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Police and firefighter pension board reports fund is about 79% funded, board seeks two members
Summary
The City’s Police and Firefighter Pension Fund reported roughly $47 million in assets and a funding ratio near 79%; the board reported two vacancies and said it paid a thirteenth-check averaging about $603 when investment revenue allows.
The Marquette City Commission heard a presentation from the Police and Firefighter Pension Board on June 30 describing the plan's finances and governance. Mike Archakowski, chair and a detective with the Marquette City Police Department, reported the pension has about $47 million in assets and a funding level near 79 percent.
Archakowski said the fund serves roughly 146 members (about 59 active contributors and 85 retirees drawing benefits, with two deferred members) and that the board would like to see funding rise to 80 percent. He described board duties including investment monitoring, actuarial oversight and member communications. The board recently issued a thirteenth-check — a cost-of-living adjustment funded from investment gains — averaging about $603 per eligible retiree. The board also rolled out an online portal to allow retirees to update information and view benefit summaries.
Archakowski said the pension board currently has two vacant community-member seats and meets typically on the fourth Tuesday of the month; he encouraged residents to apply. Commissioners thanked the board for the report and had no follow-up questions.
