HomeMy WebLinkAbout2024-07 Police and Fire Retirement Trust Fund Amendmenti . !
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SECTION 1. Authority. The City Commission of the City of Ocoee has the
authority to adopt this ordinance pursuant to Article VIII of the Constitution of the State of
i w - • • .. . INTERN! r 1 • ! r • - •
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is hereby further amended by amending Section 27, Deferred Retirement Option Plan, to
read as follows:
A Member who elects to participate in the DROP undm
subsection 2.13., shall participate in the DROP for
period not to exceed 61) months beginning •
normalthe date which the Member first becomes eligible f
• • participate
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DROP shall constitute an irrevocable election to resign
from the service of the City at the time of election into
the DROP. A Member may participate only once.
2. Effective October 1, 2023, a Firefighter Member shall
be eligible to participate in the DROP for a period not
to exceed ninety-six (96) months beginning on the date
which the Member first becomes eligible for normal
retirement.
a. A Firefighter Member who entered the DROP
prior to October 1, 2023 and has not reached
their maximum DROP participation period of 60
months as of October 1, 2023, maV, in
accordance with the conditions specified below,
elect to extend their maximum DROP
participation period from sixty (60) months to
ninety-six (96) months. Upon approval by the
Board, a Member's election to extend
participation in the DROP shall extend the
Member's DROP participation period as if the
maximum participation period upon entry into
the DROP was 96 months (e.g. adding 36
months to the initial 60-month maximum DROP
participation •period). For Members who elect to
extend their maximum DROP participation, the
following conditions shall apply to any such
extension of DROP participation:
The election shall be irrevocable;
iiL The Member must elect to extend the
DROP participation period and submit
the written requirements noted above
prior to the end of the member's initial 60
month DROP participation period. In the
event a Member who is eligible to extend
his/her maximum DROP participation
period does not timely elect to do so, the
Member's DROP participation period
shall not be extended, and the maximum
DROP participation period shall remain
60 rwA"is7.--
3. For a DROP participant who fails to terminate cit
employment at the expiration of the 96-month
maximum DROP participation period, such Member
shall be deemed not to be retired, the DROP election
shall be null and void, and the Member shall have no
accumulated DROP benefits. Retirement System
membership shall be reestablished retroactively to the
original date of the commencement of the DROP, and
the Member shall be required to it to the Retirement
System the Member contributions as if they had
continued service to the city, and the city contributions
during the period such Member participated in the
DROP, plus an interest rate equal to the annual
assumed investment return during each year the
Member participated in the DROP.
3. Funding
A. [no change]
B. Transfers From Retirement System
(3) A Member's DROP Account shall only
debited with earnings or interest and
while the Member is a participant in
after the Member dies, retires or
employment as a Police Officer or
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be credited or
monthly benefits
the DROP and
terminates his
Firefighter. If a
Member is employed by the City Fire and Police
Departments after electing to cease participation in the
DROP pursuant to subsection 2.D.(1)(a) or after
participating in the DROP for five (5) years, then
beginning with the next payment following cessation of
participation or beginning with the Member's 61st
month of DROP participation, whichever occurs first,
the Member's DROP Account will no longer be credited
or debited with earnings or interest, nor will monthly
benefits be transferred to the DROP account. All such
non -transferred amounts shall be forfeited and
continue to be forfeited while the Member is employed
by the City Fire and Police Departments. A Member
employed by the City Fire and Police Departments
after five (5) years of DROP participation will still not be
eligible for pre -retirement death or disability benefits,
nor will he accrue additional Credited Service, except
as provided for in Section 29. Notwithstanding,
effective October 1, 2023, for all Firefighter Members
who elect to participate in the DROP for eiclht (8) years,
then beginning with the next payment following
cessation of participation or beginning with the
Member's 97th month of DROP participation, whichever
occurs first, the Member's DROP account will no longer
be credited or debited with earnings or interest, nor will
monthly benefits be transferred to their DROP account.
All such non -transferred amounts shall be forfeited and
continue to be forfeited while the Member remains
employed by the City as a Firefighter.
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conflict herewith are hereby superseded.
MOM
sentence, clause, phrase or word of this ordinance shall be held invalid by a court of
competent jurisdiction, then such invalidity shall not affect the remaining portions hereof.
SECTION 6. Effective Date. This Ordinance shall become effective upon
passage; however, the provisions of this Ordinance that are specified to take effect as of
a date certain shall take effect as of the date specified herein.
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MELANIE SIBBITT
CITY CLERK
(SEAL)
THIS day of
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By.
1chard Geller, r y
CITY OF OCOEE, FLORIDA
RUSTY JO MAYOR
i r
is • AGENDA ITEM NO
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