Agenda Item: 12(A)
Prepared By: Joan Taylor, City Clerk
Business: Ordinance - Second Reading
Department: Executive
Subject:
Title
Ordinance - Second Reading - Amending Chapter 32 "Law Enforcement" Article II "Police Officers' Pension Plan", by Amending Section 32-47 "Finances and Fund Management" in accordance with Authorized Investment Procedures under Chapter 185, Florida Statutes - Joan Taylor, City Clerk
Body
BACKGROUND:
The City maintains a defined benefit pension plan for its police officers, which is known as the City of Marco Island Police Officers' Pension Plan (the "Plan" is codified in Chapter 32 of the City's Code of Ordinances). Chapter 185, Florida Statutes, which governs local police pension plans, permits the expansion of investment options for the Board of Trustees provided it is approved via Ordinance.
During the December 13, 2024 Police Pension Meeting, Trustees voted unanimously for the amendment of Section 32-47 "Finances and Fund Management" to create greater investment flexibility and benefiting with an anticipated higher investment return.
The Ordinance amends the Code to effectuate the proposed expansion of investment options to the Plan and has been reviewed by the City Attorney and forwarded to the Plan's general counsel.
FUNDING SOURCE / FISCAL IMPACT: The City of Marco Island's General Fund is the source of funding for the pension plans and the associated administrative costs.
An actuarial impact statement was issued by the Plan's actuary addressing the financial impact of the amendment, if any, on the Pension Plan; no impact anticipated.
PUBLIC NOTICE REQUIREMENTS: F.S. 166.041 (3)(a). Ordinance read by title on at least 2 separate days and shall be noticed in a newspaper of general circulation at least 10 days prior to the second reading. Business Impact Estimate published on Website: January 7, 2025. Legal notice published: January 10, 2025.
NOTICE APPEARANCE DATE(S): N / A
RECOMMENDATION: Adopt ...
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