The Longboat Key Town Commission approved a three-year contract with the Longboat Key Police Union at its regular meeting Monday, signaling the end of pensions moving forward for new hires town-wide.
Town staff and the 11 members of the Longboat Key Police Department Union reached an 11th hour agreement on a new three-year contract last month that includes a pension alternative the town originally proposed in March at the start of the stalled negotiation process.
“This is extremely important for our longterm financial sustainability,” said Town Manager Dave Bullock, who has also worked this past year to freeze pension plans for Longboat Key Fire Rescue and general employees at the commission’s request.
The contract includes a 401(a) retirement plan offer that includes a 3% pay increase and gives officers another 7% increase in take-home pay.
Commissioner Jack Duncan said the police union contract that calls for the current pension plan to be frozen (the other two pension plans have already been frozen), “a huge burden that’s being lifted.”
“The hemorrhaging is finally going to come to a closure,” Duncan said, referring to more than $27 million in unfunded pension liabilities the town’s taxpayers must pay back over time.
“The key element of risk associated with our pension program has been lifted and it’s important our citizens understand and appreciate what’s happening here.”
Contact Kurt Schultheis at firstname.lastname@example.org.
Currently 0 Responses
22 Nia with Gail on Anna Maria Island
11:00 am - 12:00 pm
23 Nia with Gail on Longboat Key
11:30 am - 12:30 pm
23 Wine Tasting for Mote at Harry's on Longboat Key
4:30 pm - 6:30 pm
26 St. Armands Fine Art Festival
10:00 am - 5:00 pm
A Cinderella story
A 10-week-old miniature pinscher puppy found a “happily ever after ending” at the Celebration of Pets April 12, at the Sarasota County Fairgrounds.
Pharmacy brings dose of medicine to Publix
The in-store pharmacy of Longboat Key Publix opened Monday, approximately 16 months after the completion of the new store at 525 Bay Isles Parkway, in the Shoppes of Bay Isles.
Golfer scores victory with less than a stroke
The Longboat Key Masters Golf Tournament, which took place March 28 through March 31, at the Resort at Longboat Key Club’s Islandside and Harbourside golf courses came down to less than one stroke’s difference between first-place winner Kevin Preston and second-place winner Michael Russell, of Longboat Key.