2067 ORDINANCE NO. 2067
AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA,
ENDING ORDINANCE NO. 1688 AS AMENDED BY
ORDINANCE 1850 PROVIDING FOR AN AMENDED
PENSION PLAN FOR POLICE OFFICERS TO INCREASE
BENEFIT RATES FROM 2.60% TO 2.75% AND TO
PROVIDE MINIMUM CITY CONTRIBUTIONS; PROVIDING
FOR SEVERABILITY, CONFLICTS AND EFFECTIVE
DATE.
NOW, THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY
OF SANFORD, FLORIDA:
SECTION 1: Section 3 of Ordinance No. 1850 is amended
to read as follows:
SECTION 3. The monthly retirement
benefit shall equal two and 75 tenths percent
(2.75%) of Average Monthly Earnings, for each
year of Credited Service."
SECTION 2: The amended retirement benefit rate is
retoractive to April 1, 1989.
SECTION 3: Section 5-3 of Ordinance No. 1688 is
amended to readas follows:
Section 5: CONTRIBUTIONS
3. q~ty Contributions
So long as this System is in effect, the
City shall make, on at least a quarterly
basis., contributions to the Fund in an amount
not less than the difference in each year
between the amounts contributed per paragraph
1.A. hereof plus State contributions for the
year, and the total cost for the year as
shown by the most recent annual actuarial
valuation of the System. The total cost for
any year shall be defined as the total Normal
Cost plus the additional amount sufficient to
amortize the Unfunded Accrued Past Service
Liability over not more than a thirty (30)
year period.
SECTION 4: If any section or portion of a section of
this ordinance proves to be invalid, unlawful or unconstitutional
it shallnot be held to impair the validity, force or effect of
any other section or part of this ordinance.
SECTION 5: That all ordinances or parts of ordinances
in conflict herewith be and the same are hereby revoked.
SECTION 6: That this ordinance shall become effective
immediately upon its passage and adoption.
A.D. 1989.
MAYOR ~ ~' ~
ATTE S T:
City of Sanford, Florida.
CERTIFICATE
I, Janet R. Donahoe, City Clerk of the City of Sanford,
Florida, do hereby certify that a true and correct copy of the
foregoing Ordinance No. 2067, PASSED AND ADOPTED by the City
Commission of the City of Sanford, Florida, on the 23rd day of
Dctober, 1989, was posted at the front door of the City Hall in the
City of Sanford, Florida, on the 24th day of October, 1989.
In witness whereof, I have hereunto set my hand and the
official seal of the City of Sanford, Florida, this 24th day of
Dctober, 1989.
As Clerk of the
City of Sanford, Florida.
Ordinance No. 2067