City of South Miami Pension Plan Financial Statements
Below are the audited financial statements of the City of South Miami Pension Plan, a pension trust fund of the City of South Miami, Florida, which comprise the statement of fiduciary net position for each fiscal year and the related statement of changes in fiduciary net position for the fiscal year then ended, and the related notes to the financial statements.
All Florida governmental defined benefit plans must comply with reporting requirements established by way of SB 534 , providing a Side-by-Side comparison of actual rate of return, assumed rate of return, and investment portfolio composition (cash, equity, bond, alternative investments). Below please find the City of South Miami Pension Plan 5-year SB 534 Disclosure Report.
Chapter 112.664 Compliance Reports
Gabriel, Roeder, Smith & Company (GRS) was engaged by the Pension Board (Board) of the South Miami Pension Plan (Plan) to prepare a disclosure report to satisfy the requirements set forth in Chapter 112.664, F.S. and as further required pursuant to Chapter 60T‐1.0035, F.A.C. The purpose of the reports is to provide the required information specified in Chapter 112.664, F.S. and to supplement this information with additional exhibits.
Future actuarial measurements may differ significantly from the current measurements presented in these reports due to such factors as the following: Plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period or additional cost or contribution requirements based on the Plan’s funded status); and changes in Plan provisions or applicable law.
- 2019 Chapter 112.664 Compliance Report w CL
- 2018 Chapter 112.664 Compliance Report w CL
- 2017 Chapter 112.664 Compliance Report w CL
Actuarial Valuation Reports
We are pleased to present our Actuarial Valuation Reports for the South Miami Pension Plan (Plan). The purpose of these reports is to indicate appropriate contribution levels, monitor minimum funding requirements, comment on the actuarial stability of the Plan and to satisfy State and accounting requirements. The Pension Board has retained Gabriel, Roeder, Smith & Company (GRS) to prepare an annual Actuarial Valuation.
- October 1, 2019 Actuarial Valuation with CL
- October 1, 2018 Actuarial Valuation with CL
- October 1, 2017 Actuarial Valuation with CL
Florida Division of Retirement Actuarial Summary Fact Sheet
As required by the State of Florida, please find below a link to the Division of Retirement Actuarial Summary Fact Sheet for the City General Employee and Police Pension Plans.