Largo Commission schedules second reading for police and firefighters retirement plan changes after fiscal-impact overview

The City Commission on Aug. 19 approved on first reading Ordinance 2025-38, a package of amendments to the City of Largo municipal police officers and firefighters retirement plan that make technical edits and restore certain benefit calculations for members hired after Oct. 1, 2013.

Staff described changes that include adjusting definitions used to calculate average final compensation, moving some pay-code detail into collective bargaining agreements for transparency, amending the normal retirement date and benefits for certain members, and aligning multipliers and service calculations. Staff said the multiplier for officers hired after Oct. 1, 2013 would be set at 3.25 percent and that approximately 83–85 of 283 officers would be affected by the change.

City staff presented an actuarial first-year impact estimate of roughly $590,000 on required contributions, increasing the cited required contribution from about $8,080,000 to approximately $8,670,000 in the example shown. Staff also said that sharing of excess premium‑tax dollars (chapter 185 funds) is being clarified and the amendments include updated actuarial definitions intended to reduce confusion when reviewing valuation reports.

Commissioners had substantive technical questions about funding-level definitions and the actuarial process; staff committed to provide quarterly statements and updated valuation materials. No public comments were on this ordinance. The commission approved the first reading and scheduled the second reading and public hearing on Sept. 16, 2025 by a unanimous voice vote, 7-0.

Next steps: staff and the pension plan administrator will provide updated valuation data and the actuary will produce an updated impact analysis for the commission to review ahead of the second reading.