HomeMy WebLinkAbout1996 03 25 Consent Item A
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COMMISSION AGENDA
ITEM A
REGULAR
CONSENT X
INFORMATIONAL
March 25. 1996
Meeting
MGR. 'j,./n IDEPT
Authorization
TITLE: General Services Department requesting the Commission to consider approval of
the Seventh Amendment to the City Pension Plan.
PURPOSE: The purpose of this Item is to have the Commission consider the merits of
approving the Seventh Amendment to the City Pension Plan providing for a time
certain for retirement payments to begin.
CONSIDERATIONS:
On February 27, 1996 the Board of Trustees of the City Retirement System
approved the Seventh Amendment to the Retirement plan providing employees
distribution of benefits upon non-death termination of employment.
The only change this amendment institutes is the addition of "after the relevant
valuation date" to Section 6.05.
The Fifth amendment added a second valuation date in March. This Seventh
Amendment includes language referring to the relevant valuation date
(either September or March).
The effect of this amendment is that payment of benefits will now begin within
sixty (60) days after the end of the plan year in September, or the March valuation
date in comparison to past provisions which did not specify a time certain for
payments to be initiated.
FUNDING:
The amendment does not result in appreciable financial impacts on the system and
does not require any additional funding considerations. The funds to finance this
benefit are already being contributed on behalf of the employees to the system.
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March 25, 1996
AGENDA ITEM NUMBER A
Page 2
RECOMMENDA TIONS:
It is recommended that the City Commission approve the Seventh Amendment to
the City Retirement System as recommended by the Board of Trustees.
ATTACHMENTS:
COMMISSION ACTION:
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WELLS, .ALLEN, LANG & MORRISON, R A.
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ATTORNEYS AT LAW
340 NORTH ORANGE AVENUE
ORLANDO. FLORIDA 32801-1611
POST OFFICE BOX 3628
ORLANDO. FLORIDA 32802-3628
TELEPHONE (407) 422-8250
FAX (407) 422-8262
March 4, 1996
Mr. Ron McLemore, City Manager
1126 East State Route 434
winter Springs, Florida 32708
Re: Seventh Amendment to Pension Plan
Dear Mr. McLemore:
Enclosed please find two (2) copies of the Seventh Amendment
to the Pension Plan, which amendment was passed at the February 27,
1996 Trustee's meeting. This Amendment has been revised pursuant
to the February 27, 1996 meeting. Could you please execute for the
City and forward to Art Hoffmann for execution? We then need to
provide executed copies to the Clerk, Commission and Mayor for
their information. We would also appreciate receiving an executed
copy of the Amendment for our records. Thank you for your
cooperation.
Very truly yours,
~~arns, Legal Assistant
to Thomas F. Lang, Esquire
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Enclosures