CC 10/25/2021 Minutes - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of October 25, 2021 — Regular Meeting Page 7 of 15 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, Foster and Foster, has reviewed the ordinance and has issued a letter stating that, "because the changes do not result in a financial impact on the funding requirements, it is our opinion that a formal Actuarial Impact Statement is not required in support of its adoption." If the changes presented in the ordinance would lead to a change in the funding requirements by the City, then the Actuary would issue an Actuarial Impact Statement and estimate what the impact would be. Budget Impact: There is no impact to the City Budget. Recommendation: The City Manager and the Finance Director recommended adoption of Ordinance 21- 1559. Public Hearing: Mayor Henson stated this was a public hearing to hear and consider comments and questions regarding Ordinance 21-1559. Mayor Henson opened the floor for public participation. No one came forward to address Ordinance 21-1559. Mayor Henson closed the public hearing relative to Ordinance 21-1559. MOTION: Commissioner Aramendia moved to adopt Ordinance 21-1559 on second and final reading, as presented. Motion was seconded by Vice Mayor Busch. Motion carried unanimously by voice vote 5-0. 12. OTHER ITEMS A. Presentation on the Potential Uses of the American Rescue Plan Act (ARPA) Local Fiscal Recovery Funds Staff Presentation: City Manager Randy Newlon gave a presentation on potential uses of the American Rescue Plan Act (ARPA) local fiscal recovery funds which included the following components: - Introduction o The American Rescue Plan Act (ARPA) of 2021 is a $1.9 trillion economic stimulus bill. o Coronavirus Local Fiscal Recovery Funds provide $350 billion for states,