HomeMy WebLinkAbout3422 ORDINANCE NO. 3422
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
SANFORD, FLOR1DA, AMENDING ORDINANCE NO. 3279, SAID
ORDINANCE ENACTING THE CITY OF SANFORD GENERAL
EMPLOYEES PENSION PLAN, AMENDING SECTION 3(4)(A), "PRE-
RETIREMENT DEATH", TO PROVIDE FOR VESTING ONLY AFYER TEN
(10) YEARS OF CREDITED SERVICE; DELETING SECTION 7,
"ADMINISTRATION", AND CREATING A NEW SECTION 7
"ADMINISTRATION", TO PROVIDE THAT THE CITY COMMISSION
SHALL ACT AS THE PENSION BOARD AND THAT THE FINANCE
DIRECTOR SHALL ACT AS THE LIAISON; AMENDING SECTION
8(5)(A), "FINANCES AND FUND MANAGEMENT" TO ELIMINATE
REFERENCE TO THE CITY COMMISSION; AMENDING SECTION 9(6),
"MAXIMUM BENEFIT LIMITATIONS", TO CORRECT A SCRIVENER'S
ERROR; PROVIDING FOR SEVERABILITY, CONFLICTS AND AN
EFFECTIVE DATE.
WHEREAS~ the City Commission of the City of Sanford, Florida desires to amend
Ordinance No. 3279 to provide that the City Commission is the pension board for the general
employees pension plan.
NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF
SANFORD, FLORIDA:
SECTION 1: Section 3(4)(a) is hereby amended to read as follows:
in the event that a member dies following the completion often (10)
or more years of'credited service, the member's designated beneficiary
shall receive, at their discretion, an immediate or deferred annuity
which shall be computed based upon the assumption that the member
had retired on the date of death and had elected the 100% joint and
survivor annuity form of payment.
SECTION 2: Section 7 enCxtled "Administration" is hereby deleted in its entirety and a new
Section 7 is hereby created and shall read as follows:
1. The General Administration and responsibility for the proper operation of the
Pension Plan and for making effective the provisions of this Ordinance are
hereby vested in a Board of Trustees which shall be designated as the Plan
Administrator for the Plan. The Board shall consist of the five (5) member
City Commission.
2. If a vacancy occurs in the office of Trustee, the vacancy shall be filled for the
unexpired term in the same manner as the office was previously filled.
3. The Trustees shall serve without compensation, but they may be reimbursed
from the Fund for all official expenses which they may necessarily actually
expend through service on the Board.
4. Each Trustee shall, within ten (10) days after his or her appointment or
election, take an oath of office before the City Clerk of the City, that so far as
it devolves upon him or her they will diligently and honestly administer the
affairs of the said Board, and that he or she will not knowingly violate or
willingly permit to be violated any of the provisions of the law applicable to
the Pension Plan. Such oath shall be subscribed to by the Members making
it and shall be certified by the said Clerk and filed in the Office of the City
Clerk.
5. Each Trustee shall be entitled to one (1) vote on the Board. Three (3)
affirmative votes shall be necessary for a decision by the Trustees at any
meeting of the Board. The Chairman shall have the right to one (1) vote only.
Trustees may not cast proxy votes.
6. The Board of Trustees shall engage such actuarial, accounting, legal and other
services as shall be required to transact the business of the Pension Plan. The
compensation of all persons engaged by the Board of Trustees and all other
expenses of the Board necessary for the operation of the Pension Plan shall
be paid from the Fund at such rates and in such amounts as the Board of
Trustees shall agree. Funds may be distributed by a disbursing agent as
determined by the Board, but only upon written authorization by the Board
of Trustees.
7. For all acts and determinations of the Board the Secretary shall prepare
minutes.
8. The duties and responsibilities of the Board of Trustees shall include, but not
necessarily be limited to the following:
a. Construe the provisions of the Plan and determine all questions arising
thereunder.
b. Determine all questions relating to eligibility for benefits hereunder.
c. Determine and certify the amount of all retirement allowances or other
benefits hereunder.
Ordinance No. 3422
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d. Establish uniform rules and procedures to be followed for
administrative purposes, benefit applications and all matters required
to administer the Plan.
e. Distribute to the Members information concerning the Plan.
f. Receive and process all applications for participation and benefits.
g. Authorize all payments whatsoever from the Fund, and to notify the
disbursing agent, in writing, of approved benefit payments and other
expenditures arising through operation of the Plan and Fund.
h. Have actuarial studies and actuarial valuations performed, and make
recommendations regarding any and all changes in the provisions of
the Plan.
i. Make the final determination of a Member's eligibility for the
Disability Benefits provided herein.
j. Perform such other duties as are specified in this Ordinance.
9. The Board of Trustees shall furnish to the City Auditor and the City Finance
Director such required investment and actuarial information regarding the
Plan as shall be requested.
10. Any dependent special district participating in the Plan shall be governed by
the Board as defined herein.
11. The City Finance Director shall act as a liaison to the Board.
SECTION 3: Section 8(5)(a) is hereby amended to read as follows:
a. The Board of Trustees shall be vested with full legal title to said Fund,
provided that no amendment or Fund termination shall ever result in the use
of any assets of this Fund except for the payment of regular expenses and
benefits under this Plan. All contributions from time to time paid into the
Fund, and the income thereof, without distinction between principal and
income, shall be held and administered by the Board or its Agent in the Fund
and the Board shall not be required to segregate or invest separately any
portion of the Fund.
Ordinance No. 3422
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SECTION 4: Section 9(6) is hereby mended to read as follows:
6. Accrued Benefit as of Effective Date. Nothwithstanding the above
limitations, if any Member as of the effective date hereof, has an Accrued
Benefit as of that date that exceeds the above limitations, then such limitations
shall equal such Accrued Benefit. However, no cost of living adjustments as
provided in subsection 9 below shall be appficable to the amount of retirement
benefit so determined.
SECTION 5: SEVERABILITY. If any section or a portion of a section of this ordinance
proves to be invalid, unlawful or unconstitutional, it shall not be held to impair the validity, force or
effect of any other section or part of this ordinance.
SECTION 6: CONFLICTS. That all ordinances or parts of ordinances in conflict herewith
be and the same are hereby revoked.
SECTION 7: EFFECTIVE DATE. That this ordinance shall become effective immediately
upon its passage and adoption.
PASSED and ADOPTED this ~ ~ day of July, 1998.
ATTEST: CITY OF SANFORD, FLORIDA
R D _ Larry A. Dale, Mayor
7
~Ce, A~Z~, Acting Mayor
As the City Commission of the
City of Sanford, Florida
Ordinance No. 3422
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CERTIFICATE
I, Janet R. Dougherty, City Clerk of the City of Sanford, Florida, do hereby certify that a tree
and correct copy of the foregoing Ordinance No. 3422, PASSED and ADOPTED by the City
Commission of the City of Sanford, Florida, on thec-~"~ day of July, 1998, was POSTED at the
front door of the City Hall in the City of Sanford, Florida, on the' day of July, 1998.
Florida
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Ordinance No. 3422
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