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Jacksonville Beach pension boards adopt actuarial revisions; $178,601 police reserve, $27,608 firefighters reserve clarified
Summary
At a joint quarterly session, GRS Consulting presented actuarial valuation revisions that allocate previously reserved premium‑tax funds to prepaid employer reserves: $178,601 for police (combined city + state) and $27,608 for firefighters. Boards voted to adopt the revisions.
GRS Consulting presented revised actuarial valuations for the City of Jacksonville Beach police and firefighters retirement systems and the three pension boards voted to adopt the revisions.
The consultant said the police officers’ report allocates prior accumulations of Chapter 185 premium‑tax revenues and adds them to a prepaid employer reserve. “The prepaid employer reserve now totals $178,601,” the presenter said, explaining that amount reflects a preexisting city reserve of $25,120 plus roughly $153,481 in state premium‑tax receipts applied under the…
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