Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute The First Amendment To The Memorandum Of Understanding With The City Of Hollywood Employees’ Retirement Fund, Increasing The Funding For Fiscal Year 2026 From $185,000.00 To $397,373.00, For Reimbursement Of Remaining Expenses Associated With Establishing The New Defined Contribution And Hybrid Options For The Retirement Fund And Authorizing Additional Funding In Subsequent Years, Not To Exceed $300,000.00 Annually.
Strategic Plan Focus
Financial Management & 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 entered into agreements with consultants to effectuate the direction provided by the City Commission in Ordinance No. O-2025-10. The resolution R-2025-370 and accompanying memorandum of understanding between the City and COHERF provided the City authorization for partial reimbursement to COHERF for startup costs in an amount up to $185,000.00.
The City desires to amend the Memorandum of Understanding (“MOU”) with COHERF for reimbursement of additional administrative and operational expenses in an amount up to $397,373.00.
The amendment includes an ongoing annual amount not to exceed $300,000.00 ...
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