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Neptune Beach council presses actuary, trustees over police pension COLA and asks for clearer 15-year cost table
Summary
Council questioned the funding and governance of a newly adopted police pension cost-of-living adjustment (COLA) and asked the plan actuary and trustees for a revised table showing the actual phased-in COLA impact and a delta column summarizing city contribution differences over 15 years.
Neptune Beach councilors spent the longest portion of their meeting pressing the police pension’s advisers for clearer numbers after the pension board adopted a phased COLA that rises to 3 percent in later years.
Pension attorney Pedro Herrera told council the pension fund is a separate legal entity with trustees’ fiduciary duties owed to participants and beneficiaries, not directly to the city. He said the fund receives contributions from members and the city, premium-tax dollars, and largely depends on investment returns. Herrera confirmed the fund has reported what the transcript called a prepaid or overfunded balance in the roughly $700,000 range on…
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