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CASSI',LBI;RRY CITY COMMISSION Minutes of Jnly 26, 2010 -Regular Meeting Page 8 of 14 9. PiT I,IC EA l~G~ A. Second Reading of Ordinance 10-1334 -Amendments to the Police Officers' & Firefis?hters' Pension Plan The City Clerk read Ordinance 10-1334 by title as follows: "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-RETHREMENT DEATH; AMENDING SECTION 62-2008, DISABILITY; AMENDING SECTION 62-2010, OPTIONAL FORMS OF BENEFITS; AMENDING SECTION 62-2015, MAXIMUM PENSION; AMENDING SECTION 62-2016, MINIlVIUM DISTRIBUTION OF BENEFITS; AMENDING SECTION MISCELLANEOUS PROVISIONS; AMENDING SECTION 62-2018, REPEAL OR TERMINATION OF SYSTEM; AMENDING SECTION 62-2019, RETHtEE DH2ECTED 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 FIl2E SERVICE; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTNE DATE." Notice of Public Hearing: The Notice of Public Hearing relative to Ordinance 10-1334 was published in the Orlando Sentinel on July 15, 2010. Staff Presentation: Mr. Randy Newlon, Finance Director, stated Ordinance 10-1334 provides for amendments to the Police Officers' & Firefighters' Pension Plan which reflect changes to the Internal Revenue Code and Florida Statutes. None of the proposed changes enhance plan benefits. Ordinance 10-1334 was recommended for approve by the Pension Board at their May 18, 2010 meeting. The City Commission approved Ordinance 10-1334 on first reading on June 28, 2010. Budget Impact: This item does not impact the City's Budget. Recommendation: The City Manager and the Finance Director recommended approval and adoption of Ordinance 10-1334. Public Hearing: The following individual came forward to address Ordinance 10-1334: 1) Mr. John Casselberry, 700 South Lost Lake Lane, voiced concerns the conflicts and severability language utilized in Ordinance 10-1334. No one else came forward. Mayor Glancy closed the public hearing relative to Ordinance 10-1334.