99-925 Termination of General Employees' Pension Plan

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1, ~ ORDINANCE NO. ; ~` ; ;, _ _ AN ORDINANCE OF THE CITY OF CASSELBERRY, TERMINATING THE CITY OF CASSELBERRY GF.NF.RAi. EMPLOYEES' PENSION PLAN; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Casselberr~ opted out of the Florida Retirement System and established the General Employees' Pension Plan pursuant to Ordinance 95-848 adopted November 13 , 1995 ; and WI~REAS, all new General Employees employed on or after January 1, 1996 became members of the General Employees' Pension Plan; and WHEREAS, the City of Casselberry subsequently established an additional Defined Contribution Plan and allowed members of the General Employees' Pension Plan to opt out of the Plan and elect to become members of the Defined Contribution Plan; and WI~REAS, all members of the General Employees' Pension Plan have opted out of the Plan and, therefore, there are currently no members of the General Employees' Pension Plan; and WI~REAS, the City Commission desires to terminate the General Employees' Pension Plan and to allocate and distribute the assets of the Plan; NOW 'THEREFORE, BE IT ORDAINED BY THE CITY CONEVIISSION OF THE CITY OF CASSELBERRY, FLORIDA; SECTION 1: Pursuant to Section 62-468 of the Code of Ordinances of the City of Casselberry, the City of Casselberry General Employees' Pension Plan is hereby terminated effective February 1, 1999. SECTION 2: The Board of Trustees of the City of Casselberry General Employees' Pension Plan is authorized and directed to continue to administer the System for the purpose of satisfying all outstanding obligations of the System, including expenses of terminating the Plan. Upon satisfaction of all obligations, the Board shall distribute to each former member of the Plan an amount equal to the value of his or her accrued benefit at the time the former member opted out of the Plan. Any remaining assets shall be returned to the Ciry of Casselberry.