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Largo restores pension-board investment powers in first reading of ordinance 2026-12
Summary
On first reading commissioners approved Ordinance 2026-12 (6-0), which reinstates certain Board of Trustees investment powers for the municipal police and firefighters retirement plan, including real-estate investments and allowing up to 75% in a particular fund; second reading set for Jan. 6, 2026.
The City Commission conducted the first reading Dec. 16 of Ordinance 2026-12, which amends Appendix C of the Largo City Code to restore investment powers to the Board of Trustees for the municipal police officers and firefighters retirement plan. The first reading passed unanimously, and a second reading and public hearing was scheduled for Jan. 6, 2026.
Staff explained the ordinance corrects an inadvertent removal of trustee powers that occurred during an earlier update: it would reinstate the board’s prior authority to invest in real estate and to allow up to 75% of assets in a particular fund or stock consistent with the board’s investment policy. The presenter said the trustees maintain their own investment policy and this amendment aligns the code with the board’s historical authority.
Commissioners had no substantive public comments on this ordinance at first reading and voted 6-0 to proceed to the required second reading in January.
