SECOND READING of Temp. Ord. #O1673 amending City Code Chapter 15 “Pensions”, Article V “City Retirement Plan and Trust Fund”, Division 3 “Benefits” creating Section 15-311(c) providing for normal retirement at the earlier of age sixty five with seven years of service or twenty five years of service for employees hired on or after July 1, 2017; creating City Code Section 15-312(e)(i) providing for an 11% employee contribution, 3.75% multiplier for the first twenty years of service and 1% multiplier thereafter, with an 80% benefit cap, for current employees hired prior to July 1, 2017; creating City Code Section 15-312(e)(ii) maintaining the current 7.36% employee contribution for employees with 26 2/3 or more years of service; creating City Code Section 15-312(e)(iii) providing for a 3.2% multiplier, eighty percent cap and 11% employee contribution for new employees hired on or after July 1, 2017; creating City Code Sections 15-312(e)(iv) providing for an eighty percent aggregate cap on benefits payable from the General and Management Plans; amending City Code Chapter 15 “Pensions”, Article VI “Management Pension Plan and Trust Fund”, creating 15-358(e) providing for an eighty percent aggregate cap on benefits payable from the General and Management Plans; providing for severability; providing for codification; and providing for an effective date. (Passed 1st Reading on 10/18/17) (Continued from the Meeting of 11/27/17) (Human Resources Director Melanie McLean)

Committee

CITY COMMISSION REGULAR MEETING

Requested by

Human Resources

Introduced

June 22, 2017

On agenda

January 17, 2018

Passed

January 17, 2018