C7P - Endorse New Pension Tier

A Resolution Of The Mayor And City Commission Of The City Of Miami Beach, Florida, Endorsing, In Concept, The Creation Of A New Employee Tier As Part Of The Miami Beach Employees’ Retirement Plan, With Modified Pension Benefits For New Employees Hired On Or After October 1, 2022, For The Purpose Of Reducing Pension Costs And Permitting Additional Funding To Be Provided In Terms Of Salaries And Cost Of Living Adjustments (cola) For Employees To Cover Their Current Cost Of Living Needs; And Further Directing The Administration To Work With The City’s Actuarial Consultant To Identify Options For Structuring The Benefits To Be Provided To Employees In The New Tier, In Order To Achieve The Maximum Amount Of Pension Savings; And Referring The Proposal To The Finance And Economic Resiliency Committee For Its Review And Consideration.