32-Pension - 2021Pension Funds
Purpose:
The General Employee and Police Employee Pension Funds are funded by contributions from both the City and the employees. Some funding is also provided from Police supplemental benefits.
These benefits are a result of casualty insurance premium tax monies collected by and received from the sate of Florida, in accordance with Florida State Statute, Chapter 185. Interest
from investment earnings on Plan assets also assists in funding the Plan. The assets within these funds are held in trust for the future benefits of the employees and are directed
by two separate pension boards.
Key Objectives:
( The funding objective for both plans is to establish and receive contributions, expressed as a percent of active member payroll, which will remain approximately level from year to
year and will not have to be increased for future generations of citizens in the absence of benefit improvements.
( To monitor the Plan’s fund manager for compliance with the Plan’s investment policy and recommend changes to the policy, if necessary, to assure the plan’s participants and recipients
that the benefits specified in the Plan will be available.
( To keep the plan current as to compliance with IRS code requirements and any State or Federal changes.
( To provide employees with an annual individual retirement benefit statement.
Issues, Trends and Highlights:
Total Net Assets as of September 30, 2013 for the General Pension fund were $13,770,711. This represents an increase of $1,076,884 over 2012.
Total Net Assets as of September 30, 2013 for the Police Pension fund were $7,331,629. This represents an increase of $396,936 over 2012.
The City contributions to the General Pension Fund are projected to decrease $87,367 in FY 2015 to $863,613.
The City contributions to the Police Pension Fund are projected to increase $10,811 in FY 2015 to $574,014.
The City closed the General Pension Plan as of September 2008 and established a defined contribution plan for new employees with a match of up to 6% of pay.