AGENDA ITEM REPORT
TITLE:
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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.