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City pension receives $118,329.50 in premium tax; $59,003.68 supplemental likely to follow
Summary
Board staff told trustees the fund received a $118,329.50 premium tax distribution and that a supplemental payment of about $59,003.68 may arrive; staff explained the state collects an extra tax on property insurance premiums that is distributed to municipal pension plans and must be remitted to the trust fund.
At the Oct. 7 Firefighters Pension Board meeting, staff reported the pension plan received a premium tax distribution of $118,329.50 and said a supplemental payment of approximately $59,003.68 may be forthcoming.
A staff member explained the money derives from an additional tax collected on property insurance premiums. "For the fire side, there's a, extra tax collected…
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