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P.H. 2021-81: (PUBLIC HEARING 1ST READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, AMENDING CHAPTER 34, "CITY POLICY," OF THE CITY OF POMPANO BEACH CODE OF ORDINANCES RELATING TO THE POLICE AND FIREFIGHTERS' RETIREMENT SYSTEM, BY AMENDING SECTION 34.045, "DEFINITIONS," TO DEFINE SENIOR MANAGEMENT EMPLOYEES; BY AMENDING SECTION 34.053 "NORMAL RETIREMENT DATE", TO INCLUDE PROVISIONS APPLICABLE TO SENIOR MANAGEMENT EMPLOYEES; BY AMENDING SECTION 34.059, "ACCRUED BENEFITS" TO PROVIDE FOR SUCH BENEFITS FOR SENIOR MANAGEMENT EMPLOYEES; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE
(Fiscal Impact: N/A)
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(Staff Contact: Ed Beecher/Peter McGinnis)
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Summary Explanation/Background:
In an effort to provide parity between the Senior Management Employees in the General Employees Retirement System and the Pompano Beach Police and Firefighters' Retirement System, City Administration is recommending the following amendments to Chapter 34, "City Policy", as follows:
? Section 34.045, "Definitions", to define Senior Management Employees; by amending,
? Section 34.053, "Normal Retirement Date", to include provisions applicable to Senior Management Employees; by amending,
? Section 34.059, "Accrued Benefits", to provide for such benefits for Senior Management Employees.
Furthermore, at the request of the City Administration and with the concurrence of the Police and Firefighters' Retirement System Board, Nyhart Company, Inc., the actuarial firm retained by the Board has opined in its June 14, 2021, letter to the Board that the "estimated impact of changing normal retirement eligibility and vesting for the affected employees" would result in a "decrease in the recommended contribution".
City Administration requests the City Commission approve the ordinance amendments as detailed herein. The IAFF, Local 1549 is in concurrence with the amendments, as these changes are for senior management employees and not ...
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