97-898 General Employees' Pension Plan Amendments

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CITY OF CASSELBERRY GENERAI. EMPLOYEES' PENSION PLAN SECTION 62-451. DEFINITIONS . 1. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Act means the Employee Retirement Income Security Act of 1974 (P.L. 93-406) and any regulations issued thereunder by the Department of Labor and the Internal. Revenue Service, as that Statute and these regulations shall be amended. Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity Mortality Table and an interest rate of eight (8 %) per annum. Average Final Compensation means one-twelfth (1/12) of the average Salary of the five (5) best years of the last ten (10) years of Credited Service prior to Retirement, termina- tion, or death, or the career average as a full-time General Employee, whichever is greater. A year shall be twelve (12) consecutive months. Beneficiary means the person or persons entitled to receive benefits hereunder at the death of a Member who has or have been designated in writing by the Member and filed with the Board. If no such designation is in effect, or if no person so designated is living, at the time of death of the Member, the Beneficiary shall be the estate of the Member. Board means the Board of Trustees, which shall administer and manage the System herein provided and serve as trustees of the Fund. Citv means City of Casselberry, Florida. Code means the Internal Revenue Code of 1986, as amended from time to time. Credited Service means the total number of years and fractional parts of years of service as a General Employee, omitting intervening years and fractional parts of years when such Member was not employed by the City as a General Employee. "Fractional parts of years" shall mean a fraction whose numerator is the number of completed days and whose denominator is 365. -1-