F. Total actuarial present value of expected

Quarterly Pension Meeting · 2026-05-26 · agenda_item

The City of Jacksonville Beach General Employees' Retirement System is undergoing a review of its 5-year projections for funded ratios and future employer contributions. This review includes detailed actuarial present values, asset valuations, and benefit payment schedules. The system is currently projected to have a funded ratio of 76.1% in 2025, with projections showing an increase to 94.6% by 2030. The city's estimated contributions are based on a 3.5% wage growth assumption. This process involves actuarial analysis and financial planning, with future experience potentially impacting these projections. The review is currently under consideration as part of the quarterly pension meeting.

Total actuarial present value of expected future payments and reserves

113,282,542 $

Active Count

263

Payroll

20,263,221 $

Benefit Payments

5,272,526 $

Actuarial Accrued Liability

94,240,863 $

Actuarial Value of Assets

71,745,810 $

Funded Ratio

76.1 %

Future Employer Contributions

18.59 % of Payroll

Employer Contributions Dollar Amount

3,966,416 $

Funded Ratio

94.6 %

Future Employer Contributions

16.19 % of Payroll

Employer Contributions Dollar Amount

4,053,578 $

Maximum pension

75 % of final average compensation

Maximum pension

100,000 $

Maximum allowable benefit

75 percent

Maximum allowable benefit

110,000 dollars

Maximum allowable benefit

111,000 dollars

Maximum allowable benefit

112,000 dollars

Final Average Compensation

5 years

Early Retirement Eligibility

20 years of service

Reduction for early retirement

7.5 % per year

Reduction for early retirement

5.5 % per year

Deferred Retirement Eligibility

5 years of service

Deferred Retirement Eligibility

10 years of service

Duty Disability Retirement Minimum Benefit

50 % of final average compensation

Duty Disability Retirement Minimum Benefit

42 % of final average compensation

Non-Duty Disability Retirement Minimum Benefit

25 % of final average compensation

Duty Death Before Retirement Minimum Benefit

35 % of final average compensation

Member Contributions

7.95 % of pay

BackDROP maximum period

36 months

BackDROP interest rate

3.0 % per year

Appeal period

20 days