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ORDINANCE NO. 28-82
AN ORDINANCE OF THE TOWN OF ORANGE PARK, CLAY COUNTY, FLORIDA, ENACTING INTO LAW AN
AMENDED AND RESTATED PENSION PLAN; PROVIDING FOR THE FUNDING OF BENEFITS THROUGH A
NEW TRUST FUND; PROVIDING FOR AN ORDERLY TRANSFER OF CHAPTER 185, FLORIDA STATUTE
MONIES TO THE NEW FUND; PROVIDING FOR AN INCREASED RETIREMENT BENEFIT RATE FROM 2%
TO 2½% PER YEAR OF CREDITED SERVICE; PROVIDING FOR IMPROVED DISABILITY BENEFITS; PROVIDING
FOR A TEN-YEAR CERTAIN AND LIFE ANNUITY NORMAL FORM OF BENEFIT; PROVIDING FOR A COST-OF-LIVING
BENEFIT FOR THOSE RETIREES WHO HAVE ATTAINED AGE 55; PROVIDING A SAVINGS CLAUSE; REPEALING
ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE HEREOF
WHEREAS, the police officers of the Town of Orange Park, Florida, are presently provided
pension and certain other benefits under the New York Life Insurance Company Contract
Number GA-893, and
WHEREAS, it is necessary to enact certain revisions to the plan in order to effect
the release of Chapter 185, Florida Statutes, monies, and
WHEREAS, the town council and the trustees of the police officers' retirement system
desire to combine the portion of the New York Life assets which are providing benefits
for police officers of the town with Chapter 185, Florida Statutes, monies and fund
all benefits through the use of a single trust fund, and
WHEREAS, it is intended by the adoption of this ordinance to repeal and supercede
[supersede] those portions of the pension plan for the employees of the Town of Orange
Park which pertain to police officers to the extent of any conflict herewith, and
no other portions of said pension plan, and
WHEREAS, the town council desires to provide certain increased retirement benefits
for the police officers of the Town,
NOW, THEREFORE, BE IT ENACTED BY THE TOWN OF ORANGE PARK, FLORIDA, AS FOLLOWS:
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