Longboat Key News and Sarasota City News encourages Letters to the Editor on timely issues. Please email to: letters@lbknews.com or mail to PO Box 8001, Longboat Key, FL 34228. We also print letters sent to Town Hall that address Longboat Key issues. We reserve the right to edit.
Follow-up to discussions during Town Commission Meeting
To: Longboat Key Town Manager Howard Tipton
I’m sending this along to you to forward to the Commissioners. Sue Smith has reviewed and agrees. Thank you,
Steve Branham
Longboat Key
Follow-up to discussions during Town Commission Meeting
To: Steve Branham
Please see below as a follow up to questions regarding pension liabilities.
Howard N. Tipton
Town Manager
Town of Longboat Key
Follow-up to discussions during Town Commission Meeting
To: Longboat Key Town Manager Howard Tipton
Following up on our brief discussion about the consent agenda item 5.c “Pension Update” during the special meeting on Friday, June 28th.
Question: Commissioner Gold asked what would be done with any remaining balance in the Pension Fund once all beneficiaries have been paid what is due to them.
Answer: It is unlikely that there will be any remaining balance in the Fund at that point in time. We expect the Assumed Rate of Return (ARR) will remain less than required to fully fund the annual needs of fund beneficiaries throughout the remaining amortized life of the fund. Therefore, it is expected that there will be a continued need for the Town to provide an Annual Required Contribution (ARC) to help meet benefit requirements. By lo