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Vice mayor flags sharp rise in pension contractual costs; oversight questions raised
Summary
Vice Mayor Askew pointed to large increases in contractual or consulting line items within pension funds and urged closer attention by the commission; staff said pension boards act independently but staff will monitor and attend upcoming meetings.
Vice Mayor Askew called the commission's attention to substantial increases in pension fund contractual line items, describing the changes as "a rather large jump of money" and citing examples of consultant/contractual line growth across plan budgets. He said the commission's appointed representatives could be nudged to ask for more fiscal restraint from boards that operate somewhat independently.
Campbell confirmed pension plans had significant declines in investment value and said she will attend the pension boards' upcoming quarterly meeting to better understand the boards' strategies. Commissioners agreed there are oversight avenues via appointees but noted the pension boards are the decision-making bodies for those funds and largely act independently.
