title
CONSOLIDATED PENSION PLAN AMENDMENTS (B)
Ordinance No. 0-00-66
An ordinance of the City of Gainesville, Florida, amending Division 8 of Chapter 2 of the Code of Ordinances relating to the Consolidated Police Officers and Firefighters Retirement Plan relating to credited service, lump sum payments, the Board of Trustees, penalty for false statement, and exemptions from execution; providing directions to the codifier; providing a severability clause; providing a repealing clause; and providing retroactive and immediate effective dates.
recommendation
The City Commission adopt the proposed ordinance.
explanation
Chapters 175 and 185, Florida Statutes, dealing with municipal fire and police pension funds, were substantially amended last year by Chapter 99-1, Laws of Florida. Those municipalities whose fire and police pension plans conform to certain requirements set forth in Chapters 175 and 185 receive from the State, as partial funding for those plans, local insurance premium tax revenues. Last August, the City Commission authorized the City Attorney's Office to evaluate what changes to the City of Gainesville's Police and Fire Consolidated Pension Plan would be necessary to conform to the newly enacted requirements of Chapter 99-1. The City Manager was directed to negotiate as necessary those changes. The City Attorney was authorized to prepare an ordinance incorporating the necessary changes and to present it to the Commission for adoption. Since last fall, those activities have been occurring.
Chapter 99-1 made numerous changes. Some of those changes would cost additional money to fund (would have an actuarial impact on the Plan) and some would not. Chapter 99-1 provides that the changes it requires need only to be made to the extent that any additional costs can be paid for by increases in the amount of insurance premium taxes that are received. Last year, the amount of insurance premium taxes received by the City did not inc...
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