Pembroke Park pension board approves valuation report; consultant says plan is above target

At a meeting of the Town of Pembroke Park Pension Board, actuarial consultant Gloria Rosen presented the actuarial valuation for the plan year beginning Oct. 1, 2024, and the board voted to accept and approve the report.

The valuation showed that the plan’s combined life‑insurance, annuity cash value and pension assets exceed $4.27 million and that the funded ratio is about 4 percentage points higher than the prior year’s figure, Rosen said. She told trustees the plan’s life‑insurance death benefits total $3,818,000 and that those death benefits “remain the same and growing.”

Rosen said the plan covers 11 people, including five current commissioners, several retirees and beneficiaries. She described the plan’s benefit features — including a 10‑year survivor benefit for heirs and a built‑in cost‑of‑living adjustment — and reviewed recent investment returns and historical performance. Rosen told the board the plan’s average annual return across the program’s history is “about 7%.”

In discussion, Rosen and trustees identified a year‑end contribution the plan will need to maintain its funding trajectory. Rosen cited two figures during the presentation: a $152,912 deposit and later a $162,469 year‑end deposit, both described as amounts needed to “bring this forward to the future.” She also said the State of Florida actuarial guidance allows use of a 6.25% assumption for future earnings.

Rosen asked the board members to review the full valuation package and offered to return for further questions. She also noted that the pension plan owns certain annuities and life insurance that are intended to finance survivor benefits rather than pay directly to beneficiaries.

After the presentation, a trustee moved to accept and approve the actuarial valuation report. The motion was seconded and passed on a roll‑call vote: Commissioner Jacobs — yes; Mayor Mohammed Hassan — yes; Acting Commissioner Kashem — yes; Vice Mayor Morissette — yes; Clerk Commissioner Hodgkins — yes. The chair announced that the motion carries.

Rosen and the board discussed trusteeship: Rosen stated that the five commissioners serve as the five trustees of the plan and that signature authority rests with the mayor as the first trustee when mayoral changes occur. Rosen said she will provide additional paperwork and clarifications on points trustees requested, including precise wording about re‑election and vesting that affects eligibility for benefits.

The board approved the report without amendments; Rosen said she would be available for follow‑up questions and document corrections. The pension board then continued to the consent agenda and later adjourned.