Police Pension Board 12 18 2025

The City of Punta Gorda Police Pension Board convened to discuss several key issues related to pension administration and investment management. A significant portion of the meeting focused on clarifying the pensionability of compensatory time (comp time) and related buyouts, with concerns raised about inconsistencies in how comp time and vacation buyouts are treated for pension calculations and contributions. The board directed further investigation into city policies to resolve these discrepancies. Additionally, the board reviewed and approved the annual financial and actuarial reports, noting a strong investment performance with a 13% market return and a funded ratio of approximately 83.8%, despite increased liabilities due to salary adjustments. Investment strategies were discussed, including a recommendation to rebalance the portfolio by reducing active international equity exposure in favor of passive index funds to optimize fees and performance. The board also addressed the ongoing issue of cost-of-living adjustments (COLA) for retirees, debating the city's preference for annual recommendations rather than automatic adjustments, and resolved to formally recommend a COLA based on CPI to the city council. Administrative matters such as trustee terms, membership renewals, and compliance with state reporting requirements were also handled.