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

City Council · 2026-04-21 · agenda_item

This agenda item concerns the ongoing review of employee retirement plans, specifically the Police Officers' Pension Plan for the City of West Melbourne. The plan provides retirement, death, and disability benefits based on years of service and age. Contribution requirements are determined annually, with a portion funded by the State and the remainder by employee and city contributions. The City's contributions for the year ended September 30, 2025, totaled $789,474, including state payments, while plan members contributed $265,344. The plan is administered by a Board of Trustees. This item is currently under review, indicating an early stage in the civic process. While no direct construction is outlined, the financial management and administration of such plans may involve professional services related to actuarial analysis, financial planning, and legal counsel. Businesses specializing in these areas could find opportunities by engaging with the city or the plan's administrators early in the review process.

state payments to the plan

349491

city's contributions to the plan

789474

plan members contributed

265344

contributions receivable

21695

board of trustees members

2

board of trustees members

5

plan members hired on or after

8.44 %

plan members hired before

8.54 %