CBA Article 9 (Pension Plan) includes a reopener provision in the event that sufficient “additional premium tax revenues,” as defined by Florida Statute Chapter 185, are available to purchase minimum benefits as defined by Florida Statute 185. FOP requested the reopener and the parties have engaged in negotiations since February 18, 2015 regarding the purchase. This tentative agreement is a result of those negotiations.
Annual distributions of premium tax revenues received from the State pursuant Florida Statute Chapter 185 have been deposited into the Police Pension Fund over a period of years. The accumulated balance of such revenues is sufficient to fully fund the remaining minimum benefits required by the statute (i.e., a 10-Year Certain pension benefit and a Joint & Survivor Optional form of pension benefit).
Use of these accumulated “additional premium tax revenues” to purchase the remaining benefits requires mutual consent of the City and the collective bargaining representative (FOP) as an initial step.
This tentative agreement to modify the CBA agreement is contingent upon approval by Orlando City Council and ratification by the bargaining unit membership. Furthermore, implementation of its provisions is contingent upon subsequent adoption by Orlando City Council of the required ordinance to amend Chapter 12.