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3422 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 Page 2 of 5 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 Page 3 of 5 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 Page 4 of 5 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 f:~filesX98\sanford\ordsX3422-pemion:nah Ordinance No. 3422 Page 5 of 5