The City administers a single employer, defined benefit pension plan for the benefit of its police officers and firefighters. The Municipal Police Officers’ and Firefighters’ Pension Trust Fund (the “Plan”) was created by ordinance October 1, 1980 in a merger approved by the State of Florida of two pre existing pension funds. The Florida Division of Retirement reviews and approves each local government’s actuarial report prior to its being appropriated for use for funding purposes. Future amendments to the plan provisions can be authorized by City ordinance upon recommendation from the Board of Trustees of the Plan, and upon receipt of an actuarial impact report as to the costs and actuarial soundness of such changes.
Management and oversight of the Plan is vested in the City of Maitland Police Officers’ and Firefighters’ Pension Board of Trustees, which consists of nine members. consist of a non-elected member of the city’s senior management staff duly appointed by city council to serve as a member of the board of trustees, the chief of the fire department; the chief of the police department; two (2) firefighters of the City to be elected by a majority of the firefighters whose names appear on the rolls as members of this plan; two (2) police officers of the City to be elected by a majority of the police officers whose names appear on the rolls as members of this plan; and two (2) legal residents of the City to be appointed by the City Council.
Click here for more information about the current Board of Trustees.
Upcoming meeting agendas for the Board of Trustees are posted on the City’s website on the home page in the area marked “Council & Board Meeting Agendas” in advance of the meeting.
The funding methods and determinations of benefits payable are provided in the various acts of the Florida Legislature, which created the funds including the subsequent amendments thereto. Additional funding is provided by contributions from the State of Florida from property insurance premium taxes for fire (1.85% excise tax) and casualty insurance for police (0.85% premium tax) insurance policies written in the City and defined fire control district. The City is required under Chapters 175 and 185 Florida Statutes and City Ordinance #564, to contribute remaining amounts necessary to pay benefits when due. The Plan does not issue a separate financial report as it is included in the City’s Comprehensive Annual Financial Report (“CAFR”). The City’s recently issued CAFR’s can be viewed on the Finance Departments webpage (click here to go to the page).
Pension Fact Sheet (external webpage – State of Florida, Division of Retirement).
Pension Actuary Report for October 1, 2014
Senate Bill 534 Memo
Section 112.664 FS Compliance - Actuarial Disclosures
Fiscal Year 2015/2016 Budget
State Acceptance Letter
Fiscal Year 2017 Budget
For more information about the Pension Trust Fund, please contact Fire Chief and Pension Board Secretary, Kimberley Neisler at email@example.com or 407-539-6229.