City of Coral Gables

File #: 24-7312    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 4/4/2024 In control: City Commission
On agenda: 5/7/2024 Final action: 5/7/2024
Enactment date: 5/7/2024 Enactment #: 2024-16
Title: An Ordinance of the City Commission amending Chapter 46 of the "Code of the City of Coral Gables," entitled "Pensions," amending Section 46-27, purchase of credited service for period of military service and/or employment with other public employers; and providing for severability clause, repealer provision, codification, and providing for an effective date.
Attachments: 1. O-2024-16-Signed, 2. Cover Memo Pension Ord. 2nd Reading, 3. Draft Pension Ordinance - Purchase of Air Time 2nd reading, 4. Coral Gables Retirement System - No Actuarial Impact Letter - 3-29-2024, 5. Cover Memo Pension Ord., 6. Draft Pension Ordinance - Purchase of Air Time 3.28.pdf, 7. Coral Gables Retirement System - No Actuarial Impact Letter - 3-29-2024

Title

An Ordinance of the City Commission amending Chapter 46 of the "Code of the City of Coral Gables," entitled "Pensions," amending Section 46-27, purchase of credited service for period of military service and/or employment with other public employers; and providing for severability clause, repealer provision, codification, and providing for an effective date.

 

 

 

Body

The City recently entered into a Settlement Agreement, whereby the City agreed to present to the City Commission for its consideration a proposed Ordinance amending Chapter 46 of the City Code that would allow employees hired on a specific date to purchase prior years of service.   The purchase of this time will not have any actuarial impact on the cost of the Retirement System.

 

 

Recommended Action

Approval