Agenda Item # 11.b.
City Commission Regular Meeting
- Meeting Date:
- 05/05/2014
- Re
- Retirement Workshop Options Report
- Submitted For:
- Gloria Johnson
SUBJECT:
The Retirement Board was tasked to provide recommendations of reform to the City of Fort Pierce Retirement System that would generate cost saving to our citizens, as well as maintain a viable and cost effective pension for City employees and retirees.
SUMMARY:
There were a number of options discussed. The most favorable selections were: Increase the final average period to eight years with a three year phase-in; Not to introduce a defined contribution plan, and No retroactivity for any option selected. Another suggested benefit payment choice is to add a cost of living payment option.
RECOMMENDATION:
Accept the amended report with the options as presented above.
ALTERNATIVES:
The report can be enhanced or changed.
RESPONSIBLE STAFF:
Finance Director
COORDINATED WITH:
The Retirement Board, City Manager, Deputy City Manager, Utilities Authority Director, Police Chief, City’s Actuary, Brad Armstrong, Assistant City Attorney Jim Walker, and Pension Consultant, Mr. Jim Lynn.
Fiscal Impact
- Budgeted Y/N:
- Fiscal Year:
- Account:
- Amount:
- 583,863
OTHER INFORMATION:
Monetary savings if implemented are: General Members $178,927, Police $168,137 and UA $236,799 generating combined savings of $583,863.