The City of Sarasota provides three single-employer, defined
benefit retirement systems, one for Police
Officers one for Firefighters
and one for General Employees.
Assets are held separately and may be used only for the payment
of benefits to the members of the respective plans.
The Pension Plans are governed by Chapter 24 of the Code of
the City of Sarasota, (Click for applicable Pension Code in
pdf format Firefighters, General
Employees, Police Officers) the Internal Revenue Code and Florida
Statutes. Each Plan is administered by a Board of Trustees
that acts as the named fiduciary of the Fund.
Actuarial Valuation Reports for year ending September 30, 2012 are available: Firefighters, General Employees, Police Officers.
After September 2011, new General Employees will be placed in a Defined Contribution Plan. The Investment Policy Statement (“IPS”) is intended to assist the Employee Retirement Account Committee (“ERAC”) by establishing guidelines for making investment-related decisions in a prudent manner.
In addition to the Pension Plans, the City of Sarasota provides
the opportunity for all employees to participate in a Deferred
Compensation program. Established under Section 457 of the
Internal Revenue Code, Deferred Compensation programs allow
employees to contribute a portion of their salary and invest
it tax deferred until retirement or termination.The City provides participation with three companies. To
learn more about the program and the companies, please choose
a link below.