G. Retirement plans (continued)

City Council Meeting · 2026-04-28 · agenda_item

This item concerns the City of Clermont's pension liabilities and related financial reporting for the FRS Pension Plan and the HIS Program. The city reported net pension liabilities as of June 30, 2022, and deferred outflows and inflows of resources related to these pensions as of September 30, 2022. The report details actuarial assumptions used for these plans, including inflation, payroll growth, investment rates, and discount rates. This is a financial reporting and actuarial review item, not a construction project. Therefore, there is no direct construction work or related business opportunity for contractors, trades, or suppliers at this time. The process is under review for financial statement preparation and actuarial assessment.

net pension liabilities measured as of

June 30

city joined

July 1

proportionate share of the liability

0 %

deferred outflows of resources

302,938 $

deferred outflows of resources

21,042 $

employer contributions subsequent to the measurement date

302,938 $

employer contributions subsequent to the measurement date

21,042 $

total pension liability measured as of

June 30

actuarial valuation dated

July 1

inflation

2.40 %

payroll growth, including inflation

3.25 %

investment rate of return

6.70 %

discount rate

6.70 %

discount rate

3.54 %