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OFZDZNANCE 95-848 <br />"AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF CASSELBERRY, FLORIDA, ENACTING INTO <br />LAW THE CITY OF CASSELBERRY GENERAL EMPLOYEES' <br />PENSION PLAN TO COVER ALL FULL-TIME GENERAL <br />EMPLOYEES WHO ARE HIRED BY THE CITY OF CASSEL- <br />BERRY ON OR AFTER JANUARY 1, 1996; PROVIDING A <br />SAVINGS CLAUSE; PROVIDING DEFINITIONS, BENE- <br />FITS AND ELIGIBILITY; PROVIDING FOR ADMINIS- <br />TRATION, FINANCES AND FUND MANAGEMENT; REPEAL- <br />ING ALL ORDINANCES IN CONFLICT HEREWITH AND <br />AMENDING SECTION 62-431(b) OF THE CODE OF <br />ORDINANCES; PROVIDING FOR CODIFICATION AS <br />ARTICLE XVII OF CHAPTER 62 OF THE CODE OF <br />ORDINANCES; AND PROVIDING FOR AN EFFECTIVE <br />DATE." <br />WHEREAS: The City Commission of the City of Casselberry, <br />Florida desires to opt out of the Florida Retirement System, and <br />WHEREAS: The City Commission of the City of Casselberry, <br />Florida desires to provide all new General Employees who are <br />hired after December 31, 1995, with benefits which are identical <br />to those provided to Regular Class members of the Florida Retire- <br />ment System, <br />NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE <br />CITY OF CASSELBERRY, FLORIDA, as follows: <br />That this Ordinance be adopted to read as follows: <br />SECTION 1. DEFINITIONS. <br />As used herein, unless otherwise defined or required by the <br />context, the following words and phrases shall have the meaning <br />indicated: <br />1. Actuarial Equivalence - means a form of benefit <br />differing in time, period, or manner of payment from a specific <br />benefit provided hereunder but having the same value when comput- <br />ed using the 1983 Group Annuity Mortality Table and eight percent <br />(8$) interest. <br />1 <br />