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If the Board of County Commissioners approves the proposed changes as outlined in the proposed <br />ordinance of the City of Vero Beach, the matter will be considered further by the Vero Beach City <br />Council. As noted in the documentation, the plan benefit changes appear to be well covered by the <br />plan assets as well as with the increasing contributions from the State of Florida based upon the fire <br />insurance premium tax. <br />Plan Actuary J. Stephen Palmquist and other representatives of the Pension Fund will be in attendance <br />at the meeting to answer any questions the Board may have. <br />RECOMMENDATION: <br />Based on the documentation and information submitted, staffrecommends the Board favorably consider <br />the proposed changes. <br />Plan Actuary J. Stephen Palmquist, of Gabriel, Roeder, Smith & Company, noted <br />that one of the changes relates to how pension funds can be invested; there are 2 changes in <br />benefits; and 1 change in how pensions are calculated. At the present time, pensions are <br />calculated using the base pay over the last 3 years. The proposed change would use the gross <br />pay so that overtime could be included. The Plan at the present time has a supplemental <br />benefit of $10 per year -of -service to assist in paying for health insurance in retirement. The <br />proposal is to raise that benefit to $25 per year -of -service. The change in the way funds can <br />be invested follows a change in the State statutes allowing up to 10% of the fund to be <br />invested in foreign stocks. There is no additional funding required from the County to pay <br />for these additional benefits. <br />ON MOTION by Commissioner Ginn, SECONDED <br />by Commissioner Adams, the Board unanimously <br />approved the proposed changes, as recommended by <br />staff. <br />FEBRUARY 2, 1999 <br />-37- BOOK 108 tnE 261 <br />