5. Aiw – 175 Pension Plan 300 Hour Max Overtime Lookback

AI Summary

Greater Naples Fire Rescue District staff discovered that the Chapter 175 Pension Plan may have overfunded retirement benefits for several years because overtime earnings exceeded the 300-hour annual cap required by Florida law. The issue dates back to fiscal year 2013 when the cap became effective. Staff prepared a detailed accounting of overfunded amounts for all active and retired employees...