Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 21-115, Public Hearing, An Ordinance of the City Council of the City of Port St. Lucie, Florida, Amending Chapter 32, Article VIII, Section 32.77 of the Code of the City of Port St. Lucie, Florida, Entitled "Police Officers' Retirement Trust Fund;" Amending Section (H) Disability; Providing a Conflicts Clause, a Severability Clause, and Authority to Codify; Providing an Effective Date; and for Other Purposes.
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Submitted By: Sandra Steele, Pension Administrator, Financial Management Department
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): When the multiplier for the Police Officers' pension benefits were increased to 3.27% in 2016 by Ordinance 16-28, the stated multiplier in the disability section of the Plan was inadvertently not amended. The proposed Ordinance is corrective and provides for the legally required consistency in the pension benefits.
Presentation Information: Police Pension Board Attorney Bonni S. Jensen will be in attendance to answer any questions.
Staff Recommendation: Move that the Council approve the revision to the ordinance.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the revision to the ordinance.
2. Move that the Council provide staff direction.
Background: Several substantive changes to the Port St. Lucie Municipal Police Officers' Retirement Trust fund (the "Plan") were made in accordance with Ordinance 16-28. Among these changes included establishing a benefits rate of 3.27% for those Plan members who retired with a Normal Retirement Benefit on or after October 1, 2015. It was recently discovered that Ordinance 16-28 did not amend the Plan to specifically provide for disabled members to receive a benefits rate for disability retirement that is consistent with the benefits rate for the Nor...
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