The Department of Management Services monitors Florida’s local government pension plans for actuarially sound funding under Part VII of Chapter 112, Florida Statutes. An actuarial summary fact sheet is available from the department’s website for each local government pension plan.
The fact sheets summarize basic information about each plan and compare that information to the average of Florida’s other local government pension plans. This comparison helps to provide a frame of reference for the plan’s performance relative to other plans.
The fact sheet is prepared in accordance with section 112.665(1)(e), Florida Statutes, and includes the following information:
The plan’s actuarial status
The most current actuarial and benefit data
The minimum funding requirements as a percentage of pay
A five-year history of funded ratios
A comparison to the average of other Florida local government pension plans
A brief explanation of each element presented to maximize the transparency of the local government plan
NOTE: The provisions of section 112.665(1)(e), Florida Statutes, require that all Florida local government units that sponsor a defined benefit retirement plan(s) and maintain a website must provide a link to the Department of Management Services’ website.