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

City Council · 2026-04-21 · agenda_item

This item concerns the City of West Melbourne's Police Officers' Pension Plan. The plan details supplemental benefits for members hired before January 1, 2011, and a share plan with allocations for members based on years of service. These allocations are funded by state monies and impact the city's contribution requirements. The plan's investment policy targets various asset classes, including domestic equity, fixed income, and real estate. The agenda item is currently under review by the City Council. While no new construction is described, the financial management and investment policies of the pension plan may involve financial services, investment advisors, and potentially real estate or other investment-related service providers. Businesses specializing in financial planning, investment management, and actuarial services could find this information relevant as the city manages its retirement obligations.

supplemental benefit per year of credited service

10 $

initial share plan allocation

1,200 $

additional share plan allocation per year of service

400 $

maximum share plan allocation

5,200 $

share plan allocation for members hired on or after January 1, 2011

600 $

state funds allocated to the share plan

238,538 $

domestic equity target allocation

42.5 %

broad market fixed income target allocation

22.5 %

international equity target allocation

15.0 %

real estate target allocation

10.0 %

global fixed income target allocation

7.5 %

global tactical asset allocation funds target allocation

2.5 %

total target allocation

100.0 %

annual money-weighted rate of return on Pension Plan investments

11.90 %