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

City Council · 2026-04-21 · agenda_item

This item concerns the City of West Melbourne's employee retirement plans, specifically defined benefit plans and the Police Officers' Pension Plan. The city has a payable of $40,306 related to the Florida Retirement System and HIS as of September 30, 2025. The Police Officers' Retirement Plan is a single-employer defined benefit plan administered by a five-member Board of Trustees. Its financial statements are included in the City's Annual Comprehensive Financial Report, with pension plan data coming from actuarial reports as of September 30, 2025. The plan uses the accrual basis of accounting, and investments are reported at fair value. Benefits are determined by City Ordinance and Florida Statutes, with provisions that cannot be reduced below statutory minimums. This item is under review as part of ongoing financial reporting and administration. The scope of work involves actuarial services, financial reporting, and potentially legal and administrative services related to plan management and compliance. Local businesses specializing in financial consulting, accounting, legal services, and administrative support could find opportunities by engaging with the city early in the process.

Payable to pension plans

40306 $