Summary
To: Mayor and Commissioners
From: JP Murphy
Date: 10/7/2016
______________________________________________________________________
Subject:
Title
Ordinance 507 - Amending the Police Pension Plan
Summary:
Ordinance 507 is a conforming ordinance to be in compliance with statutory changes to the Municipal Police Officers’ Retirement System and Benefit Eligibility. Amendments based on statutory language were made to the definitions of Actuarial Equivalent, Credited Service and Spouse, the normal retirement age and date, disability in the line of duty, disability not in the line of duty, optional forms of benefits, and maximum pension. This ordinance also removes the Police Chief from participating in the pension, unless he is already in the system.End
Body
Previous Commission Action: Passed on first reading October 4, 2016.
Background/Problem Discussion: None
Expenditure Challenges None
Financial Implications: None
Recommendation: Staff recommends approval.
Proposed Motion Move approval of Ordinance 507 on second and final reading.