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?
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?
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.
You only get one guess and if it is not the taxpayers of the South Walton Fire District you are out of luck.
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.