Town Manager Bruce St. Denis informed the Town Commission Wednesday through an e-mail the state is willing to help resolve a pension issue that arose when no employees took advantage of an early retirement incentive last year.
Foster & Foster actuary Brad Heinrichs told the commission last week that the state mandates that actuaries assume everyone that’s offered an early retirement incentive will take advantage of the offer.
“When zero people took the incentive last year, we are talking about a huge finding difference for this fiscal year,” Heinrichs said.
That funding shortfall was $3 million.
But Heinrichs and Finance Director Tom Kelley explained to the commission that only another $200,000 will be needed to fund the town’s three under-funded pension plans this year if the state is agreeable to a calculation change.
Wrote St. Denis: “I spoke to Brad Heinrich of Foster & Foster today. He said that the state has agreed to accept revised actuarial impact statements from the town. The revised reports would take out the factor for early outs not taken and will revise downward the amount owed in this fiscal year.”
Foster & Foster, St. Denis said, will file the revised reports at their expense.
The new reports will have to be taken to each of the town’s pension boards for approval before they are sent to the state.
Contact Kurt Schultheis at firstname.lastname@example.org.
Currently 0 Responses
17 Night of Fish, Fun & Fright
6:30 pm - 9:00 pm
18 Jewels on the Bay Showhouse
10:00 am - 4:00 pm
Durante dog, owner well after raccoon run-in
Last week, we reported on a scuffle between a black dog and a group of raccoons that occurred at dusk near Joan Durante Park.
Golfer scores her first hole in one
Liz Lang scored her first hole in one July 8, on the Resort at Longboat Key Club’s Harbourside White Course, while celebrating her friend, Jane Hunter’s birthday.
Tiny trio tours safety facilities
Commissioner Lynn Larson’s three grandchildren, Zander, 9, Zora, 8, and Zoe Ramsey, 5, got a close-up look at what Longboat Key police and firefighters do to keep residents safe earlier this month, during a tour of the police and north fire stations.