Title
City of Annapolis Police and Fire Retirement Plan - For the purpose of amending Appendix C of the Police and Fire Retirement Plan; and matters generally relating to amending the Plan.
Body
CITY COUNCIL OF THE
City of Annapolis
Resolution 2-17
Introduced by: Mayor Pantelides
Referred to
Finance Committee
Rules and City Government Committee
A RESOLUTION concerning
City of Annapolis Police and Fire Retirement Plan
FOR the purpose of amending Appendix C of the Police and Fire Retirement Plan; and matters generally relating to amending the Plan.
WHEREAS, pursuant to O-35-15, on September 21, 2015, the City of Annapolis Police and Fire Retirement Plan (Amendment and Restatement Effective July 1, 2015) and its appendices were adopted by the City Council; and
WHEREAS, Appendix C of the Plan, in particular, addresses the Deferred Retirement Option Program (DROP); and
WHEREAS, DROP provides for, among other things, a limitation on the number of participants in DROP and a limited participation period; and
WHEREAS, the City of Annapolis and the employees of the Annapolis Fire Department who are members of the Police and Fire Retirement Plan, agree that there is a need to amend the sections of Appendix C of the Plan that address limitation on the number of participants and the participation period with regard to the years eligible for election to be in DROP by sworn members of the Fire Department; and
WHEREAS, the Plan members in the Fire Department and the City of Annapolis are in agreement to allow for election of an additional fourth year and an additional fifth year of participation in DROP at the conclusion of the existing DROP period, which is limited to three years; and
WHEREAS, the additional option of the fourth or fifth year will not adversely affect the funding status of the Plan and is considered cost neutral; and
WHEREAS, pursuant to City Code Section 3.36.010, the attached Appendix C to the Police and Fire Retirement Plan is hereby presen...
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