11-034 1 ORDINANCE 11- D 3N
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3 AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA,
4 AMENDING ARTICLE II, OF CHAPTER 18 OF THE BOYNTON
5 BEACH CODE OF ORDINANCES, ENTITLED "EMPLOYEES'
6 PENSION PLAN;" AMENDING SECTION 18 -55 DEFINITIONS BY
7 AMENDING THE DEFINITION OF ACTUARIAL EQUIVALENT;
8' PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICT;
91 PROVIDING FOR SEVERABILITY; AND, PROVIDING FOR AN
10' ' EFFECTIVE DATE.
11 ' WHEREAS, the City Commission of the City of Boynton Beach approved Ordinance
12 ; ' 10 -028 providing for an amendment to the General Employees Pension Plan which amended
13 s the definition of "Actuarial Equivalence "; and
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14 ; WHEREAS, the definition as contained in Ordinance 10 -028 contained a scrivener's
15 ' ' error; and
16 ' WHEREAS, the purpose of this Ordinance is to correct that error; and
17 WHEREAS, the Trustees of the Plan recommend and the City Commission adopts the
18 foregoing revisions to the Plan to accomplish this objective.
19 ' NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
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20 ' ; THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
21 ' Section 1. The foregoing "WHEREAS" clauses are hereby certified as being true
22 ; ' and correct and are incorporated herein by this reference.
23 ; , Section 2. Section 18 -55 of Article II of Chapter 18 of the Boynton Beach Code of
24 ' Ordinances is hereby amended by changing the definition of "Actuarial Equivalent" as follows:
25 Sec. 18 -55. Definitions.
26 The following words and phrases, as used in this article, unless a
27 ! a different meaning is plainly required by the context, shall have the following
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1 meanings, and the same and similar terms when used in connection with any
2 civil service system or any other ordinance of the city shall not necessarily apply
3 to the members of the retirement system hereby created except when specifically
4 adopted:
5 * * *
6 Actuarial equivalent. A benefit of equal value or equal cost when
7 computed on the basis of such interest rates, mortality, and other actuarial tables
8 as are in effect under the plan. based upon the RP2000 Mortality table and a 7%
9 rate of interest. For Plan Years beginning after December 31, 2002 for purposes
10 of Code Section 415(b), the mortality table is the table used under Code Section
11 417(e) as prescribed by the Secretary of the Treasury in Rev. Rul. 2001 -62.
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14, Section 3. It is the intention of the City Commission of the City of Boynton Beach
15' that the provisions of this Ordinance shall become and be made a part of the Code of
16 Ordinances of the City of Boynton Beach, Florida. The Sections of this ordinance may be
17; renumbered, re- lettered and the word "Ordinance" may be changed to "Section," "Article" or
18 such other word or phrase in order to accomplish such intention.
19 , Section 4. All Ordinances or parts of Ordinances, Resolutions or parts of
20 ` Resolutions in conflict herewith be and the same are hereby repealed to the extent of such
21 conflict.
22' Section 5. If any clause, section, or other part or application of this Ordinance shall
23 be held by any court of competent jurisdiction to be unconstitutional or invalid, such
241 unconstitutional or invalid part or application shall be considered as eliminated and so not
25 effecting the validity of the remaining portions or applications remaining in full force and
261' effect.
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1 Section 6. Unless otherwise provided by the terms of the Ordinance, this Ordinance
2 shall become effective as provided for in the Ordinance when the following have occurred:
3 (a) The City Commission has received and has accepted a report establishing the
4 actuarial soundness of these amendments;
5■ (b) When a collective bargaining agreement ratifying the foregoing changes to
6; pension benefits has been ratified by the City Commission and the General
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7; Employees Union SEIU Florida Public Services Union, CTW, CLC (Blue
;
8 ' Collar) SEIU Florida Public Services Union, CTW, CLC (White Collar) or their
9 ' successor organization; and
10' (c) A copy of this Ordinance is transmitted to the State of Florida Division of
111 Retirement.
121 Upon satisfaction of all of the above requirements, then in that event, the terms and
131 provisions of this Ordinance shall become effective.
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1 FIRST READING and PASSAGE THIS (o DAY OF DeCcrrlb er , 2011.
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2 , SECOND and FINAL READING and PASSAGE THIS . DAY OF
3 JC* nuar- 11. , 2012.
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5 ;
6? ; CIT OF BOYNTON BEACH, FLORIDA
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91 ! Mayor 4 Jpse od 4
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12 Vice M yor — William Orlove
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15' ionar Woodrow L. H. y
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18' Commissioner 1 Steven Holzma
201 714 ,�
21 Commissioner — Marlene Ross
22, : ATTEST:
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25 ' Ja t M. Prainito, MMC
261 City Clerk
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