Title
An Emergency Ordinance amending Chapter 50 of the "Code of the City of Coral Gables," entitled "Pensions," implementing provisions of the 2017-2020 Collective Bargaining Agreement between the City and the Teamsters and implementing similar changes for Excluded Employees, amending Section 50-29, City contributions; amending Section 50-230, Normal Retirement Income; providing for a repealer provision, severability clause, codification, and providing for an effective date.
Body
This Ordinance implements the following pension changes contained in the recently ratified collective bargaining agreement between the City and the Teamsters, Local 769 (the “Agreement”):
? The retirement cost sharing contribution cap for bargaining unit employees covered by the Agreement shall be reduced by 0.5% for each fiscal year of the Agreement (current cap 15%) as follows:
? Fiscal Year 2018 - 14.5% (effective November 14, 2017)
? Fiscal Year 2019 - 14%
? Fiscal Year 2020 - 13.5%
? The retirement cost sharing contribution cap for bargaining unit employees covered by the Agreement returns to 15% at expiration of the Agreement.
? The maximum retirement benefit in the normal annuity form for bargaining unit employees covered by the Agreement shall not exceed the lesser of: $40,000 annually or 75 percent of final average compensation for participants with less than 10 years of credited service on November 14, 2017; and $59,500 annually or 75 percent of final average compensation for participants with 10 or more years of credited service on November 14, 2017; provided in no event shall a participant’s benefit be less than the accrued benefit on November 14, 2017.
This Ordinance also implements the following pension changes for excluded employees (general employees not covered by the Agreement):
? The retirement contribution for exc...
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