City Commission Regular Meeting


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  Agenda Item # 11.b.       
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.
Attachments
RTB Workshop Report & Options Recommendation


    

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