Staff recommends approval of an ordinance amending Section 1.1 with Amendment Six of the City of Leesburg Municipal Firemen's Retirement Plan.
Amendment Six amends the following definitions:
(6) Average Monthly Compensation:
Amends the Participant’s average monthly rate of Basic Compensation from the City from the three successive to the three highest calendar years out of five (5) calendar years prior to retirement, termination or death which give the highest average monthly rate of Basic Compensation for the Participant.
Amends the definition of an employee to allow the Fire Chief to make an irrevocable election to opt out of the Firemen’s Retirement Plan.
Amends the definition of firefighter to allow the Fire Chief to make an irrevocable election to opt out of the Firemen’s Retirement Plan.
1. Staff recommends approval of an ordinance amending Section 1.1 with Amendment Six of the City of Leesburg Municipal Firemen's Retirement Plan; Or
2. Such alternative action as the Commission may deem appropriate
The attached letter, dated June 3, 2010, from the Firemen’s plan actuary, Foster & Foster, states that amending the definition of average monthly compensation will have no impact on the assumptions used in determining the funding requirements of the program. In addition, allowing the Fire Chief to opt out will have a positive impact on the plan by reducing the plan liability and pension carrying costs associated with the Fire Chief position.
Prepared by: __Jerry Boop________
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head __JB____
Finance Dept. ___JB _____________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
ORDINANCE NO. 10-______
AN ORDINANCE OF THE CITY OF LEESBURG, FLORIDA, AMENDING THE CITY OF LEESBURG MUNICIPAL FIREMEN'S RETIREMENT PLAN BY AMENDING SECTION 1.1, "DEFINITIONS", SPECIFICALLY “AVERAGE MONTHLY COMPENSATION”, “EMPLOYEE” AND “FIREFIGHTER”; PROVIDING THAT INVALIDITY OF ANY PORTION HEREOF SHALL NOT AFFECT THE REMAINING PORTIONS OF THIS ORDINANCE; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR A RETROACTIVE EFFECTIVE DATE.
WHEREAS, Section 175.032 (8) (a), Florida Statutes, provides that any municipal firefighters retirement plan may provide that the Fire Chief has an option to participate, or not participate, in the plan for municipal firefighters;
WHEREAS, the City Commission of the City of Leesburg has the power by virtue of Section 3.5 of said amended and restated Retirement Plan to amend the City of Leesburg Municipal Firemen's Retirement Plan;
WHEREAS, the Retirement Committee of the City of Leesburg Municipal Firemen's Retirement Plan, in consultation with the Retirement Committee's attorney has recommended the amendment of the Plan as set forth in attached Amendment Six; and
WHEREAS, the Leesburg City Commission has considered the changes set forth in the attached Amendment Six, and desires to hereby adopt and establish same in force and effect in the City of Leesburg, Florida;
NOW, THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:
The City of Leesburg Municipal Firemen's Retirement Plan as amended and restated, effective April 1, 2000, as further amended effective October 1, 2003, as further amended effective January 28, 2008, as further amended effective October 1, 2008, as further amended effective October 1, 2009, is hereby amended as set forth in the attached Amendment Six which is attached to this Ordinance and by reference incorporated herein and made a part hereof, and said Amendment Six is hereby approved and adopted.
The provisions of said Amendment Six to the City of Leesburg Municipal Firemen's Retirement Plan, shall be effective retroactive to January 1, 2010.
The Mayor and City Clerk of the City of Leesburg are hereby authorized and directed to execute said Amendment Six attached to this Ordinance for and on behalf of the City of Leesburg.
The provisions of this Ordinance are severable and if any section, sentence, clause, or phrase hereof is for any reason held to be unconstitutional, invalid or ineffective, such holding shall not affect the validity of the remaining portions of this Ordinance, it being expressly declared to be the City Commission's intent that it would have passed the valid portions of this Ordinance without the inclusion therein of any invalid portion or portions.
All ordinances or parts of ordinances which are in conflict with this Ordinance are hereby repealed.
This Ordinance shall become effective upon its passage and adoption according to law.
PASSED ON THE SECOND READING AND ADOPTED at the regular meeting of the City Commission of the City of Leesburg, Florida held on this ____ day of _________________, 2010.
THE CITY OF LEESBURG, FLORIDA