Staff recommends approval of a contribution up to $278,560.08 which includes the required contribution of $257,926 plus accrued interest of $20,634.08.
Attached is a copy of the letter received from the Department of Managerial Services referencing the 2006 Annual Report for the Leesburg Firefighters’ Pension Fund requesting a contribution of $257,926 plus accrued interest at 8%. Interest is calculated from 10/01/06 to the date of deposit. The date of deposit used for interest calculation purposes was 9/30/07. The City is required by Florida Statutes, Chapter 175.091(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.
Prior to receiving notification from the Department of Managerial Services staff engaged the services of Williams Actuarial International, LLC and Fowler, White, Boggs and Banker Attorneys at Law. The purposes of the engagements were to review and provide opinions on the actuarial soundness of the plan as well as compliance with all legal and IRS requirements. Certain recommendations were made and staff is working with the Firefighters’ Pension Board to update and implement changes to the plan.
1. Approve the contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
It will be necessary to amend the budget and utilize un-appropriated fund balance of $278,560.08 for this purpose.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _001-2220-522.12-10__
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION TO THE 175 FIRE 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 funding of the designated contribution to the 175 Fire Pension Plan for the 2006/2007 fiscal year up to $278,560.08 as required by Florida Statute, Chapter 175.
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 24 day of September 2007.