HomeMy WebLinkAboutSummary Form FR/SRI =NDA ITEM SUMMARY FOR[
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c FILE ID: 0 q7 —oDC4
Date: 04 / 21 / 2009 Requesting Department: Employee Relai Law Department
Commission Meeting Date: _/_/ District Impacted: Matter ID No.
Type: ❑ Resolution ® Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Ordinance amending the FIPO Retirement Trust and increasing firefighters' member
contributions from seven percent to eight percent.
Purpose of Item:
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 40/ARTICLE IV/DIVISION 2,
OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ENTITLED "CITY OF MIAMI
FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST" TO AMEND THE ORDINANCE; MORE
PARTICULARLY BY AMENDING SECTION 40-196 THEREBY INCREASING FIREFIGHTERS' MEMBER
CONTRIBUTIONS FROM SEVEN PERCENT TO EIGHT PERCENT; CONTAINING A REPEALER
PROVISION, A SEVERABILITY CLAUSE, AND PROVIDING FOR AN EFFECTIVE DATE.
Background Information:
Article 43.11 (Pension Stabilization) of the 2007-2010 Collective Bargaining Agreement ("CBA") between the
City of Miami ("City") and International Association of Firefighters, Local 587 ("IAFF") provides for a long term
stabilization goal for the City's general fund contribution. Said goal is to maintain the City's contribution at 37
percent or less of pensionable payroll by September 30th of each year.
Article 43.11 of the above -referenced CBA provides for a one percent increase in firefighters' member
contributions, from seven percent to eight percent, should the long term stabilization goal not be met. The
actuaries for the City and FIPO Board determined that stabilization of the City of Miami Firefighters' and Police
Officers' Retirement Trust ("FIPO") is not attainable as it relates to firefighters.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No.-
Special
o:Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Purchasing
Chief
Final Approvals
(SIGN AND DATE)
Budget_
Risk Management
Dept. Director
City Manager
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