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Council approves up to $2,000 for actuarial study on town police pension options
Summary
The Lake Clarke Shores council authorized up to $2,000 for an actuarial study to estimate costs of starting a town police defined-benefit pension plan and to provide retirement-cost projections for current officers.
Town Manager Joe (presenting) asked the council to fund an actuarial study to analyze retirement options for the town’s public-safety employees. Council approved the request 5-0 on March 11.
Staff said the town currently contributes about 9% toward public-safety retirement costs while some state-level plans contribute substantially more; an actuarial study would produce modelled estimates for a Town-sponsored defined-benefit pension or other options. The manager said an actuarial estimate is likely to cost “somewhere between $1,500 and $2,000.”
The town voted to authorize funding not to exceed $2,000 for the study. The manager said the results will detail projected employer share, probable retirement timing of current officers and budgetary impacts; the report is intended to help the council make an informed long-term decision on retirement benefits.
Ending: Staff will procure the study and present results to the council when available.
