 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Debbie L. Manns, City Manager | | DATE: | 11/20/2018 | | RE: | Second Reading - Ordinance No. 2018-2147: Amendments to Police Pension Ordinance (Memorializing Contract Changes)(To be heard after item 9A) |
REQUEST:
The request is for City Council to conduct a second and final reading for Ordinance No. 2018-2147 which memorializes the terms of the collective bargaining agreement covering the term spanning from October 1, 2018 through September 30, 2021 between the City of New Port Richey and the West Central Florida Police Benevolent Association (PBA) as it relates to certain pension benefits.
DISCUSSION:
As you are already aware, the recommended contract with the PBA includes a change in the benefit structure relating to early retirement. In order to memorialize the change it is being presented to you for consideration in the form of an ordinance. The specific change is noted below:
A member may retire on his early retirement date. For a member who is fully vested as of November 7, 2017, his early retirement date shall be either the first day of any month coincident with or next following the completion of twenty (20) years of credited service, or the first day of any month coincident with or next following the attainment of age fifty (50) and the completion of ten (10) years of service. For a member who is not fully vested as of November 7, 2017, his early retirement date shall be the first day of any month coincident with or next following the attainment of age fifty (50) and the completion of ten (10) years of credited service. Early retirement under the system is retirement from employment with the city on or after the early retirement date and prior to the normal retirement date.
RECOMMENDATION:
The recommendation is for City Council to conduct the second and final reading and approve Ordinance No. 2018-2147 which memorializes the terms of the agreement between the City of New Port Richey and the West Central Florida Police Benevolent Association as it relates to certain pension benefits.
BUDGET/FISCAL IMPACT:
Based upon the results of an Actuarial Impact Statement, the proposed Ordinance increases the first year annual City contribution to the Police Officer's Retirement System by 1.0% of covered payroll which is $23,789 and is available in the Reserves, Contingency account.
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