Agenda Item # 9.f.
City Commission Regular Meeting
- Meeting Date:
- 10/20/2014
- Re
- Retirement Prior Years Buy-In - Commissioner Sessions
- Submitted For:
- Gloria Johnson
SUBJECT:
Approval of the City's payment of $21,675.53, which is the employer portion of the cost, for Commissioner Sessions to buy back 14.25 years of prior service in the Fort Pierce Retirement and Benefit System.
SUMMARY:
There will be contribution requirements from the employee (official) and employer. Commissioner Sessions has not been contributing to the member’s deposit fund nor the City to the employer’s accumulation fund prior to becoming a member of the system. Commissioner Sessions wishes to purchase 14.25 years of prior service. There is a financial obligation to the retirement system of $41,145.53; $21,675.53 to the employer and $19,470.00 to the employee.
RECOMMENDATION:
Approve the fiscal 2014 request with the cost 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:
- $21,675.53
OTHER INFORMATION:
The cost to the City for the 14.25 years is $21,675.53, to be paid in fiscal 2014.