LTC 146-2009 MB Employees' Retirement Plan & City Pension Fund for Firefighters & Police Officers in CMB Unfunded Liabilities~~nIAM(BE~~H
OFFICE OF THE CITY MANAGER
NO. LTC # 146-2009 LETTER TO COMMISSION
i0: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager
DATE: June 4, 2009 !^~
SUBIECT, Miami Beach Employees' Retirement Plan and City Pension Fund for
Firefighters and Police Officers in the City of Miami Beach Unfunded Liabilities
This Letter to the Commission (LTC) is to provide the information requested regarding the
amount of the unfunded liability for the Miami Beach Employees' Retirement Plan (MBERP)
and City Pension Fund for Firefighters and Police Officers in the City of Miami Beach (Fire
and Police Pension).
LTC #113-2009, sent to the Mayor and Commission on April 28, 2009, included the Actuarial
Valuation Reports for the MBERP and Fire and Police Pension which included the amounts
of the unfunded liabilities on page 29 of the GRS report (MBERP) and page 8 of the Buck
report (Fire and Police Pension).
Based on the October 1, 2008 Actuarial Valuation of the MBERP, the unfunded liability is
$100,767,021. Based on the October 1, 2008 Actuarial Valuation of the Fire and Police
Pension, the unfunded liability is $176,368,131.
If you have any questions or need any additional information, please feel free to contact me
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JMGIri -
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