2068 ORDINANCE NO. 2068
AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA,
AMENDING ORDINANCE 1689 TO PROVIDE FOR AN
INCREASE IN THE MONTHLY RETIREMENT BENEFIT OF
THE FIREMEN'S RETIREMENT SYSTEM FROM 2% TO
2.1% FROM APRIL 1, 1989 TO OCTOBER 1, 1989
AND TO OBTAIN MINIMUM CONTRIBUTIONS;
PROVIDING FOR SEVERABILITY, CONFLICTS AND
EFFECTIVE DATE.
WHEREAS, it is the desire of the Sanford City
Commission to amend Section 3-2A and Section 5(3) of Ordinance
No. 1689.
NOW, THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY
OF SANFORD, FLORIDA:
SECTION 1: Section 3, Benefit Amounts and Eligibility,
Subsection 2, Retirement Benefits, A, Normal or Delayed, is
amended to read as follows:
Section 3: BENEFIT AMOUNTS AND ELIGIBILITY
T..'Retirement-Benefit
A. NormalorDelayed - a Member
retiring hereunder on or after his Normal
Retirement Date shall receive a monthly
benefit which shall commence on his
Retirement Date and be continued thereafter
during his lifetime, ceasing upon death. If,
after payment commences, the Member should
become deceased before one hundred twent
(120) monthly payments have been amde,
payment will then continue to the Beneficiary
until such one hundred twenty (120) payments
have been made in total, at which time
benefits shall cease. The monthly retirement
benefit shall equal two point one percent
(2.1%) of the Average Monthly Earnings, for
each year of Credited Service.
SECTION 2: The amended retirement benefit rate is
retroactive to the period from April 1, 1989 to October 1, 1989.
SECTION 3: Section 5, Contributions, subsection 3,
City Contributions is amended to read as follows:
Section 5: CONTIRBUTIONS
3. City-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 acturial
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.
SECTION5: That all ordinances or parts of ordinances
in conflict herewith, save and except Ordinance 2074, be and the
same are hereby revoked.
SECTION 6: That this ordinance shall become effective
immediately upon its passage and adoption.
A.D. 1989.
'
ATTEST:
City of Sanford, Florida.
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Ordinance No. 2068
CERTIFICA~TE
I~ Janet R~.Donahoe, City Clerk of the City of Sanford,
Florida, do hereby certify that a copy of' Ordinancel~2068~ PASSE
AND ADOPTED byI the City Commission' of the. City of Sanford',
Florida, on the~llth d~yof~ December, 1989, was POSTED. at the
front' door' ofthe City Hall in the City. of Sanford'~ Florida, on
the 12th day of Decembe~r, 1989~
IN WITNESSWHEREOF, I have hereunto set my hand and~ the
official seal ofthe. CityofSanford, Florida, thisl2thdayof
December, 1989.