The City Commission directed the Retirement Board to obtain an actuarial impact statement on the financial impact of amending the vesting period from 10 years to either 8 years or 5 years for employees hired after October 1, 2012.

In 2012, as a part of the City's pension reform, the City Commission changed the pension vesting period from 5 years to 10 years. Attached are memorandums from the City Manager, Chief of Police and Fort Pierce Utilities Authority Director explaining how this change has affected the retention and attraction of employees.  The City's Actuary has provided an actuarial impact statement to measure the financial impact of changing the vesting period.  For 8 years the FY'19 contribution increases by $14,267, or .004% of payroll, for all classes; $8,623 for General members, $4,413 for FPUA members and $1,501 for Police members.  For 5 years the contribution increases by $$51,924, or .17% of payroll; $26,927 for General members, $22,096 for FPUA members and $3001 for Police members.     

Approve the changing of the vesting period from 10 years to 8 years or 5 years.

Make no changes.

Johnna Morris, Secretary/Treasurer 

City of Fort Pierce Retirement Board