CITY COUNCIL AGENDA ITEM
Memo Date: November 13, 2024
Agenda Date: December 10, 2024
Prepared By: Tammy B. Gemmati, Administrative Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approval of Ordinance No. 17-2024/Final Reading: Amending Chapter 2, Administration, Article VIII, Firefighters' Retirement Plan of the Code by amending: Section 2-326, Cost of Living Increase; Section 2-331, Deferred Retirement Option Plan; Providing for Codification; Providing for Severability of Provisions; Repealing all Ordinances in Conflict Herewith and Providing an Effective Date. End
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BACKGROUND:
The City of Cocoa has an established Firefighters' Retirement Plan in accordance with Chapter 175, Florida Statutes for the benefit of the City's Firefighters.
The City recently concluded collective bargaining with both the International Association of Firefighters Local 2416 for the rank and file members and Teamsters Fire District Chiefs which resulted in extending the Deferred Retirement Option Plan (DROP) term from five years to eight years. 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 no financial impact 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. A draft ordinance was provided to the Pension Plan's attorney Mark Floyd, Mierzwa & Floyd, P.A. and the Plan's actuarial firm Foster and Foster and there were no additional changes. The Plan's actuary also provided a no impact letter, due to these changes not having a plan impact.
The following amendments to the pension plan in the proposed ordinance include:
1. Section 2-326, Cost of Living Increase
As of ea...
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