03/25/2014 Ordinances 9477 ORDINANCE NO. 9477
An Ordinance to set forth a method of calculating gender neutral lump sum pension
benefits for police officers hired prior to 1984.
WHEREAS, the Grand Island City Council has decided to repeal Resolution 2013-26(B)
and replace the method of calculating Lump Sum Police Pension Benefits provided by the City
of Grand Island in that Resolution with the method set forth in this Ordinance and to bring the
City's method of calculating said benefits in accordance with LB 759 presently pending before
the Nebraska Legislature.
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF
GRAND ISLAND,NEBRASKA:
That in calculating Lump Sum Police Pension Benefits on a sex neutral basis in
accordance with the Nebraska Police Officers Retirement Act set forth in Article 10 of Chapter
16 of the Nebraska Revised Statutes the following definition of sex neutral shall mean:
I. The benefit calculation provided to the City by a licensed domestic or foreign insurance or
annuity company with a product available for purchase in Nebraska that utilizes a blended,
non-gender specific rate for actuarial assumptions,mortality assumptions, and annuity
conversion rates for a particular participant, except that if a blended, non-gender specific
rate is not available for purchase in Nebraska, the benefit calculation shall be performed
using the arithmetic mean of the male-specific actuarial assumptions, mortality
assumptions, or annuity conversion rates and the female-specific actuarial assumptions,
mortality assumptions, or annuity conversion rates, as applicable, for a particular
participant, and the arithmetic mean shall be determined by adding the male-specific
Approved as to Form ❑ �,!
March 24,2014 0 City Arney
ORDINANCE NO. 9477 (Cont.)
actuarial assumptions, mortality assumptions, or annuity conversion rates to the female-
specific actuarial assumptions, mortality assumptions, or annuity conversion rates
applicable to a particular participant and dividing the sum by two.
II. Any ordinances or parts of ordinances or Resolutions in conflict are hereby repealed.
III. This ordinance shall be in full force and will take effect from and after its passage and
publication pursuant to law.
Enacted: March 25, 2014.
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ATTEST:
RaNae Edwards, City Clerk
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