TO: Honorable Mayor & Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: Ordinance 2016-06, first reading; an ordinance amending Chapter 2, Administration, Article V, Employee Benefits, Division 5, Police Officers' Pension, of the Code of Ordinances of the City of North Port.
Recommended Action
Approve and continue to second reading.
Background Information
With the recent adoption by the Florida Legislature of Chapter 2015-39, Laws of Florida, changes to the Internal Revenue Code (IRC) and its associated Regulations, as well as guidance from the Internal Revenue Services, the proposed ordinance has been recommended by the Board of Trustees of the City of North Port Police Officers’ Pension - Local Option Trust Fund for adoption by the Commission.
The following sections of the pension are proposed to be amended:
1. Section 2-255, Definition;
2. Section 2-256, Membership
3. Section 2-258, Finances and Fund Membership;
4. Section 2-260 Benefit amounts and eligibility
5. Section 2-262, Disability;
6. Section 2-264, Optional Forms of Benefits
7. Section 2-269, Maximum Pension;
8. Section 2-270, Minimum Distribution of Benefits
9. Section 2-273, Domestic Relations Order;
10. Section 2-283, Deferred Retirement Option Plan
11. Section 2-284, Prior Police Service;
12. Section 2-286, Supplemental Share Plan Retirement Benefits
The Board’s actuary, Foster and Foster, has determined there will be no cost associated with the adoption of the ordinance.
The proposed ordinance was drafted by the Board’s attorney, and review by both the City’s attorney and the City’s pension attorney.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services
Financial Impact
None
Procurement
Attachments:
1. Ordinance 2016-06 - Police Officers’ Pension Plan - Legislative Format
2. Ordinance 2016-06 - Police Officers’ Pension Plan - Final Format
3. Letter from Trust Board’s attorney re amendment
4. Letter from Foster and Foster
Prepared by: Daniel P. Schult
Department Director: Jonathan Lewis