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Council raises pension benefit caps, adds service‑purchase option for general plan
Summary
On Oct. 20 the City Council approved two ordinances amending retirement plans: one for general employees (adding a service‑purchase option and increasing the annual benefit cap) and one for police officers (raising the cap). Both ordinances also raise the interest rate used to calculate deferred (backdrop) benefits.
The Jacksonville Beach City Council approved two pension ordinance amendments on Oct. 20 that increase annual benefit caps and raise the interest rate used to calculate backdrop benefits.
Deputy City Manager Karen Nelson presented the ordinances and said both measures increase the annual benefit cap for covered…
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