HomeMy WebLinkAboutHandouts_Regular_Standing Reports_11/04/2010_Frank D'Ambra ...
Vi4tage of Tequesta
Pubfic Safety Officers Pension Pian
(Firefighters)
Requested Actuariai Studies
10.27.'I 0
1. Cost impact of reduced benefits for employees hired on or after 10i1/10 (per Art. 34
of IAFF coflective bargaining agreement). Cost impact to be projected over 30
years. Reduced benefits are as follows:
A. 2% muttiplier for first 6 years; 2.5% thereafter.
B. Safary = base compensation (including regular earnings, vacation pay, and sick
pay), but excluding lump sum payments, overtime, bonuses, incentives, and
longevity pay.
2. Cost impact of 10/27/10 "Stop/Restart" proposal, projected over 30 years.
3. Cost impact of 10/27/10 "Stop/Restart" proposat, with reduced benefits for
employees hired on or after 10/1/10. Cost impact to be projected over 30 years.
Reduced benefits are as fo{lows:
A. 3°!o multiplier for all yea�s of service.
B. No supplemental benefit.
�Qf11� 1���
S �'�`�
1�x�r��.�.-y"
. �
Village of Tequesta
"Stop/Restart" Proposai for Public Safety Officers Pension Pian
(Firefighters)
10.27.10
1. Prospectively reduce plan benefits to Ch. 175 minimum benefits.
2. Immediately restore pfan benefits to pre-existing levels. No actuai change in benefits
for any Plan member.
3. Adjust "base amount" of Ch. 175 premium tax revenues (amount Village can use to
reduce Village's annual required contribution) in accordance with actuarial study. All
premium tax revenues up to new base amount may be used to reduce the Vit{age's
annual required contribution in FY2010-2011, and each year in the future.
4. Accumu{ated excess premium tax revenues (approx. $231K as of 10/1/10) may be
used to reduce the Village's annual required contribution in FY 2010-11 or 2011-
2012, as determined by the Village.
i
�
� __ _ --