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Palatka trustees commission experience study; cybersecurity vendor review tabled
Summary
The Palatka General Pension Board approved a five-year experience study for $12,000 to update actuarial assumptions and tabled a proposed $10,000 third‑party cybersecurity vendor assessment pending coordination with the police and fire pension boards.
The Palatka General Pension Board approved commissioning an experience study to update actuarial assumptions used in future valuations. Patrick, the board’s actuary, quoted a $12,000 fee for the five‑year study and said the work is customary every five years to calibrate retirement, turnover and salary assumptions. A motion to proceed passed and the actuary said he will target completion in time for the board’s Aug. 25 meeting.
Separately, the actuary proposed a one‑time $10,000 cybersecurity vendor assessment to evaluate plan vendors’ cyber controls against Department of Labor best practices (a firm called Fox Point would survey vendors and rank each as red/yellow/green). Board members discussed whether the expense could be shared across Palatka’s three pension boards (general, police, fire) or whether the city could fund a consolidated review to reduce costs. After questions and discussion, the board voted to table the cybersecurity proposal pending coordination with the other boards.
Next steps: the actuary will proceed with the experience study and provide a scope and schedule; staff (Kyle) will compile vendor lists for each pension plan and explore whether a combined, city-funded study is feasible.
