JCCI Report on the Pension

 

In 2009, the JCCI issued a report titled "JCCI 2009- Our Money, Our City: Financing Jacksonville's Future," a study report that analyzed many facets of the city. It devoted a five page section to the City's pension funds. The following is a sampling of what was in the report.

Employees of the city, after a certain number of years of service, retire with a pension. This is a defined benefit retirement plan that guarantees a specified amount of money received each month for the life of the employee.

The City of Jacksonville has three separate pension funds: the General Employee Pension Plan, the Corrections Officers Pension Plan, and the Police and Fire Pension Fund.

The three plans share the following similarities:

• Each is a “defined benefit” plan.

• Employees pay a portion of their salary into the plan, and the
City also pays into the plan.

• Employees are not eligible for Social Security nor do they pay
Social Security taxes, except for Medicare taxes for all City
employees hired after 1986.

• The City does not pay into Social Security for the employees
(which would otherwise be 6.2 percent of payroll).

• Employees in all three plans can be vested in the plan after
five years of service.

A key measure of the health of a pension fund is its funded percentage – the ratio of the assets of a fund to its financial obligations. Jacksonville City Ordinance calls for the pension funds to be at least 90 percent funded before a pension can add new benefits. State law requires that all pension obligations be met.

Among Florida’s 10 largest cities, Jacksonville’s pension funds are among the worst funded.

                 

                                                   Download the entire report here

 

    JCCI CHARTS

                                                                                     FUNDED PERCENTAGES:  Download PDF

 

                                

 

                                       RESERVES USED Download PDF