The City oversees three separate single-employer defined benefit plans: the General Employees’ Pension Plan that covers full-time City employees and civilian police department employees; the Police Officers’ Retirement System for non-civilian Police Department employees, and; the Firefighters’ Retirement System for City firefighters and Fire Department officers. Although an outside firm administers each plan, the plans are sponsored by and fiscally dependent on the City.
A board of trustees governs each plan, with each board consisting of seven trustees. These plans are maintained as pension trust funds and included as part of the City’s reporting entity. City ordinance and state law require contributions be determined by actuarial studies at least every three years. Stand-alone financial reports are not issued.
Note 10 in the City of Fort Myers' Comprehensive Annual Financial Report provides additional information about each pension plan.
An amendment of Part VII of Chapter 112, Florida Statutes, requires certain additional disclosures from all local pension plans, using prescribed assumptions and methods. A copy of the final rule may be accessed online at the Florida Department of State's website, www.flrules.org. The links for the City's separate pension plans provide the required actuarial disclosures in compliance with the new rule, which went into effect on April 29, 2015.