Pension Audit Reports
The Miami Beach Employees’ Retirement Plan Auditor’s report is a formal opinion, or disclaimer, issued by the Fund’s independent external auditor as a result of an external audit or evaluation performed annually on the Plan. The report is subsequently provided to a “user” (such as an individual, a group of persons, a company, a government, or even the general public, among others) as an assurance service in order for the user to make decisions based on the results of the audit. Included in the report is the Independent Auditor’s Report, Management’s discussion and analysis and the Financial Statements. Included in Financial Statements are the Statements of Plan Net Assets, Statements of Changes in Plan Net Assets and the Notes to Financial Statements. The Plan’s current External Auditor Marcum LLP.
To view the present and historical Audit Reports of the pension plan please see links below:
The Plan assets exceeded its liabilities at the close of fiscal years ended September 30, 2018 and 2017 by $656,207,611 and $616,624,224, respectively (reported as net position held in trust for pension benefits). For the fiscal year ended September 30, 2018 liabilities decreased by $218,995 (or 520%) from the fiscal year ended September 30, 2017.For the fiscal year ended September 30, 2018, City contributions to the Plan, increased $2,534,387 (or 9%). For the fiscal year ended September 30, 2018, member contributions including buybacks increased by $371,518. For the fiscal year ended September 30, 2018, the Plan had net investment income of $51,285,893 compared to a net investment income of $(70,652,917) in the fiscal year ended September 30, 2017. For the fiscal year ending September 30, 2018, administrative expenses increased by $(20,261) (or 3%).