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Agenda Item
17 22-2913 An Ordinance of the City of Key West, Florida, amending Chapter 46, Section 246 of the Code of Ordinances to increase the post retirement of supplement paid to retirees of the Police Officers' and Firefighters' Retirement Plan; Creating Chapter 46, Section 328 of Code of Ordinances to provide for ad-hoc thirteenth check to be paid funded by net investment returns of the plan over nine percent: Providing for severability; Providing for repeal of inconsistent provision; Providing for an effective date.
Hoping common sense will prevail, and if not, prudent and appropriate advice from your Chief Financial Officer. One question, not clear how this increased monthly benefit is being extended, is the change from age 65 to an earlier date of retirement? The reasons for opposing are many, (1) it is very costly ($1.053 million annually (27% increase) and $10.938 million in total pv) (bottom of p6 on actuarial report), (2) out of line with the norm of police/fire retirees in other jurisdictions, (3) and blatantly unfair to the other hardworking (and underpaid) City Staff/employees/retirees to single out a small group of active employees and retirees for special privileges. Vote no!
Hoping common sense will prevail, and if not, prudent and appropriate advice from your Chief Financial Officer. One question, not clear how this increased monthly benefit is being extended, is the change from age 65 to an earlier date of retirement? The reasons for opposing are many, (1) it is very costly ($1.053 million annually (27% increase) and $10.938 million in total pv) (bottom of p6 on actuarial report), (2) out of line with the norm of police/fire retirees in other jurisdictions, (3) and blatantly unfair to the other hardworking (and underpaid) City Staff/employees/retirees to single out a small group of active employees and retirees for special privileges. Vote no!