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Pembroke Park hears pension cost scenarios, defers decision to full workshop
Summary
Officials reviewed actuarial scenarios for changing pension credit (including recognizing prior military and police service), heard projected multi-scenario costs, and agreed to move the item for full commission discussion at a February workshop.
Speaker 1 presented a feasibility review of proposed pension changes for the Town of Pembroke Park, walking commissioners through actuarial scenarios and projected annual costs. Speaker 1 said the "amount needed was a $152 and change 152,000" and outlined additional liabilities under alternative scenarios, including figures the presenter cited as $325,000, $533,000 and $694,000 per year under different retirement and benefit options.
The presentation emphasized a proposed salary adjustment and its effect on pension contributions: Speaker 1 described a change from roughly $52,000 to $70,000 in salary assumptions and warned that some scenarios would more than double the town's pension liability. Speaker 1 also noted an additional roughly $100,000…
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