The request is for City Council to conduct a second and final reading of an ordinance to amend Chapter 17, Pensions and Retirement, Article IV, Police Officers’ Retirement System, of the Code of Ordinances of the City of New Port Richey; amending Section 17-65.13, Deferred Retirement Option Plan to provide for an extension of the current period of DROP participation from five (5) years to eight (8) years.

As Council will recall, the Negotiating Teams for the City of New Port Richey and the Police Benevolent Association (PBA) reached a new Collective Bargaining Agreement effective October 1, 2024 through September 30, 2027.  An item of agreement in the new Collective Bargaining Agreement included the extension of DROP participation from 5 years to 8 years.  The attached ordinance will provide the necessary language to amend the Police Pension Ordinances and incorporate the extension of DROP participation.  Current DROP participants would be able to extend their participation in DROP for the full eight years.