The Board of Trustees of the New Port Richey Police Officer’s Retirement System has recommended three changes to the Police Officer’s Retirement System and they are as follows:
1. Section 17-51, Definitions, is being amended to reflect that retirement commences at the time of entering the Deferred Retirement Option Plan (DROP). Therefore, at the time of entry into the program a DROP member is considered to be a Retiree for all purposes of the plan.
2. Section 17-53, Board of Trustees, is being amended to reflect that DROP participants may be elected to serve as a member trustee on the Board, but may not vote for elected trustees, as a DROP participant is not an active Member of the Plan, but rather a retiree. The State Division of Retirement considers DROP participants retirees and therefore may not vote as a member in a member trustee election.
3. Section 17-56, Benefit Amounts and Eligibility, Section 17-57, Pre-Retirement Death, Section 17-60, Optional Forms of Benefits and Section 17-65.1, Minimum Distribution of Benefits are all being amended to provide for recent changes to the Internal Revenue Code that change the required distribution age from 70 ½ to 72.
Also enclosed is a letter from the Board of Trustee’s actuary which in short affirms that the proposed ordinance is a no cost ordinance under State minimum funding requirements.