File #: RES 2019-223    Name: Amending Retirement HSP
Type: Resolution Status: Passed
File created: 8/22/2019 In control: City Commission
On agenda: 9/26/2019 Final action: 9/26/2019
Title: A RESOLUTION AMENDING THE SALARIES AND BENEFITS OF THE CITY COMMISSIONERS TO PROVIDE FOR A RETIREMENT HEALTH SAVINGS (RHS) CONTRIBUTION UPON RETIREMENT.
Indexes: Resolution, Retirement Plan
Attachments: 1. RESOLUTION 2019-223- Medical Retirement Benefits for Commissioners, 2. BACKUP-Resolution 2001-156, 3. BACKUP-Resolution 2006-96, 4. BACKUP-Resolution Commissioner Benefits-Retiree Insurance Eligibility 2006-121, 5. BACKUP-Resolution Commissioner Benefits-Cafeteria Plan Participation 2007-111, 6. BACKUP-Resolution Commissioner Benefits-Expense Allowance 2012-09, 7. BACKUP-Resolution Commissioner Benefits-Opt Out Amount 2013-109, 8. BACKUP-Charter Section 303

AGENDA ITEM REPORT

TITLE:

title

A RESOLUTION AMENDING THE SALARIES AND BENEFITS OF THE CITY COMMISSIONERS TO PROVIDE FOR A RETIREMENT HEALTH SAVINGS (RHS) CONTRIBUTION UPON RETIREMENT.

 

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BACKGROUND:

The City desires to establish a post-retirement medical compensation benefit for City Commissioners providing for reasonable security for health needs during retirement.

DISCUSSION:

In accordance with Article III, Section 303, of the Charter of the City of Coconut Creek, the City Commission has the power to periodically establish annual salaries and benefits of its members. Approval of this resolution will provide for a post-retirement medical compensation benefit of two-percent (2%) of final base salary for each full year of service for City Commissioners retiring at age 55 or older with 8 or more years of service.

RECOMMENDATION:

Staff recommends approval of this resolution.

FISCAL IMPACT:

REVENUES:                     N/A

EXPENDITURES:                     TBD

BUDGETED?                     N/A                                          

NOTES: The fiscal impact of this program will vary based upon eligibility and the timing of retirements.