Pasadena Fire and Police Retirement System Board Meeting: October 21, 2026

The Pasadena Fire and Police Retirement System Board met on October 21, 2026. The board approved staff attendance at CalPERS intermediate and advanced training in San Jose, discussing travel and hotel costs without stating a dollar amount. It also approved the FY27 final one-year extension of Foster & Foster’s actuarial-services agreement and a new agreement for FY28–32: a three-year term with two optional one-year extensions. Services remain the annual actuarial valuation, GASB 67 report, and COLA adjustment; the proposal keeps the regular service fee flat for five years while updating additional-work hourly rates to market, with annual 3% adjustments. The board also approved the June 30, 2026 actuarial valuation and GASB 67 reports.

On investments, the board ratified the system administrator’s bridge-funding strategy: redeeming about $1 million from Vanguard’s short-term investment-grade fund to meet an American Realty Advisors capital call while awaiting delayed Magnitude proceeds. The board approved the preliminary October rebalance and withdrawal of approximately $975,000. Investment consultants recommended remaining in the Invesco redemption queue rather than accepting a discounted offer on the system’s holdings of just over $7 million; no vote to accept the offer was recorded. The board also approved Resolution 345, whose revisions were described as clarifying language.