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Quarterly Pension Meeting · 2026-05-26 · agenda_item

The City of Jacksonville Beach is undertaking a review of its pension systems, including the General Employees' Retirement System, Police Officers' Retirement System, and Firefighters' Retirement System. This review involves financial statement analysis and actuarial valuations, with the latest actuarial valuation for the General Employees' Retirement System completed on October 1, 2025. The process includes assessing funding progress, determining contribution rates for the upcoming fiscal year, and evaluating investment performance and actuarial assumptions. This ongoing review and management of the city's retirement funds represent a planned civic agenda item. The work involves financial analysis, actuarial services, and potentially the management of investment portfolios. Local contractors, trades, suppliers, and service providers are encouraged to engage with the city's finance department to understand the scope and timing of future needs related to these financial and actuarial processes. Early engagement can provide an advantage as plans and strategies are developed.

Plan Fiduciary Net Position (General Employees)

77,572,993 $

Plan Fiduciary Net Position (Police Officers)

37,061,205 $

Plan Fiduciary Net Position (Firefighters)

23,817,972 $

General Employees' Retirement System - Total Pension Liability

93,034,312 $

Police Officers' Retirement System - Total Pension Liability

41,530,461 $

Firefighters' Retirement System - Total Pension Liability

25,660,898 $

General Employees' Retirement System - Net Pension Liability

15,461,319 $

Police Officers' Retirement System - Net Pension Liability

4,469,256 $

Firefighters' Retirement System - Net Pension Liability

1,842,926 $

General Employees' Retirement System - Covered Employee Payroll

21,228,891 $

Police Officers' Retirement System - Covered Employee Payroll

7,398,318 $

Firefighters' Retirement System - Covered Employee Payroll

2,507,178 $

General Employees' Retirement System - Contribution Requirement for FY beginning Oct 1, 2026

26.54 %

General Employees' Retirement System - City Portion of Contribution Requirement

18.59 %

General Employees' Retirement System - Member Portion of Contribution Requirement

7.95 %

General Employees' Retirement System - Total Contribution Requirement (Dollar)

5,662,654 $

General Employees' Retirement System - City Contribution (Dollar)

3,966,418 $

General Employees' Retirement System - Member Contribution (Dollar)

1,696,236 $