Title
ORDINANCE NO. 23O-06-116 : 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 TO AMEND THE CONFIDENTIAL AND MANAGERIAL EMPLOYEE DEFINED BENEFIT RETIREMENT PLAN; AMENDING SECTION 2-88.7, VESTING AND TERMINATION; PURCHASE OF PRIOR COVERED SERVICE; AMENDING SECTION 2-88.15, DEFERRED RETIREMENT OPTION PLAN TO CLARIFY THE CITY POSITIONS THAT MAY REMAIN IN EMPLOYMENT AT THE CONCLUSION OF DROP PARTICIPATION; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER, DESORAE GILES-SMITH).
Body
Request Action:
Amend the City Code of Ordinances to amend the City Confidential and Managerial Employee DROP Plan to reflect a lower funding rate of 6.8% and to clarify which city positions may remain in employment at the conclusion of the DROP participation.
Need:
Amend the City Confidential and Managerial Employee DROP Plan.
Summary Explanation/ Background:
The City of Lauderhill maintains a defined benefit pension plan for its employees known as the City of Lauderhill Confidential and Managerial Employee Defined Benefit Retirement Plan, which is codified in Chapter 2, Article 2, Division III, Part 4 of the City Code. The Board of Trustees of the Plan, in its discretion, adopted a lower assumed funding rate of 6.8%. Certain city officials perform the function of a department director without regard to title and this section of the Code should be clarified for the avoidance of doubt.
Attachments:
Ordinance
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
[ ]...
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