AGENDA REPORT
DATE: March 9, 2026
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Legislative Public Hearing on Ordinance regarding the Safety Employees' Retirement System
EXECUTIVE SUMMARY:
The Board of Trustees of the Plant City Public Safety Employees' Pension Plan (Plan) are recommending changes to the current Plan ordinance.
Proposed amendments to the Plan ordinance are as follows:
1. Section 2-558, Prior Police or Fire Service, Subsection 3, clarifies and revises the payment provisions for the purchase of prior service credit. The amendment authorizes payment of the required amount either in a lump sum or through installment payments based on the number of years of service being purchased, up to a maximum of five years and completed no later than the member’s retirement date. If installment payments are elected, interest will accrue at the fund’s assumed rate of return, and payments must begin within six months of the request to purchase service. Only the years and fractional parts of years of prior service, for which the fund has received payment prior to a member's retirement shall be counted as credited service purchased pursuant to this Section.
2. Section 2-554, Plant City Code, relates to payment provision clarifies and revises the payment provisions for military service prior to employment. The amendment authorizes payment of the required amount either in a lump sum or through installment payments based on the number of years of service being purchased, up to a maximum of five years and completed no later than the member’s retirement date. If installment payments are elected, interest will accrue at the fund’s assumed rate of return, and payments must begin within six months of the request to purchase service. Only the years and fractional parts of years of prior service, for which the fund has received payment prior to a member's retirement shall be counted as credited service purchased pursuant to this Section.
RECOMMENDATION:
That the City Commission adopt an Ordinance amending Sections 2-558 and 2-554, Plant City Code, regarding the Safety Employees' Retirement System.
FISCAL IMPACT:
The adoption of the proposed amendment will have no fiscal impact upon the Plan based on the actuarial impact statement from Patrick Donlan at Foster and Foster.
Prepared by: Kerri Miller, City Clerk