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Summary:
Chapter 2002-342, Laws of Florida, authorizes the Orlando City Council to amend the Police Pension Plan to the limited extent necessary to comply with the minimum standards and benefits levels required by Chapter 185, Florida Statutes. These ordinance changes are required in order for the plan to continue to receive funds from the Police and Firefighters' Premium Tax Trust Fund. The ordinance adds additional benefit payment options, including a 120 month payment guarantee option and a joint annuitant payment option. The ordinance also establishes a defined contribution plan (share plan) as required by Chapter 185. This ordinance is consistent with the collective bargaining agreement ratified by the bargaining unit and approved by Orlando City Council on December 12, 2016. |
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Fiscal & Efficiency Data:
The Pension Plan's actuary has determined that the cost for the implementation of these benefits is $553,462, which will paid from the accumulated excess premium tax revenues received from the State of Florida. The defined contribution plan (share plan) will be funded by the excess premium tax revenues from the State of Florida in accordance with the provisions of this Ordinance.
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Recommended Action:
Approve the attached ordinance number 2017-22 on first reading and request that the Mayor and City Clerk or Mayor Pro Tempore present the draft ordinance for second reading and public hearing at the next City Council meeting. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
Katrina Laudeman, OBFS
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
3/28/2017 10:23 AM |
| City Clerk |
3/28/2017 10:31 AM |
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