The Pensacola City Council will hold a special meeting tomorrow to discuss tentative agreements with the police union.
Key components of the proposed agreement are: the police pension plan will be closed to all new hires, with the city joining the Florida Retirement System; contributions will increase for sergeants from .5 percent to 5.2 percent over three years for those staying in pension plan; contributions to the Social Security Replacement Deferred Comp. Plan changed from mandatory to optional; DROP interest rate changed to 1.3 percent; spousal benefits in police pension modified to conform to Florida Retirement System; vesting period for police pension plan increased from 10 to 12 years; new retirees receive 3 percent cost of living adjustment for ten years, then it drops to 2 percent.
The city council will meet to discuss the police union agreement tomorrow at 1:30 p.m. at Pensacola City Hall.
