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FPUA retirement system: trustees report 82% funded ratio (Sept. 30, 2024); fund value about $270 million as of May 30
Summary
Keith Stevens, FPUA elected retirement board member and director of gas and electric, updated the FPUA board on the City of Fort Pierce defined-benefit pension system, reporting an 82% funded ratio at the Sept. 30, 2024 valuation, a fund market value near $270 million as of May 30 and changes to benefit formulas and DROP rules.
Keith Stevens, director of gas and electric and an elected member of the City of Fort Pierce Retirement Board, gave the board an annual report on the city retirement system at the FPUA meeting on July 1.
Stevens described the plan as a defined-benefit pension governed by chapter 13 of the city charter and said benefits are calculated using a final average salary (the top five years of the last 10) and a three-times multiplier. He summarized changes adopted in 2024: an increase in the maximum annual pension benefit from 75% back to 100% and an increase in the DROP (Deferred…
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