$85,347: fire-rescue pension

A retired Longboat Key fire rescue lieutenant takes in $85,350 a year in his town pension.

A retired police captain takes home $75,010 a year for his 27 years of service.

And a retired building official, who worked 32 years, has an annual pension of $76,470 a year.

This is just a sampling of the pension benefits Longboat Key taxpayers are funding in a system that is $26 million short of being able to meet its future obligations.

They’re part of the town’s defined-benefit pension plan that Interim Town Manager David Bullock hopes to change.

Bullock presented a proposal earlier this month to the Longboat Key International Association of Firefighters Union and general employees that would freeze assets in the existing plans and open defined-contribution 401(a) accounts for current and existing employees. The town would match dollar-for-dollar, up to 13% of an employee’s pay.

To determine how much the town spends to pay for the benefits it guaranteed its employees, the Longboat Observer obtained earnings history and benefit records about the town’s 10 most recent retirees.

Here’s how retiree benefits are calculated:

The top five years of the most recent 10 years of the employee’s earnings are averaged to determine an average final compensation. (Because unused vacation and medical pay are calculated into the final year’s wages, the next four highest years are included.)

The current pension plans require fire and police to contribute 10% of their salaries, and general employees to contribute 6%.

The final compensation, years of credited service and benefit rate (2.75% for general employees, and 3.5% for firefighters and police) are multiplied to determine benefits. The monthly amount the retiree receives can vary based on Social Security options and whether he selects lifetime-only benefits or to continue part or all of benefits to a surviving joint annuitant.

RETIREMENT RUNDOWN
FIRE
Deputy Fire Rescue chief
Annual pension payments: $65,723.76
Average final compensation: $109,865.42
Top five-year earnings range: $81,627.02 to $143,309.82
Years of credited service: 18.0137
Final unused vacation/medical payout: $35,590.08

Fire Rescue lieutenant
Annual pension benefit: $70,513.08
Average final compensation: $87,355.32
Top five-year earnings range: $71,244.96 to $87,656.51
Years of credited service: 22.1918
Final unused vacation/medical payout: $17,342.83

Fire Rescue lieutenant
Annual pension benefit: $85,347
Average final compensation: $93,844.32
Top five-year earnings range: $75,017.88 to $104,153.42
Years of credited service: 25.0625
Final unused vacation/medical payout: $6,553.13

POLICE
Police captain
Annual pension payments: $75,010.92
Average final compensation: $80,486.52
Top five-year earnings range: Four years, $70,029.84 to $85,521.81; partial years of $49,560.47 and $53,687.70
Years of credited service: 27.0656
Final unused vacation/medical payout: $30,045.87

Police captain
Annual pension payments: $49,971.84
Average final compensation: $83,059.68
Top five-year earnings range: Four full years: $82,934.51 to $83,767.36; partial years: $36,518.16 and $45,150.01
Years of credited service: 19.1548
Final unused vacation/medical payout: $4,639.50

Police captain
Annual pension payments: $45,897.84
Average final compensation: $68,684.52
Top five-year earnings range: Four full years, $60,143.94 to $68,899.76, partial years of $24,430.86 and $57,610.53
Years of credited service: 20.0274
Final unused vacation/medical payout: $16,173.89

GENERAL EMPLOYEES
Operations manager
Annual pension benefit: Opted for a $628,295 lump sum*
Average final compensation: $64,463.64
Top five-year earnings range: Four full years: $52,998.50 to $73,170.02; two partial years of $12,742.30 and $58,864.30
Years of credited service: 31.9753
Final unused vacation/medical payout: $4,572.69
*The lump-sum option is available to plan participants hired before April 2, 1992.

Building official
Annual pension benefit: $76,470.48
Average final compensation: $89,830.12
Top five-year earnings range: Four full years: $74,556.43 to $91,311.20; partial years of $40,998.43 and $73,819.73
Years of credited service: 32.0546
Final unused vacation/medical payout: $31,479.55

Building official
Annual pension benefit: $27,990.72
Average final compensation: $71,840.16
Top five-year earnings range: Four full years, $61,288.41 to $74,214.94; two partial years of $20,094.63 and $74,950.13
Years of credited service: 15.4986
Final unused vacation/medical payout: $21,388.51

Purchasing manager
Annual pension benefit: $18,232.68
Average final compensation: $69,885.48
Top five-year earnings range: Four full years: $61,548.80 to $70,740.80; two partial years of $36,245.99 and $41,215.02
Years of credited service: 10.4411
Final unused vacation/medical payout: $11,286.05