FYE 14 Budget prelim - City of Norman

CITY OF NORMANOklahoma Firefighters Pension and Retirement SystemThe Oklahoma Firefighters Pension and Retirement System (OFPRS) cover uniformedmembers of the City’s Fire Department, which is a cost sharing multiple-employer public employeeretirement system. All full-time firefighters, who are hired before age 45, are eligible to participatein the system. The pension plan provides pension benefits as well as death and disability benefits.Members of the firefighter’s retirement system are required to pay 8% of their base pay tothe pension plan. By State Statute, the City contributes 13% of member’s payroll to the OFPRS.Oklahoma Police Pension and Retirement SystemThe Oklahoma Police Pension and Retirement System (OPPRS) cover uniformed membersof the City’s Police Department, which is a cost sharing multiple-employer, public-employeeretirement system. Police officers employed in participating municipalities are required toparticipate in the system, provided they meet certain requirements. Police officers are required topass physical and medical examinations and must be not less than 21 or more than 35 years of agewhen accepted for initial membership. Members of the police retirement system are required to pay8% of their base pay to the pension plan. By State Statute, the City contributes 13% of member’spayroll to the OPPRS.ANNUAL BUDGET123