File #: 2018-02    Version: Name: Proposed Ordinance No. 2018-02: Amending General Employee's Pension Plan DROP Benefit
Type: Ordinance Status: Passed
File created: 1/2/2018 In control: City Commission
On agenda: 2/7/2018 Final action: 2/7/2018
Title: MOTION ADOPT PROPOSED ORDINANCE 2018-02 ON SECOND AND FINAL READING. PROPOSED ORDINANCE 2018-02 IS AN ORDINANCE OF THE CITY OF PEMBROKE PINES, FLORIDA, AMENDING THE CITY’S GENERAL EMPLOYEES’ PENSION PLAN TO EXTEND A PARTICIPANT’S ABILITY TO PARTICIPATE IN THE DEFERRED RETIREMENT OPTION PLAN (DROP) BENEFIT FROM FIVE (5) YEARS TO EIGHT (8) YEARS; AMENDING CHAPTER 38 OF THE CITY’S CODE OF ORDINANCES, ENTITLED “RETIREMENT INCOME PLAN FOR GENERAL CITY EMPLOYEES,” BY SPECIFICALLY AMENDING §§38.031; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
Attachments: 1. 1. 2018-02 General Employees' Pension Plan Amendment

Title

MOTION ADOPT PROPOSED ORDINANCE 2018-02 ON SECOND AND FINAL READING.

 

PROPOSED ORDINANCE 2018-02 IS AN ORDINANCE OF THE CITY OF PEMBROKE PINES, FLORIDA, AMENDING THE CITY’S GENERAL EMPLOYEES’ PENSION PLAN TO EXTEND A PARTICIPANT’S ABILITY TO PARTICIPATE IN THE DEFERRED RETIREMENT OPTION PLAN (DROP) BENEFIT FROM FIVE (5) YEARS TO EIGHT (8) YEARS; AMENDING CHAPTER 38 OF THE CITY’S CODE OF ORDINANCES, ENTITLED “RETIREMENT INCOME PLAN FOR GENERAL CITY EMPLOYEES,” BY SPECIFICALLY AMENDING §§38.031; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

 

 

 

Summary Explanation and Background

 

1. The proposed ordinance expands the DROP for General Employees (Bargaining and Non-Bargaining) from five to eight years.  The Plan's actuary has stated that there is not a cost associated with extending the DROP by three years. Additionally, the General Employee Collective Bargaining Unit has approved the modification of the Pension Plan for its members. 

 

 

 

Financial Impact

 

There is not a financial impact to the City's cost of the General Employee Pension Plan with the extension of the DROP term.