EXHIBIT B - Historical data - Miami Beach vs FRS Employer contributClass Unclassified Classified Combined (1)FRS Class
Effective Contribution Contribution Contribution Effective
Date Employer Employer Employer Date Employer OASDI Total Employer OASDI Total
10/1/1995 9.64%22.62%18.92%7/1/1996 17.43%6.20%23.63%N/A
10/1/1996 8.44%20.45%16.97%7/1/1997 17.43%6.20%23.63%N/A
10/1/1997 9.01%13.46%12.29%7/1/1998 16.45%6.20%22.65%12.50%6.20%18.70%
10/1/1998 4.39%5.19%4.99%7/1/1999 10.15%6.20%16.35%12.50%6.20%18.70%
10/1/1999 11.24%0.00%2.66%7/1/2000 9.15%6.20%15.35%12.50%6.20%18.70%
10/1/2000 0.00%0.00%0.00%7/1/2001 7.30%6.20%13.50%12.67%6.20%18.87%
10/1/2001 0.00%0.00%0.00%7/1/2002 5.76%6.20%11.96%9.11%6.20%15.31%
10/1/2002 0.00%0.00%0.00%7/1/2003 7.39%6.20%13.59%9.11%6.20%15.31%
10/1/2003 8.71%7.98%7.91%7/1/2004 7.39%6.20%13.59%9.11%6.20%15.31%
10/1/2004 18.71%13.41%14.30%7/1/2005 7.83%6.20%14.03%9.33%6.20%15.53%
10/1/2005 17.29%15.35%15.38%7/1/2006 9.85%6.20%16.05%10.91%6.20%17.11%
10/1/2006 24.66%24.66%24.66%7/1/2007 9.85%6.20%16.05%10.91%6.20%17.11%
10/1/2007 24.24%24.24%24.24%7/1/2008 9.85%6.20%16.05%10.91%6.20%17.11%
10/1/2008 21.57%21.57%21.57%7/1/2009 10.76%6.20%16.96%12.07%6.20%18.27%
14 Yr Avg 11.28%12.07%11.71%14 Yr Avg 10.47%6.20%16.67%10.97%6.20%17.17%
The 10/1/2006 rate reflects the merger of the General and Unclassified Plans
The Combined rate is based on the sum of the required contribution for the Classified and Unclassified Plans divided by the sum of pensionable payrolls
Membership in FRS requires participation in Social Security. The OASDI rate is 6.2% and the HI rate is 1.45%
A portion of the FRS normal cost of the Regular rates shown above have been offset by beging prefunded from the surplus actuarial assets.
The Regular Rates include the contribution for the Retiree Health Insurance Subsidy.
The FRS DROP Rates are the employer's contribution for those employees who enter the DROP Plan.
The City's Contribution for Normal Cost is eliminated for those employees who enter the City's DROP Plan.
EXHIBIT B
Florida Retirement System vs Miami Beach Retirement Plan
Employer Contribution Rates as a % of Salary
Contribution
Regular DROP
Contribution
City of Miami Beach Florida Retirement System