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Council approves changes to police pension plan allowing limited buyback of prior service
Summary
Lake City approved Ordinance 2025-23-43 to allow partial lump-sum benefits and the purchase of prior military or police service credit for police pensions; city staff said the buyback is paid by officers and would not cost taxpayers unless vesting rules are triggered.
Lake City’s council unanimously approved Ordinance 2025-23-43 on Dec. 1, 2025, amending the city code governing the police officers pension plan to add an option for a partial lump-sum benefit and to permit purchase of prior military and prior police service for retirement credit.
City Attorney Martin introduced the ordinance as a package of code changes adding new sections to chapter 70, article 4. Assistant Chief Miles, who serves on the pension board, answered questions from council members about how the buyback would work, saying officers…
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