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Brooksville council directs staff to draft ordinance to terminate firefighters’ pension plan after actuary estimates $3.7M buyout
Summary
After hearing actuarial analysis and legal guidance, the Brooksville City Council voted 5–0 to direct staff to draft an ordinance to terminate the city’s closed firefighters’ retirement plan; the actuary estimated a termination cost of about $3.7 million and council discussed funding options including reserves and fire‑department budgeted funds.
Brooksville’s City Council voted unanimously to direct staff to draft an ordinance to terminate the city’s closed firefighters’ retirement plan after an outside actuary estimated the termination cost at roughly $3,700,000.
City Manager (speaker 3) opened the discussion and introduced outside experts. Actuary Patrick Donlin (speaker 6) presented two impact statements: closing the plan (no new members; future hires would enter the county’s FRS but existing members could stay) would have little immediate effect under the actuarial assumptions; terminating the plan would require the pension board to secure annuity quotes or pay lump…
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