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

City Council · 2026-04-21 · agenda_item

This item concerns changes to the City of West Melbourne's Police Officers' Pension Plan. The plan's actuarial assumptions have been updated, including mortality rates and a decrease in the investment return assumption from 6.55% to 6.35%. The discount rate used for pension liability is now 6.35%. These changes are based on actuarial valuations and state law requirements. The plan is currently under review for these adjustments. This process involves actuarial analysis and financial reporting, with no direct construction or physical work indicated at this stage. Local businesses in financial services, accounting, and legal fields may find opportunities related to ongoing financial management and compliance.

measurement period ended

September 30

prior valuation

September 30

measurement date

September 30

FRS valuation report date

July 1

prior investment return assumption

6.55 %

current investment return assumption

6.35 %

discount rate

6.35 %

Domestic equity expected real rate of return

7.50 %

Broad market fixed income expected real rate of return

2.50 %

International equity expected real rate of return

8.50 %

Real estate expected real rate of return

4.50 %

Global fixed income expected real rate of return

3.50 %

Global tactical asset allocation funds expected real rate of return

3.50 %