(A) (1) The City Commission hereby creates an early retirement incentive program for certain full-time city employees who are police officers employed with the city as of September 1, 2011 and:
(a) Have completed a minimum of 18 years of credited service under the City of Pembroke Pines Police and Fire Pension Plan; and
(b) Are 41 years of age; and
(c) Are not in the Deferred Retirement Option Program (DROP).
(2) Employees who meet all criteria for participation are hereinafter referred to as eligible employees.
(B) Eligible employees may participate in the early retirement incentive program only if they execute, and do not subsequently rescind, an Agreement for Participation and Waiver, the form of which shall be created by the city, and must be submitted to the city and received by the city Human Resources Department no later than 6:00 p.m. December 5, 2011 designating a last date of employment not later than December 12, 2011. The last day of employment must be coordinated with and is subject to the consent of the City Manager.
(C) Eligible employees who elect to participate will receive a retirement benefit that shall not be reduced by the application of the early retirement reduction factors as contained in the Police and Fire Pension Plan for not achieving normal retirement age. Eligible employees who elect a benefit option under § 34.52(D) of this code of ordinances may only include payment for a maximum of 690 hours of unused, accumulated leave toward their pensionable earnings. For any eligible employee who elects to participate in the retiree health insurance program, the city will not pay retiree health insurance premiums until they reach normal retirement age of 50.
(D) No eligible employee who has executed a Participation Agreement is eligible for promotion during the balance of their employment with the city.
(E) The City Commission adopts, issues and certifies as its own, the final statement of actuarial impact and analysis prepared by Gabriel Roeder Smith & Co. of the proposed early retirement incentive program for the Police and Fire Pension Plan, copies of which are attached to Ordinance 1709 as Exhibit A and incorporated herein by this reference.
(F) The Plan Administrators of the Police and Fire Pension Plan, in accordance with F.S. Ch. 112 and Florida Administrative Rule 60T-1.004 are directed to certify and furnish a copy of this section together with the statement of actuarial impacted referenced herein to the Florida Division of Retirement. The Plan Administrator is authorized to make such supplemental filings with the Division of Retirement as is necessary to effectuate this early retirement incentive program.
(G) The City Commission hereby authorizes city administration to execute agreements for participation in the early retirement incentive program and waiver of rights forms with eligible employees as prepared by the city.
(Ord. 1709, passed 11-16-11)