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Firefightersrelief association reports fund strong, requests benefit increase to $4,200
Summary
The Fire Relief Association told the Cohasset City Council the pension fund is about $910,000 with a funding ratio near 129.7% and asked the council to approve the first benefit increase in nearly a decade to $4,200 per year; councilors signaled informal support but requested further classification and timing details.
The Fire Relief Association asked the Cohasset City Council on June 10 to raise the plan's service benefit from $3,100 to $4,200 per year, citing recruitment and retention concerns and the fund's improved financial position.
Association representatives reported that the pension plan grew from $541,000 in December 2023 to about $911,000 by June 2026, driven by $102,250 in net contributions and roughly $267,000 in investment performance. As of June 2, 2026 the association reported liabilities of about $701,000 and a funding ratio of about 129.7 percent, which the association described as healthy and sufficient to consider a benefit increase.
Association representatives projected a conservative 6 percent annual return and said assets could exceed $1 million by late 2026. They proposed setting a 106 percent funding target as a buffer; if the annual service benefit is raised to $4,200, the association estimated the funding ratio would fall to roughly 107'113 percent under current assumptions.
Council members indicated informal support for the $4,200 figure but requested clarification on benefit classification (how the increase would be implemented administratively and whether it would take effect Aug. 1, 2026 or the more audit-convenient Jan. 1, 2027). The meeting closed with a plan to bring formal readings and votes before the council in subsequent meetings.
The association's presentation noted operational risks tied to a benefit increase, including the possibility of immediate retirements; city officials will weigh those workforce impacts alongside actuarial projections as they consider formal actions.
