Commission Memorandum Retirement Plan & Pensonm MIAMI BEACH
Ciry or Miaml Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachFl.gov
COMMISSION MEMORANDUM
70: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager ~~-
DATE: March 2, 2009
SUBJECT: DISCUSSION OF THE MIAMI BEACH EMPLOYEES' RETIREMENT PLAN
AND THE CITY'S PENSION FUND FOR FIREFIGHTERS AND POLICE
OFFICERS IN THE CITY OF MIAMI BEACH ALTERNATIVES
Attract and Maintain a quality workforce
Ensure expenditure trends are sustainable over the long term
BACKGROUND
At the May 2-3, 2008 City Commission retreat, the Mayor and City Commission discussed
various issues related to the City's budget. Since nearly seventy percent (70°,6) of the City's
General Fund operating budget is allocated to salaries and benefts, the City Commission
discussed ways to possibly contain and reduce personnel expenditures. As a result, the City
Commission requested that the Administration explore and analyze alternatives to the City's
current pension plans, particularly the Florida Retirement System (FRS).
Below is a summary of the two (2) current pension plans that exist in the City, (1) the Miami
Beach Employees' Retirement Plan (MBERP), and (2) the City Pension Fund for Firefighters
and Police Officers in the City of Miami Beach Plan (Fire and Police Pension):
Miami Beach Employees' Retirement Plan (MBERP}
The following is an outline of the benefits afforded to the employees covered by the MBERP,
and differences that exist between the MBERP and the Fire and Police Pension Plan:
All members of MBERP must be members of the plan for at least five (5) years in order to be
considered vested and therefore eligible for benefits. There are two (2) tiers of benefts for
members of the MBERP, depending on when the employee began working forthe City. The
following are the bifurcation dates by employee group which created these two (2) tiers of
benefits:
• Communications Workers of America (CWA) -February 21, 1994
• American Federation of State, County, Municipal Employees (AFSCME) - April 30, 1993
• Government Supervisor's Association (GSA) -August 1, 1993
• Unclassified employees -October 18, 1992
• "Others" employees -August 1, 1993
City Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Pege 2 of 8
For those members hired prior to the respective bifurcation dates referenced above, the
normal retirement date is age fifty (50), and the member contribution is ten percent (10°h) of
earnings. For those hired after the brfurcetion date, the normal retirement date is age fifty-
five (55), and the member contribution is eight percent (8°.6) of earnings. Overtime pay is
included in pensionable earnings for those pre-bifurcation members included in the
AFSCME, CWA and GSA salary groups, with a ten percent (10%) cap. Overtime pay is not
included in the pensionable earnings of pre- or post-bifurcation "Others° or Unclassified
employees, or for any post-bifurcation AFSCME, CWA or GSA members. All vested
members who attain the normal retirement date are eligible to participate in a three (3) year
Deferred Retirement Option Plan (DROP), which is a feature of the plan just added on
January 28, 2009, with an effective date of February 8, 2009. While partiapating in the
DROP, a member's monthly pension benefit is paid into the DROP account, and accrues
gains and losses during the DROP period based on the member's investment choices. Upon
separation from employment, the DROP account balance is distributed to the member. As
of this writing, several employees have expressed interest in enrolling in the DROP, but the
MBERP Board has not met since any applications werefiled, so no employees have officialty
entered the DROP as of today.
The pension benefit for each vested member is determined by a formula consisting of the
Final Average Monthly Earnings (FAME) of the member, their number of years of service
and a mutiplier. The FAME is the average of the two (2) highest years of a member's
earnings. The multiplier varies depending on the hire date of the employee.
For those AFSCME, CWA, GSA and `Others" employees hired prior to the respective
b'rfurcetion dates, the mutiplier is three percent (3%) per year of service for the first fifteen
(15) years and four percent (4%) per year thereafter. For Unclassified employees hired prior
to the bifurcation date, the multiplier is four percent (4%) per year for all years of service prior
to the bifurcation dates and three percent (3%) per year thereafter. For all employees hired
after the respective bifurcation dates, the mutiplier is three percent (3°~) per year of service.
The maximum pension amount an employee can receive is also based on date of hire. For
those pre-brfurcetion employees in the AFSCME, CWA, GSA and "Others" salary groups,
the maximum pension amount that can be received is ninety percent (90°~) of their FAME.
For all other members, it is eighty percent (80%) of their FAME.
All vested MBERP members are eligible to buy back up to two (2) years of military or related
experience for which they are not receiving, nor are they eligible to receive, a retirement
benefit. This is included in their years of service with the City in the final pension benefit
calculation. Additionally, each vested member may apply for anon-service or service
connected disability, should they find themselves in such a situation. With the MBERP
Board review and approval, a member may begranted anon-service conneded disability of
at least 35°~. This means that the employee with anon-service connected disability will
receive at least 35°~ of their FAME, or their actual accnied retirement benefit if k is higher
than 35%. The percentage applied for a service connected disability varies depending on
the employee's hire date. For those AFSCME, CWA, GSA and "Others" employees hired
prior to the respective bifurcation dates, the benefit is 75°!0 of their FAME or their accrued
retirement benefit if k is higher. For all others, it is 65°k of their FAME or their accrued
retirement benefit if k is higher.
All retirees receiving a pension from MBERP, no matter their hire date, receive a two and
one half percent (2.5°~) annual Cost of Living Adjustment (COL.A) for their pension benefk
beginning one year after retirement.
City Commission Workshop Memorandum
March 2, 2069
CMB and FRS Pension Comparisons
Page 3 of 8
Citv Pension Fund for Firefighters and Police Officers in the City of Miami Beach Plan (Fire
and Police Pension
An outline of the benefits afforded to the employees covered by the City Pension Fund for
Firefighters and Police Officers in the City of Miami Beach (Fire and Police Pension) is
provided below.
All members of the Fire and Police Pension must be members of the plan for at least ten
(10) years in order to be considered vested and therefore eligible for benefits. The normal
retirement age is age fifty (50), or where their age and years of service combined equals a
total of seventy (70) (Rule of 70), with an employee contribution of ten percent (10%) of their
salary. All vested members who attain normal retirement age are eligible to participate in a
three (3) year Deferred Retirement Option Plan (DROP). While participating in the DROP, a
member's monthly pension benefit is paid into the DROP account, which accrues gains and
losses during the DROP period based on the member's investment choices. Upon
separation from employment, the DROP account balance is distributed to the member.
The pension benefit for each vested member is determined by a formula consisting of the
Final Average Monthly Salary of the member, their number of years of service and a
multiplier. The Average Monthly Salary is the average of the two (2) highest years of
earnings, or the last two (2) years of earnings, whichever produces the higher benefit.
Overtime pay is included as part of the salary, but is limited by a formula to no more than
seventy (70°~) of the difference between the member's pay rate at retirement and the
maximum pay rate of the next highest rank. The mutiplier is three percent (3°k) per year of
service for the first fifteen (15) years and four percent (4°k,) per year thereafter. The
maximum pension amount that can be received is ninety percent (90°,6) of the employee's
Average Monthly Salary.
All vested members are able to buy back years of service for experience such as,
probationary time with the City, preemployment military service, preemployment related
experience and an additional multiplier, subject to certain caps and restrictions. This is
included in their years of service with the City in the final pension benefit plculation.
Additionally, each vested member may appty for anon-service or service connected
disability, should they find themselves in such a situation. With the Fire and Police Pension
Board review and approval, a member may be granted anon-service connected disability
after five (5) years of service, with their monthly accrued benefit. For a service connected
disability, the benefit iseighty-five (85°~) of their FAME or their accrued retirement benefd iF it
is higher.
Retirees receiving a pension from the Fire and Police Pension receive a two and one half
percent {2.5%) annual Cost of Living Adjustment (COLA) for their pension benefit.
Members of the Fire and Police Pension Plan have an additional benefit that those members
of the MBERP do not have; an early retirement option. Members may retire after age fifty
(50) with fifteen (15) years of service, but the multiplier and maximum benefits are different
than if an employee were to take a normal retirement.
Members of the Fire and Police Pension Plan also participate in a supplemental °share"
plan, which is funded by insurance premium taxes received pursuant to Chapters 175 and
185, Florida Statutes. Florida Statutes Chapter 175 defines the Fire share plan and Florida
Statutes Chapter 185 defines the Police share plan and the methodology for funding for
each plan. The Fire share plan is funded from property tax insurance premiums. The Police
City Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Page 4 of 8
share plan is funded from casualty insurance premiums. Each year the premium tax monies
are allocated to share accounts maintained for each police officer and firefighter, and the
accounts earn interest overtime. Upon retirement, police officers and firefighters receive a
distribution of their share account balance, in addition to their DROP distribution and monthly
pension benefit. Last year the City received approximately $1.7 million in premium tax
revenues for the Fire share plan and approximately $0.5 million for the Police share plan.
In the Fire share plan, those revenues are divided amongst all plan members according to a
formula based on years of service. As of July 2007, those members of the Fire share plan
who have the most years of service had, on average, over $100,000 in their accounts. In the
Police share plan, the revenues are also divided amongst all plan members according to a
formula based on years of service. As of July 2008, those members of the Police share
plan who have the most years of service had, on average, $50,000 to $60,000 in their
accounts. Again, upon retirement, these police officers and firefighters receive a distribution
of their share account balance.
In addition to the approximately $1.7 million that went to the Fire share plan and the $0.05
million that went to the Police share plan, approximately $120,000 went directly to the Fire
and Police Pension Fund to fund certain benefits for all members.
Of the approximately 180 or so jurisdictions that have fire and police pension plans in
Florida, there are approximately eighteen (18) that have share plans. Of the remaining
jurisdictions that do not have share plans, most use the premium tax revenues to directly
fund the pension plans instead of having those premium tax revenues allocated to share
accounts for each individual plan member.
There are a number of alternatives available to the City for consideration regarding possible
pension alternatives. Of these alternatives, one (1) possible altemafive isjoining the Florida
Retirement System and another alternative is continuing to operate the City's own pension
plans but making certain adjustments so as to realize savings.
Joining the Florida Retirement System brings with it certain benefits and costs which are
discussed in greater detail below. Even though the Florida Retirement System has its pros
and cons, whether or not the City should join will require additional analysis before a
recommendation can be made. Based on information from the City's pension attorney and
the City's actuary, d is likely thatjoining the Florida Retirement System will actually result in
higher pension costs for several years vary on, but then have greater savings to the City
over the long term. In analyzing the data, the key questions wilt be: (1) How much more will
the cost be to the City in the early years? (2) How many years will it take before the City
begins to realize savings? And, (3) How long will those long term savings exceed the cost of
those early years?
Instead of joining the Florida Retirement System or implementing any other pension
alternative, the City could choose to make adjustments to both current pension plans (Miami
Beach Employees" Retirement Plan and the City Pension Fund for Firefighters and Police
Officers in the City of Miami Beach Plan) to reduce costs and generate savings. Some of
these options under this scenario range from reducing or altering certain benefits, amending
eligibility requirements, and adjusting the source of funding (employer versus employee
contributions). More dramatic adjustments to the plans include closing the current plans off
to any new employee and creating a different benefit or alternate retirement plan for these
City Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Page 5 of 8
new employees. The more the dramatic the adjustment to the plans, the more there is a
likelihood that greater savings will be generated. These options have not been fully
analyzed by City staff, the City's pension attorney and the City's actuary to determine any
cost and/or savings or legal implications.
The City Commission did request that an analysis of the Florida Retirement System be
completed and a summary of this analysis is presented below with further discussion
scheduled to take place at the March 2, 2009 City Commission Workshop.
Florida Retirement System (FRS)
The Florida Retirement System (FRS) was established by and may be amended only by the
State legislature. It was intended to provide a retirement plan for Florida government
employees. More than 800 agencies and more than 660,000 state and local government
employees participate in FRS.
As a condition of joining FRS, the City would have to participate in Social Security for all
employees who participate in FRS. The City's decision to join FRS would be irrevocable,
absent a change in State law.
FRS has both a defined contribution plan and a defined benefit (pension) plan. Employees
elect to participate in one or the other at time of hire, and have aone-time option to switch at
any time before retirement.
FRS Investment Plan -The defined contribution plan is referred to as the FRS Investment
Plan. Members direct the investment of their plan accounts in a variety of investment
options. This plan is very similarto the defined contribution (401a) plan the City has. There
is a one year vesting period, after which employees °own" all of the contributions to their
account, plus minus any eamings/losses. Employees do not contribute anythirg to the plan;
all contributions are made by the employer. Employer contributions vary, depending on the
type of employee. For instance, the employer contribution for general employees is currently
nine percent (9%) while the employer contribution for special risk employees (police officers,
corrections officers, firefighters and emergency medical workers) is twenty percent (20%).
FRS Pension Plan -The FRS Pension plan works the same way as the City's pension plans.
The differences are in the formulas and particular details. An outline of the benefits afforded
to the members of the FRS Pension Plan is provided below. These details are also
presented in a table format for comparison purposes in Attachment A, along with the
benefits for the MBERP and Fire and Police Pension.
Members of the FRS Pension Plan are separated into Basses. For the purposes of this
discussion, there are four (4) Gasses to be concerned with: (1) Elected Officials, (2) General
Employees, (3) Senior Management, and (4) Special Risk. Special Risk is defined the same
as it is for the FRS Investment Plan: police officers, corrections officers, firefighters and
emergency medical workers.
All members of the FRS Pension Plan must participate in FRS for at least six (6) years in
order to be considered vested and therefore eligible for benefits. The normal retirement age
varies depending on the class of FRS membership. For Elected Officials, Senior
Management and General Employees, the normal retirement age is age sixty-two (62) or
after thirty (30) years of service, regardless of age. For Special Risk employees, the normal
retirement age is age fifty-five (55) or after twenty-five (25) years of service, regardless of
Cily Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Page 6 of 8
age. Employees do not contribute to the FRS Pension Plan. The FRS Pension Plan is
funded solely through employer contributions. Members of the FRS Pension Plan are
eligible to participate in a five (5) year Deferred Retirement Option Plan (DROP) upon
reaching normal retirement age.
The pension benefit for each vested member of the FRS Pension Plan is determined by a
formula consisting of the Average Final Compensation (AFC) of the member, their number of
years of service and a multiplier. The AFC is the average of the five (5) highest years of
earnings. The multiplier varies depending on the class of FRS membership. For General
Employees it is one point six percent (1.6%) of AFC per year of service; for Senior
Management employees it is two percent (2°,6) of AFC per year of service; for Elected
Officials and Special Risk it is three percent (3%) of AFC per year of service. The maximum
pension amount that can be received is 100°h of the employee's AFC.
All vested members of the FRS Pension Plan are able to buy additional years of FRS service
credit for periods of past City employment, military service, approved leaves of absence, and
non-FRS governmental employment, subject to certain caps and restrictions. This is
included in their years of service in the final pension benefit calculation. Additionally, FRS
members are eligible for service-connected and non-service disability benefits, should they
become disabled. A member may begranted anon-service connected disability after eight
(6) years of service, with a benefit of at least twenty-five (25%) of AFC or their monthly
accrued benefit if higher. General employees who suffer a service connected disability
receive a benefit of forty-two percent (42°,6) of AFC or their accrued retirement benefit if it is
higher. Special Risk employees receive aservice-connected disability benefit of sixty-five
(65%) of AFC, or their accrued retirement benefit if higher.
Retirees receiving a pension from the FRS Pension Plan receive a three percent (3%)
annual Cost of Living Adjustment (COLA) to their pension benefit.
Members of the FRS Pension Plan have an additional benefit that those members of the
MBERP do not have: an early retirement option. Members may retire early, but with a five
percent (5°h) reduction per year for each year that the early retirement date is earlier than
the normal retirement age for their class.
Merping Citv Pension Plans into the Florida Retirement Svstem
There are various options for the City to consider with regard to moving to FRS.
1. The City could close its current pension plan(s) (MBERP, Fire and Police Pension, or
both) to new members. All employees hired on or after the date the City joins FRS
would be required to join FRS. Current employees would be allowed to stay in the
City pension plan orjoin FRS. The closed City plan(s) would continue to operate for
those who remained until the last benefits are paid to the last retiree/beneficiary.
Current employees could elect to receive a refund of their member contributions from
the City plans, and could then buy back their service under FRS. Vested members
could chose to migrate into FRS and buy back their years of service with the City
under FRS, but would have to waive their right to receive any benefits under the City
plan(s). Vested members could also choose to migrate to FRS, but not buy back
their years of service with the City. These vested employees would receive a
pension from the City for their years of service under the City plan(s), and a pension
from FRS (once vested under FRS) for their years of service under FRS.
City Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Page 7 of 8
2. The City could also freeze or terminate its current pension plan(s) (MBERP, Fire and
Police Pension, or both) and require all employees to become members of FRS.
If the current City pension plan(s) are terminated, the plan would be liquidated and all
members would become immediately fully vested in the City's plan with their accrued
benefR, even if they otherwise would not be vested in the plan. For example, a
member of the MBERP with two (2) years of service would have a right to a benefd
based on two (2) years of service in the MBERP plan, based on his/her average
compensation at the date of the MBERP plan termination (i.e. 2 years x 3% multiplier
= 6°~ of the average of their best two {2) years of earnings under MBERP). That
benefit could be paid out in a lump sum, rolled over to an IRA or other qualified plan,
or annuities could be purchased. If there are insufficient plan assets to fund police
and firefighter benefits upon termination of those plans, the City would be
responsible for any deficiency.
Members of a frozen plan would be entitled to their accrued benefit under the plan as
of the date the plan is frozen, but the benefit would be paid out when the member is
eligible to retire. The plan could remain in operation until the last benefits are paid to
the last retiree/beneficiary
There are two (2) significarrt issues in current state law which should be considered
regarding the transition of current City police officers and firefighters to FRS:
1. FRS Past Service for Police Officers and Firefighters: Under current law, the benefit
rate for the past service of FRS special risk members is limited to two percent (2%) of
average final compensation for each year purchased. The two percent (2%) past service
rate for special risk members is considerably less than the current three percent (3%) benefR
rate for special risk employees, and this creates an obstacle for the transition of police
officers and firefighters into FRS. Most local pension plans provide a benefit of three
percent (3°h) per year of service, such as the City of Miami Beach (for the first fifteen (15)
years of service). Many municipal employees will not give up the three percent (3°k) benefit
under the current local (City of Miami Beach) plan to only accrue a two percent (2°~) benefit
for those same years under the FRS Pension Plan.
2. Chapter 175/185 Premium Tax Revenues: Currently, the City receives a rebate of the
State excise tax on property and casualty insurance premiums for use solely on police and
firefighter pensions. These are often referred to Chapter 175 and 185 funds, as those are
the chapters of Florida Statutes that govern the use of the funds. The Division of Retirement
has taken the position that once a city joins FRS for police officers or firefighters, even if it
maintains its current retirement plan for police officers and firefighters who elect to continue
participating in the City plan, it will not be eligible for any future distributions of premium tax
revenues pursuant to Chapters 175 and 185, Florida Statutes. Since nearly all of the more
than $2 million in premium tax revenues the City receives each year goes directly to the
police and firefighter share plans, police and fire unions can be expected to oppose any
effort to join FRS.
It should be noted that there is legislation now being considered by the legislature that would
address both of the above problems. In addition, legislation has been filed to close the FRS
Pension Plan to all new agencies, and only allow new agencies to enroll in the FRS
Investment Plan.
City Commission Workshop Memorandum
March 2, 2009
CMB and FRS Pension Comparisons
Page 8 of 8
CONCLUSION
It should be noted that the information presented above is for discussion purposes at the
March 2, 2009 City Commission Workshop and has not yet been fully analyzed as to make a
final recommendation. As most issues regarding pensions are highly technical and
complicated, the assumptions made by the City's actuary will dramatically affect the results
of the analysis. As the options are further refined, and the City focuses on which specific
alternatives to pursue, a better and more definitive estimate of potential and probable costs
and/or savings will be provided to the City Commission, and ultimately, a fully analyzed set of
options and recommendations from the Administration.
Four (4} of the five (5) of the City's existing labor agreements will expire on September 30,
2009 (Fraternal Order of Police (FOP), International Association of Fire Fighters (IAFF),
Communications Workers of America (CWA), and Government Supervisors Association
(GSA) and the agreement with the American Federation of State, County, and Municipal
Employees (AFSCME) will expire on April 30, 2010. Any decision made with regard to
altering the City's current defined benefit (pension) plans for those employees whose
classifications are represented by a union will have to be bargained with the respective
unions as part of the collective bargaining process.
Jim Linn of Lewis, Longman & Walker, outside counsel assigned to deal with pension issues
for the City of Miami Beach will review pension plan details, the processes that would have
to be followed to migrate any or all of the City's current or future employees into the FRS
system, and the consequences that follow along with any of the possible options and will
discuss further with the City Commission at the March 2, 2009 City Commission Workshop.
Similarly, Steve Palmquist from Gabriel Roeder Smith and Company (GRS), the City's
pension actuary, will also be present at the Commission Workshop on March 2, 2009 to
discuss the cost implications associated with migrating any or all of the City's current or
future employees into the FRS system. However, it should be noted that GRS finalized the
actuarial valuation data for MBERP only in the middle of January 2009 for the plan year
covering October 1, 2007 through September 30, 2008. The calculations of the cost
implications for FRS migration were started shortly after that. As of the February 19, 2009
meeting of the Fire and Police Pension Board, the actuarial valuation data forthe same plan
year has not been finalized, and not until after that date did GRS start to work with the Fire
and Police Pension actuary to begin to analyze the data. GRS is in the process of
calculating all of this data but it is unlikely that all of the pertinent data to calculate the full
cost implications for merging both City plans with FRS will be available for a full discussion
at the Commission Workshop on March 2, 2009.
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