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Presenter, staff explain 175/185 funding and how Indian River Shores' plan differs
Summary
The board heard a technical explainer that 175/185 monies come from insurance premiums written in town limits and that the town's weighted-share plan distributes shares based on years of credited service rather than equal allocation; staff said changes would require ordinance and bargaining.
Trustees heard a technical overview of chapter 175/185 funds and how Indian River Shores distributes them under a weighted-share plan.
"FRS doesn't actually get a share of the money at all," the Staff member said while explaining that funds are part of the state's general budget flow but that the local insurance-premium money is allocated by the municipality into shares managed by the local pension plan. The Staff member added that the town's plan uses credited years of service to assign shares, producing stratified payouts.
The Presenter clarified that, because allocations come from insurance premiums written in the town, other municipalities' premiums and tolls do not contribute to these shares. Staff emphasized that any change to allocation language would require a formal ordinance amendment and collective bargaining with the union.
