HomeMy WebLinkAboutM-85-0669rno1.1
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INTFP rirrlCF MEMORANDUM
Honorable Mayor and MembPr•s
of the City Commission
Sergio Pereira
City Manager
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T,n iF June 11), 1985 rtLE
�IIF1I' Resolution Authorizing an RFP
to Determine Financing for
Unfunded Pension Liability
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It is recommended that the Miami City
Commission approve the attached resolution
authorizing the City Manager to develop and
distribute a request for proposals for the
purpose of determining possible alternative
means of financing the City's committed
contribution to the unfunded liability of the
City of Miami Firefighter and Police Officer
Retirement Trust and the General Employee and
Sanitation Workers Retirement Trust.
In recent months, governmental units in various parts of the
county have utilized alternative financing mechanisms to fund the
unfunded liabilities of public pension plans. The savings
realized by these governmental units have been substantial. The
City of Miami is committed to contribute to the financing of the
accrued unfunded liability of the Firefighter and Police Officer
Retirement Trust (FIPO) (formerly the City of Miami Retirement
System) and the General Employees and Sanitation Workers
Retirement Trust (GESW) (formerly the City of Miami Retirement
Plan).
The request for proposal, which would be authorized by the
attached resolution, will allow the City Administration to
determine any alternative financing mechanisms for the
fulfillment of the City's commitment which will allow substantial
savings to the taxpayers of the City of Miami.
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