25-28 AFSCME Local 2009 — Exhibit 2 - Actuarial Impact Statement dated March 20, 2026 - 445661 Hallandale General ERW study — City Commission (2026-05-06)

AI Summary

The City of Hallandale Beach approved an Early Retirement Window (ERW) effective October 1, 2025, allowing employees with 20+ years of service and age 55+, or 25+ years of service and age 50+, to retire with benefits. The actuarial impact statement dated March 20, 2026, shows this change increases the city's annual pension contribution by $516,174 (from $3,407,672 to $3,923,846) while reducing employee contributions by $36,162 annually. The window applies to employees during the contract period ending September 30, 2028, and is expected to cost the city approximately $7...