As to pensions, Williams and Joffe state that the fire and general plans assume annual investment returns of 7.5% and police 8%. If they had simply reached out to city officials, they would have found that last October, the assumed rate of return for the general employees pension plan decreased to 7.3%. This new return comports to the Florida Department of Management Services data on the 488 pension plans throughout Florida that have a median assumed investment rate of return of 7.25%. The fire plans in the statewide report have a median assumed investment rate of 7.38%, and Hollywood’s fire plan is at 7.5%. The police plan is indeed at 8%, but it earned 7.93%, so the assumed rate of return is being met by the actual rate of return. In addition, Hollywood continues discussions with all of our pension boards about additional reductions in the assumed rate of return.
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