| |
FIREFIGHTERS’ PENSION
PLAN SUMMARY
Courtesy of the City Auditor and Clerk
Membership in the Firefighters’ Pension
Plan include firefighters who were formerly employed by
the City of Sarasota and are now employed by Sarasota County
as a result of a Consolidation.
Firefighters who are members of the Plan are required to
contribute 8% of earnings. Contributions are deducted from
each paycheck and credited to the members’ account.
All employee contributions are pre-tax and deducted from
the employee's gross pay. The County of Sarasota and the
City of Sarasota contribute an amount determined by the
actuary. The Fund also receives a contribution from the
State of Florida, Department of Insurance.
As of January 1, 2008, the investment portfolio totaled
$111 million. The investment policy sets the asset
allocation
at 55% in U.S. large capitalization stocks, 10% in foreign
equities, 25% in bonds, 10% in real estate. The Funds
are managed by:
Fayez Sarofim & Co.
Sawgrass Asset Management
ICC Capital Management
Philadelphia Investment Advisors
Renaissance Investment Management
Oak Ridge Investments
Richmond Capital Management
DePrince, Race & Zollo
UBS Realty
The Fund's investment monitor is CitiGroup and actuarial
services are provided by Gabriel, Roeder, Smith and Company.
ELIGIBILITY FOR RETIREMENT
A firefighter is eligible for normal retirement at age 50
with 10 years of credited service or after 25 years of service
at any age.
The amount of normal retirement pension is based on a firefighter's
credited service and average compensation. It is calculated
as average compensation multiplied by 3.0%, multiplied by
the member's years of credited service.
Average compensation is the highest 3 years of the last 10
years of service before retirement. A year is defined as 12
consecutive months. Earnings are the total compensation paid
to a firefighter, excluding clothing, car and other allowances.
DISABILITY RETIREMENT
Firefighters are considered disabled when they become totally
and permanently disabled to perform useful and efficient service
as a firefighter. If a firefighter becomes disabled in the
line of duty, a pension equal to 75% of his or her average
salary is paid to the firefighter for life.
If a firefighter becomes disabled, but not in the line of
duty, he or she will receive a pension equal to average salary
times 2.5% multiplied by credited service. In addition, a
payment equal to 5% of his or her last monthly salary will
be paid to any minor children.
SURVIVOR BENEFITS
Death After Retirement
Upon the death of a retired firefighter, the joint annuitant
will receive the amount due under the option selected by the
firefighter at retirement.
Death Before Retirement
If a firefighter loses his or her life in the line of duty,
the surviving spouse will be entitled to the same monthly
pension as if the member had taken a normal retirement and
then died.
If a firefighter dies from causes not related to the duties
of a firefighter, the surviving spouse will be entitled to
the same monthly pension as if the deceased member had taken
a Not Line of Duty Disability Retirement and then died.
TERMINATION BENEFITS
For termination under any condition, participants have the
option to withdraw their accumulated employee contributions
with interest. In doing so, they forfeit any further benefits
from the Fund.
If participants have 10 or more years of service at termination,
a deferred benefit is available.
RE-EMPLOYMENT AFTER SEPARATION
Any firefighter who voluntarily separates from the County
may have his or her name remain on a retention lIT as eligible
for re-employment. In the event the firefighter is re-employed,
all pension rights will relate back to the original employment
date, excluding only the period of time the firefighter was
separated from employment.
COST OF LIVING BENEFITS
Pension benefits are adjusted annually each February by 3.5
%.
ADMINISTRATION OF THE FUND
The Pension Fund is administered by a Board of Trustees that
acts as the named fiduciary and administrator of the Fund
as defined by Florida law. The exclusive administration of
and responsibility for the proper operation of the retirement
system are vested in the Board of Trustees.
The Board consists of 5 Trustees, 2 of whom are appointed
by the City Commission, 2 of whom are firefighters who are
elected by the Plan members, and 1 that is selected by the
other 4 members.
The address of the Board of Trustees (Administrator) is:
City of Sarasota Firefighters’ Pension Plan
1565 First Street, Room 110
Sarasota, Florida 34236
The Chairman of the Board of Trustees is designated for the
service of legal process and can be served at the address
listed above.
BOARD OF TRUSTEES
The employee Trustees are elected by a majority of the Members
of the Plan who vote in an election. They serve for a 2 year
period and may succeed themselves in office.
The Trustees of the Board are listed below with their type
of position on the Board:
Member Elected: T.J. Broom, Chairman
Michael Hartley, Vice Chairman
Commission Appointed: Billy Robinson, Secretary/Treasurer
Andrea Kenzig
Board Appointed: Scott Snow
|
