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Item No:                    2.A.2.

 

Meeting Date:           August 1, 2013

 

From:                          Raymond S. Sharp, Interim City Manager

 

Subject:                      Approve hire of independent, qualified pension benefits consultant to evaluate options for Fire Pension Plans

 

 


Staff Recommendation:

Staff recommends the immediate hire of an independent, qualified pension benefits consultant (in the current fiscal year) to evaluate available options for fire pension plans, and provide analysis.

 

Analysis:

Irrespective of the future form of the fire department, pension plan costs will factor strongly into the city’s future fire service costs.  It is apparent that the city should acquire an independent evaluation of the options and costs.  Among the options that should be evaluated is the State of Florida Retirement System, since it appears that we have not recently considered this option, if ever.

 

Acquiring these services now will allow work to be completed and presented for discussion at the November, 2013 workshop.

 

Options:

1.  Approve the hire of an independent, qualified pension benefits consultant, within the current year, with the intent of providing options and analysis of options for fire pension plans; or,

2.  Such alternative action as the Commission may deem appropriate.

 

Fiscal Impact: 

None in FY 2014; use available funding in FY 2013.

 

Submission Date and Time:    7/31/2013 5:28 PM____