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Homestead council directs staff to pursue joining the Florida Retirement System after staff analysis
Summary
City staff presented analysis of moving eligible employees from the city’s 401(a) plan to the Florida Retirement System (FRS). Council directed management to proceed with ordinance and outreach; staff estimated a worst-case employer cost of about $1.7 million annually (roughly $838,000 to the general fund) if all 250 eligible employees convert.
City staff presented a staff-led analysis Wednesday on options to transition eligible City of Homestead employees from the city’s defined-contribution 401(a) plan to the Florida Retirement System (FRS). Council voted to direct management to proceed with the transition process and return with an ordinance and additional employee outreach.
Human Resources staff said FRS is the state-administered system with both defined-benefit (pension) and investment-plan options. Key points presented to council…
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