9/9/1997 - Laserfiche WebLink

Home Browse Search

11.B. VERO BEACH FIREFIGHTERS' RELIEF AND PENSION FUND — PROPOSED CHANGE The Board reviewed a Memorandum of August 21, 1997: TO: Honorable Board of County Commissioners THROUGH: Jim Chandler, County Administrator FROM: Doug Wright, Director Emergency Services DATE: August 21, 1997 SUBJECT: Vero Beach Firefighter's Relief and Pension Fund Proposed Change At the regularly scheduled meeting of the Board of Trustrees of the City of Vero Beach Firefighters Relief and Pension Fund on May 21, 1997, it was unanimously voted to amend the existing pension plan by providing an automatic one percent increase in the monthly annuity received by current and future annuitants of the plan. Funding for this proposed change can be accommodated within the guaranteed premium revenue received for the State of Florida at the current rate of $108,883 per year (without any employer contribution) which has shown an average increase of approximately six percent (6 %) per year over the most recent ten year period, not including investment income. Mr. Thomas R. Nason, Chairman of the Firefighters Pension Fund and' Mr. J. Stephen Palmquist, Plan Actuary, will provide the Board an overview of the Acturial Impact Statement and answer any questions related to the proposed change. RECOMMENDATION: Staff recommends Board approval and transmittal to the City Council of Vero Beach for further action as necessary to implement the proposed change. ON MOTION by Commissioner Macht, SECONDED by Commissioner Adams, the Board unanimously approved amending the existing pension plan by providing an automatic one percent increase in the monthly annuity received by current and future annuitants of the plan and approved transmittal to the City Council of Vero Beach for fiuther action as necessary to implement the proposed change, pursuant to staffs recommendations. SEPTEMBER 9, 1997 29