Board weighs DROP reporting, portal visibility after ordinance ambiguity

Chrissy told the Punta Gorda Firefighters’ Pension Board that members in DROP had been receiving one annual update but that the ordinance does not specify how often DROP accounts must be updated, creating uncertainty about practice and portal displays.

"The ordinance does not say," Chrissy said while summarizing the DROP language, noting the plan document had older references to 60 months that should be corrected to the plan’s 96‑month DROP term. She said members currently receive quarterly interest returns but only an annual detailed DROP update; some trustees argued members should be able to request more frequent recalculations if they are willing to pay any actuarial fee.

Trustees raised concerns that the online portal does not expose a clear declining buyback balance or an up‑to‑date DROP balance on the home page. One trustee asked why the actuary would be needed for a simple balance update; staff committed to investigating whether routine balance visibility and exportable reports could be added without actuarial recalculation fees.

Trustee Jack outlined a possible option to segregate DROP participant assets and allow a one‑time election to move funds into a money market account to reduce individual volatility while protecting the plan. "We actually can segregate those assets, gives people an opportunity to elect to move into a money market account," Jack said.

The board agreed to correct plan references showing 60 months to the correct 96 months, to add guidance and balance visibility on the portal home page, and to report back to trustees about implementation costs and whether routine balance exports require actuary involvement. No formal policy change was adopted at the meeting; staff said they could memorialize the annual update practice in the summary plan description or bring a formal policy if trustees preferred.