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11A VERO BEACH FIREFIGHTERS PENSION FUND - <br />APPROVAL OF BENEFIT CHANGES RECOMMENDED <br />BY THE FIREFIGHTERS PENSION BOARD <br />The Board reviewed a Memorandum of October 13, 2000: <br />TO: Honorable Board of County Commissioners <br />THROUGH: James E. Chandler, County Administrator <br />FROM: Douglas M. Wright. Director ^� <br />Emergency Services'` <br />DATE: October 13, 2000 <br />SUBJECT: Approval of Benefit Changes in the Vero Beach Firefighters Pension Fund <br />Recommended by the Firefighters Pension Board <br />The Vero Beach Firefighters Pension Board, through Chairman Tom Nason, has proposed an <br />ordinance of the City of Vero Beach which provides for two (2) administrative changes required by <br />the Florida Division of Retirement (FRS) and one (1) economic change to the firefighter's benefits <br />under the pension plan. <br />The two (2) administrative changes are required to be in compliance with the new statutes recently <br />passed by the state legislature. Per Mr. Nason, these proposed changes do not have any effect on the <br />plan benefits but make the plan provisions parallel with other plans in the State as deemed necessary <br />by the Division ofRetirement. The economic change relates to an automatic annuity increase benefit <br />for members from one percent (1%) to two percent (2%). <br />Mr. Nason notes in his document that the Florida Retirement System uses a three percent (3%) <br />adjustment (the amount provided to the remaining firefighters in the District under the FRS Plan). <br />He states that it is only fair to provide this increase in benefit for a group of firefighters for a pension <br />fund that has not cost either local government any expense in retirement cost for the past 20 years <br />and notes that each participant in the plan has paid seven percent (7%) of their own salary as a <br />contribution to this plan during their active fire service career. <br />Mr. Nason will be present at the Board of County Commissioners meeting to provide additional <br />information and respond to any questions or concerns regarding this matter. <br />RECOMMENDATION: <br />Staff recommends approval of proposed Vero Beach Firefighters Pension Fund benefit changes set <br />forth in the attached proposed City of Vero Beach ordinance. <br />09VIDRYWOO <br />T G 9 1 <br />0 <br />-100- <br />0 <br />-I <br />