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Boards approve 2021 pension budgets; staff to pursue pension software after ERP omitted pension module
Summary
Each pension board approved the proposed 2021 budgets. Staff said the city's enterprise resource planning (ERP) package does not supply the citys pension functionality, and the pension office plans to budget for a dedicated pension system and employee self-service projections; trustees discussed integration concerns.
Trustees for the general employees, police and firefighter pension boards each approved the proposed 2021 budgets after roll-call votes.
Pension administrator Dustin reviewed assumptions used in the budgets (7% investment return assumed for budgeting conservatism, member contribution rates at existing levels) and highlighted one planned investment in pension administration software to allow members to run…
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