PB 03/08/2000 Miinutes - Laserfiche WebLink

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Police Officers' & Firefighters Board Meeting March 8, 2000 Page 4 VIII. Attornev's Report - Scott Christiansen Mr. Christiansen said with the adoption Ordinance 00-974 by the City Commission, the City is in compliance with the requirements of the Florida Legislature with respect to the no impact changes made last year subject to the report of the actuary. A copy of this ordinance and a copy of the letter from Foster and Foster indicating no impact should be mailed to Tallahassee. IX. Actuary Report Mr. Ward Foster stated that amendments to Chapters 175 and 185, Florida Statutes, that were passed by the Legislature on March 12, 1999 include two significant provisions (1) the establishment of new minimum benefit provisions for local ordinance plans and (2) clarification that the premium tax monies are to be used to provide benefits greater than those provided to the City's General Employees. He said both these requirements are currently being met by the City. Mr. Foster said the City's Plan satisfies all the required minimums and the changes that will be necessary to meet the new standards will not impact the funding requirements. The amendments provide clarification that the intent of the premium tax program set forth in Chapters 175 and 185 is to provide funding for benefits in addition to those provided to the City's General Employees. He said that the City's funding requirement on behalf of the pension programs covering Police Officers and Firefighters is currently 16.0% of the total payroll. This percentage rate is greater than the City's funding rate for the General Employees and the State contribution amounts are being fully utilized to provide extra benefits for Police Officersand Firefighters. ghters. �or budget purposes, Mr. Foster Suggested she City iatch she one (1) percent contribution paid by the members for fiscal year 2000/2001. Mr. Foster submitted the Annual Report that has to be sent to Tallahassee by March 15, 2000. MOTION: Moved by Officer Jason McMullen to accept the reports of the Attorney and Actuary. Seconded by Mrs. Mary Moschler. Motion carried unanimously by voice vote. IX. Miscellaneous a) Notification of Opt -Out of Plan for Police Chief and Fire Chief Letters were received from Police Chief Martin LaBrusciano and Fire Chief Mitchel Floyd of their intent to opt out of the Police Officers and Firefighters Pension Plan and elect a 401 A Plan This option was approved by the City Commission on February 7, 2000. The next meeting is scheduled for May 31, 2000 at 1:00 p.m.