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CASSELBERRY CITY COMMISSION Minutes of September 27, 2021 — Regular Meeting Page 7 of 18 Budget Impact: There is no impact to the City Budget. Recommendation: The City Manager and the Community Development Director recommended approval of Resolution 21-3271 authorizing execution of the Notice of Termination of Voluntary Development Commitment Agreement. Audience Participation: No one came forward to address Resolution 21-3271. MOTION: Commissioner Aramendia moved to approve Resolution 21-3271 as presented. Motion was seconded by Vice Mayor Busch. Motion carried unanimously by voice vote 5-0. 10. FIRST READING OF ORDINANCES A. Ordinance 21-1559 — Amending City Code of Ordinances Chapter 62 Pension and Retirement, Article 1, Police Officers' and Firefighters' Pension Plan The City Clerk read Ordinance 21-1559 by title, as follows: "AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AMENDING CHAPTER 62, PENSIONS AND RETIREMENT, ARTICLE 1, POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN OF THE CODE OF ORDINANCES OF THE CITY OF CASSELBERRY; AMENDING SECTION 62-2006, BENEFIT AMOUNTS AND ELIGIBILITY; AMENDING SECTION 62-2010, OPTIONAL FORMS OF BENEFITS; AMENDING SECTION 62-2016, MINIMUM DISTRIBUTION OF BENEFITS; PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE." Staff Presentation: City Manager Randy Newlon stated that Ordinance 21-1559 amends Chapter 62, Pensions and Retirement, Article 1, Police Officers' and Firefighters' Pension Plan. The changes being proposed by this ordinance are as follows: Section 62-2006 — Benefit Amounts and Eligibility — to provide that DROP (Deferred Retirement Option Program) participants will receive the cost -of -living (COLA) adjustments provided for in subsection (e). • Section 62-2010 — Optional Forms of Benefits — to remove language that is not applicable, as the Pre -Retirement Death Section already provides for a 100% joint and survivor benefit Should a member die prior to retirement who was eligible for normal or early retirement. • Section 62-2016 — Minimum Distribution of Benefits — to provide for recent changes to the Internal Revenue Code changing the required distribution age from 70 '/2 to 72. The proposed changes were prepared by the Pension Plan attorney, approved by the Police Officers' and Firefighters' Pension Plan Board, and reviewed by the Plan Actuary for financial impact. The Plan Actuary