| | | | | | | |  |  | 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: | 10/15/2019 | | RE: | Second Reading, Ordinance No. 2019-2158: Amendments to Police Pension Ordinance RE: IRC Changes |
REQUEST:
The request is to conduct a second and final reading of a proposed ordinance which relates to certain pension benefits in regard to the Police Officers’ Retirement System.
DISCUSSION:
The purpose of the proposed ordinance is to effectuate changes to reflect certain changes to the Internal Revenue Code (IRC) and its associated regulations as well as recent litigation.
The ordinance prescribes the following amendments to the pension plan:
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Section 17-65, Maximum Pension, this section is being amended to correct a typographical error in subsection (h).
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Section 17-65.2, Miscellaneous Provisions, is being amended to provide a provision for an approved method for locating terminated employees who are due benefits from the plan.
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Section 17-65.13, Deferred Retirement Option Plan, corrects a typographical error concerning the crediting of interest or earnings to member DROP accounts. This section also removes language relating to the prevention of escheat since language is probably unenforceable under the state escheat statutes.
RECOMMENDATION:
The recommendation is to conduct a second and final reading and approve Ordinance No. 2019-2158 related to the Police Officers’ Retirement System.
BUDGET/FISCAL IMPACT:
There is no cost associated with the adoption of the proposed ordinance.
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