City of Coral Gables

File #: 24-8360    Version: 2 Name:
Type: Ordinance Status: Agenda Ready
File created: 11/21/2024 In control: City Commission
On agenda: 12/10/2024 Final action:
Enactment date: Enactment #:
Title: An Ordinance of the City Commission, amending Chapter 46 of the "Code of the City of Coral Gables," entitled "Pensions," amending Section 46-26, Compulsory Participation; amending Section 46-27, Purchase of Credited Service; and providing for severability clause, repealer provision, codification, and providing for an effective date.
Attachments: 1. Pension Cover Memo, 2. Pension Ordinance - Police, 3. Coral Gables Retirement System - No Actuarial Impact Letter - 11-22-2024

Title

An Ordinance of the City Commission, amending Chapter 46 of the "Code of the City of Coral Gables," entitled "Pensions," amending Section 46-26, Compulsory Participation; amending Section 46-27, Purchase of Credited Service; and providing for severability clause, repealer provision, codification, and providing for an effective date.

 

 

 

Body

 

The City recently amended the City Code provisions to open the Retirement System for a limited time to allow employees who chose to participate in the Defined Contribution Plan instead of the Retirement System an opportunity to become a member of the Retirement System going forward.  Employees will be allowed to purchase their prior full-time service with the City at an amount equal to the full actuarial cost of the service as determined by the plan actuary.  

This ordinance amends the City Code to also allow any non-bargaining unit police officers the same options.

 

 

 

Recommended Action

 

 

Approval.