§ 23. Actuarial Equivalencies.

Actuarial equivalencies shall be calculated using such rates of interest and mortality tables as the Board of Trustees shall from time to time adopt based on recommendation of the plan actuary. In no case shall a rate of interest be less than 5 percent a year, compounded yearly. No change in interest rate or mortality table shall reduce the accrued benefit of any participant. In the event the composition of the Board of Trustees is changed in a manner that brings the board under the direct control of the City, actuarial equivalencies shall be calculated using the 1984 Group Annuity Mortality Table (Male) and an interest rate of 5 percent a year, compounded yearly.

(Laws of Fla. ch. 95-482, § 23)