Title
ORDINANCE NO. 20O-06-115: AN ORDINANCE AMENDING THE CITY OF LAUDERHILL CODE OF ORDINANCES, CHAPTER 2, ADMINISTRATION, ARTICLE II, OFFICERS AND EMPLOYEES, DIVISION 3, RETIREMENT, PART 2, GENERAL EMPLOYEES PENSION FUND, SECTION 2-73, DEFERRED RETIREMENT OPTION PLAN; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
Amend the City Code Section 2-73 regarding eligibility for the GE Pension Drop plan.
Need:
To revise the GE Pension Drop Plan eligibility to be consistent with the October 1, 2018 through September 20 2010 collective bargaining agreement.
Summary Explanation/ Background:
The General Employee (GE) Drop Pension plan should be further amended to revise DROP eligibility based upon the October 1, 2018, through September 20, 2021 collective bargaining agreement. Effective October 1, 2018, eligibility to participate in the DROP is limited to tier one members and is based upon eligibility for normal service retirement, the date on which the sum of a member’s age and years of service with the city equals seventy-five (75). Tier one members who had attained twenty (20) years of service on or before December 31, 2018, are also eligible to participate in the DROP. Prior to October 1, 2018, eligibility was limited to tier one members who had attained twenty (20) years of service regardless of age. Tier two and tier three members are NOT entitled to participate in the DROP.
Attachments:
Number all attachments consecutively.
Cost Summary/ Fiscal Impact:
Include projected cost, approved budget amount and account number, source of funds, and any future funding requirements
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
Goal 5: Quality Housing at all Price Ranges and Attractive Communities
[ ] Neighborhood signs and active HOAs [ ] Housing & streets improved, litter reduced
[ ] Increase proportion of single family homes and owner occupied housing
Goal 6: Efficient and Effective City Government, Customer Focused & Values Diversity
[ ] Improves City efficiency [ ] Increase use of Information Technology
[ ] Increases residents perception of Lauderhill as an excellent place to live