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 the Florida Retirement System (FRS) and Health Insurance Subsidy (HIS) program. The city's contractually required contributions for the year ending September 30, 2025, were $773,599 for FRS and $116,512 for HIS. The city reported net pension liabilities of $3,173,617 for FRS and $1,624,516 for HIS as of June 30, 2025. Pension expense for the same period was $425,606 for FRS and $84,891 for HIS. This item is currently under review as part of the city's financial statement notes. While no construction project is detailed, these financial figures relate to the city's ongoing obligations and financial management. Businesses involved in financial services, accounting, and legal services may find this information relevant for understanding the city's financial health and future planning.

contractually required contributions for FRS

773599 $

contractually required contributions for HIS

116512 $

net pension liability for FRS

3173617 $

net pension liability for HIS

1624516 $

proportion of FRS net pension liability at current measurement date

0.0102 %

proportion of HIS net pension liability at current measurement date

0.0127 %

proportion of FRS net pension liability at prior measurement date

0.0096 %

proportion of HIS net pension liability at prior measurement date

0.0119 %

increase in proportionate share for FRS

0.0006 %

increase in proportionate share for HIS

0.0008 %

pension expense for FRS

425606 $

pension expense for HIS

84891 $