Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2026-R-24.
PROPOSED RESOLUTION NO. 2026-R-24 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, CONFIRMING THE AUTHORITY OF THE CITY’S INVESTMENT COMMITTEE AND THE APPROPRIATE CITY OFFICIALS TO SELECT A GROUP ANNUITANT, TRANSFER FUNDS, AND DO ALL THINGS NECESSARY TO EFFECTUATE THE TERMINATION OF THE RETIREMENT INCOME PLAN FOR GENERAL EMPLOYEES OF THE CITY OF PEMBROKE PINES; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. On August 19, 2026 the City Commission adopted Ordinance No. 2059 providing for the termination of the Retirement Income Plan for General Employees of the City of Pembroke Pines (the “Plan”).
2. In order to effectuate termination of the Plan, the City has initiated the procurement process for the selection of a group annuity placement to effectuate the termination of the Plan.
3. The City has engaged the services of RPW Solutions d/b/a BCG Pension Risk Consultants (BCG) to act as an independent expert and fiduciary in order to assist the City in the Plan termination process and to further guide the procurement and selection of an appropriate group annuitant.
4. Pursuant to the terms of the Plan termination, all necessary actions and transactions are required to occur by September 30, 2026.
5. The City Commission finds that it is in the best interests of the employees and the citizens and residents of the City of Pembroke Pines to facilitate a swift and timely termination of the Plan
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: Expenses associated with termination of the plan will be covered with plan assets
b) Amount budgeted for this item in Account No: Not Applicable.
c) Source of funding for difference, if not fully budgeted: Not Applicable.
d) 5 year projection of the operational cost of the project: Not Applicable.
e) Detail of additional staff requirements: Not Applicable.
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable.
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable.