Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Memorandum Of Understanding With The City Of Hollywood Employees’ Retirement Fund (“COHERF”) For Reimbursement To COHERF In An Amount Up To $185,000.00 For Work Associated With Establishing The New Defined Contribution And Hybrid Options For The Retirement Fund.
Strategic Plan Focus
Financial Management and Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City Commission, through Ordinance No. O-2025-10, approved establishing in the City of Hollywood Employees’ Retirement Fund (“COHERF”) two new options for retirement plans alongside the currently existing defined benefit option.
It is necessary to pay for certain consulting, compliance and legal costs in the solicitation for record keeper and investment managers, design drafting, governance structure design, drafting of plan documents, plan description drafting, and related legal review of the new plan options. However, COHERF may not use assets from the current defined benefit plan to pay for these costs associated with the two new plans.
The Board of Trustees of COHERF is entering into agreements with consultants to effectuate the direction provided by the City Commission in Ordinance No. O-2025-10. The resolution and accompanying memorandum of understanding between the City and COHERF provide for the City to reimburse COHERF for these startup costs in an amount up to $185,000.00.
Fiscal Impact:
Funding for the reimbursement to COHERF of costs related to the establishment of the new defined contribution and hybrid plan options is available in the FY 2026 operating budget in account number 001.190104.51900.591011.000000.000.000.
Recommended for inclusion on the agenda by:
David E. Keller, Special Projects Administrator, City Manager’s Office
Adam Reichbach, Assistant City Manager