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Commission advances license-plate proposal to grow pension fund; staff reports deposits and pension account balance
Summary
Staff briefed commissioners on a license-plate project to fund the commission pension: DMV requires 7,500 preorders; staff reported a current deposit of $347,000 and a pension investment account of about $4.65 million and said they will prepare materials for DMV submission.
Commission staff updated commissioners on revenue and pension initiatives, including a proposed commission license plate intended to provide a recurring revenue stream for the fighters’ pension fund.
Andy Foster, the commission’s executive officer, said the commission currently has deposits of $347,000 early in the fiscal year and reported the pension investment account is about $4,650,000. Foster outlined the license plate plan: staff will develop artwork and marketing materials, submit an application to the Department of Motor Vehicles and, if the commission secures 7,500 preorders, DMV will manufacture the plate. Foster said the commission will use social media, an email list of coaches and officials, and a short instructional video to promote preorders once DMV approves the design.
Commissioners asked about legal or promotional restrictions before DMV approval and whether fighters or event partners could promote plate preorders. Staff said promotional activity must wait until DMV approves the plate; once approved, marketing could proceed within DMV’s rules. Foster also mentioned the commission is exploring additional revenue streams for long-term pension support and noted a target to finish the DMV submission by the December meeting.
The update also included a brief status on other pension-related deposits and a reminder that ticket revenues remain an important but variable income source for the commission’s funds.
