Sec. 120.315. - Continuation of Benefits.

The City and any authorized certified bargaining agent shall have all of the rights and be subject to the provisions of F.S. Ch. 447, including but not limited to the requirement for negotiations, the term limitation set forth in F.S. § 447.309(5), and the impasse process, provided however, that the City shall not unilaterally alter Members' pension benefits, as authorized by F.S. § 447.403(4)(d), for a period of three years from October 1, 2017, and such period shall automatically extend for two additional three-year periods, and one additional one-year period, under the following circumstances: if the fiscal condition of the economy for the City of Jacksonville, as determined and certified in writing by the City's Director of Finance and Administration, within 90 days after the termination of the first three-year period, and, if applicable, within 90 days after the termination of the second three-year period, and, if applicable, within 90 days after the termination of the third three-year period, meets the all of the following requirements: (i) The average annual growth rate of the City of Jacksonville's total share of ad valorem revenues collected for Duval County for the three most recent fiscal years is no less than 2.5 percent, as provided in writing by the City's Director of Finance and Administration. For the purposes of this subsection, during a particular fiscal year, if (1) there is a millage rate reduction, and (2) the 2.5 percent threshold is not met, that particular fiscal year shall not be counted as part of the three most recent fiscal years' average and instead on the remaining non-effected fiscal years shall be used to calculate the average annual growth; and (ii) The time-weighted, average annual gross return on investment for the General Employees Pension Fund for Correctional Officers for the three most recent fiscal years is no less than the actuarial assumed rate of return, less one percent, as provided in writing by the General Employees Pension Fund investment consultant. (iii) The three most recent fiscal years shall be the three fiscal years terminating prior to or during the 90-day period(s) noted above; (iv) The automatic extension referenced above shall not take effect if the certified collective bargaining agent declares an impasse on retirement benefits; and (v) The average annual growth rate in ad valorem taxes, provided for in subsection (i) above, shall be the actual cash collections, as determined by the Chief Financial Officer within 90 days of the end of the prior fiscal year. (Ord. 2017-258-E , § 1)