Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The Attached Memorandum Of Understanding Between The City And The International Association Of Fire Fighters, Local # 1375 (“IAFF”) Amending Article 28 Section 1 To Allow For Modification Of The Definition Of “Beneficiary” Contained In The City Of Hollywood Firefighters’ Retirement System (“Firefighters’ Pension Plan).
Body
Staff Recommends: Approval of Attached Resolution
Explanation:
The City of Hollywood and The International Association Of Fire Fighters, Local # 1375 (“IAFF”) wish to amend Article 28, section 1 that states: “Except as provided in [the current CBA], the City will maintain the existing Pension Plan Ordinance provisions regarding benefits and contributions for bargaining unit employees for the duration of the Agreement.”
The Firefighters’ Pension Plan defines “beneficiary” to include only a person or persons, and the parties have agreed it is in the best interest of the City and the bargaining unit members to amend the definition to include a trust with regard to DROP account distributions; and
The Firefighter’s Pension and Retirement Fund has recommended a change to the provisions of the Plan to allow members and retirees to name a Trust as a beneficiary of lump sum benefit distributions. Currently, the Plan only allows a person to be named as a beneficiary, so the change would allow added flexibility for Plan members/retirees. The Code of the City of Hollywood provides that any change to Plan terms must be approved by a majority of the membership of the Plan. Please submit your vote as to whether you approve the amendment to the Plan provisions.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
George R. Keller, Assistant City Manager for Finance & Administration/Interim Director of Financial Services Department
Tammie L. Hechler, Director of Human Resources