The Florida Senate

175.261  Annual report to Division of Retirement; actuarial reports.--

(1)  Each year, by February 1, the chair or secretary of the board of trustees of each firefighters' pension trust fund shall file a report with the division which contains:

(a)  A statement of whether in fact the municipality or special fire control district is within the provisions of s. 175.041.

(b)  An independent audit by a certified public accountant if the fund has $100,000 or more in assets, or a certified statement of accounting if the fund has less than $100,000 or more in assets, for the most recent fiscal year of the municipality or special fire control district, showing a detailed listing of assets and methods used to value them and a statement of all income and disbursements during the year. Such income and disbursements shall be reconciled with the assets at the beginning of and end of the year.

(c)  A statistical exhibit showing the total number of firefighters on the force, the number included in the retirement plan and the number ineligible, classified according to the reason for their being ineligible, and the number of disabled firefighters and retired firefighters and their beneficiaries receiving pension payments and the amounts of annual retirement income or pension payments being received by them.

(d)  A statement of the amount the municipality or special fire control district, or other income source, has contributed to the retirement fund for the most recent fiscal year and the amount the municipality or special fire control district will contribute to the retirement fund during its current fiscal year.

(e)  If any benefits are insured with a commercial insurance company, the report should include a statement of the relationship of the insured benefits to the benefits provided by this chapter as well as the name of the insurer and information about the basis of premium rates, mortality table, interest rates, and method used in valuing retirement benefits.

(2)  By February 1 of each triennial year, beginning with February 1, 1986, and at least every 3 years commencing from the last actuarial report of the plan or system or from February 1, 1987, if no actuarial report has been issued within the 3-year period prior to February 1, 1986, the chair of each firefighters' pension trust fund shall report to the division such data that it needs to complete an actuarial valuation of each fund. The forms for each municipality and special fire control district shall be supplied by the division. The expense of this actuarial valuation shall be borne by the firefighters' pension trust fund established by ss. 175.041 and 175.121. The requirements of this section are supplemental to the actuarial valuations necessary to comply with ss. 11.45 and ¹218.32.

History.--s. 1, ch. 63-249; s. 4, ch. 65-58; ss. 13, 35, ch. 69-106; s. 17, ch. 81-168; s. 15, ch. 86-41; s. 31, ch. 93-193; s. 928, ch. 95-147; s. 7, ch. 96-324.

¹Note.--Actuarial valuations are required pursuant to generally accepted accounting principles. The requirement that financial statements be prepared in compliance with the principles was deleted from s. 218.32(1)(a) by s. 18, ch. 96-324, and similar requirements were incorporated into newly created s. 218.321 by s. 19, ch. 96-324.