HomeMy WebLinkAboutSummary Form FR/SR4
AGENDA ITEM SUMMARY FORM
FILE ID:
Date: 08/31/ 2009 Requesting Department: Employee Relations
Commission Meeting Date: 09/10/2009 District Impacted: ALL.
Type: ❑ Resolution ® Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Law
Department
Matter ID
No.
Subiect: Ordinance amending the FIPO Retirement Trust and increasing firefighters' member contributions from
eight percent to nine percent and changing firefighters' Rule of 64 to the Rule of 68.
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 SECTIONS 40-191, 40-196, 40-200, 40-202, 40-203, AND 40-205;
THEREBY INCREASING FIREFIGHTERS' MEMBER CONTRIBUTIONS FROM EIGHT PERCENT TO NINE
PERCENT AND CHANGING FIREFIGHTERS' RULE OF 64 TO THE RULE OF 68; CONTAINING A'
REPEALER PROVISION, A SEVERABILITY CLAUSE, AND PROVIDING FOR AN EFFECTIVE DATE.
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 eight percent to nine percent, and the Rule of 64 to be changed to the Rule of 68 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 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
Final Approvals
(SIGN AND DATE)
Budget,
Grants Risk M�
Purchasing Dept. Di
Chief I City Ma
Page 1 of 1