ORDINANCE 08-07

 

AN ORDINANCE OF THE TOWN OF INDIALANTIC, BREVARD COUNTY, FLORIDA, RELATING TO THE PENSION PLAN FOR POLICE OFFICERS AND FIREFIGHTERS; PROVIDING FOR NEW MORTALITY TABLE IN THE DEFINITION OF ACTUARIAL EQUIVALENCE; PROVIDING A SEVERABILITY/INTERPRETATION CLAUSE; PROVIDING FOR THE REPEAL OF CERTAIN INCONSISTENT ORDINANCES AND RESOLUTIONS; AND PROVIDING FOR AN EFFECTIVE DATE.

 

 

WHEREAS, the Town Code provides for a defined benefit pension plan for police officer and firefighter employees of the Town of Indialantic; and

 

WHEREAS, the Board of Trustees of the Pension Plan for Police Officers and Firefighters, based upon an experience study and recommendation of the Fund’s Actuary, has changed the mortality table for the Plan; and

 

WHEREAS, the Town Council desires to codify that change to the Pension Plan for Police Officers and Firefighters;

 

NOW, THEREFORE, BE IT ENACTED by the Town Council of the Town of Indialantic, Brevard County, Florida;

 

SECTION 1. That the definition of Actuarial Equivalence in Sec. 2-226 of the Indialantic Code of Ordinances is hereby amended as follows:

 

Sec. 2-226. Definitions.

 

As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated

* * *

Actuarial Equivalence means a form of benefit differing in time, period, or manner of payment from a specific benefit provided hereunder but having the same value when computed using RP 2000 UP 1984 Mortality Table and eight percent (8%) interest.

 

SECTION 2. Severability/Interpretation Clause

 

(a)     In the event that any term, provision, clause, sentence or section of this Ordinance shall be held by a court of competent jurisdiction to be partially or wholly unenforceable or invalid for any reason whatsoever, any such invalidity, illegality, or unenforceability shall not affect any of the other or remaining terms, provisions, clauses, sentences, or sections of this Ordinance, and this Ordinance shall be read and/or applied as if the invalid, illegal, or unenforceable term, provision, clause, sentence, or section did not exist.

(b)     In interpreting the provisions of this Ordinance, the following rules and symbols shall apply:

                     (1)          Words underlined are additions to existing text.

                     (2)         Words stricken through are deletions from existing text.

                     (3)                     Asterisks (* * *) indicate a deletion from the Ordinance of text existing in the Code of Ordinances. It is intended that the text in the Code of Ordinances denoted by the asterisks and not set forth in this Ordinance shall remain unchanged from the language existing prior to adoption of this Ordinance.

 

SECTION 3. Ordinances and Resolutions in Conflict. All ordinances or resolutions or parts thereof that may be determined to be in conflict herewith are hereby repealed. SECTION 4. Effective Date. This Ordinance shall become effective upon adoption.

 

 

 

 

 

PASSED by the Town Council of the Town of Indialantic on first reading the _____ day of ____________, 2008, and ADOPTED by the Town Council of the Town of Indialantic, Florida on final reading on the ___ day of ________________, 2008.

 

TOWN OF INDIALANTIC

 

 

                                                                                                    _________________________

Robert L. Cochran, Jr.

Mayor

 

ATTEST:             __________________________

Laura Eaton, CMC

Town Clerk