I. Employee Retirement Plans - Defined Benefit Plans (Continued)

City Council · 2026-04-21 · agenda_item

This agenda item concerns the City of West Melbourne's employee retirement plans, specifically defined benefit plans and the Florida Retirement System. It details financial figures related to deferred outflows and inflows of resources, differences between expected and actual experiences, changes in assumptions, and investment earnings. The item is currently under review by the City Council. The financial reporting and actuarial valuations presented will inform future financial decisions and potential adjustments to the city's pension obligations. This process may involve financial analysts, actuaries, and accounting professionals. Early engagement with city finance departments could provide insights into upcoming needs.

Differences between expected and actual experience

338976 $

Differences between expected and actual experience

9697 $

Differences between expected and actual experience

2577 $

Changes of assumptions

368539 $

Changes of assumptions

14379 $

Changes of assumptions

392929 $

Difference between projected and actual earnings on pension plan investments

529867 $

Difference between projected and actual earnings on pension plan investments

1352 $

Changes in proportion and differences between employer contributions and proportionate share of contributions

267303 $

Changes in proportion and differences between employer contributions and proportionate share of contributions

132920 $

Changes in proportion and differences between employer contributions and proportionate share of contributions

169255 $

Changes in proportion and differences between employer contributions and proportionate share of contributions

35669 $

Employer contributions subsequent to the measurement date

150549 $

Employer contributions subsequent to the measurement date

27499 $

Total

1125367 $

Total

662787 $

Total

220830 $

Total

432527 $

Year ending September 30, 2026

586315 $

Year ending September 30, 2026

40619 $

Year ending September 30, 2027

54234 $

Year ending September 30, 2027

64639 $

Year ending September 30, 2028

129575 $

Year ending September 30, 2028

57021 $

Year ending September 30, 2029

90475 $

Year ending September 30, 2029

49829 $

Thereafter

27088 $

Total

312031 $

Total

239196 $

June 30, 2025

30 June

June 30, 2025

2025

July 1, 2025

1 July

July 1, 2025

2025

September 30, 2025

30 September

September 30, 2025

2025