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The City of Coral Gables and the Coral Gables Fraternal Order of Police Lodge #7 have reached the following agreement as a result of the Impasse Hearing held on August 31, 2009.
The agreement calls for members to contribute 5% of their salary towards the Coral Gables Retirement Fund.
For the use a police vehicle, the members will begin paying a sliding fee based upon the distance from their residence to the police department.
Upon retirement from the city, members will no longer be allowed to use the sale of compensatory time towards their final retirement average.
Members will only be able to calculate the first 300 hours of overtime each year towards their retirement average.
Employee merit increases will be reduced from 5% to 2.5%.
The members will be eligible for entry into the Deferred Retirement Option Plan (DROP) upon reaching 25 years of service or when the member reaches the "Rule of Seventy".
A full press release will be forthcoming.
This message has been posted by the Coral Gables FOP, Lodge #7.