Click here to read My Word, an article by Mayor Buddy Dyer.

Understanding Public Pension Plan's Unfunded Liability

Administration and responsibility for the Plan is vested with the Board of Trustees ("the Board"). The Board has a fiduciary responsibility to the Plan and its participants and, as such, must exercise prudent judgment in its oversight and administration of the Trust Fund.  F. S. Chapter 185 requires the Board be comprised of five trustees serving concurrent two-year terms.  Composition of the Board is as follows:  two City residents appointed by the City Council; two Police Officers elected by a majority of the actively employed Plan participants; and, one member chosen by a majority of the other four members and ministerially appointed by the City Council. By majority vote, trustees elect from among themselves a chairman, vice-chairman and secretary. 

Three individuals serve the Board in staff positions.  These individuals serve in this capacity primarily as a function of their normal position with the City.  Included in this group are the City Treasurer, Treasury Manager and Pension Coordinator.