Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Funding topic
No spam. Unsubscribe anytime.
Ottawa Police Pension Fund board accepts valuation, requests $1.93 million tax levy and approves audit and COLAs
Summary
At its Jan. 27 meeting the Ottawa Police Pension Fund Board of Trustees accepted an actuarial valuation recommending a $1.73 million municipal contribution, voted to request a $1,929,234 tax levy from the city, approved the FYE 04-2025 audit, adopted the municipal compliance report, accepted the December financial report showing $38.68 million in trust, and authorized a QILDRO payment.
Trustee Joe Hilton called the Ottawa Police Pension Fund Board of Trustees to order at 10:01 a.m. on Jan. 27, 2026, at Ottawa City Hall. The board approved several financial and administrative actions affecting pension funding and benefits.
The board accepted the monthly financial report for the period ending Dec. 31, 2025, which showed a net position held in trust for pension benefits of $38,681,667.59 and a change in position of $5,660,091.18. Trustee Dena Weber moved to accept the report and to approve the disbursements shown on the quarterly disbursement report in the amount of $14,456.99; Trustee Eric Ganiere seconded the motion, and the motion carried by roll call vote with Trustees Joe Hilton, Randy Baxter, Dena Weber, Eric Ganiere and Brad Bohler recorded as voting aye.
The board reviewed investment statements, including an IPOPIF report prepared by Verus Advisory showing a one-month total net return of 0.5% and a year-to-date return of 16.7% (IPOPIF market value $14,733,040,609 as of Nov. 30, 2025) and State Street statements showing an ending value for the fund of $36,922,908.60 as of Dec. 31, 2025 and a month-to-date net return of 0.85%.
On new business, the board reviewed the Actuarial Valuation prepared by Foster & Foster, which recommended a municipal contribution (statutory minimum) of $1,732,166. Trustee Eric Ganiere moved to accept the actuarial valuation as prepared; Trustee Randy Baxter seconded the motion and it carried by roll call vote.
The board then voted to request a tax levy in the amount of $1,929,234 from the City of Ottawa. Trustee Dena Weber made the motion to request the levy and Trustee Brad Bohler seconded; the motion carried by roll call vote with all five trustees voting aye.
Trustee Joe Hilton moved to adopt the Municipal Compliance Report prepared by Lauterbach & Amen and to authorize signatures by the Board President and Secretary; Trustee Eric Ganiere seconded the motion and it carried. Trustee Brad Bohler moved to approve the FYE 04-2025 audit prepared by WIPFLI; Trustee Eric Ganiere seconded the motion and it carried. The board also approved the 2026 cost-of-living adjustments for pensioners as calculated by Lauterbach & Amen (motion by Trustee Randy Baxter, seconded by Trustee Joe Hilton; motion carried).
In the attorney's report, Attorney Steve Calcaterra provided legislative updates pertaining to Article 3 Pension Funds. The board acknowledged receipt of a QILDRO order, calculation order and consent to issuance for Kevin O'Connor, including a $50 processing fee, and authorized payment to the alternate payee with payments to commence with the February payroll cycle (motion by Trustee Eric Ganiere, seconded by Trustee Randy Baxter; motion carried).
There was no public comment and no closed session. The meeting was adjourned at 10:29 a.m.; the next regular meeting is scheduled for April 7, 2026 at 10:00 a.m.
