title
P.H. 2022-09: (PUBLIC HEARING 1ST READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, AMENDING CHAPTER 34, “CITY POLICY,” BY AMENDING SECTION 34.038, “PENSION ADJUSTMENTS,” TO INCREASE THE COST-OF-LIVING ADJUSTMENT TO IMPLEMENT RECENT CHANGES TO COLLECTIVE BARGAINING AGREEMENT BETWEEN THE FEDERATION OF PUBLIC EMPLOYEES AND THE CITY OF POMPANO BEACH FOR THE PERIOD BEGINNING OCTOBER 1, 2021 AND ENDING SEPTEMBER 30, 2024; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: The fiscal impact is reflected in the current Collective Bargaining Agreement as approved by City Commission on November 9, 2021.)
SECOND READING: NOVEMBER 9, 2021
staffcontact
(Staff Contact: Ed Beecher/Brian Donovan)
summary
Summary Explanation/Background:
The pension COLA for active Tier 1 members will increase from 2% to 3%. The cap on the variable portion of the COLA adjustment will increase from 3% to 4%. The financial impact will be reflected in the next fiscal year’s required contribution. The Federation of Public Employees voted and approved this change on November 2, 2021. Since 2nd reading, additional language was added to identify Tier I, DROP and Tier II members who pay the required contributions who will be receiving the increased COLA effective October 1, 2021.
Origin of request for this action: Human Resources Office
Fiscal impact and source of funding: The fiscal impact is reflected in the current Collective Bargaining Agreement as approved by City Commission on November 9, 2021.
pagebreak1
strategicplan_emblem_field
pagebr
strategicplan_description_field