4279 Firefighters Retirement Amendment 2012Ordinance No. 4279
An Ordinance of the City of Sanford, Florida, Amending
Chapter 66, pensions and retirement, Article 111,
firefighters' retirement system of the Code of Ordinances
of the City of Sanford; amending Section 66 -71,
definitions; amending Section 66 -74, finances and fund
management; providing for legislative findings and intent;
providing for conflicts; providing for a savings provision;
providing for codification; providing for severability and
providing for an effective date.
Be it Enacted by the People of the City of Sanford, Florida:
Section 1. Legislative findings and intent.
(a). The City Commission of the City of Sanford hereby adopts and incorporates
into this Ordinance the City staff report and City Commission agenda memorandum
relating to this ordinance.
(b). The City of Sanford has complied with all requirements and procedures of
Florida law in processing and advertising this Ordinance.
Section 2. Firefighters* Retirement System. Chapter 66, Article III, Code of
Ordinances of the City of Sanford, is hereby amended to read as follows by amending
Section 66 -71, Definitions, to amend the definition of .Actuarial equivalent.:
Actuarial equivalent means a benefit or amount of equal value, based upon the
RP 2000 Combined Healthy Mortality Table and an interest rate of
eight (8) percent per annum. This definition may only be amended by the city pursuant to
the recommendation of the board using the assumptions adopted by the board with the
advice of the pianos actuary, such that actuarial assumptions are not subject to city
discretion.
Section 3. Firefighters* Retirement System. Chapter 66, Article III, Code of
Ordinances of the City of Sanford, is hereby amended to read as follows by amending
Section 66 -74, Finances and Fund Management, subsection (6)(b)5., and adding
subsections (6)(b)6. and (6)(b)7:
For the purposes of this Ordinance, underlined type shall constitute additions to the original
text, * * * shall constitute ellipses to the original text and S trike +h ,,,h shall constitute
deletions to the original text.
(6)(b) 5. Stocks, commingled funds admini6teFed by Ra t i 9R ^ vr,r.; 9F state banks,
mutual funds or other investment vehicles approved by the board and
bonds, or evidences of indebtedness, provided that:
a. Except as provided for in paragraph b. below, a ll individually
held securities and all securities in a commingled or mutual
fund or other investment vehicle approved by the board must
be issued or guaranteed by a corporation organized under the
laws of the United States, any state or organized territory of the
United States, or the District of Columbia.
b. Up to twenty -five percent of the assets of the fund at market
value may be invested in foreign securities.
G The heard shall _RGt invest mere than five nerneRt of its assets
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The aggregate investment
in any one issuing company shall not exceed five percent of
the outstanding capital stock of that company; nor shall the
aggregate of its investments in common stock, capital stock
and convertible securities at cost exceed 65 percent of the
assets of the fund.
6. Real estate investments in an amount not to exceed fifteen percent
(15 %) of the assets of the fund. The Board may invest in real estate
directly or through an investment vehicle approved by the Board.
For the purposes of this Ordinance, underlined type shall constitute additions to the original
text, * * * shall constitute ellipses to the original text and str+kethmugh shall constitute
deletions to the original text.
7. In addition, the board may, upon recommendation by the boardws
investment consultant, make investments in group trusts meeting the
requirements of Internal Revenue Service Revenue Ruling 81 -100 or
successor rulings or guidance of similar import, and while any portion
of the assets of the fund are invested in such a group trust, such
group trust is itself adopted as a part of the system or plan.
Section 4. Savings. The prior actions of the City of Sanford relating to the
administration of the firefighters* retirement system and related matter are hereby ratified
and affirmed.
Section 5. Conflicts. All Ordinances or parts of Ordinances in conflict with this
Ordinance are hereby repealed.
Section 6. Severability. If any section, sentence, phrase, word, or portion of this
ordinance is determined to be invalid, unlawful or unconstitutional, said determination shall
not be held to invalidate or impair the validity, force or effect of any other section, sentence,
phrase, word, or portion of this Ordinance not otherwise determined to be invalid, unlawful,
or unconstitutional.
Section 7. Codification. Except for Sections 2 and 3, the provisions of this
Ordinance shall not become and be made a part of the Code of Ordinances of the City of
Sanford, Florida.
Section 8. Effective Date. This Ordinance shall become effective immediately
upon enactment by the City Commission.
Passed and Adopted this 12 day of November, 2012.
For the purposes of this Ordinance, underlined type shall constitute additions to the original
text, * * * shall constitute ellipses to the original text and Str+lethFeUg# shall constitute
deletions to the original text.
Attest: City Commission of the Iclity of Sanford,
Florida
rip
Approved as to form and legal sufficiency:
onnie W Gro t, Assistant City Attorney
dm /san /fir /08- 27- 12 -ord
For the purposes of this Ordinance, underlined type shall constitute additions to the original
text, * * * shall constitute ellipses to the original text and etFikethFeeo shall constitute
deletions to the original text.