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Council hears Police & Fire pension valuation, gives first reading to updated plan
Summary
City Clerk Melissa Cogwell reported the Police & Fire Retirement Plan valuation improved to a 73.8% funding level (from ~71%). The city's recommended employer contribution remains 27.8% and employee contributions remain at 15%. Council approved a first reading of bill 26‑001 to adopt the updated plan document.
City Clerk Melissa Cogwell told the Hannibal City Council the Police and Fire Retirement Plan valuation as of July 1, 2025, showed a market‑value funding level of 73.8%, up from about 71% the prior year.
"The city's recommended contribution will remain at 27.8% of overall payroll," Cogwell said, adding employee contributions remain at 15%. She reported the fund experienced a net actuarial gain and that a one‑time "13th check" to retirees was issued Dec. 5, 2025, following the valuation.
Council members and pension board representatives reviewed the fund's trajectory. Mark, a board member who spoke during the discussion, recalled the plan was about 38% funded in 2009 when he joined the board and credited management and past decisions for the improvement. Council members said the projection shows the plan on a path to reach 80% funding in roughly five years, at which point the city could consider plan amendments.
Cogwell asked the council to approve the updated plan document and have the clerk give it bill number 26‑001 for a first reading. The ordinance text was read aloud for the record; the first reading requires no final vote. Mayor McCoy announced the bill will appear for further consideration in a future meeting.
