Trustees review draft ordinance to fix partial lump‑sum multiplier, table operating‑rules vote; approve membership and routine financials

At the Feb. 24, 2026 meeting of the City of Palatka Police Officers Retirement Plan, counsel from Klaus McCaughman Jensen Levinson presented a draft ordinance that would set a fixed multiplier for the plan’s partial lump‑sum option and asked trustees to permit an accompanying impact statement to be prepared for submission with a second‑reading packet.

Miss Parish explained the draft ordinance mirrors a change recently adopted for the firefighters’ plan and said the fixed multiplier in the draft would be set at 3.27. “This would allow for a fixed percentage, and that would be at 3.27,” Parish said, apologizing after an initial rounding. She asked trustees to direct staff to request an impact statement from Patrick and to hold off on finalizing the plan’s operating rules until the ordinance outcome is known.

Trustees moved to table consideration of the operating‑rules changes until the next meeting so staff can include the operating rules, the ordinance draft and the impact statement together on the agenda; that motion passed by voice vote. Separately, a motion to approve the changes made to the draft ordinance and submit it (as discussed) was also moved and approved by voice vote.

On related administrative business, trustees approved joining the FPBTA trustee‑education membership (the brochure lists $750 per year for the board) and accepted the quarterly financials and warrant as presented; both votes passed by voice vote with no recorded opposition. The board opened the floor for public comment but no members of the public spoke. The meeting adjourned and staff agreed to pursue moving future meetings to a 12:00 p.m. start time and to notify the clerk for publication.

Next steps: staff to request and circulate the ordinance impact statement and place the ordinance, operating‑rules revisions and related materials on the next meeting agenda for second reading and final action.