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.
Upcoming meeting agendas for the Board of Trustees are posted on the City’s website 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 Number 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 CAFRs can be viewed on the Finance Departments webpage.