10-1334 Police & Fire Pension Plan Amendments

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ORDINANCE NO. 10-1334 AN ORDINANCE OF THE CITY OF CASSELBERRY, AMENDING CHAPTER 62, PENSIONS AND RETIREMENT, ARTICLE I, POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN, OF THE CODE OF ORDINANCES OF THE CITY OF CASSELBERRY; AMENDING SECTION 62-2001, DEFINITIONS; AMENDING SECTION 62-2004, FINANCES AND FUND MANAGEMENT; AMENDING SECTION 62-2005, CONTRIBUTIONS; AMENDING SECTION 62-2006, BENEFIT AMOUNTS AND ELIGIBILITY; AMENDING SECTION 62-2007, PRE-RETIREMENT DEATH; AMENDING SECTION 62-2008, DISABILITY; AMENDING SECTION 62-2010, OPTIONAL FORMS OF .BENEFITS; AMENDING SECTION 62-2015, MAXIMUM PENSION; AMENDING SECTION 62-2016, MINIMUM DISTRIBUTION OF BENEFITS; AMENDING SECTION MISCELLANEOUS PROVISIONS; AMENDING SECTION 62-2018, REPEAL OR TERMINATION OF SYSTEM; AMENDING SECTION 62-2019, RETIREE DIRECTED PAYMENTS, EXEMPTION FROM EXECUTION, NON-ASSIGNABILITY; AMENDING SECTION 62-2021, FORFEITURE OF PENSION; AMENDING SECTION 62-2024, DIRECT TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS; ELIMINATION OF MANDATORY DISTRIBUTIONS; AMENDING SECTION 62-2027, PRIOR POLICE OR FIRE SERVICE; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION 1: That Chapter 62, Pensions and Retirement, Article I, Police Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of Casselberry, is hereby amended by amending Section 62-2001, Definitions, amending the definitions of "Actuarial Equivalent'; "Credited Service'; "Firefighter" and "Salary', to read as follows: Actuarial Equivalent means a benefit or amount of equal value, "°°°~' ~ ~^^^ +"° determined on the basis of actuarial equivalency using assumptions adopted by the board such that benefit calculations are not subject to City discretion. *****