Board authorizes up to $5,000 actuarial study after union seeks higher multiplier
Summary
After a union request to explore raising the pension multiplier, trustees authorized an actuarial cost study—up to $5,000—to model multiplier and contribution scenarios. The board directed a trustee to work with the actuary and the union on the study.
Trustees voted to authorize an actuarial cost study, not to exceed $5,000, to evaluate proposed pension changes raised by union leadership, including increasing the multiplier from 3.0 to 3.25 or 3.5. The motion directs a trustee and the actuary to work with the union to scope the analysis and return funding and cost projections.
Dominic Feidi, who said he had been elected the union president, told trustees the union requested studies "to get some possible studies done and to see what our options are." Board members emphasized the study should include the funding impact, marginal cost of proposed increases and comparison scenarios. The motion to authorize the study was made and seconded and the board recorded an "Aye" vote; the funding will come from the plan's administrative budget.
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