19-1509 Amending Chapter 62 Article 1 - Police Officers' & Firefighters' Pension Plan

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ORDINANCE 19-1509 AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AMENDING CHAPTER 62, PENSIONS AND RETIREMENT, ARTICLE 1, POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN OF THE CODE OF ORDINANCES OF THE CITY OF CASSELBERRY; AMENDING SECTION 62-2001, DEFINITIONS; AMENDING SECTION 62-2008, DISABILITY; AMENDING SECTION 62- 2017, MISCELLANEOUS PROVISIONS; AMENDING SECTION 62-2028, REEMPLOYMENT AFTER RETIREMENT; AMENDING SECTION 62-2030, SUPPLEMENTAL BENEFIT COMPONENT FOR SPECIAL BENEFITS; CHAPTER 175 AND 185 SHARE ACCOUNTS; AMENDING SECTION 62-2031, FIREFIGHTERS' DEFERRED RETIREMENT OPTION PLAN; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. WHEREAS, words with double underlined text shall constitute additions to the original text. NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS; SECTION I: That Chapter 62, Pensions and Retirement, Article XVIII, 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, to amend the definitions of "Actuarial Equivalent" and "Firefighter ", to read as follows: Actuarial Equivalent means a benefit or amount of equal value, based upon the RP2000 Combined Healthy Unisex Mortality Table with disabled lives set forward five (5) years and an interest rate equal to the investment return assumption set forth in the last actuarial valuation report approved by the board. This definition may only be amended by the City, pursuant to the recommendation of the Board, using assumptions adopted by the Board with the advice of the plan's actuary, such that actuarial assumptions are not subject to City discretion. Ordinance 19-1509 Page 1 of 9