Title
An Ordinance Of The City Of Hollywood, Florida, Amending Section 33.025 Of The Code Of Ordinances Regarding The General Employees’ Retirement Fund Allowing In-Service Distribution For Charter Employees.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Ordinance.
Explanation:
Section 33.025 of the City Code regulates pensions and retirement for the City of Hollywood Employees' Retirement Fund. The Code is currently silent as to in-service DROP distributions to Charter employees. The Code should be updated to allow payment of DROP distributions to Charter employees prior to retirement if all other distribution requirements are met.
Fiscal Impact:
Approval of this Ordinance will not fiscally impact the City as there is no actuarial cost to the City.
Recommended for inclusion on the agenda by:
Damaris Y. Henlon, Deputy City Attorney
Douglas R. Gonzales, City Attorney