HomeMy WebLinkAboutItem # 16 Approval of Change to General Employees Retirement Trust Fund
AGENDA ITEM COVER SHEET
Meeting Date: 11/07/06
Item # i~
Contact Name:
Contact Number:
James Carnicella
1032
Reviewed By:
Department Director:
City Manager:
Background Summary:
The Pension Board for the City of Ocoee Municipal General Employees' Retirement Trust Fund is governed
by ordinance.
Issue:
Amendment to the General Employees' Pension Ordinance to change the multiplier from 2.5% to 3%. This
issue was approved by the General Employees' Pension Board and the Employee Committee. Furthermore,
the issue was discussed at the budget workshops and staff was directed to return with a recommendation.
Recommendations
Staff recommends the Commission adopt the Pension Board changes as amended in the attached ordinance
for the City of Ocoee General Employees' Retirement Trust Fund first reading.
Attachments:
Attached is the Ordinance pertaining to the recommended change.
Financial Impact:
The Actuarial Impact Statement prepared for the Pension Board by Foster & Foster, the General Employees'
Pension Actuary, is attached. Though there is no financial impact for FY 07, the City's contribution to fund
this change will be approximately 15% of payroll in FY 09. The City's contribution rate for FY 07 is 11.0%
Type of Item:
D Public Hearing
[8J Ordinance First Reading
D Ordinance First Reading
D Resolution
D Commission Approval
D Discussion & Direction
For Clerk's DeDi Use:
D Consent Agenda
D Public Hearing
D Regular Agenda
o Original Document/Contract Attached for Execution by City Clerk
o Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ( )
D N/A
D N/A
D N/A