The Florida Senate

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

(1)  Each year by February 1, the chair or secretary of each municipal police officers' retirement trust fund shall file a report with the division which contains:

(a)  A statement of whether in fact the municipality is within the provisions of s. 185.03.

(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 in assets, for the most recent fiscal year of the municipality, 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 and end of the year.

(c)  A statistical exhibit showing the total number of police officers on the force of the municipality, the number included in the retirement plan and the number ineligible classified according to the reasons for their being ineligible, and the number of disabled and retired police officers 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 has contributed to the retirement plan for the year ending with the preceding December 31 and the amount the municipality will contribute to the retirement plan for the current calendar year.

(e)  If any benefits are insured with a commercial insurance company, the report shall include a statement of the relationship of the insured benefits to the benefits provided by this chapter. This report shall also contain information about the insurer, basis of premium rates and mortality table, interest rate 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 municipal police officers' retirement trust fund shall report to the division such data that the division needs to complete an actuarial valuation of each fund. The forms for each municipality shall be supplied by the division. The expense of the actuarial valuation shall be borne by the municipal police officers' retirement trust fund established by s. 185.10. The requirements of this section are supplemental to the actuarial valuations necessary to comply with ss. 11.45 and ¹218.32.

History.--s. 7, ch. 59-320; s. 2, ch. 61-119; ss. 13, 35, ch. 69-106; s. 16, ch. 86-42; s. 44, ch. 93-193; s. 951, ch. 95-147; s. 8, 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.