Pension / Retirement Contribution Requirements

(Actuarial Reports)

In accordance with Florida Statutes, an actuarial valuation of each of the City of Hollywood’s retirement systems and pension plans is performed at least once every three years.  These reports are prepared by an independent Enrolled Actuary to determine whether the techniques and assumptions which were used to calculate the City’s annual required contribution and the plan’s funded status meet the requirements and intent of Part VII, Chapter 112, Florida Statutes.

Actuarial reports include a summary of major plan provisions, the actuarial assumptions and cost method used to project the City’s annual required contribution, as well as actuarial present values, plan assets and funded status.

The actuarial reports are based on the retirement system/pension plan as of October 1, 2009 to determine the annual contribution for the plan year ended September 30, 2011, to be paid during the fiscal year ending September 30, 2011. These documents are available in the downloads area below:

Each year, an evaluation of funding progress is provided in the Comprehensive Annual Financial Report (CAFR) as part of the Required Supplementary Information section.  The CAFR’s are available on the Department of Financial Services webpage.