Title
Emergency Ordinance amending Chapter 50 of the "Code of the City of Coral Gables," entitled "Pensions," implementing provisions of the 2008-2009 Collective Bargaining Agreement between the City of Coral Gables and Fraternal Order of Police, Coral Gables, Lodge Number 7; revising the definition of "total earnings"; revising the employee contributions for police officers; repealing all Ordinances inconsistent herewith; further dispensing with the requirement of reading title to said Ordinance on two separate days by a 4/5ths vote of the City Commission pursuant to Article II, Section 13 of the Charter; providing for a repealer provision; a savings clause; a severability clause; and providing for an effective date.
Body
This Ordinance implements the pension provisions contained in the 2008-2009 collective bargaining agreement between the City of Coral Gables and the FOP. The ordinance makes the following changes to the City of Coral Gables Retirement System for police officers:
· Provides that police officers will contribute 5% of total earnings to the retirement system, effective September 30, 2009. Police officers now do not contribute to the retirement system.
· In conjunction with the 5% employee contribution, effective September 30, 2009, a police officer may elect to participate in the DROP upon satisfying the "Rule of 70", or attaining 25 years of credited service, or reaching age 65. This is the same DROP eligibility enhancement that was negotiated with City firefighters several years ago. It adds "Rule of 70" (age plus years of service = 70) to DROP eligibility for police officers.
· Revises the definition of "total earnings", effective September 30, 2009, to exclude overtime payments in excess of 300 hours annually and lump sum payments for accumulated compensatory time. The 300 hour cap on overtime payments does not affect averages prior to September 30, 2009.