Newspaper article The Florida Times Union

Brown Returns Part of Retirement Funds; Former Mayor Makes Good on Vow to Reimburse City Nearly $70,000

Newspaper article The Florida Times Union

Brown Returns Part of Retirement Funds; Former Mayor Makes Good on Vow to Reimburse City Nearly $70,000

Article excerpt

Byline: Nate Monroe

Former Jacksonville Mayor Alvin Brown says he will reimburse city taxpayers for their thousands of dollars in contributions to a state 401(k)-style plan Brown enrolled in when he took office in 2011.

After enrolling in that plan - recently valued at nearly $70,000 - and subsequently learning it included a substantial city contribution, Brown's administration promised he would reimburse the city when he left the state system, even at the risk of incurring tax penalties.

After the Times-Union began looking into the issue of repayment this week and reaching out to Brown for comment, his former chief of staff sent an email to city officials Thursday saying Brown had spoken with Florida Retirement System administrators and was ready to authorize the city to electronically debit its previous contributions directly from his account.

"As I promised while I was Mayor, I will be reimbursing the City of Jacksonville for the contributions it made to a Florida Retirement System (FRS) investment account," Brown said in a written statement provided to the Times-Union. "Having spoken at length with FRS about the proper process for that reimbursement, I am working with the City to make it happen as quickly as possible."

A specific breakdown of the city's contribution to his plan was not available.

The state does not provide information on individual accounts, including its value or the status of the plan or whether money has been taken out, according to a spokesman for the state Board of Administration, which oversees the investment plans.

But Brown's 2014 financial disclosure valued the account at $69,428; the actual value could be different based on the performance of the fund's investments. The majority of the fund's value comes from the city contributions.

By state law, Brown contributed 3 percent of his $139,000 salary each year. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.