HomeMy WebLinkAbout4675 Amending the Firefighter's Pension PlanOrdinance No. 4675
An Ordinance of the City of Sanford, Florida, Section 66-71 of the Code
of Ordinances of the City of Sanford relating to definitions used in the
context of the Firefighters' Retirement System; providing for
legislative findings and intent; providing for conflicts; providing for a
savings provision; providing for codification; providing for
severability and providing for an effective date.
Whereas, the City of Sanford has elected to increase the minimum and
maximum pay grades for its employees and implement additional pensionable
certification incentive pay applicable to certain non -bargaining unit firefighters; and
Whereas, such additional certification incentive pay aligns with the City's goal
to increase the level of education of its employees, enhancing employee retention,
remaining competitive with other agencies, improving its service levels, as well as the
safety of City residents; and
Whereas, amendments to the Firefighters' Retirement System are necessary
to provide such additional benefits for its eligible members; and
Whereas, the Trustees of the City's Firefighters' Retirement System have
requested and approved the amendments provided herein as being in the best interests
of the participants and beneficiaries as well as improving the administration of the
Firefighters' Retirement System; and
Whereas, the City Commission has received and reviewed an actuarial impact
statement related to this change and attached as such; and
Whereas, the City Commission deems it to be in the public interest to provide
this change to the Firefighters' Retirement System as set forth in this Ordinance.
Be it Enacted by the People of the City of Sanford, Florida:
I- I P a g �,,
Section 1. Legislative findings and intent.
(a) The City Commission of the City of Sanford hereby adopts and incorporates
into this Ordinance the City staff report and City Commission agenda memorandum
relating to this ordinance.
(b) The City of Sanford has complied with all requirements and procedures of
Florida law in processing and advertising this Ordinance.
Section 2. Firefighters' Retirement System. Chapter 66, Article III, Section
66-71, Definitions, of the Code of Ordinances of the City of Sanford, is hereby amended
to read as follows (underlined text is new language):
Sec. 66-71. - Definitions.
(1) As used herein, unless otherwise defined or required by the context,
the following words and phrases shall have the meaning indicated:
Base pay means the pay for the grade and step in the salary
classification pay plan in the City for the given fiscal year, including all tax
deferred, tax sheltered or tax exempt items of income derived from elective
employee payroll deductions or salary reductions and otherwise includible
in base pay. Base pay shall also include "education incentive", "engineer
incentive", as well as "paramedic incentive" paid to firefighters who are
certified as paramedics and specialty pay. Base pay shall also include
additional certification incentive pay applicable to certain designated
emploVees of the Fire Department. Firefighter emploVees who have
attained the rank of Fire Chief, Deputy Fire Chief, Fire Marshall, Battalion
Chief or Fire Inspector shall be eligible to receive incentive pay from the
following applicable categories concurrently; provided, however, that,
such members are only eligible to receive the highest incentive pay
applicable to each category. Categories of incentive pay for Deputy Chief
and Battalion Chief positions include: Fire Officer (11, 111, or IV); Fire Service
Instructor (1, 11, or 111); Incident Safety Officer; and Health and Safety
Officer. Categories of incentive paV for Fire Marshal and Fire Inspecto
;2- 1 P a , y e
positions include: Fire Safety Inspector (11 or 111), Fire Officer (1, 11, 111 or IV);
Fire Code Administrator; and Fire and Life Safety Educator. Compensation
in excess of the limitations set forth in Section 401 (a)(1 7) of the Code as
of the first day of the plan year shall be disregarded for any purpose,
including employee contributions or any benefit calculations. The annual
compensation of each member taken into account in determining benefits
or employee contributions for any plan year beginning on or after January
1, 2002, may not exceed $200,000.00, as adjusted for cost -of -living
increases in accordance with Code Section 401 (a)(1 7)(B). Compensation
means compensation during the fiscal year. The cost -of -living adjustment
in effect for a calendar year applies to annual compensation for the
determination period that begins with or within such calendar year. If the
determination period consists of fewer than 12 months, the annual
compensation limit is an amount equal to the otherwise applicable annual
compensation limit multiplied by a fraction, the numerator of which is the
number of months in the short determination period, and the denominator
of which is 12. If the compensation for any prior determination period is
taken into account in determining a member's contributions or benefits for
the current plan year, the compensation for such prior determination
period is subject to the applicable annual compensation limit in effect for
that prior period. The limitation on compensation for an "eligible employee"
shall not be less than the amount which was allowed to be taken into
account hereunder as in effect on July 1, 1993. "Eligible employee" is an
individual who was a member before the first plan year beginning after
December 31, 1995.
Section 3. Savings. The prior actions of the City of Sanford relating to the
administration of the Firefighters' Retirement System and related matters are hereby
ratified and affirmed.
Section 4. Implementing Administrative Actions.
The City Manager, or designee, is hereby authorized to implement the provisions
of this Ordinance as deemed appropriate and warranted.
Section 5. Severability.
If any section, sentence, phrase, word, or portion of this Ordinance proves to be
3 1 Pa, g e2
CITY OF
SkNFORD
FIRE DEPARTNIENT
MEMORANDUM
To: Norton N. Bonaparte. Jr.. City Manager
FROM: Craig M. Radzak. Fire Chief (Z
DATE: August 26. 2021
RE: Incentive Program for Non-union Fire Department Employees
Although the City is increasing the rninirnurn and maximum of most City pay grades including
the non-union Fire Department employees. I am proposing to add additional 'certification
incentives applicable to non-union employees of the Fire Department (Deputy Fire Chief. Fire
Marshal. Battalion Chiefs. and Fire Inspectors). This will allow these positions additional pay
opportunities. The following incentives align with our Departments and City's goals by
increasing the level of education of our employees. enhancing employee retention. remaining
competitive xvith other agencies. improving Our service levels. and improvins, the safety of our
residents.
The affected employee. if eligible. may receive an incentive from each of the below categories
(Categories A thrLI D) concurrently. but shall only receive the incentive lor the highest amount
applicable for each ofthe below categories.
tr
Fxamples
® A Battalion Chief who possesses both Category A Fire Officer III and Category B State
offlorida Fire Service Instructor III is eligible to receive both the Fire Officer 111 $1.500
incentive and the Florida Fire Sel-ViCC Instructor 111 $2.000 incentive concurrently.
* A Battalion Chiefcannot receive Category A Fire Officer 11 and Fire Officer III incentive
concurrently. only the highest achieved in Category A. which is the Fire Officer III
$1.500 incentive.
0 A Fire Inspector who possess both Category A Fire Safety Inspector III and Category 13
I
FloridaState of F 'ire Officer III is eligible to receive both the Fire Safety Inspector III
$2.000 incentive and the Fire Officer 111 $1.500 incentive concurrently.
® A Fire Inspector cannot receive Category A State of Florida Fire Safety Inspector 11 and
Category A Fire Satcty Inspector III incentive concurrently. only the highest achieved in
Category A. the Fire Safety Inspector 111 $2.000 incentive,'
The incentive pays) is/are added to the eligible employee's current pay,
and shall be counted as
compensation for retirement purposes (pensionable). No incentive will be given for the base
required certification(s) as defined in the job description(s).
The incentive pay will be paid incrementally in twenty sig; (26)-pay periods per fiscal year
effective October 1.2021. The current fiscal impact as of the date of this
memorandum is
$15,500. The highest possible fiscal impact is $60,000 annually.
INCENTIVES:
I. Deputv Fire Chief and Battalion Chiefs Position Incentives:
Categories of Incentives:
Annual Amount
A. Fire Officer
State of Florida Fire Officer II
$1.0011
`Mate of Florida Fire Officer 1II
$1,500
State of Florida hire Officer IV
$2,000
B. Fire Service Instructor
State of Florida Fire Service Instructor I
$1.000
State of Florida Fire Service Instructor II
$1,500
State of Florida Fire Service Instructor III
$2.000
C. State of'Florida Incident Safety Officer
$1,000
D. State of Florida Ilealth & Safety Officer
$ I.000
II. Fire Marshal and Fire Inspector Position Incentives:
Categories of Incentives
Annual Amount
A. Dire Safety Inspector
State of Florida Fire Safety Inspector 11
$1.000
State of Florida Fire Safety Inspector III
$2,000
B. Fire Officer
State of Florida Fire Officer 1
$500
State of Florida Fire Officer 11
SLOW
OW
State of Florida Fire Officer III
$1,50()
State of Florida Fire Officer IV
$2.000
C. State of Florida Fire Code Administrator
$2.000
D. State of Florida Fire & Life Safety hducator
$1.000
Approved:
'
Norton N. Bonaparte.
CC: CindY[i uauccDiccct0r
Fred [ossno'Director ofHuman Resources/Risk Management
Tom George. Deputy City, Manuer
FOSTER & FOSTER
ACTUARIES AND CONSULTANT S
February 2, 2022
VIA EMAIL
Ms. Susy Pita, Plan Administrator
22233 Drawbridge Dr.
Leesburg, FL 34748
Re: City of Sanford Firefighters' Retirement System
Actuarial Impact Statement
Dear Susy:
Enclosed is the following material which has been prepared in support of the proposed benefit changes:
1.) The required Actuarial Impact Statement which outlines the impact associated with implementing the
changes.
2.) Draft of transmittal letters to the Bureau of Local Retirement Systems and the Bureau of Firefighters
Retirement Trust Funds.
It is necessary that You forward signed copies of this impact statement and proposed ordinance to the bureaus
between first and second readings of the proposed benefit change.
If you have any questions, please let me know.
Sincerely,
Patrick T. Donlan, ASA, MAAA
PTD/mw
Enclosures
13420 Parker Commons Blvd., Suite 104 Fort Iviyers, FL 33912 - (239) 433-5500 - Fax (239) 481-0634 - www.foster-foster.coni
Mr. Keith Brinkman
Bureau of Program Services
Division of Retirement
P. O. Box 9000
Tallahassee, FL 32315-9000
Re: City of Sanford Firefighters' Retirement System
Actuarial Impact Statement
Dear Mr. Brinkman:
The City of Sanford is considering implementation of benefit changes. The provisions are described in the
enclosed material.
Pursuant to Section 22d-1.04 of the Agency Rules, we are enclosing the required Actuarial Impact Statement, a
copy of the proposed Ordinance, and related material for your review.
If you have any questions concerning the enclosed material, please contact us.
Mr. Stephen Bardin
Police Officers' and Firefighters' Retirement Trust Funds
Department of Management Services, Division of Retirement
Post Office Box 3010
Tallahassee, FL 32315-3010
Re: Actuarial Impact Statement
Dear Mr. Bardin:
The City of Sanford is considering the implementation of amended retirement benefits for its Firefighters. The
changes are described in the enclosed material.
Pursuant to the provisions of Chapter 175, we are enclosing the required Actuarial Impact Statement and a copy
of the proposed Ordinance for your review.
If you have any questions or if additional information is needed, please contact us.
Sincerely,
CITY OF SANFORD
FIREFIGHTERS' RETIREMENT SYSTEM
ACTUARIAL IMPACT STATEMENT
February 2, 2022
(Page 1)
Attached hereto is a comparison of the impact on the Total Required Contribution (per Chapter 112,
Florida Statutes) resulting from the implementation of the following Plan amendment:
Base pay shall include additional certification incentive pay applicable to certain designated employees of
the City's Fire Department. Firefighter employees who have made the rank of Deputy Fire Chief, Fire
Marshall, Battalion Chiefs, and Fire Inspectors shall be eligible to receive incentive pay from the following
applicable categories concurrently, however, such members are only eligible to receive the highest incentive
pay applicable to each category. Categories of incentive pay for Deputy Chief and Battalion Chief positions
include: Fire Officer (11, 111, or IV); Fire Service Instructor (1, 11, or 111); Incident Safety Officer; and Health
and Safety Officer. Categories of Incentive pay for Fire Marshal and Fire Inspector positions include: Fire
Safety Inspector (11 or 111); Fire Officer (1, 11, 111 or IV); Fire Code Administrator; and Fire and Life Safety
Educator.
To value for this change, we received the current incentives for each current Firefighter and used that for our
assumption going forward.
The cost impact, determined as of October 1, 2021 (as applicable for the fiscal year ending September 30, 2023),
is as follows:
Proposed Current
Total Required Contribution $1,283,274 $1,265,224
Expected Member Cont. 258,551 257,031
Equals Required City & State 1,024,723 1,008,193
Estimated State Contribution 168,686 168,686
Balance From City $856,037 $839,507
I Reflects Mutual consent. The City may use State Monies up to $168,686 per year, if received, to offset their
required contribution. Amounts received in excess of this amount are used to pay off the UAAL.
CITY OF SANFORD
FIREFIGHTERS' RETIREMENT SYSTEM
ACTUARIAL IMPACT STATEMENT
February 2, 2022
(Page 2)
Unless otherwise noted, all data, assumptions, methods and plan provisions are the same as in the October 1,
2021 actuarial valuation report. It should be noted that changes to retirement benefits could potentially affect
participants' retirement or termination behavior. We will monitor and advise of any recommended changes with
future experience studies.
Future actuarial measurements may differ significantly from the current measurements presented in this report
for a variety of reasons including: changes in applicable laws, changes in plan provisions, changes in
assumptions, or plan experience differing from expectations. Due to the limited scope of the analysis, we did not
perform an analysis of the potential range of such future measurements.
Please note that contents of this analysis and the October 1, 2021 actuarial valuation report are considered an
integral part of the actuarial opinions. In reviewing the results presented in this study, it should be noted that
there are risks that may not be inherently apparent to the reader that should be carefully considered. For key
risks, please see the Discussion of Risk section of the October 1, 2021 actuarial valuation report.
In performing the analysis, we used third -party software to model (calculate) the underlying liabilities and costs.
These results are reviewed in the aggregate and for individual sample lives. The output from the software is
either used directly or input into internally developed models to generate the costs. All internally developed
models are reviewed as part of the process. As a result of this review, we believe that the models have produced
reasonable results. We do not believe there are any material inconsistencies among assumptions or unreasonable
output produced due to the aggregation of assumptions.
The changes presented herein are in compliance with Part VII, Chapter 112, Florida Statutes and
Section 14, Article X of the State Constitution. The undersigned is familiar with the immediate and
long-term aspects of pension valuations and meets the Qualification Standards of the American
Academy of Actuaries necessary to render the opinions contained herein.
CU^� ^✓
vcy�
Patrick T. Donlan, ASA, EA, MAAA
Enrolled Actuary #20-6595
STATEMENT OF PLAN ADMINISTRATOR
The prepared information presented herein reflects the estimated cost of each proposed improvement.
Board of Trustees
COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS
B. Assets
Actuarial Value (AVA) 41,591,924 41,591,924
Market Value (MVA)' 47,505,890 47,505,890
C. Liabilities
Present Value of Benefits
New Benefits
Old Benefits
Actives
10/1/2021
10/1/2021
A. Participant Data
23,862,558
23,720,122
Actives
53
53
Service Retirees
35
35
DROP Retirees
1,056,472
1,055,807
Beneficiaries
10
10
Disability Retirees
5
5
Terminated Vested
6
6
Total
112
112
Total Annual Payroll
$3,715,379
$3,690,179
Payroll Under Assumed Ret. Age
3,394,333
3,374,383
Annual Rate of Payments to:
0
0
Service Retirees
1,351,456
1,351,456
DROP Retirees
184,387
184,387
Beneficiaries
181,725
181,725
Disability Retirees
146,337
146,337
Terminated Vested
66,936
66,936
B. Assets
Actuarial Value (AVA) 41,591,924 41,591,924
Market Value (MVA)' 47,505,890 47,505,890
C. Liabilities
Present Value of Benefits
Actives
Retirement Benefits
23,862,558
23,720,122
Disability Benefits
791,275
789,017
Death Benefits
107,122
106,840
Vested Benefits
1,056,472
1,055,807
Reftind of Contributions
80,155
80,155
Service Retirees
15,531,561
15,531,561
DROP Retirees
2,827,115
2,827,115
Beneficiaries
1,270,985
1,270,985
Disability Retirees
1,716,264
1,716,264
Terminated Vested
646,436
646,436
Share Plan Balances
0
0
Total
47,889,943
47,744,302
New Benefits Old Benefits
C. Liabilities - (Continued) 10/1/2021 10/1/2021
Present Value of Future Salaries 25,355,904 25,279,006
Present Value of Future
Member Contributions
1,774,913
1,769,530
Normal Cost (Retirement)
690,373
687,045
Normal Cost (Disability)
61,460
61,400
Normal Cost (Death)
8,877
8,870
Normal Cost (Vesting)
62,883
62,866
Normal Cost (Refunds)
14,084
14,084
Total Normal Cost
837,677
834,265
Present Value of Future
Normal Costs
6,143,361
6,128,944
Accrued Liability (Retirement)
18,702,410
18,573,999
Accrued Liability (Disability)
349,539
347,605
Accrued Liability (Death)
42,441
42,199
Accrued Liability (Vesting)
634,888
634,251
Accrued Liability (Refunds)
24,943
24,943
Accrued Liability (Inactives)
21,992,361
21,992,361
Share Plan Balances'
0
0
Total Actuarial Accrued Liability (EAN AL)
41,746,582
41,615,358
Unfimded Actuarial Accrued
Liability (UAAL)
154,658
23,434
Funded Ratio (AVA / EAN AL)
99.6%
99.9%
D. Actuarial Present Value of New Benefits Old Benefits
Accrued Benefits 10/1/2021 10/1/2021
Vested Accrued Benefits
Inactives + Share Plan Balances
Actives
Member Contributions
Total
Non -vested Accrued Benefits
Total Present Value
Accrued Benefits (PVAB)
Funded Ratio (MVA / PVAB)
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments
Benefit Changes
Plan Experience
Benefits Paid
Interest
Other
Total
21,992,361
11,393,824
2,663,337
36,049,522
11, —
36,666,353
129.6%
35,727
0
0
0
0
21,992,361
11,358,687
36,630,626
129.7%
New Benefits Old Benefits
Valuation Date 10/1/2021 10/1/2021
Applicable to Fiscal Year Ending 9/' )0/2023 9/30/2023
E. Pension Cost
Normal Cost 2 $911,528 $907,816
Administrative Expenses 2 61,887 61,887
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 15 years
(as of 10/1 /2021) 2 309,859 295,521
Minimum Required Contribution
1,283,274
1,265,224
Expected Member Contributions 2
258,551
257,031
Expected City and State Contribution
1,024,723
1,008,193
The asset values and liabilities include accumulated DROP and Share Plan Balances as of
9/30/2021.
2 Contributions developed as of 10/1/2021 displayed above have been adjusted to
account for assumed salary increase and interest components.
ACTUARIAL ASSUMP'T'IONS AND METHODS
Mortalfty Rate Healthy Active Lives:
Female: PubS.H-2010 (Below Median) for Employees, set
forward one year.
Male: PubS.H-2010 (Below Median) for Employees, set
forward one year.
Healthy Retiree Lives:
Female: PubS.H-2010 for Healthy Retirees, set forward one
year.
Male: PubS.H-2010 for Healthy Retirees, set forward one
year.
Beneficiary Lives:
Female: PubG.H-2010 for Healthy Retirees.
Male: PubG.H-2010 for Healthy Retirees, set back one year.
Disabled Lives:
80% PubG.H-2010 for Disabled Retirees / 20% PubS.H-2010
for Disabled Retirees.
All rates are projected generationally with Mortality
Improvement Scale MP -2018. We feel this assumption
sufficiently accommodates future mortality improvements.
The previously described mortality assumption rates were
mandated by Chapter 2015-157, Laws of Florida. This law
mandates the use of the assumptions used in either of the two
most recent valuations of the Florida Retirement System (FRS).
The above rates are those outlined in Milliman's July 1, 2019
FRS valuation report for special risk employees, with
appropriate adjustments made based on plan demographics.
90% of active deaths are assumed to be service -incurred.
Interest Rate 6.60% per year compounded annually, net of investment
related expenses. This is supported by the target asset
allocation of the trust and the expected long -teen return by
asset class.
Salary Increases See table later in this section. This assumption was adopted
based on the August 2, 2017 actuarial experience study.
Payroll Growth 0.00% for purposes of amortizing the Unfunded Actuarial
Accrued Liability. This assumption cannot exceed the ten-year
average payroll growth, in compliance with Part VII of Chapter
112, Florida Statutes.
Administrative Expenses $56,873 annually, based on the average of actual expenses
incurred in the prior two fiscal years.
Amortization Method New UAAL amortization bases are amortized over 15 Years,
Retirement Age (Non -nal and Early) See table later in this section. This is based on the results of an
actuarial experience study issued August 2, 2017.
Disability Rate See table later in this section; this is based on the results of an
actuarial experience Study issued May 4, 2007 and August 2,
2017. 90% of disabilities assumed to be service -incurred.
Termination Rate See table later in this section. This assumption was adopted
based on the results of the August 2, 2017 actuarial experience
study.
Funding Method Entry Age Normal Actuarial Cost Method. The minimum
required contribution is developed using the following loads:
- Interest — A half-year, based on the current 6.60%
(previously 7.00%) assumption
- Salary — A full -year, based on the current 5.34%
assumption
Actuarial Asset Method All assets are valued at market value with an adjustment to
uniformly spread actuarial investment gains and losses (as
measured by actual market value investment return against
expected market value investment return) over a five-year
period.
% Terminating
During the Year
Service Rate
0-4 7.5%
5-9 5.0%
10+ 2.0%
Assumption Tables
% Becoming Disabled
During the Year
Age
Rate
20
0.15%
25
0.15%
30
0.20%
35
0.25%
40
0.35%
45
0.50%
50
0.90%
55
1.80%
60
4.50%
65
11.10%
Salary Scale
Service
Rate
0-4
6.5%
5-9
5.5%
10+
5.0%
% Retiring During the
Year (10-24 Years of
Service)
Age Rate
45-54 2%
55+ 100%
% Retiring During the
Year (>= 25 Years of
Service)
Age Rate
Any 100%
SUMMARY OF CURRENT PLAN
(Through Ordinance 2021-4590)
Effective Date of New Plan January 1, 1984.
Latest Amendment February 8, 2021.
Eligibility Closed to new Members on October 1, 2017.
Credited Service Total years and fractional parts of years of service with the City
as a full-time Firefighter excluding service for which Member
contributions have been refunded.
Earnings Base pay, including Education Incentive, Engineer Incentive,
Paramedic Incentive, and Specialty Pay.
Average Final Compensation Average of Earnings paid during the 5 best years during the 10
years preceding termination.
Normal Retirement
Date Earlier of age 55 and the completion of 10 years of Credited
Service or completion of 25 years of Credited Service
regardless of age.
Benefit Amount 3.08% of Average Final Compensation
times
Credited Service.
Form of Benefit 10 Year Certain and Life thereafter (options available).
Early Retirement
Date Age 45 and 10 years of Credited Service.
Benefit Accrued benefit, reduced 3.00% for each year that early
retirement precedes normal retirement.
Disability Benefit
Service Incurred
Eligibility Covered from Date of Employment.
Benefit Benefit accrued to date but not less than 60% of base pay in
effect on date of disability.
Non -Service Incurred
Eligibility 5 years of Credited Service.
Benefit Amount Benefit accrued to date.
Duration Benefit commences upon Board approval and is paid for life
(with 120 payments guaranteed) or until recovery (as
determined by the Board); optional forms available.
Death Benefit
Pre -Retirement If vested, the value of the accrued benefit is payable on a
monthly basis to the beneficiary for 10 years. If not vested,
member contributions are refunded.
Minimum Monthly Benefit if
on Duty Death Greater of the following, payable immediately:
(a) Unreduced accrued benefit, or
(b) 40% of Average Final Compensation.
Post -Retirement According to option selected, if any.
Vesting (Termination)
Less than 10 years
of Credited Service Refund of Member Contributions (including amounts
contributed by the City for the member between 10/1/1976 and
6/30/1998).
10 years or more Accrued benefit payable at the Member's election, on his
otherwise Early or Normal Retirement Date
or
Refund of Member Contributions (including amounts
contributed by the City for the member between 10/1/1976 and
6/30/1998).
Contributions
Employee 7.00% of Earnings.
Premium Tax 1.85% tax on premiums for fire insurance.
City Remaining amount necessary for payment of Non -nal (current
year's) Cost and amortization of the accrued past service
liability as provided for in Part VII of Chapter 112, Florida
Statutes. (Minimum of 10% of base pay of Members.)
Board of Trustees (a) Two legal residents appointed by the City
Commission,
(b) Two Firefighters (selected by a majority of
Department Members),
(c) Fifth Member elected by the other four Board
Members and approved by the Commission.
Deferred Retirement Option Plan
Eligibility Satisfaction of Normal Retirement requirements, defined as the
earlier of the following:
(a) Age 55 with 10 years of Credited Service, or
(b) 25 years of Credited Service.
Participation Not to exceed 60 months.
Rate of Return Actual net rate of investment return (total return net of
brokerage commissions, management fees and transaction
costs) credited each fiscal quarter.
Form of Distribution Cash lump sum (options available) at termination of
employment.
Chapter 175 Share Plan Established and currently not funded.
invalid, unlawful or unconstitutional, it shall not be held to impair the validity or effect of
any other action or part of this Ordinance.
Section 6. Conflicts.
All ordinances or parts of ordinances in conflict herewith are hereby repealed.
Section 7. Codification.
The provisions of Section 2 of this Ordinance shall be codified in the City Code of
the City of Sanford. The Code Codifier is granted broad and liberal authority to change
section numbers in the current City Code and take other appropriate actions as set forth
in Section 1 -10 of the City Code, as well as to correct Scriveners errors that may occur in
processing and publication. The remainder of this Ordinance shall not be codified.
Attest.,
Section 8. Effective Date.
This Ordinance shall take effect immediately upon passage and adoption.
Passed and adopted this 14th day of March, 2022.
City Commission of the City of
Sa rd, Florida
Traci Uchin, MMC,'FCRM
Nit Cle C Vavo f ayor
RM P,
(J'
D tV
Apped as to form and leg y:
4i am L. Colbert, City Attorney
4 1 P ag c,
WS RM x
SXY OF RV
NFORDA Item No.
FLORIDA
CITY COMMISSION MEMORANDUM 22079
MARCH 14, 2022 AGENDA
To:
PREPARED BY:
SUBMITTED BY:
SUBJECT:
Honorable Mayor and Members of the City Commission
Cynthia Lindsay, Finance Director
Norton N. Bonaparte, Jr., ICMA-CM4Z-i`ty-`ager
Firefighters' Retirement System; Or finance o. 2022-4675; Adoption
STRATEGIC PRIORITIES:
Unify Downtown & the Waterfront
Promote the City's Distinct Culture
Update Regulatory Framework
Redevelop and Revitalize Disadvantaged Communities
SYNOPSIS:
Ordinance No. 2022-4675 has been prepared to amend Section 66-71 of the City Code relating to
Firefighters' Retirement System for the City Commission's consideration.
FISCAL/STAFFING STATEMENT:
The Fire Pension Board's actuary, Foster & Foster, Actuaries and Consultants, advised that there is
a cost of approximately $16,530 per year.
BACKGROUND:
At the November 5, 2021 Firefighters' Pension Board meeting, the Board unanimously
recommended amending the following section of the Firefighters' Retirement System, allow for base
pay to include certification incentive pay to certain designated employees of the City's Fire
Department as follows: Fire Chief, Fire Marshall, Deputy Fire Chief, Battalion Chiefs, and Fire
Inspectors.
LEGAL RF-viF-w:
Ordinance No. 2022-4675 has been prepared by the Fire Fighters' Pension Board attorney and has
been reviewed and edited by the Assistant City Attorney who has no legal objection to the action
proposed.
The City Commission approved the first reading of Ordinance No. 4675 on February 28, 2022.
The City Clerk published notice of the 2nd Public Hearing in the Sanford Herald on March 6, 2022.
RECOMMENDATION:
The Fire Fighters' Pension Board recommends that the City Commission enact Ordinance No. 2022-
4675.
SUGGESTED MOTION:
"I move to adopt Ordinance No. 2022-4675."
Attachments: (1). Actuarial impact letter, dated February 2, 2022, from Foster & Foster,
Actuaries and Consultants, with associated materials.
(2). Memorandum, dated August 26, 2021, from City Manager on the Incentive
Program for non-union Fire Department employees.
(3). Ordinance No. 2022-4675.