title
P.H. 2017-02: (PUBLIC HEARING 1ST READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH AMENDING CHAPTER 34, "CITY POLICY," OF THE CITY OF POMPANO BEACH CODE OF ORDINANCES RELATING TO THE POLICE & FIREFIGHTERS' RETIREMENT SYSTEM BY CREATING A NEW SECTION 34.0605, "SUPPLEMENTAL SHARE PLAN RETIREMENT BENEFIT FOR POLICE OFFICERS," PROVIDING FOR THE CREATION OF A SUPPLEMENTAL RETIREMENT BENEFIT FOR POLICE OFFICERS TO BE FUNDED SOLELY FROM PREMIUM TAX REVENUES RECEIVED BY THE CITY PURSUANT TO CHAPTER 185, FLORIDA STATUTES; BY AMENDING SECTION 34.061, "CONTRIBUTIONS," TO PROVIDE FOR THE USE OF PREMIUM TAX REVENUES RECEIVED BY THE CITY PURSUANT TO CHAPTER 185, FLORIDA STATUTES; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
TABLED FROM OCTOBER 25, 2016
staffcontact
(Staff Contact: Ed Beecher)
summary
Summary Explanation/Background:
In 2015, the Florida legislature enacted legislation amending Chapter 185, Florida Statutes, requiring a change in the allocation of Chapter 185 premium tax revenues received by the City. The legislation also requires that a defined contribution "share plan" for Police Officers be created as a component of the Police and Firefighters Retirement System, funded entirely by Chapter 185 premium tax revenue, to provide special benefits for Police Officers.
An actuarial impact statement was required and has been completed for the Pompano Beach Police & Firefighters' Retirement System. The impact statement indicates that "this change will not result in any measurable or foreseeable actuarial impact on the City of Pompano Beach Police and Firefighters' Retirement System." A copy of the actuarial impact statement is attached.
Accordingly, this matter has been reviewed by the City Attorney's Office and the required amendments to Chapter 34, "City Policy," of the City of Pompano Beach Code of Ordinances, creating a new section 34.0605, supplemental share plan fo...
Click here for full text