Agenda Item # 12.f.
City Commission Regular Meeting - 6:00 pm
- Meeting Date:
- 01/03/2022
- Re
- Ordinance No. 21-067; Amendment to the City of Fort Pierce Pension Plan
- Submitted For:
- Johnna Morris
SUBJECT:
Legislative Hearing - Ordinance 21-067 Amending Code Section 2-270(c) regarding the maximum pension annuity payments for members hired prior to October 1, 2012. SECOND READING
SUMMARY:
The amendment to the Code is being made to align the maximum pension annuity payments with provisions of section 415 of the Internal Revenue Code, for members hired before October 1, 2012. It removes the $100,000 annual maximum pension payment and allows the new maximum payment to not exceed the maximum amount permitted by section 415 of the IRS code at the time of retirement; however, the amount of the standard form of annuity shall not exceed 100 percent of the member's final average salary.
The cost of the plan change for FY 2022 is $81,766 for General, $124,452 for UA and $34,409 for Police.
The cost of the plan change for FY 2022 is $81,766 for General, $124,452 for UA and $34,409 for Police.
RECOMMENDATION:
Adopt Ordinance No. 21-027, amending the Code.
ALTERNATIVES:
Deny the amendment.
RESPONSIBLE STAFF:
Finance Director
COORDINATED WITH:
Retirement Board Attorney, Jim Walker
City of Fort Pierce Retirement Board
City Clerk
City of Fort Pierce Retirement Board
City Clerk
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2022
- Amount:
- $240,637
OTHER INFORMATION:
The change to the plan will increase the contributions for FY 2022 by $81,766 for General, $34,409 for Police and $124,452 for UA.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Nick Mimms | 12/11/2021 11:00 AM |
- Form Started By:
- Johnna Morris
- Started On:
- 11/22/2021 10:17 AM
- Final Approval Date:
- 12/21/2021