Reports on Municipal Retirement Plans in Florida by the LeRoy Collins Institute Florida League of Cities Annual Conference August 12, 2011 David Matkin,

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Presentation transcript:

Reports on Municipal Retirement Plans in Florida by the LeRoy Collins Institute Florida League of Cities Annual Conference August 12, 2011 David Matkin, Ph.D. Lead Researcher LeRoy Collins Institute Assistant Professor Askew School of Public Administration & Policy Florida State University 1

Retirement Benefit Reports Trouble Ahead: Florida Local Governments and Retirement Obligations (February 2011) Sustainability of Municipal Pension Plans in Florida (Sept 2011) Best Practices in Municipal Pension Plans in Florida (Oct 2011) Local Government OPEB Obligations in Florida (Late Fall 2011) Recent Changes in Retirement Benefits in Florida (Late Fall 2011) More coming… 2

Sustainability Report Overview Largest 100 Cities in Florida Fiscal Year 2009 Comprehensive Annual Financial Reports Single-Employer Defined Benefit Plans –General Employee (29%) –Police Plans (26%) –Firefighter Plans (24%) –Police and Firefighter Plans (13%) –Elected Official (2%) Draft findings 3

Key Findings 1.Important to look at each pension plan 2.Nearly 1/3 of municipal pension plans are significantly underfunded 3.Troubled economy is not the primary cause behind significant underfunding 4.Underfunded pension plans tend to be significantly more expensive 5.General employee plans make up a larger relative share of the most well funded pension plans 4

Why focus on the plan level? Examples: Cooper City (FY2009) –Managers’ Retirement Plan is 35% funded –Police Plan is 74% funded –General Employee Plan is 70% funded –Firefighter Plan is 65% funded Port Orange (FY2009) –General Employee Plan is 90% funded –Firefighter Plan is 46% funded –Police Plan is 44% funded 5

How well are pension plans funded? 6

Sustainability by plan type 7 43%36%24%21%20%

How expensive are pension plans? 8

Plan costs by participant type Median costs per plan participant General Employees $9,732 Police Plans $22,715 Firefighter Plans $20,620 Elected Officials $13,556 9

Questions & Comments? collinsinstitute.fsu.edu