CITY COUNCIL AGENDA ITEM
Memo Date: October 8, 2024
Agenda Date: November 12, 2024
Prepared By: Tammy B. Gemmati, Administrative Services Director
Through: Stockton E. Whitten, City Manager
Requested Action:
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Approval of Ordinance No. 16-2024/1st reading: related to Chapter 2, Administration, Article VII Police Officers' Retirement Plan; Amending Section 2-196, Benefit Amounts and Eligibility; Amending Section 2-198, Disability; Amending Section 2-218, Deferred Retirement Option Plan; Providing for incorporation into the Code; Providing for severability of provisions; Repealing all ordinances and resolutions in conflict herewith and providing an effective date. End
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BACKGROUND:
The City of Cocoa has an established Police Officers' Retirement Plan in accordance with Chapter 185, Florida Statutes for the benefit of the City's Police Officers.
At the May 2024 Pension Board Meeting, the board members discussed the possibilities of extending the Deferred Retirement Option Plan (DROP) period to a maximum of eight (8) years, versus the current maximum of five (5) years. Additionally, a minimum disability benefit was added in the event a member becomes disabled as a result of an active or mass shooter event. These changes were collectively bargained with the Central Florida Police Benevolent Association (CFPBA) with the latest Collective Bargaining Agreement. It was also recommended by Staff to modify the code language of the Cost of Living Adjustment (COLA) Increase section where the pension benefit could never be decreased in accordance with the COLA.
Staff consulted with Gabriel, Roeder, Smith & Company over these changes and it was advised there were minimal financial impacts on the plan. These proposed benefit changes have been done so under the guidance of the City's pension attorney Glenn Thomas of Lewis, Longman, & Walker. This proposed ordinance was submitted to the board's pension attorney Stu Kaufman of Office of Klausner, ...
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