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Council reviews switch to city-run pension trust; actuarial shows higher near-term cost
Summary
City staff presented a plan at the budget workshop to move non‑police employees from the CWA contract to a city‑sponsored pension trust administered through the Florida League of Cities; an actuarial valuation estimated an employer contribution of 13.71% of payroll, up from the 9% currently budgeted, increasing general‑fund costs roughly $278,000 next year.
City staff presented a plan at the budget workshop to move non‑police employees from the current contract arrangement to a city‑sponsored pension trust administered through the Florida League of Cities and to close the old CWA plan. An actuarial evaluation run for a proposed benefit structure estimated an employer contribution rate of 13.71% of payroll, up from the 9% currently budgeted. Under staff assumptions that increase would raise general‑fund costs by about $278,000 next year and the total cost across all funds by about $378,000.
City Manager Chris DeBenton and the city’s finance team described the study and the steps staff proposed if the council…
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