According to our latest actuarial figures the Plan consists of 1,100 retirees & beneficiaries with an average age of 71.1. Active members total 1,072 with an average age of 44.8 and average past service of 9.8 years. Annual retirement benefits totaled $33,085,394 for the fiscal year ending September 30, 2012. Membership to the Plan is limited to all General & Unclassified Employees and Elected Officials who fulfill the prescribed eligibility requirements.
According to our latest performance analysis report dated June 30, 2013 the Plan’s total assets at 6/30/2012 were $452,000,000 with an asset allocation of 70.2% equities and 29.8% fixed income.
For more details about the Plan please see link below to view the Plan’s Ordinance
The Summary Plan Description is a brief description of that Plan and your rights, obligations and benefits under the Plan. This Summary Plan Description is not meant to interpret, extend or chang ethe provisions of the Plan in any way. The provisions of the Plan may only be determined accurately by reading hte actual Plan document.
A copy of the Plan is on file at the Pension office and may be read by you, your beneficiaries or your legal representatives at any reasonable time. If you have any questions regarding either the Plan or this Summary Plan Description, you should ask the Plan’s Administrator. In the event of any discrepansy between this sumary Plan Description and the actual provisions of the Plan, the Plan shall govern. See the full Summary Plan Description (SPD).
The Custodian of the Plan is responsible for the safe-keeping of securities owned by the Pension Fund. The Custodians are:
- Fiduciary Trust International, Miami, FL
- State Street Bank, Boston, MA