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Pension administrator outlines 2023 proposed budgets, RFP for pension software and accounting fee changes
Summary
The pension administrator presented the proposed 2023 budgets for the General, Police and Fire plans, explained budget assumptions, noted the city will issue an RFP and pay for pension software implementation, and described a substantial accounting fee adjustment.
The pension administrator presented the proposed 2023 budgets for the General Employees, Police Officers and Firefighters pension plans, reviewed key assumptions and identified administrative items for the boards to note.
Key assumptions: the administrator said investment-earnings assumptions used for budget projections are 7 percent for planning conservatism (the presentation referenced using recent actuals to project the 7% figure), and that member contribution rates remain at 7.95 percent as codified in the city ordinance. He reported city contributions had changed year over year in the presentation: a roughly 2 percent decrease for the general plan, a 9 percent increase for police, and a 4…
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