Agenda Item 7C - Ordinance 58-14-39CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Retirement Ordinance No. 58-14-39
AN ORDINANCE OF THE CITY OF ATLANTIC BEACH,
AMENDING CHAPTER 2, ADMINISTRATION, ARTICLE VI,
EMPLOYEE BENEFITS, DlVLSION 4, POLICE OFFICERS'
RETIREMENT SYSTEM, OF THE CODE OF ORDINANCES OF
THE CITY OF ATLANTIC BEACH; AMENDING SECTION 2-
307, DJSABTLJTY; AMENDING SECTION 2-310.4, MAXIMUM
PENSION; PROVIDING FOR CODIFJCATION; PROVIDING
FOR SEVERABILITY OF PROVISIONS; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND PROVIDING
AN EFFECTIVE DATE.
SUBMITTED BY: Nelson VanLiere, C ity Manager
DATE: June 13,2014
AGENDA I TEM II 7<'
AUGUST II , 201 '1
BACKGROUND: At the May 15, 2014 Pension Board meeting of the Police
Officers ' Retirement System, the pension attorne y presented the proposed ordinance
referenced above that includes amendments to the cwTent ordinance to clarify language
regarding disability benefits and to comply with recent c hanges to the Internal Revenue Code
(IRC). These are mand a tory amendments to ensure the continuation of the plan's tax
qualified status. The Board approved presenting this ordinance to the City Commission and
requested an impact study be performed by the Board's actuary, Gabriel Roeder Smith (GRS)
to determine the cost of amending the ordinance.
As reported in the attached Actuarial Impact Statement, authorized by the Board at the June
12, 20 14 meeting to be signed by the P ension Admini s trator, these c hanges would have no
signi fi eant cos t impact to the plan benefits .
RECOMMENDATION: Approve Ordinance No. 58-14-39
ATTACHMENTS: Ordinance No. 58-14-39 and Actuarial Impact Statement .
REVIEWED BY CITY MANAGER: --71, ?'a...., ;2~
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ORDINANCE NO. 58-14-39
AN ORDINANCE OF THE CITY OF ATLANTIC BEACH,
AMENDING CHAPTER 2, ADMINISTRATION, ARTICLE
VI, EMPLOYEE BENEFITS, DIVISION 4, POLICE
OFFICERS' RETIREMENT SYSTEM, OF THE CODE OF
ORDINANCES OF THE CITY OF ATLANTIC BEACH;
AMENDING SECTION 2-307, DISABILITY; AMENDING
SECTION 2-310.4, MAXIMUM PENSION; PROVIDING
FOR CODIFICATION; PROVIDING FOR SEVERABILITY
OF PROVISIONS; REPEALING ALL ORDINANCES IN
CONFLICT HEREWITH AND PROVIDING AN
EFFECTIVE DATE.
AGENDA ITEM# 7C
AUGUST II, 2014
BE IT ENACTED BY THE CITY COMMISSION ON BEHALF OF THE PEOPLE OF
THE CITY OF ATLANTIC BEACH, FLORIDA;
SECTION 1: That Chapter 2, Administration, Article VI, Employee Benefits, Division
4, Police Officers' Retirement Plan, of the Code of Ordinances of the City of Atlantic Beach, is
hereby amended to amend Section 2-307, Disability, subsection (a), Disability benefits in-line of
duty, and subsection (c), Disability benefits not-in-line of duty, to read as follows:
* * * * *
(a) Disability benefits in-line of duty. Any member who shall become totally and
permanently disabled to the extent that he is unable, by reason of a medically determinable
physical or mental impairment, to render useful and efficient service as a Police Officer, which
disability was directly caused by the performance of his duty as a Police Officer, shall, upon
establishing the same to the satisfaction of the board, be entitled to a monthly pension equal to
three percent (3.0%) of his average fmal compensation multiplied by the total years of credited
service for members hired before January 1, 2013, and two percent (2.0%) of his average final
compensation multiplied by the total years of credited service for members hired on or after
January 1, 2013, but in any event the minimum amount paid to the member shall be forty-two
percent (42%) of the average final compensation of the member. Terminated persons, either
vested or non-vested, are not eligible for disability benefits, ~wept that those terminated by the
eity for medieal reasons may awly for a disability vlithin thirty (3 0) days after termination.
Notwithstanding the previous sentence, if a member is terminated by the City for medical reasons,
the terminated person may apply for a disability benefit if the application is filed with the board
within thirty (30) days from the date of termination. If a timely application is received, it shall be
processed and the terminated person shall be eligible to receive a disability benefit if the board
otherwise determines that he is totally and permanently disabled as provided for above.
* * * * *
(c) Disability benefits not-in-line of duty. Any member with eight and one third (8
1/3) years or more credited service who shall become totally and permanently disabled to the
extent that he is unable, by reason of a medically determinable physical or mental impairment, to
render useful and efficient service as a Police Officer, which disability is not directly caused by the
performance of his duties as a Police Officer shall, upon establishing the same to the satisfaction of
the board, be entitled to a monthly pension equal to three percent (3.0%) of his average final
compensation multiplied by the total years of credited service for members hired before January 1,
2013, and two percent (2.0%) of his average final compensation multiplied by the total years of
Ordinance No. 58-14-39
1
AGENDA ITEM# 7C
AUGUST 11, 2014
credited service for members hired on or after January 1, 2013, but in any event, the minimum
amount paid to the member shall be twenty-five percent (25%) of the average final compensation
of the member. Terminated persons, either vested or non-vested, are not eligible for disability
benefits, exeept that those terminated by the eity for medieal reasons may apply for a disability
within thirty (30) days after termination. Notwithstanding the previous sentence, if a member is
terminated by the City for medical reasons, the terminated person may apply for a disability
benefit if the application is filed with the board within thirty (30) days from the date of termination.
If a timely application is received, it shall be processed and the terminated person shall be eligible
to receive a disability benefit if the board otherwise determines that he is totally and permanently
disabled as provided for above.
* * * * *
SECTION 2: That Chapter 2, Administration, Article VI; Employee Benefits, Division
4, Police Officers' Retirement Plan, of the Code of Ordinances of the City of Atlantic Beach, is
hereby amended to amend Section 2-310.4, Maximum Pension, subsection to read
as follows:
Sec. 2-310.4. Maximum pension.
(a) Basic limitation. Notwithstanding any other provisions of this system to the
contrary, the member contributions paid to, and retirement benefits paid from, the system shall be
limited to such extent as may be necessary to conform to the requirements of IRC Section 415 for
a qualified retirement plan. Before January 1, 1995, a plan member may not receive an annual
benefit that exceeds the limits specified in IRC Section 415(b ), subject to the applicable
adjustments in that section. On and after January 1, 1995, a plan member may not receive an
annual benefit that exceeds the dollar amount specified in IRC Section 415(b)(l)(A) ($160,000),
subject to the applicable adjustments in IRC Section 415(b) and subject to any additional limits
that may be specified in this System. For purposes of this section, "limitation year" shall be the
calendar year.
For purposes of Code Section 415(b), the "annual benefit" means a benefit payable
annually in the form of a straight life annuity (with no ancillary benefits) without regard to the
benefit attributable to after-tax employee contributions (except pursuant to Code Section 415(n)
and to rollover contributions (as defined in Code Section 415(b)(2)(A)). The "benefit
attributable" shall be determined in accordance with Treasury Regulations.
(b) Acijustments to basic limitation for form of benefit. If the benefit under the plan is
other than the annual benefit described in subsection (a), then the benefit shall be adjusted so that it
is the equivalent of the annual benefit, using factors prescribed in Treasury Regulations. If the
form of the benefit without regard to any automatic benefit increase feature is not a straight life
annuity or a qualified joint and survivor annuity, then the preceding sentence is applied by either
reducing the Code Section 415(b) limit applicable at the annuity starting date or adjusting the form
of benefit to an actuarially equivalent amount (determined using the assumptions specified in
Treasury Regulation Section 1.415(b)-1(c)(2)(ii)) that takes into account the additional benefits
under the form of benefit as follows:
(1) For a benefit paid in a form to which section 417(e)(3) of the code does not apply
(generally, a monthly benefit), the actuarially equivalent straight life annuity
benefit that is the greater of:
Ordinance No. 58-14-39
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AGENDA ITEM# 7C
AUGUST II, 2014
a. The annual amount of the straight life annuity (if any) payable to the
member under the plan commencing at the same annuity starting date as the
form of benefit to the member, or
b. The annual amount of the straight life annuity commencing at the same
annuity starting date that has the same actuarial present value as the form of
benefit payable to the member, computed using a 5 percent interest
assumption (or the applicable statutory interest assumption) and (i) for
years prior to January 1, 2009, the applicable mortality tables described in
Treasury Regulation Section 1.417(e)-1(d)(2) (Revenue Ruling 2001-62 or
any subsequent Revenue Ruling modifying the applicable provisions of
Revenue Rulings 200 1-62), and (ii) for years after December 31, 2008, the
applicable mortality tables described in section 417(e)(3)(B) of the code
(Notice 2008-85 or any subsequent Internal Revenue Service guidance
implementing section 417(e)(3)(B) of the code); or
(2) For a benefit paid in a form to which section 417(e)(3) of the code applies
(generally, a lump sum benefit), the actuarially equivalent straight life annuity
benefit that is the greatest of:
a. The annual amount of the straight life annuity commencing at the annuity
starting date that has the same actuarial present value as the particular form
of benefit payable, computed using the interest rate and mortality table, or
tabular factor, specified in the plan for actuarial experience;
b. The annual amount of the straight life annuity commencing at the annuity
starting date that has the same actuarial present value as the particular form
ofbenefit payable, computed using a 5.5 percent interest assumption (or the
applicable statutory interest assumption) and (i) for years prior to January 1,
2009, the applicable mortality tables for the distribution under Treasury
Regulation Section 1.417( e )-1 ( d)(2) (the mortality table specified in
Revenue Ruling 2001-62 or any subsequent Revenue Ruling modifying the
applicable provisions of Revenue Ruling 200 1-62), and (ii) for years after
December 31, 2008, the applicable mortality tables described in section
417(e)(3)(B) of the code (Notice 2008-85 or any subsequent Internal
Revenue Service guidance implementing section 417(e)(3)(B) of the code);
or
c. The annual amount of the straight life annuity commencing at the annuity
starting date that has the same actuarial present value as the particular form
of benefit payable (computed using the applicable interest rate for the
distribution under Treasury Regulation Section 1.417(e)-1(d)(3) (the
30-year Treasury rate (prior to January 1, 2007, using the rate in effect for
the month prior to retirement, and on and after January 1, 2007, using the
rate in effect for the first day of the plan year with a one-year stabilization
period)) and (i) for years prior to January 1, 2009, the applicable mortality
tables for the distribution under Treasury Regulation Section
1.417( e )-1 ( d)(2) (the mortality table specified in Revenue Ruling 2001-62
or any subsequent Revenue Ruling modifying the applicable provisions of
Revenue Ruling 2001-62), and (ii) for years after December 31,2008, the
applicable mortality tables described in section 417(e)(3)(B) of the code
(Notice 2008-85 or any subsequent Internal Revenue Service guidance
implementing section 417( e )(3)(B) of the code), divided by 1.05.
Ordinance No. SB-14-39
3
AGENDA ITEM# 7C
AUGUST ll, 2014
ill The actuary may adjust the 415(b) limit at the annuity starting date in accordance
with subsections (1) and (2) above.
(c) Benefits not taken into account. For purposes of this Section, the following
benefits shall not be taken into account in applying these limits:
(1) Any ancillary benefit which is not directly related to retirement income benefits;
(2) Any other benefit not required under §415(b )(2) of the IRC and Regulations
thereunder to be taken into account for purposes of the limitation of IRC Section
415(b)(1); and
ill That portion of any joint and survivor annuity that constitutes a qualified joint and
survivor annuity.
(d) COLA effect. Effective on and after January 1, 2003, for purposes of applying the
limits under IRC Section 415(b) (the "Limit"), the following will apply:
(1) A member's applicable limit will be applied to the member's annual benefit in the
member's first ealendar limitation year of benefit payments without regard to any
automatic cost of living adjustments;
(2) thereafter, in any subsequent calendar limitation year, a member's annual benefit,
including any automatic cost of living increases, shall be tested under the then
applicable benefit limit including any adjustment to the IRC Section 415(b )(1 )(A)
dollar limit under IRC Section 415( d), and the regulations thereunder; but
(3) in no event shall a member's benefit payable under the system in any ealendar
limitation year be greater than the limit applicable at the annuity starting date, as
increased in subsequent years pursuant to IRC Section 415( d) and the regulations
thereunder.
Unless otherwise specified in the system, for purposes of applying the limits under IRC
Section 415(b ), a Member's applicable limit will be applied taking into consideration cost of living
increases as required by Section 415(b) of the IRC and applicable Treasury Regulations.
(e) Other adjustments in limitations.
( 1) In the event the member's retirement benefits become payable before age sixty-two
(62), the limit prescribed by this section shall be reduced in accordance with
regulations issued by the Secretary of the Treasury pursuant to the provisions of
IRC Section 415(b) of the IRC, so that such limit (as so reduced) equals an annual
straight life benefit (when such retirement income benefit begins) which is
equivalent to a one hundred sixty thousand dollar ($160,000) annual benefit
beginning at age sixty-two (62).
(2) In the event the member's benefit is based on at least fifteen (15) years of credited
service as a full-time employee of the police department of the City, the
adjustments provided for in ( e )(1) above shall not apply.
Ordinance No. 58-14-39
4
AGENDA ITEM# 7C
AUGUST 11, 2014
(3) The reductions provided for in ( e )(1) above shall not be applicable to disability
benefits pursuant to Sec. 2-307, or pre-retirement death benefits paid pursuant to
Sec. 2-306.
(4) In the event the member's retirement benefit becomes payable after age sixty-five
( 65), for purposes of determining whether this benefit meets the limit set forth in
subsection (a) herein, such benefit shall be adjusted so that it is actuarially
equivalent to the benefit beginning at age sixty-five (65). This adjustment shall be
made in accordance with regulations promulgated by the Secretary of the Treasury
or his delegate.
(f) Less than ten (1 0) years of participation or service. The maximum retirement
benefits payable under this section to any member who has completed less than ten (1 0) years of
eredited serviee participation with the City shall be the amount determined under subsection (a) of
this section multiplied by a fraction, the numerator of which is the number of the member's years of
eredited service participation and the denominator of which is ten (1 0). The reduction provided
by this subsection cannot reduce the maximum benefit below 10% of the limit determined without
regard to this subsection. The reduction provided for in this subsection shall not be applicable to
pre-retirement disability benefits paid pursuant to Sec. 2-307, or pre-retirement death benefits paid
pursuant to Sec. 2-306.
(g) Participation in other defined benefit plans. The limit of this section with respect
to any member who at any time has been a member in any other defined benefit plan as defined in
IRC Section 414G) maintained by the City shall apply as if the total benefits payable under all City
defmed benefit plans in which the member has been a member were payable from one plan.
(h) Ten thousand dollar ($10,000) limit; less than ten years of service.
Notwithstanding anything in this section 2-310.4, the retirement benefit payable with respect to a
member shall be deemed not to exceed the limit set forth in this subsection (h) of section 2-310.4 if
the benefits payable, with respect to such member under this system and under all other qualified
defined benefit pension plans to which the City contributes, do not exceed ten thousand dollars
($1 0,000) for the applicable pltm limitation year and for any prior pltm limitation year and the City
has not any time maintained a qualified defmed contribution plan in which the member
participated; provided, however, that if the member has completed less than ten (1 0) years of
credited service with the City, the limit under this subsection (h) of section 2-310.4 shall be a
reduced limit equal to ten thousand dollars ($10,000) multiplied by a fraction, the numerator of
which is the number of the member's years of credited service and the denominator of which is ten
(10).
(i) Reduction of benefits. Reduction of benefits and/or contributions to all plans,
where required, shall be accomplished by first reducing the member's benefit under any defmed
benefit plans in which member participated, such reduction to be made first with respect to the plan
in which member most recently accrued benefits and thereafter in such priority as shall be
determined by the board and the plan administrator of such other plans, and next, by reducing or
allocating excess forfeitures for defmed contribution plans in which the member participated, such
reduction to be made first with respect to the plan in which member most recently accrued benefits
and thereafter in such priority as shall be established by the board and the plan administrator for
such other plans provided, however, that necessary reductions may be made in a different manner
and priority pursuant to the agreement of the board and the plan administrator of all other plans
covering such member.
Ordinance No. 58-14-39
5
G) Service credit purchase limits.
AGENDA ITEM# 7C
AUGUST 11,2014
(1) Effective for permissive service credit contributions made in limitation years
beginning after December 31, 1997, if a member makes one or more contributions
to purchase permissive service credit under the system, as allowed in Sections
2-310.15 and 2-310.16, then the requirements of this section will be treated as met
only if:
a. the requirements ofiRC Section 415(b) are met, determined by treating the
accrued benefit derived from all such contributions as an annual benefit for
purposes of IRC Section 415(b ), or
b. the requirements of IRC Section 415( c) are met, determined by treating all
such contributions as annual additions for purposes of IRC Section 415( c).
&.-For purposes of applying subparagraph G)(l)a.-;, the System will not fail to meet the
reduced limit under IRC Section 415(b)(2)(C) solely by reason of this
subparagraph&.-, and for purposes of applying subparagraph G)(1)b. the System
will not fail to meet the percentage limitation under Section 415(c)(l)(B) of the
IRC solely by reason of this subparagraph e.
(2) For purposes of this subsection the term "permissive service credit" means service
credit-
a. recognized by the system for purposes of calculating a member's benefit
under the plan,
b. which such member has not received under the plan, and
c. which such member may receive only by making a voluntary additional
contribution, in an amount determined under the system, which does not
exceed the amount necessary to fund the benefit attributable to such service
credit.
Effective for permissive service credit contributions made in limitation years
beginning after December 31, 1997, such term may, if otherwise provided by the
system, include service credit for periods for which there is no performance of
service, and, notwithstanding clause G)(2)b., may include service credited in order
to provide an increased benefit for service credit which a member is receiving
under the system.
® Contribution Limits.
(~ 1) For purposes of applying the Code Section 415(c) limits in this subsection G).
which are incorporated by reference and for purposes of this subsection (k), only
and for no other purpose, the definition of compensation where applicable will be
compensation actually paid or made available during a ealendar limitation year,
except as noted below and as permitted by Treasury Regulations Section
1.415(c)-2, or successor regulations. Unless another definition of compensation
that is permitted by Treasury Regulations Section 1.415(c)-2, or successor
regulation, is specified by the system, compensation will be defined as wages
Ordinance No. 58-14-39
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AGENDA ITEM# 7C
AUGUST 11, 2014
within the meaning ofiRC Section 3401 (a) and all other payments of compensation
to an employee by an employer for which the employer is required to furnish the
employee a written statement under IRC Sections 6041(d), 6051(a)(3) and 6052
and will be determined without regard to any rules under IRC Section 3401(a) that
limit the remuneration included in wages based on the nature or location of the
employment or the services performed (such as the exception for agricultural labor
in IRC Section 3401(a)(2).
a. However, for ealendar limitation years beginning after December 31, 1997,
compensation will also include amounts that would otherwise be included
in compensation but for an election under IRC Sections 125(a), 402(e)(3),
402(h)(1)(B), 402(k), or 457(b). For ealendar limitation years beginning
after December 31, 2000, compensation will also include any elective
amounts that are not includible in the gross income of the employee by
reason ofiRC Section 132(f)(4).
b. For limitation years beginning on and after January 1, 2007, compensation
for the ealendar limitation year will also include compensation paid by the
later of 2Y:z months after an employee's severance from employment or the
end of the ealendar limitation year that includes the date of the employee's
severance from employment if:
1. the payment is regular compensation for services during the
employee's regular working hours, or compensation for services
outside the employee's regular working hours (such as overtime or
shift differential), commissions, bonuses or other similar payments,
and, absent a severance from employment, the payments would
have been paid to the employee while the employee continued in
employment with the employer; or
2. the payment is for unused accrued bona fide sick, vacation or other
leave that the employee would have been able to use if employment
had continued.
c. Back pay, within the meaning of Treasury Regulations
Section 1.415( c )-2(g)(8), shall be treated as compensation for the limitation
year to which the back pay relates to the extent the back pay represents
wages and compensation that would otherwise be included under this
definition.
( 4 2_) Notwithstanding any other provision oflaw to the contrary, the board may modify a
request by a member to make a contribution to the system if the amount of the
contribution would exceed the limits provided in IRC Section 415 by using the
following methods:
a. If the law requires a lump sum payment for the purchase of service credit,
the board may establish a periodic payment deduction plan for the member
to avoid a contribution in excess ofthe limits under IRC Sections 415(c) or
415(n).
b. If payment pursuant to subparagraph (j)(4)a. (k)(2)a. will not avoid a
contribution in excess of the limits imposed by IRC Section 415(c), the
board may either reduce the member's contribution to an amount within the
limits of that section or refuse the member's contribution.
( ~ J) If the annual additions for any member for a plaB limitation year exceed the
limitation under section 415( c) of the code, the excess annual addition will be
Ordinance No. 58-14-39
7
(kl)
contrary:
(1)
(2)
AGENDA ITEM# 7C
AUGUST 11, 2014
corrected as permitted under the Employee Plans Compliance Resolution System
(or similar IRS correction program).
For limitation years beginning on or after January 1, 2009, a member's
compensation for purposes of this subsection ffi ® shall not exceed the annual
limit under section 401(a)(17) of the code.
Additional/imitation on pension benefits. Notwithstanding anything herein to the
The normal retirement benefit or pension payable to a retiree who becomes a
member of the system and who has not previously participated in such system, on
or after January 1, 1980, shall not exceed one hundred percent (100%) of his
average fmal compensation. However, nothing contained in this section shall
apply to supplemental retirement benefits or to pension increases attributable to
cost-of-living increases or adjustments.
No member of the system shall be allowed to receive a retirement benefit or
pension which is in part or in whole based upon any service with respect to which
the member is already receiving, or will receive in the future, a retirement benefit or
pension from a different employer's retirement system or plan. This restriction
does not apply to social security benefits or federal benefits under Chapter 67, Title
10, U.S. Code.
SECTION 3: Specific authority is hereby granted to codify and incorporate this
Ordinance in the existing Code of Ordinances of the City of Atlantic Beach.
SECTION 4: All Ordinances or parts of Ordinances in conflict herewith be and the same
are hereby repealed.
SECTION 5: If any section, subsection, sentence, clause, phrase of this ordinance, or the
particular application thereof shall be held invalid by any court, administrative agency, or other
body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or
phrases under application shall not be affected thereby.
SECTION 6: That this Ordinance shall become effective upon its adoption.
PASSED ON FIRST READING, this 141h day of July 2014.
PASSED AND ADOPTED ON SECOND READING, this
______ ,, 2014.
ATTEST:
Donna L. Bartle, CMC
CITY CLERK
Approved as to form:
Rich Komando, Esquire
CITY ATTORNEY
Carolyn Woods
MAYOR
day of
dm/ab/pol/04-09-14.ord
Ordinance No. 58-14-39
8
GRS Gabriel Roeder Smith
June 4, 2014
Mr. Nelson Van Liere
Plan Administrator
City of Atlantic Beach
800 Seminole Road
Atlantic Beach, Florida 32233-5445
One East Broward Blvd.
Suite 505
Ft. Lauderdale, FL 33301·1804
RE: City of Atlantic Beach Police Officers' Retirement System
Actuarial Impact Statement
Dear Nelson:
AGENDA ITEM# 7C
AUGUST 11, 2014
954.527.1616 phone
954.525.0083 fax
www.gabrielroedcr.com
As requested by Scott Christiansen in his letter of April 16, 2014, please find enclosed an Actuarial
Impact Statement for the proposed ordinance (also enclosed). We have determined that the plan
provisions in the ordinance would have no significant cost effect to the plan benefits.
Please sign the Actuarial Impact Statement as the Plan Administrator and forward the original, and
one copy, along with a copy of the ordinance to the addresses below. Please file the Actuarial
Impact statement prior to the second reading.
Division of Retirement
Bureau of Local Retirement Systems
Post Office Box 9000
Tallahassee, Florida 32315-9000
Municipal Police Officers' and Firefighters'
Retirement Trust Funds
Post Office Box 3010
Tallahassee, Florida 32315-3010
If you should have any questions, please give us a call.
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SinZ-.e'lAY,(c 4/1
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PiotrKr&:a, ASA, MAAA
Senior Consultant & Actuary
Enclosure
cc: Mr. Scott R. Christiansen
AGEN DA ITEM fl 7C
AUGU ST II , 20 14
CITY 01" ATLANTIC BEA C H POJ .I C E OFFICE RS ' RETIREMENT SYSTEM
ACTUARIAL IMPAC T STAT EMENT
Attached pmposcd Ordinan ce in corporat es lan guag e necess ary to updnte th e P lttn with th e
technica l requireme nts of Int e rnal Reve nue Code and includ es mandatory amendm e nt s to
e nsure th e continuation or the Plan 's t ax quali li ed status. Th ere is no s ignificant meas urabl e
benefit cost effec t to the plan.
ACTUARY, Gabriel , Ro e der, Smith & ompan y
n y :v1,~i.
Dale: June 4, 2014
The above changes are in comp li anl!e with Par1 Vll , Chaprc r I 12, Florida St atutes, and Sec tion 14,
Arti c le X of th e State on stitution . T he Ac tu ary was pro vided til e infonna tion in t he proposed
am e ndment .
PE NSION BOARD COMMilTEE
.
By: ~ t/4-;;:?t4t'
Date: ~ 0-z..fiy
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