90-R-4RESOLUTION NO. 90-R-4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDGE -
WATER, FLORIDA, AUTHORIZING THE AMENDMENT OF THE CITY
OF EDGEWATER GENERAL EMPLOYEES' PENSION PLAN BY
INCLUDING A DESIGNATED BENEFICIARY FOR THE DEATH
BENEFIT ON DATE OF DEATH AND PROVIDING FOR THE PAYMENT
OF A LUMP SUM DEATH BENEFIT EQUAL TO THE PRESENT VALUE
OF THE PARTICIPANTS ACCRUED BENEFIT ON DATE OF DEATH;
THE 20 YEAR FUNDING COST WILL BE $4192.00; REPEALING
ALL RESOLUTIONS IN CONFLICT HEREWITH AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the General Employees' Pension Board of the City
of Edgewater, Florida, made a recommendation to amend the Pension
Plan to include a designated beneficiary for the death benefit,
and
WHEREAS, the General Employees' Pension Board of the City
of Edgewater, Florida, made a recommendation to amend the Pension
Plan to provide for the payment of a lump sum death benefit equal
to the present value of the participants accrued benefit on date
of death, and
WHEREAS, it has been determined by an Actuarial Review
prepared by Principal Mutual Life Insurance Company that the twen-
ty year funding cost will be $4192.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA:
SECTION 1. That the General Employees' Pension Plan of
the City of Edgewater, Florida, is hereby amended to include a
designated beneficiary for the death benefit.
SECTION 2. That the General Employees' Pension Plan of
the City of Edgewater, Florida, is hereby amended to provide for
the payment of a lump sum death benefit equal to the present
value of the participants accrued benefit on date of death.
SECTION 3. That the twenty year funding cost will be
$4192.00.
SECTION 4. That all resolutions or parts of resolutions
in conflict herewith, be and the same are hereby repealed.
SECTION 5. That this resolution shall take effect immedi-
ately upon its adoption by the City Council of the City of Edge-
water, Florida, and approval as provided by law.
This Resolution was introduced and sponsored by Councilman
Gold , and was read and passed by a vote of the City Coun-
cil of the City of Edgewater, Florida, at a
Regular meet-
ing of said Council
held on
the
10
day of Janaury ,
1990, and approved as
provided
by
law.
ROLL CALL VOTE ASG F�O�L�L,OWSS ///�/
990.
I