Submitted By: Devan Kikendall
Presentation By: Devan Kikendall
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Department: Human Resources and Risk Management
STAFF RECOMMENDATION (Motion Ready):
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Introduce Ordinance 2023-45 revising the language in section (7) c. 1. increasing the General Employees Retirement System benefit multiplier from 1.0% to 1.3%. The benefit for current retirees, Deferred Retirement Option Program (DROP) members, and vested terminated members shall change to reflect the 1.3 percent multiplier for all years of service prospectively beginning with the October 1, 2023 payment
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OCALA'S RELEVANT STRATEGIC GOALS:
Engaged Workforce, Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On January 17, 2023, City Council approved agenda item # 20023-0371 to increase the minimum benefit accrual rate (multiplier rate) from 1.0% to 1.3% for the City's current variable benefit plan to become effective October 1, 2023. The proposed ordinance enables the implementation of the agenda item.
FINDINGS AND CONCLUSIONS:
Staff recommends approval of the ordinance increasing the benefit accrual rate from 1.0% to 1.3% on October 1, 2023.
FISCAL IMPACT:
See attached actuarial impact statement
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
The ordinance has been reviewed by the City Attorney, William E. Sexton.
ALTERNATIVE:
* Approve with changes
* Deny
* Table
ORDINANCE 2023-45
AN ORDINANCE OF THE CITY OF OCALA, AMENDING THE CITY OF OCALA GENERAL EMPLOYEES' RETIREMENT SYSTEM, ADOPTED PURSUANT TO ORDINANCE NO. 5988, AS SUBSEQUENTLY AMENDED; IS HEREBY FURTHER AMENDED BY AMENDING SECTION 43-67, BENEFIT AMOUNTS AND ELIGIBILITY; SECTION 43-67; PROVIDING FOR SEVERABILITY OF PROVISIONS; PROVIDING FOR CODIFICATION; REPEALING ALL ORDINANCES IN CONFLICT AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL AND THE CITY OF OCALA, FLORIDA;
Section 1: That the City of Ocala General Employees' Retirement System adopted pursuant to Ordinance No....
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