Exh 4CAGENDA ITEM #4C
APRIL 28, 2003
CITY OF ATLANTIC BEACH
CITY COMMISSIONER MEETING
STAFF REPORT
AGENDA ITEM: October 1, 2003 pension contribution rates.
DATE: Apri122, 2003
SUBMITTED BY: George Foster, Human Resource Manager
BACKGROUND: The annual actuarial reports for the City's General Employee and
Police Employee Pension Plans which provide the October 1, 2003
contribution rates have been received.
General Employee Plan:
Effective 10/01/03, the City's contribution rate will increase from
11.81% of salary to 12.72% of salary or from the current $315,106
to $381,518 for a net increase of $66,412.
Police Employee Plan:
Effective 10/01/03, the City's contribution rate will increase from
12.44% of salary to 13.31 % of salary of from the current $225,991
to $242,637 for a net increase of $16,646.
Total:
The total increase in the City's contribution rate, effective October
1, 2003 is $83,058.
General:
The primary reason for the above increase is the overall loss of
market value. Other contributing factors, using past five years,
are:
Members: General: Members increased by 12 to 83.
Police: Members increased by 5 to 25.
Payroll: General: Increase by $776,957 or +39.02%.
Police: Increased by $374,001 or +45.56%.
Salaries: General: Average increased by +18.94% to $33,348.
Police: Average increased by +16.45% to $47,798.
Age: General: Average increased by +2 years to 46.2.
Police: Average increased by .9 years to 37.2.
FUNDING: Required funding will be included within the 2003/2004 budget.
REQUESTED ACTION: None. This Staff Report for information only.
CITY MANAGER: