Title
An Ordinance Of The City Of Hollywood, Florida, Amending Chapter 33 Of The Code Of Ordinances Titled “Police Officer’s Retirement System”; Incorporating Various Changes To The Retirement System Contained In The Collective Bargaining Agreement Between The Fraternal Order Of Police, Lodge #24 And The City Of Hollywood, Including Changes Relating To Definitions And Normal Retirement Benefits; Providing For Conflicts, Codification, And An Effective Date.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Ordinance.
Explanation:
The City and the Fraternal Order of Police, Hollywood Lodge 24, have negotiated a three-year successor Collective Bargaining Agreement (“CBA”) in effect from October 1, 2025 through September 30, 2028, that will include various changes to the retirement system contained in the CBA including changes relating to definitions and normal retirement benefits.
A more complete description of the negotiated changes is reflected in the attached Ordinance.
Fiscal Impact:
An actuarial impact study of the proposed benefit changes regarding an increase to the benefit for Group Three members and to the DROP plan account was prepared by the City of Hollywood Police Officer’ Retirement System Actuary. The study indicated that the costs associated with the benefit changes proposed in this ordinance are fully offset by the corresponding increase in contribution from Group Three members from 9.5% to 11.5%.
Recommended for inclusion on the agenda by:
Tammie L. Hechler, Director of Human Resources
Adam S. Reichbach, Assistant City Manager
Chris O’Brien, Director of Public Safety