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Home My WebLink AboutItem #11 Approval of Ordinance for Change to City Municipal Police Officers' and Firefighters' Retirement Trust Fund AGENDA ITEM COVER SHEET Meeting Date: 02/17/09 Item # /I James Carnicella 1032 Reviewed By: Department Director: City Manager: /1; Contact Name: Contact Number: Subject: Approval of Trust Fund. Firefighters' Retirement Background Summary: The Pension Board for the City of Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund is governed by ordinance. Issue: Amendment to the Police Officers' and Firefighters' Pension Ordinance to change the multiplier from 3.0% to 3.5% and to discontinue the $200 per month supplemental benefit (stipend) effective October 1, 2008. This issue was approved by the Police Officers' and Firefighters' Pension Board and agreed to by the Police & Fire unions. Recommendations Staff respectfully recommends the Commission adopt the changes as amended in the attached ordinance for the City of Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund. Attachments: Attached is the Ordinance amendment drafted by legal counsel for the Police Officers' and Firefighters' Pension Board and the Actuarial report from Foster & Foster. Financial Impact: The impact to the City will be $100,492. However, the attached Actuarial Impact Statements indicate the City's contribution to this fund will be reduced from 18.3% to 11.3% of payroll, or approximately a $380,000 savings. This reduction was as a result of the re-evaluation of the assumptions to this Pension Fund. Type of Item: ~ Public Hearing D Ordinance First Reading D Ordinance First Reading D Resolution D Commission Approval D Discussion & Direction For Clerk's Depi Use: D Consent Agenda D Public Hearing D Regular Agenda -0' Original Document/Contract Attached for Execution by City Clerk D Original Document/Contract Held by Department for Execution Reviewed by City Attorney Reviewed by Finance Dept. Reviewed by ( ) o N/A o N/A o N/A ORDINANCE NO. AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND; AMENDING ORDINANCE NUMBER 96-20, AS SUBSEQUENTL Y AMENDED; AMENDING SECTION 6, BENEFIT AMOUNTS AND ELIGIBILITY; AMENDING SECTION 8, DISABILITY; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE. SECTION 1: Authority. The City Commission of the City ofOcoee has the authority to adopt this ordinance pursuant to Article VIII of the Constitution of the State of Florida and Chapter 166, Florida Statutes. SECTION 2: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is hereby further amended by amending Section 6, Benefit Amounts and Eligibility, subsection 2., Normal Retirement Benefit and subsection 5., Supplemental Benefit, to read as follows: 2. Normal Retirement Benefit. A Member retiring hereunder on or after his or her normal retirement date shall receive a monthly benefit which shall commence on the first day of the month coincident with or next following his or her Retirement and be continued thereafter during Member's lifetime, ceasing upon death, but with one hundred twenty (120) monthly payments guaranteed in any event. The monthly retirement benefit shall equal tIuee pelcent (3.0%) three and one-half percent (3.5%) of Average Final Compensation, for each year of Credited Service. 5. Supplemental Benefit Effective October 1,2004, all current and future retirees and effective October 1. 2008 only those who retired prior to October 1. 2008, retired under the early or normal retirement provision, their joint pensioners or beneficiaries, shall receive a supplemental benefit in the amount of two hundred dollars ($200) per month reduced as for early retirement if applicable. Disability retirees and vested terminated persons shall not receive this supplement. SECTION 3: That Ordinance No. 96-20, adopting the amended and restated City of Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is hereby further amended by amending Section 8, Disability, subsection 1., Disability Benefits In- Line of Duty, and subsection 3., Disability Benefits Not-In-Line of Duty, to read as follows: 1. Disabilitv Benefits In-Line of Duty. Any Member who shall become totally and permanently disabled to the extent that he or she is unable, by reason of a medically determinable physical or mental impairment, to render useful and efficient service as a Police Officer or Firefighter, which disability was directly caused 1 by the performance of his or her duty as a Police Officer or Firefighter, shall, upon establishing the same to the satisfaction ofthe Board, be entitled to a monthly pension equal to tlucc pcrccnt (J.O%) three and one-halfpercent (3.5%) of his or her Average Final Compensation multiplied by the total years of Credited Service, but in any event the minimum amount paid to the Member shall be forty- two percent (42%) of the Average Final Compensation ofthe Member. Terminated persons, either vested or non-vested, are not eligible for disability benefits, except that those terminated by the City for medical reasons may apply for a disability within thirty (30) days after termination. 3. Disabilitv Benefits Not-In-Line of Duty. Any Member with ten (10) years or more Credited Service who shall become totally and permanently disabled to the extent that he or she is unable, by reason of a medically deter- minable physical or mental impairment, to render useful and efficient service as a Police Officer or Firefighter, which disability is not directly caused by the performance of his or her duties as a Police Officer or Firefighter shall, upon establishing the same to the satisfaction of the Board, be entitled to a monthly pension equal to tluec pClccnt (J.O%) three and one-half percent (3.5%) of his or her Average Final Compensation multiplied by the total years of Credited Service. Terminated persons, either vested or non-vested, are not eligible for disability benefits, except that those terminated by the City for medical reasons may apply for a disability within thirty (30) days after termination. SECTION 4. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 5. Severability. In the event any section, subsection, paragraph, sentence, clause, phrase or word ofthis 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 take effect upon second reading and adoption. PASSED AND ADOPTED this _ day of ,2009. ATTEST: APPROVED: CITY OF OCOEE, FLORIDA By: S. Scott Vandergrift, Mayor Beth Eikenberry, City Clerk (SEAL) ADVERTISED READ FIRST TIME READ SECOND TIME AND ADOPTED 2 FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO FORM AND LEGALITY THIS _ day of ,2009. CHRISTIANSEN & DEHNER, P.A. Special Counsel By: noc\ocoee\pf\O 1-06-09 .ord APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON __________________,2009 UNDER AGENDA ITEM NO. 3 c. Copy of Public Hearing Advertisement Orlando Sentinel ----- ---,. ..... Date Published w SUNDAY, FEBRUARY 8, 2009 Advertisement Public Hearing Notices CRY OF OCOEE - PlBIE1lWIIIll ~.:':I~i~'I"t~r~el~e ,=g~ February 17, 2009, at 7:15 p.m. or as soan thereafter as may be. ~eard,in the Commission Cham- liers at C itv Hall at ISO Nartll Lake- shore Drive, Ocoee, FI,orida, to consider the fallowing: . If . person decides to appeal any decision made by the above City Commission with respect to any matter considered at such hearing. they will need a record at the pro- ceedings, and for such purpose they may need to ensure that a ~erng~~ ~t~~~dr~J~ rn'c%~~~I~~: teStimony and evidence upon. wllieh 1he. appeal!s to be bosed.' . . All interested pOrtles are invited to attend and be heard. with respect to the above. In' accordance. with the Americans with Disabilities Act, persons needing a special ac- commodation or an interpreter to participate In this proceeding should contact tile City Clerk's of. lice at 407.9D5-3105 at least two days prior to tile date at hearill\J. I Beth Elkenberrv City Clerk OLS931556 2N09 J5