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F * FLO9 5 <br />c /rY of suN r�,o <br />City of Sunny Isles Beach <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />(305) 947 -2150 Building Department <br />(305) 947 -5107 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission; <br />FROM: Christopher J. Russo, City Manager af- <br />DATE: July 18, 2002 <br />City Commission <br />David Samson, Mayor <br />Danny Iglesias, Vice Mayor <br />Norman S. Edeleup, Commissioner <br />Gerry Goodman, Commissioner <br />Lila Kauffman, Commissioner <br />Christopher J. Russo, City Manager <br />Lynn M. Dannheisser, City Attorney <br />Richard Brown - Morilla, City Clerk <br />RE: MEMBERSHIP AGREEMENT WITH THE FLORIDA RETIREMENT SYSTEM <br />(t'FRS ") <br />RECOMMENDATION <br />It is recommended that the City Commission consider approving the attached resolution entering into <br />an agreement with the Florida Department of Management Services to join the Florida Retirement <br />System ( "FSR "), authorizing the Mayor the execute said attached agreement. <br />REASON <br />In response to an initial request by the Police Department, the Manager's office, in conjunction with <br />the Human Resources Department and the Office of the City Attorney researched the possibility of <br />membership in the FRS. It was explained that the City of Sunny Isles Beach seeks to attract and <br />retain well - qualified, competent persons, particularly in the police service. In order to remain <br />competitive with those communities in which we compete for the same qualified applicants, and also <br />provide current employees with a choice between the current 401A defined contribution plan and a <br />defined benefit regular pension plan, it is recommended that the City join the FRS, which is a <br />recognized defined benefit pension plan. <br />ADDITIONAL INFORMATION <br />We have been informed that the upcoming fiscal year FRS contribution rates are low as compared to <br />previous years. However, we have also been advised to expect progressively higher rates in the next <br />few years. As such, I advise that we use the most recent four (4) year average contribution rate in <br />projecting costs. The projected increase in the City's total contribution rate for the upcoming year is <br />Fifty Thousand Nine Hundred Forty -Nine Dollars ($50,949.00); using the four (4) year average; the <br />projected increase is One Hundred Twelve Thousand Three Hundred Fifty -Six Dollars <br />($112,356.00). <br />CJR/pw <br />Frs Agrmt Reso Agenda memo <br />