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P.H. 2020-08: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, AMENDING CHAPTER 34, "CITY POLICY," OF THE CODE OF ORDINANCES OF THE CITY OF POMPANO BEACH RELATING TO THE POLICE & FIREFIGHTERS' RETIREMENT SYSTEM BY AMENDING SECTION 34.045, "DEFINITIONS," SECTION 34.057, "DISABILITY," AND SECTION 34.058, "PRERETIREMENT DEATH," TO PROVIDE FOR COMPLIANCE WITH CHAPTER 2019-21, LAWS OF FLORIDA; PROVIDING FOR CLARIFICATION TO EXISTING METHODOLOGIES AND PRACTICE FOR BENEFIT CALCULATIONS; PROVIDING FOR CONFLICT; PROVIDING FOR SEVERABILITY, PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: NOVEMBER 12, 2019
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(Staff Contact: Ed Beecher)
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Summary Explanation/Background:
At the request of the Board of Trustees of the Pompano Beach Police & Firefighters' Retirement System, at its meeting of August 19, 2019, the Board has proposed amendments to Chapter 34, "City Policy", as follows:
? Section 34.057(A), "Disability", 34.058(A), "Preretirement Death". These sections are updated in accordance with Chapter 2019-21, Laws of Florida, enacted by the 2019 Florida Legislature (firefighters' cancer bill).
? Section 34.045 definition of actuarial equivalence. This language is revised to limit the necessity to update the ordinance every time there is a change in the rate or table.
Furthermore, at the request of the Board, The Nyhart Company, Inc., the actuarial firm retained by the Board has opined in its August 28, 2019, letter to the Board that the net effect on change in liability and contributions is -0-, although they will continue to monitor for potential increases in disability applications under the new law that could ultimately impact pension plan cost and liability.
The Board has respectfully requested the City approve the ordinance amendments as detailed herein. The IAFF, Local 1549 is in agreement with the changes and has approved same in an email correspondence from their ...
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