2. If payment pursuant to subparagraph (10)(d)1. will not avoid a contribution in excess of the limits

City Commission Meeting · 2026-04-13 · agenda_item

The City of St. Augustine is establishing a "share plan" for police officers as part of their retirement system. This plan will be funded by premium tax revenues. Specifically, revenues over $243,172 will be split, with half going to the share plan and half to reduce city pension contributions. The plan will include individual share accounts for active police officers. An initial amount of $69,113 will be allocated to these accounts. The plan becomes operative when revenues exceed $243,172 and details are agreed upon by the city and union. This item is currently under review and planned for implementation. The establishment of this plan will involve financial administration, accounting, and potentially legal services related to its setup and ongoing management. Businesses specializing in financial services, accounting, and legal support may find opportunities in assisting with the implementation and ongoing operation of this new retirement plan component. Early engagement could be beneficial as the plan details are finalized.

premium tax revenues threshold

243172 dollars

initial amount to be allocated

69113 dollars

initial crediting period

180 days

minimum credited service for distribution

10 years