Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Administration topic
No spam. Unsubscribe anytime.
Board hears update on actuarial enrollment discrepancy; staff continuing research
Summary
The board reviewed an audit-management comment about a discrepancy in the date an employee became eligible for the pension plan. Staff and the actuarial firm are continuing research before bringing a formal recommendation back to the board or commission.
The Winter Springs Pension Board heard an update on an audit-management comment that flagged a discrepancy in plan census data relating to an employee's enrollment date. Staff said additional research with the actuary and pension attorney is ongoing and that they will return to the board with findings and any recommended corrections.
Why it matters: an actuarial or enrollment discrepancy can affect plan records and contributions; staff said the issue appears to be a design/administration inconsistency rather than a material operational failure but needs document-level review.
What the board was told
At the meeting staff summarized the August agenda item that originated the audit finding: an audit team reviewing census data found a mismatch between the actuarial valuation and the recorded enrollment period for a newly eligible employee. Staff described the work as continuing: "There's a little bit more research that still has to be done. There's some other pieces we found that there were some discrepancies. So we've been doing research with our actuary and the pension attorney as well to make sure that we have all the details hammered out before we bring it back before you guys again, and then subsequently commission," a staff member said.
During discussion a board member characterized the matter as "relatively insignificant and small issue with respect to how the plan is operating," noting the question centers on when employees become eligible and when the city began making contributions. Board members instructed staff to continue researching, consult the actuary and pension counsel, and return with a formal recommendation once the documentation is reconciled.
Next steps
Staff will continue document review, coordinate with the actuarial firm and pension attorney, and report back at a later meeting with recommended corrections or confirmations. No formal corrective action was taken at this meeting.
