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Commission approves measure letting pension trustees set investment policy
Summary
The City Commission voted unanimously to replace a pension investment policy in city code with a trustee‑adopted policy to allow faster portfolio adjustments, city staff said.
The Boynton Beach City Commission unanimously approved on first reading May 6 an ordinance that removes a specific investment policy for the General Employees Pension Fund from city code and allows the pension trustees to adopt and modify that policy.
City staff said the change is intended to let trustees respond faster to market opportunities that the existing ordinance’s fixed language prevented. "There was a provision in the current ordinance that restricted the way they could invest," the deputy city attorney explained during the meeting. "They will create an investment policy that more readily attracts the current market so they can make those changes as necessary." (Deputy City Attorney)
The ordinance title read into the record was Proposed Ordinance No. 25‑005, which repeals and replaces the existing code section governing the pension plan investment policy and provides for codification and severability. Vice Mayor Woodrow Hayes moved the ordinance, Commissioner Kelly seconded, and the clerk recorded a unanimous roll call vote in favor.
The change keeps formal oversight with the pension trustees while removing prescriptive investment rules from the municipal code, city staff said. No separate implementation timeline or immediate investment actions were announced at the meeting.
The commission took the vote at the first reading; the item will return for a second reading consistent with the city's ordinance process.
