Ordinance 13-2019 ORDINANCE NO. 13 -2019
AN ORDINANCE OF THE CITY OF LONGWOOD,
FURTHER AMENDING THE CITY OF LONGWOOD
POLICE OFFICERS' AND FIREFIGHTERS' PENSION
TRUST FUND, ADOPTED BY ORDINANCE NO. 11 -1980,
AS SUBSEQENTLY AMENDED; AMENDING SECTION 1,
DEFINITIONS; PROVIDING FOR CODIFICATION;
PROVIDING FOR SEVERABILITY OF PROVISIONS;
REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LONGWOOD,
FLORIDA;
SECTION 1 : That Ordinance 11 -1980 adopting the City of Longwood Police Officers'
and Firefighters' Pension Trust fund, as subsequently amended, is hereby further amended by
amending Section 1, Definitions, to amend the definition of "Actuarial Equivalent ", to read as
follows:
Actuarial Equivalent means , based upen the RP 2000
Gembined Healthy Me#ality Table and aa interest mte ef seven and ene half pereefft (?.59 per-
Beafd using assumptiens adepted by the Beafd with the a&iee efthe plan's aefwwy-, SUM that
a benefit of equivalent current value to
the benefit that would otherwise have been provided to the Member. Actuarial equivalence will
bg based on an interest rate of seven and one -half percent 7.5% and the mortalfty table will be
O fft%nisex mortality table that is promulgated ted by the Internal Revenue Commissioner from time
to time for purposes of determining lump sum values pursuant to Code section 417(e)(3).
SECTION 2 : Specific authority is hereby granted to codify and incorporate this
Ordinance in the existing Code of Ordinances of the City of Longwood.
SECTION 3 : Repeal of Prior Inconsistent Ordinances and Resolutions. All Ordinances or
parts of Ordinances in conflict herewith be and the same are hereby repealed.
SECTION 4 : Severability. If any section, subsection, sentence, clause, phrase of this
ordinance, or the particulgr applicatiori'thereof shall be held invalid by any court, administrative
agency, or other body witha�opriAte jurisdiction, the remaining section, subsection, sentences,
clauses, or phrases under application shall not be affected thereby.
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SECTION S : Effective Date. That this Ordinance shall become effective retroactively to
October 1, 2013.
FIRST READING
SECOND READING 0 '3
PASSED AND ADOPTED THIS -� DAY 20 13 .
ATTEST: CITY OF LONGWOOD, FLORIDA
Midhelre Bh AcrdvfC% Clerk Brian D. Sackett, Ma2
Approved as to form and legality for the use and reliance
of the City of Longwood, Florida, only:
Dan L 'ley, Cit o ey
dm/1ongwoo d/pf/ 11- 22- 13.ord
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