§ 16-242. Reports to division of retirement.  

Latest version.
  • Each year and no later than February 1, the chairman of the board shall file a report with the division of retirement containing the following:

    (1) Whether in fact the city is in compliance with the provisions of F.S. Ch. 185.

    (2) A certified statement of accounting for the most recent fiscal year of the city (or an independent audit by a certified public accountant if required by the division of retirement) showing a detailed listing of assets and methods used to value them and a statement of all income and disbursements during the year. Such income and disbursements shall be reconciled with the assets at the beginning and end of the year.

    (3) A statistical exhibit showing the number of police officers on the force of the city, the number included in the pension plan, the number of police officers ineligible classified according to the reasons for their being ineligible, and the number of retirees and their beneficiaries receiving pension payments and the amounts of annual retirement income or pension payments being received by them.

    (4) A statement of the amount the city has contributed to the pension fund for the preceding year and the amount the city will contribute to the system for the current plan year.

    (5) If any benefits are insured with a commercial insurance company, the report shall include a statement of the relationship of the insured benefits to the benefits provided by this section. This report shall also contain information about the insurer, basis of premium rates, mortality table, interest rates and method used in valuating retirement benefits.

    (6) By February 1 of each triennial year, and at least every three (3) years, the chairman shall provide to the division of retirement the actuarial valuation of the system as provided for herein. Such valuation shall be prepared by an enrolled actuary who is enrolled under subtitle C of title 3 of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries.

(Ord. No. 98-19, § 2, 10-20-98)