City of Clearwater - File #: ID#24-0829

• File #: ID#24-0829
• Version: 1
• Name: Determine Trustees' Expected Rate of Return for Pension Investments for current year, each of next several years, and long term thereafer
• Type: Action Item
• Status: Passed
• File created: 7/5/2024
• In control: Pension Trustees
• On agenda: 8/12/2024
• Final action: 8/12/2024
• Title: Determine Trustees' expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9).

Date	Ver.	Action By	Action	Result
8/12/2024	1	Pension Trustees

SUBJECT/RECOMMENDATION:

Title

Determine Trustees’ expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9).

Body

SUMMARY: 

Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary.

Staff is recommending the current plan investment rate of return assumptions of 6.5%, net of investment-related fees, as the expected annual rate of return for the current year; 6.5% for the next year; and 6.5% for all years thereafter.