Agenda Item # 9.e.
City Commission Regular Meeting
- Meeting Date:
- 10/20/2014
- Re
- Retirement Buy-In - Commissioner Perona
- Submitted For:
- Gloria Johnson
SUBJECT:
Approval of the City's payment of $16,748.85, which is the employer portion of the cost, for Commissioner Perona to buy back 3.5833 years of prior service in the City of Fort Pierce Retirement and Benefit System.
SUMMARY:
Commissioner Perona desires to purchase 3.5833 years of prior service at a cost of $21,256.67 to the retirement system. There is a financial obligation to the retirement system of $21,256.67, of which Commissioner Persona is required to pay $4,507.82, as the employee. The employer portion is $16,748.85.
RECOMMENDATION:
Approve the fiscal 2014 request, with the cost of $16,748.85 being charged to General Fund’s excess in Personnel Services.
ALTERNATIVES:
N/A
RESPONSIBLE STAFF:
Finance Department
COORDINATED WITH:
Gabriel Roeder & Smith, Actuary
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2014
- Account:
- Amount:
- $16,748.85
OTHER INFORMATION:
The cost to the City for the 3.5833 years is $16,748.85 to be paid in fiscal 2014.