Gabriel Schroder and Smith (GRS) performed an actuarial analysis in 2018 as an option for our negotiations for the 2018-2021 collective bargaining agreements. This study was updated recently with similar results which indicate minimal savings ranging from .02% t0 .19% each year for the next 30 years.
Supporting Survey Data
HR surveyed local public agencies in South Florida, and we received thirty-one (31) responses.
6 had five year vesting; 5 had a vesting period which was more than five years but less than ten years; 4 had a ten year vesting period; 9 had the Florida Retirement System which has eight year vesting, and 7 had defined contribution plans with vesting from immediate to five years.
Fiscal Impact Statement
The GRS actuarial study as noted above provides the fiscal impact and is included as an attachment.