Title
An Emergency Ordinance amending Chapter 50 of the “Code of the City of Coral Gables,” entitled “Pensions,” amending Section 50-26, Compulsory Participation; further amending Section 50-239(A), Limitations on Payment of Retirement Income, providing for a repealer provision, a severability clause, codification and providing for an effective date.
Body
The City of Coral Gables Retirement Plan gives appointed officials (City Manager, City Attorney, and City Clerk) as well as certain excluded employees (Assistant City Managers and Deputy City Attorneys) the option to participate in the Retirement Plan, or opt out of participation. If one of these officials opts out of the Retirement Plan, he/she may elect to participate in a defined contribution plan established by the City, to which the City may contribute a sum not to exceed the maximum allowed by law.
This ordinance would give department directors hired on or after the effective date of this ordinance, the same option of participating, or not, in the City Retirement Plan. If the newly hired department director elects not to participate in the Retirement Plan, he/she may elect to participate in a defined contribution plan established by the City to which the City may contribute a sum not to exceed the maximum allowed by law. The City Manager would determine the City contribution amount for the department directors. The City Attorney opines under section 2-201(e)(1) and (8) of the City Code, following consultation with outside counsel, that an amendment to the pension code is required to allow the Department Director to participate in a defined contribution plan, instead of the defined benefit plan.
In the event that the City establishes a comparable retirement plan through the Florida Retirement System (FRS) with a supplemental 401(a) or 457(b) component, then this plan for department directors will be converted to that FRS/supplemental plan. Additionally, the City is evaluating opportunities to al...
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