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Marshall mayor says city will increase pension contributions as firefighters negotiate ADC
Summary
Marshall leaders told the Pension Review Board they have contributed $250,000 to the local firefighters' pension and agreed to pick up additional employer shares while firefighters consider an ADC proposal; a membership vote is pending.
Marshall Mayor Amy Ware told the Texas Pension Review Board on Wednesday that the City of Marshall has increased contributions to its firefighters' pension and is negotiating an actuarially determined contribution (ADC) framework with the local relief and retirement fund.
City officials told the board they lack an experienced finance director and have been working with an outside actuarial firm to confirm valuation numbers and to explain options to the city and firefighters. "We are currently without a finance director, and so we're a little bit of a disadvantage," Ware said. She said the city contributed…
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