Resolution 93-733REpNERTING THE
ENACT CATION
W RETIREMENTM 6Y6TEM PA
WHEREAS, the Florida Legislature in 19]o adoptetl legislation
which allowed municipali[ies to join the Florida Retirement System;
and
NHEAEA6, at the time of entry into the Floritla Retirement
System for all general employees of the City of Longwood, the
city's contributions were 4&; and
System non-contributory for Clty employees without the consent of
the City of Longwood; and
WHER EA6, the City of Longwood is required to contribute 16.994
of gross salary for all its general employees and 26.814 of gross
WHERE , said vncreases and benefits and contributions may
result in additional tax burdens on the citvzens of the City of
Longwooa; ana
WH6RE , he City may provide benefits that are actuarially
equivalent to the Florida Retirement System at less cost; and
WHERE , any City employees are forced to forfeit the entvre
city's contribwtions to ine Floriaa aetirement system without
vesting in such system; and
wxERE , much of the City contributions are now being
allocated to pay for actuarial aef ici[s ana unfunded liability
created prior to the City of Longwoood's enrollment in the Florida
Retirement System; and
WHEREAS, the State s own independent actuar i.al valuations
indicated that allowing municipalities to withdeaw feom the system
for all. future enpl o'. s would result in an ins i9nii icant effect on
hereby uzged Yo enact 1 ~~1 ~ veould allow the Ca'Ly oc
Lonyisood to have e one (1) yE i to wrtndrav from the F-bride
Retirement Systerv For all fut. mployecs.
s-cT2oN 2. Shis Ro.o aon sTall baoome effective
immc+fi iately upon ics a~opt.i on.
~- f n.-on o° r
n~OBTflD a_ a meeting o the city Commi.,.,~ the City o_.
S,ong~aood, el.ori,aa this .,~ aay ~2~ 4~, 1993.