Title
An Ordinance Of The City Of Hollywood, Florida, Amending The Subchapter Of 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 Broward County PBA And The City Of Hollywood, Including Changes Relating To Membership, Eligibility, Normal Retirement Date, Normal Retirement Benefit, The Creation Of A Reformed Planned Retirement Benefit, Interest On Refunds Of Employee Contributions, And Employee Contributions.
Body
Staff Recommends: Approval of the attached Ordinance
Explanation:
The City of Hollywood and the Broward County Police Benevolent Association have negotiated a Collective Bargaining Agreement covering the period from October 1, 2014 to September 30, 2017 (the "Agreement"). Included in the Agreement are changes to the Police Officer's Retirement System ("Pension Plan"). The terms of the Pension Plan are found in subchapter of chapter 33 of the Code of Ordinances titled "Police Officer's Retirement System." To make the changes to the Pension Plan official, it is necessary to incorporate them into the Code of Ordinances.
Below is a summary of the Pension Plan changes included in the Agreement:
* Amend the dentition of normal retirement date so that an employee hired prior to October 1, 2011 with less than ten years of credited service as of September 30, 2011 and an employee hired on or after October 1, 2011 may retire on the day he or she attains age 55 and completes 10 years of creditable service or on the day he or she completes 25 years of creditable service.
* For employees who had less than 10 years of creditable on September 30, 2011, add 0.3% to each year of creditable service an employee had through September 30, 2011.
* Police officers become members of the Police Pension Plan and begin contributing into the Police Pension Plan upon their hire date as a certified law...
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