G. Retirement plans

City Council Meeting · 2026-04-28 · agenda_item

This notice concerns the City of Groveland's retirement plans, which are currently under review by the City Council. The city offers a 457(b) plan for employees with over one year of service, a 401(a) plan for regular and managerial employees, and has approved joining the Florida Retirement System (FRS) Pension Plan and Retiree Health Insurance Subsidy Program for public safety employees. These plans provide retirement, disability, or death benefits. The City Council has the authority to establish and amend plan provisions and contribution requirements for the 457(b) and 401(a) plans. The FRS plans are administered by the State of Florida and changes to benefits are made by the Florida Legislature. This item is under review, indicating an early stage in the public process. The scope of work involves ongoing administration, potential adjustments to contribution structures, and compliance with state regulations. This presents an opportunity for financial advisors, benefits consultants, and legal services specializing in public employee retirement plans to engage with the city early in the process before final decisions are made.

participants in 457(b) plan

83

employer contribution percentage for 457(b) plan

4 %

employee contribution match percentage for 457(b) plan

3 %

vesting period for employer contribution

5 year

total employee contributions to 457(b) plan

401,368 $

participants in 401(a) plan

76

employer contribution percentage for 401(a) plan (regular employees)

4 %

employee contribution match percentage for 401(a) plan (regular employees)

3 %

employer contribution percentage for 401(a) plan (managerial employees)

8 %

employee contribution match percentage for 401(a) plan (managerial employees)

60 %

City's contributions to 401(a) Retirement Plans

656,388 $