City Commission Workshop

City of Deltona 2345 Providence Blvd. Deltona, FL 32725 Agenda City Commission Workshop Mayor Herzberg Vice Mayor Avila-Vazquez Commissioner Bradford Commissioner King Commissioner McCool Commissioner Ramos Commissioner Sosa Monday, March 14, 2022 5:30 PM Deltona Commission Chambers 1. CALL TO ORDER: 2. ROLL CALL – CITY CLERK: 3. PLEDGE TO THE FLAG: 4. BUSINESS: A. Review of pension plans offered to City of Deltona employees - John Peters, City Manager’s Office (386) 878-8858 Strategic Goal: Fiscal Issues Background: The City of Deltona provides a comprehensive benefits package for all regular and grant-funded fulltime employees. The firefighter’s benefits are provided under the collective bargaining unit (Local 2913). The focus is on the retirement plans offered, how employees may participate and the cost to provide the benefits: · 457(b) deferred compensation is a plan similar to a 401(k) for public service employees, which can supplement pension income. The plan is specifically designed for those who work in state or local governments. Employee contributions to a 457(b) plan are deducted from their paycheck pretax. · Other Post-Employment Benefits (OPEB) are benefits, other than pension distributions, that employees may begin to receive from their employer once the retire. Employees that retire from the city are eligible to participate in the City’s health plan for medical and prescription drug coverage. The City subsidizes the premium rates paid by the retirees by allowing them to participate in the plan at a blended group (implicitly subsidized) premium rates for both active and retired employees. City of Deltona Page 1 Printed on 3/11/2022 City Commission Workshop Agenda March 14, 2022 · The City of Deltona Firefighter’s Pension Plan is a single-employer, defined benefit pension plan adopted through ordinance on December 14, 1988. The plan was established and operates within the parameters of Chapter 175 of the Florida Statutes. The plan provides retirement, termination, disability and survivor benefits to all full-time certified firefighters. The Florida Constitution requires local governments to make actuarially-determined contributions · The General Employee’s Pension Plan is a defined contribution plan that was closed to new members effective December 1, 2006. The City is the Trustee for the plan, but assets are held in employees’ names and investments are directed by the partipants. · The City participates in the Florida Retirement System (FRS), a cost-sharing multiple-employer defined benefit public employee retirement system, administered by the State of Florida Department of Management Services, Division of Retirement. FRS provides two plans, the FRS Pension Plan and the Retiree Health Insurance Plan (HIS). In July 2002, the FRS implemented a defined contribution plan (Investment Plan), as an alternative in lieu of the FRS Pension Plan. FRS provides retirement, disability and death benefits to plan members and beneficiaries. · The City of Deltona accrues a liability for compensated absences in the financial statements. All vested or accumulated vacation, scheduled holiday leave and vested accumulated sick leave is accrued when incurred. Attachments: City of Deltona 3-14-2022 Workshop - Presentation for Firefighters and OPEB (0 Retirement and Compensated Absences - revised 3-8-2022 Government Retirement Plan Evolution - Matt Dickey 5. PUBLIC COMMENTS: Time permitted, public comments shall be limited to items on the agenda and shall not exceed two minutes. Please be courteous and respectful of the views of others. Personal attacks on Commission members, City staff or members of the public are not allowed, and will be ruled out of order by the Mayor. 6. CITY MANAGER COMMENTS: 7. ADJOURNMENT: NOTE: If any person decides to appeal any decision made by the City Commission with respect to any matter considered at this meeting or hearing, he/she will need a record of the proceedings, and for such purpose he/she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based (F.S. 286.0105). City of Deltona Page 2 Printed on 3/11/2022 City Commission Workshop Agenda March 14, 2022 Individuals with disabilities needing assistance to participate in any of these proceedings should contact the City Clerk, Joyce Raftery 3 business days in advance of the meeting date and time at (386) 878-8500. City of Deltona Page 3 Printed on 3/11/2022