HomeMy WebLinkAboutCity of Tamarac Ordinance O-2012-024Temp. Ord. 2264
September 6, 2012
Page 1 of 4
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2012Q2
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AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC,
FLORIDA; AMENDING CHAPTER 16, PENSIONS AND RETIREMENT,
ARTICLE VI, FIREFIGHTER PENSION PLAN, AMENDING THE DEFINITION
OF ACTUARIAL EQUIVALENCE OR ACTUARIALLY EQUIVALENT;
PROVIDING FOR A SAVINGS CLAUSE; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CODIFICATION AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the current mortality table utilized to determine actuarial equivalence
establishing the actuarial present value of benefit payments is outdated and requires revision;
and
WHEREAS, the pension plan's actuary has recommended incorporating the most
recently accepted actuarial methodology mortality table providing for greater accuracy and
precision in benefit calculations; and
WHEREAS, an amendment to the City Code is necessary to permit such new
obligations and conditions, and
WHEREAS, the trustees of the City of Tamarac Firefighters' Pension Trust Fund have
reviewed the proposed changes, and
WHEREAS, the City Commission has received, reviewed and considered an actuarial
impact statement describing the actual impact of the amendments provided for herein, attached
as Exhibit 1; and
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Temp. Ord. 2264
September 6, 2012
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WHEREAS, the City Commission of the City of Tamarac has deemed it to be in the best
interest of the citizens of the City of Tamarac to amend the pension plan to reflect these
changes.
Florida:
NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of Tamarac,
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. All exhibits attached hereto are incorporated herein and made a specific part of this
Ordinance.
Section 2: That Section 16-401 of Chapter 16, Article VI, Division 1, of the City of
Tamarac Code of Ordinances, be and is hereby amended as follows:
Sec.16-401. Definitions.
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
participants shad 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 of any form of payment, all future payments shall be
discounted for interest and mortality by using seven -percent interest and the
unisex mortality table promulgated by the Secretary of the Treasury for purpo_
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Temp. Ord. 2264
September 6, 2012
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Section 3: It is the intention of the City Commission and it is hereby ordained that the
provisions of this Ordinance shall become and be made part of the Code of Ordinances of the
City of Tamarac, Florida, and that the Sections of this Ordinance may be renumbered or
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: All Ordinances or parts of Ordinances 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 circumstances 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 6: This Ordinance shall become effective when all of the following have
occurred:
(a) The City Commission has received and has accepted a report establishing the
actuarial soundness of these amendments or a letter of opinion from the Plan
Actuary that the amendment has no actuarial impact; and
(b) The amendment has been sent to the State of Florida Division of Retirement.
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PASSED, FIRST READING this 25**"day of Sve )2012.
PASSED, SECOND READING this /()— day of A?., )2012.
ATTEST:
PETER M. J.
CITY CLERK
BETH TA
MAYOR
ARDSON,CRM,CMC
I HEREBY CERTIFY THAT I HAVE
APPROVED THIS ORDINANCE
AS TO FORM
SAI1yfUEL S. GOF1'EN
CITY ATTORNEY
Temp. Ord. 2264
September 6, 2012
Page 4 of 4
RECORD OF COMMISSION VOTE:
1sT READING
MAYOR TALABISCO V)6a-o--'
DIST 1: COMM. BUSHN L
DIST 2: COMM. GOMEZ
DIST 3: V/M GLASSER
DIST 4: COMM. DRESSL
RECORD OF COMMISSION VOTE:
2ND READING
MAYOR TALABISCO
DIST 1: COMM. BUSHNE[LtJt-,,s4-o
DIST 2: COMM. GOMEZ b,-�,o
DIST 3: V/M GLASSER
DIST 4: COMM. DRESSL R�
CODING: Words in s#�e�gi h type are deletions from existing law;
Words in underscore type are additions