Title
ORDINANCE NO. 250-08-125: AN ORDINANCE OF THE CITY OF LAUDERHILL, FLORIDA, AMENDING THE CITY OF LAUDERHILL CODE OF ORDINANCES, CHAPTER 2 - ADMINISTRATION, ARTICLE II - OFFICERS AND EMPLOYEES, DIVISION 3 - RETIREMENT, PART 4 - SENIOR MANAGEMENT PENSION PLAN AND TRUST FUND, SECTION 2-88.7 - VESTING AND TERMINATION; PURCHASE OF PRIOR COVERED SERVICE, BY AMENDING SUBSECTION (F) TO REVISE THE PURCHASE OF PRIOR SERVICE PROVISIONS; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANGER, KENNIE HOBBS, JR.).
Body
Request Action:
This ordinance amends Section 2-88.7 of the City Code to revise the rules for purchasing service credit in the retirement plan, Specifically, it modifies provisions for members to buy back prior service time (including military service) and establishes the payment terms, costs, and contribution requirements. The public purpose of this ordinance is to provide employees with a clear, fair, and financially sound process for purchasing additional credited service toward retirement. This helps employees maximize their retirement benefits while ensuring the pension plan remains actuarially sound and adequately funded.
Need Summary Explanation/ Background:
To amend the code and provide clarification for the buyback of service time for all employees in the Confidential/Managerial Pension Plan.
Cost Summary/ Fiscal Impact:
N/A
Attachments:
#1 - Ordinance
#2 - Business Impact Estimate
Budget Code Number(s): N/A as this benefit would be for all Confidential and Managerial employees.
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required