LTC 012-2013 MB Emloyees' Pension Plan ® MIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 012 -2013 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Kathie G. Brooks, Interim City Manager '
DATE: January 14, 2013
SUBJECT: Miami Beach Employees' Pension Plan (MBERP) and Fire and Police Pension
Plan Comparison and Proposed Changes
Attached, please find a chart comparing the current Miami Beach Employees' Pension Plan
(MBERP) benefits and the current Fire and Police Pension Plan benefits, as well as the
proposed changes to both plans. The status of both plans as of October .1, 2011, is also
provided.
It is important to note that the investment returns of both plans for FY 2011/12 significantly
exceeded returns (representing returns of approximately twenty percent each). However, both
plans are still recognizing the significant losses in recent years (most significantly FY 2007/08),
which will likely result in continued contribution increases for FY 2013/14. We will provide the
' . valuation reports as of October 1, 2012, as soon as they become available. We anticipate
receiving these reports from each of the respective plans in March or April.
Carla Gomez will be reaching out to each of you to schedule individual briefings to review the
benefits for both of the City's pension plans.
If you have any questions regarding this matter, please do not hesitate to contact me.
Thank you.
KGB:CMG
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