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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 who elect to purchase prior service would fund that cost themselves. “It is 100% funded by the officer or potential officer who wants to get that time,” Miles said, adding that the city’s actuarial position and contribution rate are in good shape.
Miles told council members the buyback is intended to help recruit and retain officers by putting Lake City on a more level playing field with other agencies that already allow such purchases. He said the maximum military buyback appears to be either four or five years as drafted in the materials before council; he did not state a single definitive number during the meeting and referred council members to the ordinance packet for the exact limit. Miles also said the city’s pension funding ratio is strong and the current employer contribution rate is about 7.8 percent of payroll.
Council members raised no further objections. Councilman Carter moved to adopt the ordinance; the motion was seconded and the roll-call vote was unanimous in favor.
The ordinance adds a partial lump-sum distribution option and explicit authority for purchasing prior military and prior police service subject to the limitations and administrability spelled out in the amended code. The city attorney said the ordinance includes standard severability and codification language and an effective date.
Next steps: the ordinance is adopted and the city will implement the new plan provisions through the pension board and plan administrators. For precise limits and administrative rules (Miles referenced uncertainty between four and five years), staff directed council to the ordinance packet and attendant actuarial materials.
