TO: Mayor and Commissioners
FROM: Jack Warner, Chief Financial Officer
Janice Rustin, Interim City Attorney
THROUGH: Donald B. Cooper, City Manager
DATE: September 20, 2016
Title
ORDINANCE NO. 17-16 AMENDING THE CITY’S POLICE AND FIREFIGHTERS RETIREMENT PENSION SYSTEM (SECOND READING)
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Recommended Action:
Recommendation
Motion to Approve Ordinance No. 17-16 amending the City’s Police and Firefighters Retirement Pension System.
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Background: This proposed ordinance amends the existing ordinance for the combined police and fire pension system (and board) by creating, effective October 1, 2016 two separate pension boards for Police and Fire respectively. In addition, this ordinance implements the negotiated changes to the recently approved Collective Bargaining Agreements.
The major elements of the Ordinance are summarized below. The Police portion of the ordinance incorporates most of the changes in the recent PBA Collective Bargaining Agreement. Changes from the existing code are shown by strike through and underlining.
The Fire portion of the ordinance is all “new” since the City is creating a separate pension board for Fire, for this reason the entire Fire portion is underlined; but most of the provisions are identical to the existing code. Changes from existing Fire code language are shown with double underlining or double strike through for new language and new deleted sections.
Key terms include the following:
· Amends the current ordinance for the combined Police and Fire pension plan (and board) into two separate pension plans (and boards) for Police and Fire.
· Creates a new section 33.58. This section provides direction for separating the existing pension plan into two plans, and allocating the assets and liabilities to the new plans. Subsection (D) incorporates the current Pension Board’s actuary recommended option for dividing the assets.
· Makes it clear that the existing pen...
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