Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 12/6/2017 
Agenda Category:ORDINANCE ON FIRST READING
Subject: Approval of the General Employees Pension Plan Restatement
Recommendation/Motion: 

It is recommended that the ordinance be approved on 2nd and final reading.


Originating Dept City Attorney  Costs  
User Dept.All Funding Source
AdvertisedNo Budget Account Number
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

Some time ago, the Board of Trustees for the City of Riviera Beach General Employees' Pension Plan submitted a proposed "restatement" ordinance of the Plan to simplify, modernize, and clarify several sections of the ordinance. City staff felt that it was prudent to dispose of the Florida Retirement System (FRS) ordinances before making any significant changes to the Plan. After the council enacted the final FRS ordinance in June 2015, city staff met with the pension attorney, Ken Harrison, to discuss each change proposed. Although the plan is now closed to new members, the Plan will continue in effect for the retirees and current employees in the Plan.

 

The ordinance first reading was held June 7, 2017. Prior to the submission of the second reading, the General Employees Pension Board requested to review the proposed ordinance changes due to the appointment of new trustees to the board.  The General Employees Pension Board met twice  to review and approve the proposed ordinance changes. 

 

 SUMMARY:

After months of collaboration and a thorough review of the Plan, this document is proposed for your consideration. In addition to clean-up language, some of the substantive changes include:

  • Clarifying and removing restrictions for military personnel to purchase past service under the definition of "continuous service."

  • Clarifying and refining the definition of "Earnings."

  • Removing the mandatory retirement of age of 70 to comply with state and federal laws.

  • Limiting post-retirement beneficiary changes to two times without board approval.

  • Clarifying the optional forms of benefits so that they are more easily understood.

  • Clarifying that employees may only include sick and vacation leave in the pension in accordance with section 112.66(11), Florida Statutes.

  • Adding language to provide certain survivor benefits for those who die in military service.

  • Changing the composition of the board of trustees after the expiration of terms.

  • Adding language that the board should have written policies for expenses and travel.

  • Clarifying that trustees must attend educational functions and focusing on attending classes in the State of Florida.

    Finally, the actuary has submitted an actuarial report regarding the fiscal impact that is being submitted for your review.

 
Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
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Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
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Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
General_Employees_Pension_Plan_Restatement_-FINAL_(24Oct2017).docxGeneral Employees Pension Restatement11/27/2017Cover Memo
Riviera_Beach_GE_-_Actuarial_Impact_Statement_-_Proposed_Restatement_6-7-2016_(002).pdfGeneral Employees Impact Statement7/12/2017Cover Memo
REVIEWERS:
DepartmentReviewerActionDate
Human ResourcesMitchell, DorothyApproved11/29/2017 - 6:04 PM