1990-36 Amending Definition of Actuarial Equivalent PensionORDINANCE N0. 36-90
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
AMENDING THE DEFINITION FOR "ACTUARIAL EQUIVALENT" IN
SECTION 2-146 OF DIVISION 3 OF ARTICLE V, PENSIONS AND
RETIREMENT SYSTEMS OF CHAPTER 2 OF THE CODE OF ORDINANCES
OF THE VILLAGE; PROVIDING FOR THE REPEAL OF ALL ORDINANCES OR
PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND, PROVIDING FOR
AN EFFECTIVE DATE.
1
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALt4 BEACH
FLORIDA:
Section 1. The definition for "Actuarial Equivalent"
in Section 2-146 of Division 3 of Article V, Pensions and Retirement
Systems, of Chapter 2 of the Code of Ordinances of the Village
is hereby retitled and amended as follows:
"Actuarial Equivalence or Actuarially Equivalent means
that any benefit payable under the terms of this Plan
in a form other than the normal form of benefit shall
have the same actuarial present value on the date
payment commences as the normal form of benefit. For
purposes of establishing the actuarial present value
of any form of payment, other than a lump sum distribution,
all future payments shall be discounted for interest
and mortality by using 7% interest and the 1983 Group
Annuity Iortality Table for Males with ages set ahead
five years in the case of disability retirees. In the
case of a lump sum distribution, the actuarial present
value shall be determined on the basis of the same
mortality rates as just described and the Pension
Benefit Guaranty Corporation's interest rates for
terminating single employer plans which rates are in
' effect on the October 1st immediately preceding
the member's date of termination."
Section 2. All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed.
Section 3. This Ordinance shall take effect immediately
upon passage.
' PLACED ON FIRST READING THIS 11TH DAY OF OCTOBER 1990,
PLACED ON SECOND, FINAL READING AND PASSED THIS 25TH DAY OF
OCTOBER 1990.
Y R
(Village Seal)
ATTEST:
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VILLAGE LE
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