AN ORDINANCE
NO. An ordinance amending the Columbus, Georgia Pension Plan for General Government Employees, and the Columbus, Georgia Pension Plan for Employees of the Department of Public Safety to clarify the definition of “Actuarial (or Actuarially) Equivalent” to address the erroneous application of the tables in the determination of the different forms of Pension payments prior to May 1, 2019.
THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:

SECTION 1.

Section 2.04 of the Columbus, Georgia Pension Plan for General Government Employees is hereby stricken and replaced by a new Section 2.04 to read as follows:

“2.04 Actuarial (or Actuarially) Equivalent: Equality in the value of the aggregate amount expected to be received under different forms of Pension payment, based on the unisex mortality table promulgated by the Secretary of the Treasury for purposes of calculating lump sum distributions pursuant to IRC Section 417 (c)(3), with interest at seven percent (7%) per annum. For all forms of payment for early retirees commencing prior to May 1, 2019, the tables are applied as though the Member was age 65 at the time payments began, regardless of the Member’s actual age. For optional forms of payment commencing on or after May 1, 2019, the tables shall be correctly applied based on the Member’s actual age at the commencement of benefit payments.”

SECTION 2.

Section 2.04 of the Columbus, Georgia Pension Plan for Employees of the Department of Public Safety is hereby stricken and replaced by a new Section 2.04 to read as follows:

“2.04 Actuarial (or Actuarially) Equivalent: Equality in the value of the aggregate amount expected to be received under different forms of Pension payment, based on the unisex mortality table promulgated by the Secretary of the Treasury for purposes of calculating lump sum distributions pursuant to IRC Section 417 (c)(3), with interest at seven percent (7%) per annum. For all forms of payment for early retirees commencing prior to May 1, 2019, the tables are applied as though the Member was age 65 at the time payments began, regardless of the Member’s actual age. For optional forms of payment commencing on or after May 1, 2019, the tables shall be correctly applied based on the Member’s actual age at the commencement of benefit payments.”

SECTION 3.

This ordinance shall be effective as of May 1, 2019.

SECTION 4.

All ordinances or parts of ordinances in conflict with this ordinance are hereby repealed.
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Introduced at a regular meeting of the Council of Columbus, Georgia, held on the 26th day of March, 2019; introduced a second time at a regular meeting of said Council held on the ____ day of _______________, 2019 and adopted at said meeting by the affirmative vote of ____ members of Council.

Councilor Allen voting ___________
Councilor Barnes voting ___________
Councilor Crabb voting ___________
Councilor Davis voting ___________
Councilor Garrett voting ___________
Councilor House voting ___________
Councilor Huff voting ___________
Councilor Pugh voting ___________
Councilor Thomas voting ___________
Councilor Woodson voting ___________




_____________________________ _______________________________
Sandra T. Davis B. H. “Skip” Henderson, III
Clerk of Council Mayor