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Palatka pension board delays operating rules adoption, awaits city ordinance on 3.2 multiplier
Summary
Trustees agreed to delay adopting draft operating rules and the plan summary until the city council considers a proposed 3.2 fixed multiplier; staff will circulate edits and file the updated IPS in the biannual report due Dec. 15.
The Palatka Police Officers Retirement Plan board discussed governance items Dec. 2 and agreed to postpone formal adoption of draft operating rules and the summary plan while awaiting a city ordinance on the police plan's fixed multiplier.
A representative speaking for Bosner, Kaufman, Jensen & Levinson presented draft operating rules and asked trustees to review edits that the fire pension plan had adopted. The presenter said the operating rules could be brought back for formal adoption at the next meeting once staff and counsel reconcile language across plans. "If not, it would be great if these were approved so we can start implementing these policies," the presenter said, but also offered to redline the fire-board additions and resubmit the draft.
Trustees discussed a proposed fixed multiplier for police (3.2). Several trustees said they preferred waiting to adopt the summary plan until the city council drafts and approves the ordinance establishing the fixed multiplier and the actuary produces an impact statement. A board member asked staff to send the draft ordinance to the actuary after drafting so the change can be presented to council with an impact statement.
The board also discussed a trustee vacancy to be filled by city commission appointment; staff explained the commission would consider appointing the new finance director to the board after her probationary period. Trustees agreed to advertise the vacancy as a city-resident seat and to follow the commission's appointment process.
Staff reminded trustees that the biannual "112" filing (including the investment policy statement) is due Dec. 15 under Florida law; staff said the updated IPS from Burgess will be added to that filing.
What’s next
Staff will circulate revised operating-rule language (including fire-board changes) and the draft ordinance language for the 3.2 multiplier to the actuary. Trustees will revisit operating rules and the summary plan at the next meeting once the ordinance and actuary impact statement are available.
