Title
ORDINANCE NO. 25O-06-120: AN ORDINANCE OF THE CITY COMMISSION 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 ADDING NEW SECTION 2-88.16 RELATING TO POST RETIREMENT SUPPLEMENT; PROVIDING FOR CONFLICTS, CODIFICATION AND SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
Body
Request Action:
Amend the City Code of Ordinances Section 2-88.16 relating to post retirement supplement. The change in code would allow all members who retire and separate from City service on or after June 1, 2025, and are eligible to immediately draw a normal retirement benefit from the Retirement Plan shall be eligible for a post-retirement supplemental benefit. The post-retirement supplemental benefit shall be forty dollars ($40.00) per month for each year of credited service in the Retirement Plan, capped at 20 years of service. For purposes of calculating the foregoing supplemental benefit, years of service while in the DROP shall count.
Need Summary Explanation/ Background:
To amend the code and provide the post retirement benefit to any employee in the senior management.
Cost Summary/ Fiscal Impact:
Actuarial Impact Statement attached indicates that it would cost 1.7% of covered payroll.
Attachments:
#1 - Agenda Request Memo
#2 - Ordinance
#3 - Actuarial Impact Statement
Budget Code Number(s): __________________________________
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