4339 FF Retirement System amdmtOrdinance No. 2015 -4339
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 -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 111, 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):
(b) All monies paid into or held in the fund shall be invested and reinvested by
the board and the investment of all or any part of such funds shall be limited
subject to the following:
4. Bond issued ed by the State of 1srnnl
For the purposes of this Ordinance, underlined type shall constitute additions to the original text, * * * shall constitute ellipses to the
original text and stfikethFough shall constitute deletions to the original text.
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7-3. In addition, the board may, upon recommendation by the board's
investment consultant, make investments in group trusts meeting the
requirements of Internal Revenue Service Revenue Ruling 81-100
and Revenue Ruling 2011-1 or successor rulings or guidance of
similar import, and operated or maintained exclusively for the
commingling and collective investment of monies, provided that the
funds in the group trust consist exclusively of trust assets held under
plans qualified under section 401(a) of the code, individual
retirement accounts that are exempt under section 408(e) of the
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For the purposes of this Ordinance, underlined type shall constitute additions to the original text, shall constitute ellipses to the
original text and StFikethMUgh shall constitute deletions to the original text.
code, eligible governmental plans that meet the requirements of
section 457(b) of the code, and governmental plans under
401(a)(24) of the code. For this purpose, a trust includes a
custodial account that is treated as a trust under section 401(f) or
under section 457(g)(3) of the code. 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 3. 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 4. 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 6. Codification. Except for Sections 2, 3, and 4, 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 7. Effective Date. This Ordinance shall become effective immediately
upon enactment by the City Commission.
Passed and adopted this 8th day of June, 2015.
Attest.
Cynthia Porter, City Clerk
Approved as to form and legal
Cmzr-
dm/san/fir/02-19-15.ord AC4
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City Commission
Sanford, Florida
of the
City
of
For the purposes of this Ordinance, underlined type shall constitute additions to the original text, shall constitute ellipses to the
original text and st9kethFeugh shall constitute deletions to the original text.
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Item No. r7, jq
CITY COMMISSION MEMORANDUM 15-087
.JUNE 8,20 15 AGENDA
TO: Honorable Mayor and Members of the City Commission
PREPARED BY: Cynthia Porter, City Clerk
SUBMITTED BY: Norton N. Bonaparte, Jr., City Manager
SUBJECT: Adoption of City of Sanford Firefighters' Retirement System Ordinance
STRATEGIC PRIORITIES:
❑ Unify Downtown & the Waterfront
❑ Promote the City's Distinct Culture
❑ Update Regulatory Framework
❑ Redevelop and Revitalize Disadvantaged Communities
SYNOPSIS:
An Ordinance amending the City Code regarding the Firefighters' Retirement System to allow the
Board of Trustees to broaden the permissible investment restrictions is being presented for second
reading and adoption.
F'ISCALISTAFFING STATEMENT:
The Firefighter Pension Board's actuary, Foster & Foster Inc., advised there is no financial impact
associated with the adoption of this ordinance.
BACKGROUND:
The Firefighters' Retirement System Board of Trustees, following discussion with their investment
professionals, is recommending an amendment to City Code Section 66 -34, Finances and Fund
Management, to allow the Board to invest in all types of investments permissible under Chapter
185, Florida Statutes. This change has been recommended by the Board's investment
professionals to allow more flexibility in the investment allocation in order I to increase the
investment return and still minimize risk.
Ordinance No. 2015 -4339 passed on first reading by the City Commission on May 11, 2015.
The City Clerk published notice of the public hearing in the Sanford Herald on May 10, 2015.
LEGAL REVIEW:
The Ordinance has been prepared by the Firefighters' Pension Board attorney, Scott R.
Christiansen and the City Attorney has reviewed the ordinance.
. FOSTER & FOSTER
ACTUARIES AND CONSULTANTS /
April 21, 2015
Ms. Susy Pita
Sanford Firefighters' Retirement System
21629 Stirling Pass
Leesburg, FL 34748
Re: City of Sanford Firefighters' Retirement System
Dear Susy:
In response to Scott Christiansen's request dated March 31, 2015, we have reviewed the
proposed Ordinance (identified on page 4 as dm/san/fir /02- 19- 15.ord) amending the "Finances
and Fund Management" section of the Plan. We have determined that its adoption will have no
impact on the assumptions used in determining the funding requirements to the program.
Because the changes do not result in a change in the valuation results, it is our opinion that a
formal Actuarial Impact Statement is not required in support of its adoption. However, since the
Division of Retirement must be aware of the current provisions of all public pension programs, it
is recommended that you send a copy of this letter and a copy of the fully executed Ordinance to
each of the following offices:
Mr. Keith Brinkman Ms. Sarah Carr
Bureau of Local Retirement Systems Municipal Police and Fire
Division of Retirement Pension Trust Funds
P.O. Box 9000 Division of Retirement
Tallahassee, FL 32315 -9000 P.O. Box 3010
Tallahassee, FL 32315 -3010
If you have any questions, please let me know.
Sincerely,
Patrick T. Donlan, ASA, EA, MAAA
cc: Scott R. Christiansen, Board Attorney
13420 Parker Commons Btvd., Suite 104 Fort Myers, FL 33912 • (239) 433 -5500 - Fax (239) 481 -0634 - www.foster- foster.com