Trustees approve increase in supplemental monthly payout to $300, effective Jan. 1, 2026

Trustees voted to increase the plan's supplemental monthly payout to $300 beginning Jan. 1, 2026. The increase was proposed after a Foster & Foster review of share-plan funding and state contributions; the board clarified the final figure on the floor before approving the motion by voice vote.

Foster & Foster consultant Patrick Donilon explained the mechanics of the share plan and funding history: "It's only applicable to people hired before for the retired before 2022," he said, and noted the share plan is "frozen at 200,000." Donilon reported that the plan received about $112,000 into the share last year and $139,000 this year, while payouts in 2023 totaled about $106,000. "So we're getting in more each year right now than we're paying out," Donilon said, and added, "I think I'm comfortable if you wanted to increase it to $300."

There was brief floor confusion about exact dollar amounts during the motion (a speaker misspoke one time), but trustees clarified and confirmed the board would raise the monthly supplement from $280 to $300, effective Jan. 1, 2026. The motion was moved and seconded and passed by voice vote.