Description: AGENDAHED.JPG
  

Item No:                    5A.

 

Meeting Date:           August 12, 2013

 

From:                          Raymond S. Sharp, Interim City Manager

 

Subject:                      Ordinance amending Section 1, Section 4, Section 5, Section 15, Section 26 and Section 28 of the City of Leesburg Police Officers Pension Trust Fund

 

 


Staff Recommendation:

Staff recommends approval of the ordinance amending Section 1, Section 4, Section 5, Section 15, Section 26 and Section 28 of the City of Leesburg Police Officers Pension Trust Fund.

 

Analysis:

The attached ordinance amends Section 1 Definitions, Section 4 Finances and Fund Management, Section 5 Contributions, Section 15 Maximum Pension, Section 26 Prior Police Service and Section 28 Deferred Retirement Option Plan.  Explanation of these changes is as follows:

 

·      Section 1 – Definition of Credited Service must be changed to comply with recent changes to the Internal Revenue Code and must be passed to ensure continuation of the plan’s tax qualified status.  Definition of Salary must be amended to comply with the requirements of Chapter 2011-2016 of the Laws of Florida regarding limiting hours of overtime and accrued sick and vacation pay in Salary.

 

·      Section 4 – Finances and Fund Management must be changed to comply with recent changes to the Internal Revenue Code and must be passed to ensure continuation of the plan’s tax qualified status. 

 

·      Section 5 – Contributions is amended to remove language that is unacceptable to the Division of Retirement regarding the City’s ability to implement prospective benefit reductions and/or increased Member contributions.

 

·      Section 15 – Maximum Pension must be changed to comply with recent changes to the Internal Revenue Code and must be passed to ensure continuation of the plan’s tax qualified status. 

 

·      Section 26 – Prior Police Service is amended to clarify the purchase of credited service for prior police service outside the State of Florida includes other municipal service.

 

·      Section 28 – Deferred Retirement Option Plan, subsection 3.B.1 (1) is amended to remove language that is already correctly placed in subsection 2.E. (1).

 

These changes have been recommended by the Board of the Leesburg Police Officers’ Pension Trust Fund.   The actuary for the Plan, Foster & Foster, Inc. has reviewed the proposed ordinance and determined that there is no cost associated with its adoption.

 

Options:

1.  Approve the Ordinance amending the City of Leesburg Police Officers’ Pension Trust Fund; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

Approval of this Ordinance will have no fiscal impact on the City of Leesburg.

 

Submission Date and Time:    8/12/2013 10:19 AM____

 

Department: __Administration__________

Prepared by:  ______________________                     

Attachments:         Yes _X___   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                      

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. _BLM,_____________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. ___N/A___________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________