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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. Subsequent to the 1st Reading of this Ordinance, Section Two of the ordinance was amended to conform the language in Section 6(9)(b) of the Police Pension Plan (Other Joint and Survivor Annuity Forms) to the provisions of Section 185.161, Florida Statutes.
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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:
Adopt the attached Ordinance No. 2017-22 and authorize the Mayor and City Clerk or Mayor Pro Tempore to execute on behalf of the City upon final review and approval by the City Attorney’s Office. |
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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
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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 |
4/14/2017 10:42 AM |
| City Clerk |
4/14/2017 4:15 PM |
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