Title
ORDINANCE NO. 19O-02-100: AN ORDINANCE OF THE CITY OF LAUDERHILL, FLORIDA, AMENDING THE CITY CODE OF ORDINANCES, CHAPTER 2, ADMINISTRATION, ARTICLE II, OFFICERS AND EMPLOYEES, DIVISION 3, RETIREMENT, PART 4, SENIOR MANAGEMENT PENSION PLAN AND TRUST FUND, SECTION 2-88.6 SERVICE RETIREMENT BENEFITS; COST OF LIVING ADJUSTMENTS; TO AMEND SUBSECTIONS (A) AND (B) TO CREATE A FOURTH RETIREMENT TIER FOR NEW MEMBERS AND TO REDUCE THE FUTURE BENEFIT MULTIPLIER FOR TIERS ONE AND TWO; PROVIDING FOR SEVERABILITY; PROVIDING FOR CODIFICATION; PROVIDING AN EFFECTIVE DATE. (REQUESTED BY CITY MANAGER, CHARLES FARANDA).
Body
Request Action:
Pass an ordinance to amend section 2-88.6 to add a fourth retirement tier for new members and reducing the future benefit multiplier for tiers one and two of the Senior Management Pension Plan (Confidential and Managerial).
Need:
To amend the Confidential and Managerial Senior Management Pension Plan.
Summary Explanation/ Background:
This ordinance amends the Senior Management Pension Plan (Confidential and Managerial) to add a fourth retirement tier for new members and to reduce the future benefit multiplier for tiers one and two.
Attachments:
None.
Cost Summary/ Fiscal Impact:
Estimated Time for Presentation:
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: Safe and Secure City of Lauderhill
[ ] Crime in lower 50% in Broward [ ] Residents feel safe in neighborhood
[ ] Reduce emergency fatalities
Goal 3: Open Spaces and Active Lifestyle for all ages
[ ] Increase participation in youth sports [ ] Add new park land and amenities
[ ] Increase attendance at cultural programs and classes
Goal 4: Growing Local Economy, Employment and Quality of Commercial Areas
[ ] Increase commercial tax base [ ] Increase employment in Lauderhill businesses
[ ] Decrease noxious and blighted uses in commercial areas...
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