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Police pension surpasses 100% funding for second year; fire pension improves, DROP proposal expected
Summary
Police pension board chair Kevin McGrath and the plan actuary reported the police plan has been over 100% funded for a second consecutive year. Fire plan administrator Chrissy Stoker said the firefighters plan rose from about 72.6% to 76.5% funded, that the plan received roughly $371,293.70 in state monies this past year, and that a DROP proposal is forthcoming.
Kevin McGrath, chairman of the Police Officers' Pension Board, provided the board’s annual update and introduced the plan’s actuary. The actuary reported the police pension "remains in very, very good shape" and said the plan has been above 100% funded for the second consecutive year.
"The plan remains in very, very good shape," the actuary stated, noting funding, assumptions and that options may be considered to maintain premium tax flows that support the plan. McGrath said the board met administrative requirements to receive state monies and is monitoring options to preserve funding.
Chrissy Stoker, plan administrator for the Firefighters Pension Board, reported that the fire plan’s funded status rose from 72.6% to 76.5% on an actuarial basis and that the plan received $371,293.70 in state monies this past year. She told council that the plan is largely retiree-dominant and that the board and consultants are managing investments conservatively; she said a deferred retirement option plan (DROP) ordinance will be presented to council in coming weeks for approval.
Council did not take immediate action beyond receiving the reports; staff and boards indicated they will return with formal ordinance or plan items as needed.
