HomeMy WebLinkAbout2004 08 30 Other 2
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BUDGET ISSUES
RETIREMENT
ADDITIONAL INFORMATION
68.4% of the contributions being paid into the new defined benefit plan IS being paid by
employees who do not receive the full 3% benefit.
31.6% of the contributions being paid into the new defined benefit plan are being paid by
employees who receive the full 3% benefit.
57% of the city's employees were employed prior to the inception date of the new pension plan
but do not receive the full 3% benefit.
43% of the city's employees were employed after the inception date of the pension plan and
receive the full 3%.
51% of the city's employees pledged their prior contributions to the city's defined contribution
plan to help fund the new defined benefit plan but do not receive the full 3%.
43% of the city's employees pledged nothing in prior contributions into the old defined
contribution plan to help fund the new defined benefit plan but receive the full 3% benefit.
110 of the 110 employees receiving the full 3% benefit have less than four years experience.
38 of the 110 employees receiving the full 3% benefit have less than 1 year of service.
Of the 147 employees not receiving the full 3% benefit, the average age is 44 years with 12 years
of service. Though a number could retire shortly after the four year phase in period, most would
need to work until 62 to receive the full 30 years benefit
Seminole County Police and Fire average annual % benefit (less start up plans).
Minimum
Maximum
3.05%
3.05%
Central Florida Police and Fire annual average % benefit (less start up plans).
Minimum
Maximum
3.04%
3.08%
An additional $92,000 is needed in the general fund to pay for keeping the merit plan at 4%
rather than 3% as currently funded, while adding 1 % additional funds to increase the retro
benefit to 3%. Based upon the latest review estimates we have approximately $100,000 in
excess revenue available for additional expenses.
,.
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
Without New Pension Programs
SEMINOLE COUNTY
Casselberry Fire.
Lake Mary Fire
Sanford Fire
Seminole County Fire Dept.
Seminole County Fire Average
ORANGE COUNTY
Apopka Fire
Maitland Fire
Ocoee Fire
Winter Garden Fire
Winter Park Fire
Orlando Fire
Orange County Fire Dept.
Orange County Fire Average
LAKE COUNTY
Eustis Fire
Leesburg Fire
Mount Dora Fire
Lake Cou\1ty Fire
Lake County Fire Average
. OSCEOLA COUNTY
Kissimmee Fire
St. Cloud Fire
Osceola County Fire
Osceola County Fire Average
VOLUSIA COUNTY
Deland Fire
Deltona Fire
Daytona Beach Fire
Holly Hill Fire
New Smyrna Beach Fire
Ormond Beach Fire
Port Orange Fire
Volusia County Fire
Volusia County Fire Average
Central Florida Fire Average
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
3.08% 3.08%
3.00% 3.00%
3.02% 3.02%
Minimum Maximum
3.00% 3.00%
3,00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 4.00%
3.00% 3.00%
3.00% 3.14%
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
3.25% . 3.25%
3.00% 3.00%
3.06% 3.06%
Minimum Maximum
3.00% 3.00%
3.50% 3.50%
3.00% 3.00%
3.17% 3.17%
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
2.50% 2.50%
3.00% 3.00%
2.00% 2.00%
2.97% 2.97%
3.00% 3.00%
3.00% 3.00%
2.81% 2.81%
3.01% 3.04%
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
Without New Pension Programs
SEMINOLE COUNTY
Altamonte Springs Police
Casselberry Police
l;3ke Mary Police
Oviedo Police
Sanford Police
Seminole Sheriff
Seminole County Police Average
3.00%
3.00%
3.00%
3.00%
3.50%
3.00%
3.08%
ORANGE COUNTY
Apopka Police
Maitland Police
Ocoee Police
Orlando Police
Winter Garden Police'
Winter Park Police
Orange Sheriff
Orange County Police Average
3.30%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.04%
LAKE COUNTY
Eustis Police
leesburg Police
Mount Dora Police
Tavares Police
Umatilla Police
lake County Sheriff
Lake County Police Average
3.00%
3.00%
3.00%
3.00%
3.50%
3.00%
3.08%
,4.00%
3.00%
3.00%
4.00%
3.00%
3.00%
3.00%
3.29%
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
3.25% 3.25%
3.00% 3.00%
2.50% 2.50%
3.00% 3.00%
2.96% 2.96%
OSCEOLA COUNTY
Kissimmee Police
St. Cloud Police
Osceola County Sheriff
Osceola County Police Average
Minimum Maximum
3.25% 3.25%
3.50% 3.50%
3.00% 3.00%
3.25% 3.25%
VOLUSIA COUNTY
Deland Police
Daytona Beach Shores Police,
Daytona Beach Police
Holly Hill Police
New Smyrna Beach Police
Ormond Beach Police
Port Orange Police
Volusia County Sheriff
Volusia County Police Average
Minimum' Maximum
3.00% 3.00%
3.00% 3.00%
2.50% 2.50%
3.00% 3.00%
3.00% 3.00%
3.30% 3.30%
3.00% 3.00%
3.00% 3.00%
2.98% 2.98%
Central Florida Police Average
3.06%
3.11%
. .
,
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
Without New Pension Programs
.CENtRAL FLORIDA PUBLIC SAFETY AVERAGE
3.04%
3.08%
STATE OF FLORIDA LOCAL LAW PENSION PLANS
FIRE & POLICE
BENEFIT ACCRUAL RATE
67% have a benefit multiplier of 3% to 4%
14% have a benefit multiplier of 2.5% to 2.99%
16% have a benefit multiplier of 2% to 2.49%
3% have a- benefrt multiplier of less than 2%
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
With New Pension Programs
SEMINOLE COUNTY
Casselberry Fire
Lake Mary Fire
Longwood Fire
Oviedo Fire
Sanford Fire
Seminole County Fire Dept.
Seminole County Fire Average'
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
2.00% 2.00% New Program
2.19% 2.19% New Program
3.08% 3.08%
3.00% 3.00%
2.71% 2.71%
ORANGE COUNTY
Apopka Fire
Maitland Fire
Ocoee Fire
Winter Garden Fire
Winter Park Fire
Orlando Fire
Orange County Fire Dept.
Orange County Fire Average
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 4.00%
3.00% 3.00%
3.00% 3.14%
LAKE COUNTY
Clermont Fire
Eustis Fire
Leesburg Fire
Mount Dora Fire
Tavares
Lake County Fire
Lake County Fire Average
Minimum Maximum
2.00% 2.00% New Program
3.00% 3.00%
3.00% 3.00%
3.25% 3.25%
2.00% 2.00% New Program
3.00% 3.00%
2.71% 2.71%
OSCEOLA COUNTY
Kissimmee Fire
St. Cloud Fire
Osceola County Fire
Osceola County Fire Average
Minimum Maximum
3.00% 3,00%
3.50% 3.50%
3.00% 3.00%
3.17% 3.17%
VOLUSIA COUNTY
Deland Fire
Deltona Fire
Daytona Beach Fire
Holly Hill Fire
New Smyrna Beach Fire
Ormond Beach Fire
Port Orange Fire
Volusia County Fire
Volusia County Fire Average
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
2.50% 2.50%
3.00% 3.00%
2.00% 2.00%
2.97% 2.97%
3.00% 3.00%
3.00% 3.00%
2.81% 2.81%
Cehtral Florida Fire Average
2.88%
2.91%
'.
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
With New Pension Programs
SEMINOLE COUNTY
Altamonte Springs. Police
Cas.selberry Police
Lake Mary Police
Longwood Police
Oviedo Police
Sanford Police
Seminole Sheriff
Seminole County Police Average
3.00%
3.00%
3.00%
2.00%
3.00%
3.50%
3.00%
2.93%
ORANGE COUNTY
Apopka Police
Eatonville Police
Maitland Police
Ocoee Police
Orlando Police'
Winter Garden Police
Winter Park Police
Orange Sheriff
Orange County Police Average
3.30%
2.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
2.91%
LAKE COUNTY
Clermont Police
Eustis Police
Lees.burg Police
Mount Dora Police
Tavares Police
Umatilla Police
Lake County Sheriff
Lake County Police Average
3.00%
3.00%
3.00%
2.00% New Program
3.00%
3.50%
3.00%
2.93%
4.00%
2.00% New Program
3.00%
3.00%
4.00%
3.00%
3.00%
3.00%
3.13%
Minimum Maximum
2.25% 2.25% New Program
3.00% 3.00%
3.00% 3.00%
3.25% 3.25%
3.00% 3.00%
2.50% 2.50%
. 3.00% 3.00%
2.86% 2.86%
OSCEOLA COUNTY
Kissimmee Police
St. Cloud Police
Osceola County Sheriff
Osceola County Police Average
Minimum Maximum
3.25% 3.25%
3.50% 3.50%
3.00% 3.00%
3.25% 3.25%
VOLUSIA COUNTY
Deland Police
Daytona Beach Shores Police
Daytona Beach Police
Holly Hill Police
New Smyrna Beach Police
Ormond Beach Police
Port Orange Police
Vol usia County Sheriff
Vo/usia County Police Average
Minimum Maximum
3.00% 3.00%
3.00% 3.00%
2.50% 2.50%
3.00% 3.00%
3.00% 3.00%
3.30% 3.30%
3.00% 3.00%
3.00% 3.00%
2.98% 2.98%
Central F/orida Police Average
2.98%
3.03%
t1., ~
CENTRAL FLORIDA PENSION BENEFIT ACCRUAL RATES
. With New Pension Programs
:C~NtRALFLORI[)A PUBLIC SAFETY AVERAGE
2.93%
2.97%
STATE OF FLORIDA LOCAL LAW PENSION PLANS
FIRE & POLICE
BENEFIT ACCRUAL RATE
67% have a benefit multiplier of 3% to 4%
14% have a benefit multiplier of 2.5% to 2.99%
16% have a benefit multiplier of 2% to 2.49%
3% have a benefit multiplier of less than 2%