Staff recommends approval of a contribution up to $297,431 for the actuarial estimate required to fund the Police Pension Plan.
Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2012. The attached summary of report, from the actuarial valuation as of October 1, 2010, recommends the City fund 9.04% of payroll which is estimated to be $297,431. The City is required by Florida Statutes, Chapter 185.07(d) to maintain certain minimum benefit levels and fund any actuarial deficiency shown by an actuarial valuation as provided in part VII of chapter 112.
1. Approve the payments to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding of $297,431 was included in the current budget.
Prepared by: Jerry Boop___________
Attachments: Yes_X__ No ______
Advertised: ____Not Required _____
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head _____
Finance Dept. ______JB________
Deputy C.M. ___________________
City Manager ___________________
Account No. _001-2111-521-22-11_
Project No. ___________________
WF No. ______________________
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $297,431 TO FUND THE 185 POLICE PENSION PLAN; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the City Commission hereby authorizes the Finance Director to fund the designated contribution to the 185 Police Pension Plan in an amount up to $297,431.00 as required by Florida Chapter 185.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _28th____ day of _November________ 2011.