HomeMy WebLinkAboutDocumentation_Pension General_Tab 12.13c_08/10/2015A PARTNERSHIP OF PROFESSIONAL ASSOCIATIONS
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Telephone: (561)686-6550
Facsimile: (561)686-2802
bonni@robertdklausner.com
MEMORANDUM
To: Board of Trustees
Tequesta General Employees' Pension Trust Fund
F
From: Bonni S. JensenAt
Subject: New Florida Pension Reporting under Florida Statutes §112.664
Date: May, 2015
As you may know, the Division of Management Services recently created a rule
regarding the format for the new report required under Florida Statutes §112.664. Your
actuary will be creating and filing the report pursuant to that rule.
In addition to the report which must be filed, there is a requirement that the Plan
Sponsor and the Plan provide certain information in the budget and on a web site. (See
excerpt from statute below.)
• The information to be provided in the municipal budget (disclosures
required under §166.241(3)) and on any website that contains budget
information are:
A. The report prepared by the actuary under this law; and
B. The funded ratio as determined in the most recent actuarial
valuation. NOTE: Neither the law nor the rule specify which
funded ratio to use - GASB 67 or the old GASB
25
• Pension Plans that have a publicly available website are required to
provide on that website:
A. The plan's most recent financial statement (audit or CAFR)
7080 NORTHWEST 4TH STREET, PLANTATION, FLORIDA 33317
PHONE: (954) 916-1202 • FAX: (954) 916-1232
www.robertdklausner.com
Board of Trustees
Tequesta General Employees' Pension Trust Fund
New Florida Pension Reporting under Florida Statutes §112.664
May, 2015
Page 2 of 2
B. The plan's most recent actuarial valuation
C. A link to the Division of Retirement Actuarial Summary Fact Sheet
for that plan. I am recommending that you also include the
attached cover memorandum.
D. A chart or graph showing the investment return for the previous 5
years, beginning with 2013, with a side-by-side comparison of the
plan's assumed rate of return. This chart should also show the
percentages of cash, equity, bond, and alternative investments in
the plan portfolio.
STATUTORY EXCERPT:
Section 112.664(2) Each defined benefit retirement system or plan, excluding the
Florida Retirement System, and its plan sponsor:
(a) Shall provide the information required by this section and the funded ratio
of the system or plan as determined in the most recent actuarial valuation
as part of the disclosures required under s. 166.241(3) and on any
website that contains budget information relating to the plan sponsor or
actuarial or performance information related to the system or plan.
(b) That has a publicly available website shall provide on that website:
1. The plan's most recent financial statement and actuarial valuation,
including a link to the Division of Retirement Actuarial Summary
Fact Sheet for that plan.
2. For the previous 5 years, beginning with 2013, a side-by-side
comparison of the plan's assumed rate of return compared to the
actual rate of return, as well as the percentages of cash, equity,
bond, and alternative investments in the plan portfolio.
3. Any charts and graphs of the data provided in subparagraphs 1.
and 2., presented in a standardized, user-friendly, and easily
interpretable format as prescribed by the department.
HATequesta GE 101 Moard\2015\1 12.664 web disclosure.wpd