Council hears first reading of ordinance to amend municipal police pension; changes would alter contribution and vesting rules

The City of Perry council held the first reading April 22 of an ordinance amending the City of Perry Municipal Police Officers Retirement Trust Fund. The ordinance (first reading) proposes several changes, including revisions to contribution levels, benefit amounts and eligibility, disability provisions, investment authority and DROP rules.

Speakers during the item included members of the police pension board and representatives who noted the changes aim to align local pension provisions more closely with state-level standards and to make the city's plan more attractive to recruits and experienced officers.

Among the proposals discussed was changing vesting/service requirements (described by presenters as moving from a 10‑year requirement toward an 8‑year option in some cases) and modifying DROP terms to extend the period in which retirees may participate without changing actual payouts to currently retired members. Presenters emphasized that the city "will not be contributing anymore" for a particular 0.7 percentage point adjustment and that the proposal shifts certain contribution burdens to active officers rather than increasing city contributions.

Council members asked about the pension fund's investment performance and stability. A presenter said the fund had grown significantly over past years (presenter noted growth from approximately $4 million to around $9–10 million over the board's tenure) and that state law constrains allowable investments to long‑term, lower‑risk assets. The item was presented as a first reading of an ordinance; no final adoption occurred during the meeting and the ordinance will come back for a second reading and final vote.