Fire & Police Retirement Plans
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CITY COUNCIL MEMORANDUM FOR INFORMATION
TO:
Mayor and City Council
FROM: DATE:
September 1
SURJECT:
Fire and Police Retirement Plans
The Fire and Police Retirement Plans receive State Insurance Proceeds from the Division of Retirement each year which reduces the City's contributions. The Fire Plan insurance proceeds have increased over the years but there is a decrease this year from the 2008 proceeds in the amount of $268,965.68. The Police Plan insurance proceeds have remained the same for the last four years. Those proceeds would have decreased the last three years except for provisions in the state law that provided for stability for three years. The proceeds did decrease $135,509.90 for 2009. The Police Plan does not receive a supplement. The City is required to increase contributions in the amount of $404,475.58 for the decrease in insurance proceeds for FY 2009. If the insurance proceeds do not increase in FY 2010, additional City contributions will be required.
D
Cityo£1
renSaCOla
TO:
Mayor and City Council
FROM: DATE:
September 1
SURJECT:
Fire and Police Retirement Plans
The Fire and Police Retirement Plans receive State Insurance Proceeds from the Division of Retirement each year which reduces the City's contributions. The Fire Plan insurance proceeds have increased over the years but there is a decrease this year from the 2008 proceeds in the amount of $268,965.68. The Police Plan insurance proceeds have remained the same for the last four years. Those proceeds would have decreased the last three years except for provisions in the state law that provided for stability for three years. The proceeds did decrease $135,509.90 for 2009. The Police Plan does not receive a supplement. The City is required to increase contributions in the amount of $404,475.58 for the decrease in insurance proceeds for FY 2009. If the insurance proceeds do not increase in FY 2010, additional City contributions will be required.
D
Cityo£1
renSaCOla
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