the
word "Ordinance" may be changed to "Section", "Article" or such other word
or phrase in order to accomplish such intention.
SECTION 4: That all Ordinances or Resolutions or parts of
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Temp. Reso. #1700-9/23/94
Ordinances or Resolutions in conflict herewith are hereby repealed to the
extent of such conflict.
SECTION 5: If any provision of this Ordinance or the application
thereof to any person or circumstance is held invalid, such invalidity shall
not affect other provisions or applications of this Ordinance that can be
given affect without the invalid provision or application, and to this end,
the provisions of this Ordinance are declared to be severable.
SECTION This Ordinance shall become effective immediately
upon its passage and adoption and shall apply only to all Pension Plan
participants retiring on or after the effective date hereof.
PASSED FIRST READING this day of OC&b2j,- , 1994.
PASSED SECOND READING this (o day of OC kbM 1994.
AiO , - M)I-M
NORMAN
ABRAMOWITZ
• 14 A
ATTEST:
43WZY81 RECORD OF COUNCIL. VOTE
CAROL A. EVANS MAYOR ABRAMOWITZ
CITY CLERK DIST. 1: V / M KATZ
FIST. 2: C / M MISHKIN
pI;,T. 3: C / M SCHt�ClSinl:
I HEREBY CERTIFY that I have DIST a: r, /,N,1ACHEK
a o ed this ORDINANCE as to form. _ " jd/la jQy 1019y
MITCHELL S. RAft
CITY ATTORNEY
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