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Resident calls for independent actuarial review before LOSAP referendum
Summary
A Flower Hill resident asked the board to delay authorizing a LOSAP referendum until independent actuarial assumptions and lifetime-cost estimates are provided, saying promotional materials lacked the data needed for an informed voter decision.
During the board's Aug. 3 meeting, resident David Frenkel addressed the trustees and requested that the board postpone any LOSAP referendum until an independent actuary provides a transparent cost analysis.
Frenkel said the district's presentation lacked detailed assumptions and actuarial data and warned that expanding eligibility and monthly payout multipliers could produce sizable long-term liabilities for taxpayers. He urged the board to consider alternatives — including technology investments and organizational reforms — and to publish actuarial findings to the public before scheduling a vote. "We cannot solve 21st-century staffing challenges by simply throwing 1970s-style pension money at them," Frenkel said.
Board members responded that PenFlex — the plan administrator referenced by presenters — handles program administration and that fund earnings and actuarial assumptions materially affect long-term cost estimates. The mayor told Frenkel the board would accept written questions and asked staff to forward them to the fire department for responses, and said the board would publish as much supporting data as possible before the referendum.
