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30ashopper

SoWal Insider
Apr 30, 2008
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I didn't realize SWF had a local pension plan instead of FRS. Is there a web site someplace where we can view details on how it works?
 

Bob Hudson

Beach Fanatic
May 10, 2008
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Santa Rosa Beach
I don't believe they have a website that gives details. I have a copy of the plan document if you want. It is a highly technical document that I still don't understand fully.
 
Last edited:

30ashopper

SoWal Insider
Apr 30, 2008
6,846
3,471
56
Right here!
I don't believe they have a website that gives details. I have a copy of the plan document if you want. It is a highly technical document that I still don't understand fully.

Sure, if you can message it to me that would be great. How long has SWF had a county based pension system?
 

30ashopper

SoWal Insider
Apr 30, 2008
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Average Final Compensation means one-twelfth (1/12) of the average Salary of the five (5)
highest years of the last ten (10) years of Credited Service prior to Retirement, termination, or death,
or the career average as a full-time Firefighter, whichever is greater. A year shall be twelve (12)
consecutive months.

A Member retiring hereunder on or after his normal retirement date shall receive a
monthly benefit which shall commence on the first day of the month coincident with or next
following his Retirement and be continued thereafter during Member's lifetime, ceasing upon death,
but with one hundred twenty (120) monthly payments guaranteed in any event. The monthly
retirement benefit shall equal four percent (4%) of Average Final Compensation, for each year of
Credited Service.

That's a very good pension. If they work a full 25 years, Walton firefighters will receive the average annual compensation of the five highest paid years out of the last ten years of service for the rest of their life. Assuming a male firefighter lives to his life expectancy and retires at 55, it effectively increases his annual pay while working by about 84%.

I wonder who is liable if The Fund runs out of money? Funding growth assumptions in these things tend to be over stated. If the official number is 63%, the real funding level may be much worse. (63% is pretty bad as it is.)
 

30ashopper

SoWal Insider
Apr 30, 2008
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You only get one guess and if it is not the taxpayers of the South Walton Fire District you are out of luck.

I didn't read that in the contract but I'm guessing it's covered by some other law.

Has the underfunding problem been brought up at any of these meetings? From reading that, it sounds like the Commission has final say on investments. They should be held accountable for the current state of affairs of the fund.
 

Bob Hudson

Beach Fanatic
May 10, 2008
1,066
739
Santa Rosa Beach
The Pension Board is responsible for investments. Buz Livingston was on that board but recently resigned. He wrote a Sun article about this a couple of weeks ago.

I understand it was also discussed by the actuary at a recent meeting.

The outcome of any projection of funding level is based on the assumptions built into the study. Rate of return, salary changes over the period etc.

There is some oversight by state agencies.
 

30ashopper

SoWal Insider
Apr 30, 2008
6,846
3,471
56
Right here!
The Pension Board is responsible for investments. Buz Livingston was on that board but recently resigned. He wrote a Sun article about this a couple of weeks ago.

I understand it was also discussed by the actuary at a recent meeting.

The outcome of any projection of funding level is based on the assumptions built into the study. Rate of return, salary changes over the period etc.

There is some oversight by state agencies.

http://www.waltonsun.com/news/icons-6648-bogie-livingston.html

He seems to agree there is a real problem.
 
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